All Talks

Summaries from Solana Breakpoint

Talks

Breakpoint 2025 D1

56 talks

BP 2025: The Institutional Case for Solana: Multicoin Capital / Forward Industries (Kyle Samani)

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Breakpoint 2025 D1

Overview

  • Multicoin’s core thesis is that Solana can be the base layer for “internet capital markets”: always-on, global trading of any asset from any phone.
  • The talk outlines four required properties for this: global liquidity, censorship resistance, credible neutrality, and jurisdictional/application sovereignty—arguing Solana is uniquely positioned to meet all four.
  • Two upcoming Solana features, Multiple Concurrent Leaders (MCL) and Application Controlled Execution (ACE), are framed as the critical enablers: MCL improves censorship resistance and credible neutrality; ACE enables bespoke, regulator-friendly market microstructures on a single shared liquidity layer.
  • Ethereum’s L2-centric approach is portrayed as structurally weaker for unified global capital markets due to fragmented liquidity and less cohesive neutrality at the “system” level.
  • For investors, Multicoin is reaffirming a long-duration, high-conviction SOL position based on Solana’s roadmap being tightly aligned with future institutional, global market infrastructure needs rather than current app cycles.

Kyle Samani

Founder and Managing Partner, Multicoin Capital; early seed investor in Solana. Talk focuses on why Multicoin has re-underwritten its Solana thesis in 2025 and still believes Solana is best positioned to be the dominant smart contract platform for “internet capital markets.”


1. Internet Capital Markets: The Core Thesis

  • Defines “internet capital markets” as a system where anyone can trade any asset, anywhere in the world, 24/7, using only a phone and an internet connection.
  • Frames this as one of the most important global ideas of this era, on par with AI, from an allocator/investor perspective.
  • Notes that while the concept is frequently referenced, few have precisely articulated what properties a system needs to support this at global scale.
  • Sets up the talk as an exploration of those core properties and why Multicoin believes Solana is best suited to deliver them.

Takeaway: Multicoin’s long-term conviction in Solana is grounded in the belief that it will power a new, globally accessible, always-on capital market structure.


2. Required Properties for Internet-Scale Capital Markets

Kyle identifies four essential properties for a blockchain to support internet capital markets at global scale:

  1. Global liquidity
  2. Censorship resistance
  3. Credible neutrality
  4. Jurisdictional & application sovereignty

2.1 Global Liquidity

  • Global liquidity means a trader should be able to tap into all available liquidity for an asset across venues, not be siloed to a single exchange.
  • Gives an example: a user in the U.S. buying “stock A” on-chain across three venues (NYSE on-chain, London Stock Exchange on-chain, and a permissionless DEX like Drift) if they have KYC for all three.
  • The ideal system lets the user access liquidity from all those venues seamlessly and receive settlement back to their wallet instantly.
  • Emphasizes reality: capital markets are global but rules, KYC, and venues are regional; infrastructure must reconcile global liquidity with local regulatory regimes.
  • Argues Solana’s architecture can provide a global foundation that still accommodates regional and venue-specific constraints.

Takeaway: A winning chain must enable unified access to fragmented liquidity across jurisdictions and venues, and Solana’s design is seen as well-suited to this.

2.2 Censorship Resistance

  • Recognizes that some countries will attempt to block access to on-chain activity and internet capital markets.
  • Notes that censorship is easier in centralized systems and harder in decentralized ones.
  • States that Bitcoin, Ethereum, and Solana are broadly acknowledged as genuinely censorship resistant today.
  • Attributes censorship resistance to having many block producers distributed across numerous jurisdictions (thousands of nodes in 100+ countries across these networks).
  • Positions censorship resistance as a non-negotiable property for any global capital markets infrastructure.

Takeaway: Solana already meets the censorship-resistance bar required for a global capital market, alongside Bitcoin and Ethereum.

2.3 Credible Neutrality

  • Describes credible neutrality as more subtle and harder to appreciate than censorship resistance, though related.
  • Explains that stronger censorship resistance makes it harder for any actor (e.g., a government, large player) to weaponize the system against others.
  • Uses Solana’s current set-up: ~1,000 block-producing nodes in 48 countries versus 210 countries globally, illustrating that many jurisdictions have no or minimal representation.
  • Points out that a small country’s regulator seeing only 0.1% or 0.01% stake in their jurisdiction is unlikely to view the system as “neutral” for their citizens.
  • Suggests that what might look credibly neutral in major economies may not be viewed the same way in smaller or underrepresented jurisdictions.

Takeaway: For true global institutional adoption, networks must not just be censorship resistant but also feel legitimately neutral and represented to regulators and users in many smaller markets.

2.4 Jurisdictional & Application Sovereignty

  • Introduces “jurisdictional and application sovereignty” as a fourth property that can appear at odds with the more global-first properties, but need not be.
  • Highlights that there is no single “correct” market microstructure; different exchanges use different rules (taker speed bumps, maker/cancel priority, maker rebates, prioritized liquidations, etc.).
  • Notes that real-world markets across equities, commodities, FX, etc., all implement differing microstructure designs.
  • Raises the challenge: how can a single global on-chain system reconcile these divergent market designs and regulatory requirements?
  • Argues that to realize internet capital markets, the system must let regulators and exchanges in each jurisdiction express and enforce their preferred microstructure and rules while still being part of a unified global system.

Takeaway: The infrastructure must let each jurisdiction and application implement bespoke trading rules and regulatory constraints without fragmenting global liquidity.


3. Why Solana: MCL and ACE as Key Enablers

Kyle points to two core Solana innovations under active development that he believes will unlock all four properties simultaneously:

  1. Multiple Concurrent Leaders (MCL)
  2. Application Controlled Execution (ACE)

3.1 Multiple Concurrent Leaders (MCL)

  • Observes that nearly all major blockchains today, whether L1s or L2s, EVM or SVM, are “single-leader” systems: at any given moment, one block producer has a monopoly on block production.
  • Explains MCL as the move to having multiple validators producing blocks concurrently.
  • Economic/regulatory angle: with, say, 100 concurrent block-producing nodes, a jurisdictional stake of 0.1% in the global network effectively looks like 10% in a single-leader system in terms of representation in production.
  • Suggests that more concurrent leaders allow more nodes in more places, boosting both credible neutrality and censorship resistance at the global level.
  • Argues this improved representation is key to making regulators and application developers in long-tail jurisdictions comfortable with trusting the system.

Takeaway: MCL is positioned as the mechanism that scales validator representation and perceived neutrality globally, making Solana more palatable to regulators and institutions across many countries.

3.2 Application Controlled Execution (ACE)

  • Notes that Solana is a “single integrated system,” which can appear incompatible with bespoke, jurisdiction-specific rules.
  • Presents ACE as the feature that reconciles a unified global state and liquidity pool with local customization needs.
  • ACE will let developers specify custom ordering and execution rules at the application level—e.g., maker prioritization, taker speed bumps, maker-cancel priority, prioritized liquidations.
  • Crucially, all of this customization still occurs on one global system with one shared liquidity base, not on fragmented side systems.
  • Enables regulated venues like the London Stock Exchange or Hong Kong Stock Exchange to deploy on Solana with their own microstructure rules while maintaining access to global liquidity and settlement.
  • Characterizes ACE as highly underappreciated in terms of its strategic importance for institutional and regulated-market adoption.

Takeaway: ACE is intended to give exchanges and regulators the microstructure and rule flexibility they need, without sacrificing unified liquidity or composability on Solana.


4. Competitive Positioning: Solana vs. Ethereum & L2s

  • Reiterates the four required properties: global liquidity, censorship resistance, credible neutrality, and jurisdictional/application sovereignty.
  • Claims that no existing blockchain currently satisfies all four at scale, but Solana’s roadmap (MCL + ACE) is specifically designed to do so.
  • Acknowledges Ethereum offers global liquidity, censorship resistance, and arguably credible neutrality at the L1 level.
  • Critiques the Ethereum L2 ecosystem, arguing that L2s do not really achieve the first three core objectives (global liquidity, censorship resistance, credible neutrality) when viewed as a combined system.
  • Argues that a fragmented L2 architecture undermines the unified global liquidity and neutrality needed for “internet capital markets.”
  • Positions Solana as pursuing the most ambitious and integrated vision for internet capital markets that can attract “heterogeneous participants” (regulators, exchanges, users) worldwide.

Takeaway: Multicoin views Solana’s integrated L1 approach, augmented by MCL and ACE, as structurally superior to Ethereum’s L2-centric model for building truly global, institutionally acceptable internet capital markets.


5. Investment Implications and Outlook

  • Multicoin has repeatedly re-underwritten its Solana investment as the token price has risen over the years, including a fresh review earlier in 2025.
  • After this process, they concluded Solana remains in the best position to be the dominant smart contract platform for global capital markets.
  • Their conviction is driven less by current applications and more by Solana’s alignment with the four structural properties needed for global institutional adoption.
  • Sees Solana core engineering actively working on the critical enablers (MCL and ACE), signaling a long-term roadmap that targets institutional-grade, global market infrastructure.

Takeaway: From an investor’s perspective, Multicoin’s thesis is that Solana’s technical roadmap is directly tuned to the needs of future global capital markets, supporting a long-duration, high-conviction position in SOL.

Breakpoint 2025: ADGM Registration Authority Welcome (His Excellency Rashed Abdulkarim Al Blooshi)

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Breakpoint 2025 D1

Overview

  • Abu Dhabi is positioning itself as a dual hub for global capital and blockchain innovation, aligning Solana Breakpoint with the UAE’s long-term digital and economic strategy.
  • ADGM offers a live, comprehensive digital asset regulatory regime (trading, custody, lending, RWA, tokenization), aiming to reduce regulatory uncertainty for crypto businesses and investors.
  • Purpose-built legal frameworks now recognize protocols, DAOs, and Web3 structures, making Abu Dhabi a potential domicile for core Solana and other blockchain foundations.
  • ADGM is extending into cross-chain compliance, staking guidance, and AI–blockchain convergence, signaling a forward-looking environment for next‑generation crypto products.
  • A dedicated emerging technologies function and the scale of Abu Dhabi Finance Week (with $60T+ AUM represented) underscore strong institutional capital presence and a supportive, adaptive base for long-term Solana ecosystem investment.

His Excellency Rashed Abdulkarim Al Blooshi

Chairman, ADGM Registration Authority (Abu Dhabi Global Market); speaking in an official capacity to welcome Solana Breakpoint 2025 to Abu Dhabi and highlight Abu Dhabi’s regulatory and capital markets positioning in digital assets and blockchain.


1. Abu Dhabi as a Global Hub for Capital and Blockchain Innovation

  • Positions Abu Dhabi as both the “capital of capital” and an emerging “capital of blockchain innovation.”
  • Emphasizes the convergence of traditional finance, digital assets, and global capital all happening simultaneously in Abu Dhabi.
  • Notes the significance of Solana Breakpoint coming to the Middle East for the first time, with thousands of builders and innovators present.
  • Frames this as a deliberate strategic convergence, not a coincidence, aligning with the UAE’s broader digital and economic vision.

Takeaway: Abu Dhabi is intentionally building itself as a global center where institutional capital and blockchain innovation meet, making it a notable jurisdiction for crypto and Solana ecosystem development.


2. ADGM’s Regulatory Framework and Track Record in Digital Assets

  • Highlights that in 2018 ADGM introduced what it claims as the world’s first comprehensive regulatory framework for virtual assets—no pilots or sandboxes, but a full operational regime.
  • The regime covers the full spectrum of digital asset activities: custody, trading, lending, tokenization, real‑world assets (RWA), and utility token issuance.
  • Stresses that ADGM focuses on delivering actual, in-force frameworks rather than future promises.
  • Notes that ADGM provides regulatory clarity for institutions, protocols, and developers, aiming to align innovation with institutional confidence and risk management.

Takeaway: ADGM already operates a mature, full‑scope regulatory environment for digital assets, which is intended to reduce regulatory uncertainty for crypto businesses and investors.


3. Legal Framework for Protocols, DAOs, and Web3 Structures

  • In 2023 ADGM launched DIF (DT) Foundation regulations (described as the world’s first purpose-built legal framework) for:
    • Blockchain protocols
    • Decentralized autonomous organizations (DAOs)
    • Emerging Web3 structures
  • For the first time, decentralized entities can gain formal legal recognition in Abu Dhabi.
  • The framework aims to preserve decentralization in governance while still offering a recognized legal wrapper.
  • This supports protocol-level entities (like layer-1s, foundations, and DAOs) seeking a compliant international base of operations.

Takeaway: ADGM provides a legal home for protocols and DAOs, which could attract core blockchain projects and foundations—including those in the Solana ecosystem—to domicile or expand in Abu Dhabi.


4. Expansion into Cross-Chain Compliance, Staking, and AI–Blockchain Convergence

  • ADGM has announced strategic partnerships to advance cross-chain compliance infrastructure, addressing regulatory and compliance needs across multiple chains.
  • It has issued guidance on staking activities, signaling regulatory willingness to provide clarity on a key DeFi and protocol mechanism.
  • ADGM is “actively engaging” with the intersection of AI and blockchain, seeing it as part of the next wave of technological convergence.
  • These moves are framed as part of keeping ADGM at the “frontier of technology evolution.”

Takeaway: ADGM is not only regulating existing crypto activities but also pushing into emerging areas—cross-chain compliance, staking, and AI–blockchain—suggesting a forward-looking stance that may benefit next-generation crypto products and investors.


5. Creation of an Emerging Technologies Function within ADGM

  • ADGM has established a dedicated emerging technologies function to keep pace with rapid developments.
  • The team focuses on:
    • Blockchain
    • AI
    • Crypto
    • Mining
    • Utility token issuance
    • Support for protocols
  • This institutionalizes ADGM’s role in monitoring and facilitating new tech, not just writing static rules.

Takeaway: A dedicated emerging tech unit indicates that ADGM intends to remain adaptive and responsive, which can be attractive for long-term investors and projects seeking regulatory stability with innovation support.


6. Scale of Abu Dhabi Finance Week and Institutional Capital Presence

  • Abu Dhabi Finance Week is cited as context:
    • ~300 conferences
    • ~800 speakers
    • ~31,000 attendees
    • ~5,000 companies represented
  • The assets under management of participating companies total over $60 trillion, more than 50% of global GDP.
  • Other concurrent major events (Bitcoin MENA, Formula 1) signal Abu Dhabi’s global visibility and draw.

Takeaway: Abu Dhabi hosts substantial institutional capital and global financial activity, positioning it as a strategic venue where large capital pools can intersect with digital asset opportunities like those on Solana.


7. Call to Action for Protocols, Developers, and Institutions

  • Directly addresses:
    • Protocols considering international expansion
    • Developers looking for regulatory clarity
    • Institutions exploring digital asset integration
  • Encourages all participants at Breakpoint to engage with ADGM teams and leverage the regulatory and capital environment on offer.
  • Frames the Solana Foundation partnership and hosting of Breakpoint as a shared ambition to link blockchain innovation with institutional finance in a sustainable, regulated way.

Takeaway: ADGM is openly inviting Solana ecosystem participants and broader crypto players to use Abu Dhabi as a regulatory and operational base, reinforcing its relevance for investors and builders planning long-term global strategies.

Breakpoint 2025: An Allocator's View: A Fireside Chat With a Major European Bank

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Breakpoint 2025 D1

Overview

  • A major Spanish bank launched Cryptomonedas, a fully regulated, daily‑liquid crypto fund using physically backed ETPs, giving conservative investors compliant access without self‑custody risk.
  • The fund follows a fat-protocols-first strategy, concentrating on Bitcoin, Ethereum, and Solana as long-term “infrastructure bets,” targeting ~40% annualized returns over a decade.
  • Solana is a conviction overweight (~10% vs ~3% market share) based on its resilience post‑2022, improving fundamentals, strong developer momentum, and growing real-world applications.
  • Solana’s role in stablecoin and payments rails—fast, cheap, “good-enough” decentralization relative to TradFi—positions it as a core layer for programmable dollars and global value transfer.
  • The bank is pushing crypto as a structural 1–2% portfolio allocation for clients, signaling growing institutional normalization and sustained demand for blue-chip protocols, especially Solana.

Speakers

Fabio – Moderator/interviewer (likely from the Solana ecosystem or partner organization), focused on institutional adoption and investor education.

Roman – “The crypto guy” at a major European bank (Spain-based), computer engineer by background, portfolio manager of Cryptomonedas, a regulated crypto fund launched by the bank.


1. Building a Regulated Crypto Fund Inside a European Bank

  • Roman works inside a traditional bank, spending half his time explaining crypto to serious institutional investors and the other half convincing compliance he won’t “blow up the bank.”
  • The bank launched Cryptomonedas in 2023: a daily-liquid, 100% regulated crypto fund based in Madrid, authorized by the Spanish regulator.
  • It is positioned as the first liquid fund of its kind in the Spanish-speaking investment space, offering full regulatory oversight and investor protections.
  • The fund invests up to 100% in crypto via physically backed European ETPs, giving exposure without forcing clients into self-custody or operational complexity.
  • Internal due diligence processes (e.g., compliance reviewing all materials) led even skeptical internal stakeholders to become crypto investors themselves.

Takeaway: A large European bank has moved from skepticism to launching a fully regulated, daily-liquid crypto fund, signaling serious institutionalization of crypto in Spanish-speaking markets.


2. Why ETPs/ETFs Instead of Direct On-chain Exposure

  • Roman has 10+ years in crypto and personally uses chains like Ethereum and Solana, but draws a hard line between personal on-chain activity and institutional-grade products.
  • For small tickets (hundreds to a few thousand USD), direct on-chain investing is “okay,” but for >10,000–100,000+ allocations he believes operational risk becomes unacceptable (key management, hardware wallets, phishing, etc.).
  • European physically backed crypto ETPs (ETF analogs) are seen as a safer, more institutional vehicle for large and long-term allocations.
  • The bank’s strategy is to offer “serious,” defendable products that can pass investment committees and compliance checks, not DIY on-chain setups.

Takeaway: For institutional and high-net-worth capital, the bank strongly prefers regulated, physically backed ETPs as the primary way to access crypto rather than direct self-custody.


3. Investment Philosophy and Portfolio Construction

  • Roman expects the crypto asset class to deliver around 40% annualized returns over the next 10 years, implying ~30x capital growth over that period.
  • The fund is blockchain-agnostic, but focuses on what he calls “fat protocols”: Bitcoin, Ethereum, and Solana as core holdings due to their scale and network effects.
  • He compares base-layer protocols to mobile operating systems (Android, iOS); once a few standards dominate, the cost of penetration for new competitors becomes very high.
  • Bitcoin, Ether and Sol are given higher portfolio weights, while smaller protocols receive lower allocations because their probability of failure over 4–5 years is much higher.
  • The approach is long-term, diversified, and built to survive scrutiny in morning risk-committee meetings, rather than chasing the newest, trendiest tokens.

Takeaway: The bank’s crypto allocation is concentrated in large “fat protocols” with strong network effects, aiming for long-term, high-compounding returns rather than speculative bets on smaller coins.


4. Why and How They Overweight Solana

  • Roman highlights that Solana dropped >97% in the 2022 bear market, yet showed remarkable resilience and recovery, especially when measured versus Bitcoin.
  • The fund started with about 4% allocation to Solana, then increased to 10% after observing:
    • Strong improvement in network fundamentals.
    • Rising developer activity.
    • Growth of “real blockchain applications” on Solana.
  • At ~10% of the fund, Solana’s weight is roughly triple its market dominance (~3%), making it a clear overweight position.
  • Roman acknowledges that 10% may feel low to a Solana conference audience, but stresses that in institutional portfolios this is a significant overweight.
  • The overweight is maintained even in what he describes as a period with “no altseason”, signaling a conviction view on Solana relative to the broader market.

Takeaway: Based on resilience, fundamentals, and application growth, the bank has made Solana a significant conviction overweight at ~10% of its regulated crypto fund.


5. What Makes Solana Attractive Going Forward

  • Coin selection is intentionally “boring”: no need to be the coolest new protocol; it must survive risk committees and pass strict due diligence.
  • Key criteria:
    • Permissionless access.
    • Sufficient decentralization (even if some criticize Solana on this, it’s still better than traditional financial rails).
    • Strong, growing real-world usage.
  • Roman emphasizes the explosive growth of stablecoins, now >300 billion USD outstanding, with significant growth on Solana.
  • For stablecoins like USDC/USDT, the main counterparty risk is already to Circle or Tether; in that context, the centralization debate around Solana matters less than:
    • Speed of transactions.
    • Ability to move dollars globally at near light-speed.
    • Turning dollars into programmable money for global payments and applications.
  • These features make Solana an attractive core infrastructure layer in the stablecoin and payments stack for a long-term allocator.

Takeaway: Solana’s speed, growing role in stablecoin flows, and sufficient decentralization for practical finance use cases are key reasons it earns and maintains an institutional overweight.


6. Client Demand, Investor Access, and Market Positioning

  • The fund’s creation was demand-driven:
    • Younger clients were already explaining crypto to the bank and asking for exposure.
    • Older clients framed it as a diversification opportunity.
  • Private bankers and advisers wanted a “serious” product they could defend to investment committees and present confidently to high-net-worth clients.
  • Cryptomonedas solves the access problem: it lets clients participate in the growth of the crypto space without dealing with wallets, keys, exchanges, or on-chain complexity.
  • The bank’s position as a pioneer in the Spanish-speaking market gives it first-mover advantage and branding as an innovator within a very conservative industry.

Takeaway: Rising client demand and internal adviser pressure pushed the bank to build a defendable, regulated crypto vehicle, giving Spanish-speaking investors a straightforward way into the asset class.


7. Education and Recommended Allocation to Crypto

  • A major part of Roman’s job is education: countless meetings with private bankers and clients to explain what crypto is, how to get involved, and how to size positions.
  • In his view, crypto is often misperceived as a “lottery ticket”, but he frames it as a distinct asset class that most portfolios are underweight.
  • He advocates for at least 1–2% “structural” portfolio allocation to crypto, with some discussions suggesting up to 2–3% as a sensible range.
  • With the expectation of ~40% annualized returns, he stresses that the real question is not “if” but “how much” to allocate.
  • The educational outreach is aimed at normalizing crypto as a standard, small but meaningful sleeve in diversified portfolios, not a speculative side bet.

Takeaway: The bank is actively educating its network to view crypto as a core, though modest, portfolio component, recommending a structural 1–2% allocation for long-term investors.


Overall Investor-Relevant Summary:
A major European bank has launched a fully regulated, daily-liquid crypto fund built on physically backed ETPs, with a disciplined, fat-protocols-first strategy that significantly overweights Solana due to its resilience, stablecoin traction, and strong fundamentals. The bank is actively educating clients to hold a 1–2% structural crypto allocation, viewing the space as poised for high long-term returns and increasingly integrated into mainstream financial portfolios.

Breakpoint 2025: An Institutional Perspective: Solana Goes Mainstream: DBS (Evy Theunis)

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Breakpoint 2025 D1

Overview

  • DBS has built a vertically integrated, revenue‑generating digital asset stack (custody, exchange, tokenized notes, options), signaling durable, commercial commitment to crypto rather than experimentation.
  • Tokenization is moving into core banking and capital markets (deposits, payments, structured notes), with interoperability work alongside J.P. Morgan indicating that on‑chain finance is entering a scalable, multi‑bank phase.
  • DBS is a major banking bridge for regulated crypto firms in Asia and continued building through the 2022–2024 downturn, strengthening institutional infrastructure and de‑risking access for new entrants.
  • ETFs and derivatives are pulling in traditional institutions, making market structure more resilient and cementing digital assets as a standard alternatives sleeve for high‑net‑worth and institutional portfolios.
  • Solana is emerging as a priority large‑cap allocation after BTC and ETH—positioned as a differentiated high‑activity tech stack—so investors should view SOL as a core diversification candidate within a long‑term, programmatic allocation strategy.

Evy “Ay” Theunis

Head of Digital Assets, DBS Bank (Southeast Asia’s largest bank, major global private bank). Conversation with Brian Ramani, Head of Institutional Partnerships at Bitwise.


1. DBS’s Multi‑Year Digital Assets Strategy

  • DBS began exploring digital assets in 2018 driven by: (1) belief tokenization would take off quickly, (2) private banking client demand for safe, bank‑grade crypto access, and (3) data showing significant outflows to external exchanges.
  • Launched in‑house custody in August 2020 and its own exchange at end‑2020, initially listing BTC, ETH, BCH, and XRP.
  • Has since expanded into structured notes and options (launched 2024), then tokenized those notes in 2025.
  • DBS focuses on commercially viable, scalable use cases with real client demand, not one‑off experiments.

Takeaway: DBS has built a vertically integrated, revenue‑generating digital asset platform over several years, signaling durable institutional commitment rather than experimentation.


2. Tokenization, Real‑World Assets, and On‑Chain Banking

  • DBS tokenizes its own structured notes on public chains and distributes them via licensed real‑world asset (RWA) platforms in Singapore, with plans to expand.
  • Early blockchain work started in 2016 with Project Ubin (payments), which evolved into tokenized deposits, “purpose‑bound money,” and other commercial products.
  • In Singapore’s retail payment app environment (e.g., PayNow/PayLah! ecosystem), some rewards are already blockchain‑based, showing mainstream, non‑speculative usage.
  • Recently announced work with J.P. Morgan on a framework for interoperability between tokenized deposits across institutions.
  • Ongoing initiatives also target tokenization of broader financial markets, always with an eye to scale and client demand.

Takeaway: DBS is using blockchain for core banking and capital markets functions (deposits, payments, notes), pushing tokenization from proof‑of‑concept into real, revenue‑relevant products.


3. Banking the Crypto Ecosystem

  • Since Singapore rolled out its Payment Services Act (PSA) regime, DBS has banked licensed digital asset firms and now serves most of the major Asia‑based players.
  • DBS provides both trading and banking services, positioning itself as a key bridge between traditional finance and crypto‑native institutions.
  • The bank’s comfort with regulated crypto entities supports broader ecosystem growth and de‑risks access for other institutional participants.

Takeaway: By actively banking regulated crypto firms, DBS lowers infrastructure risk and facilitates institutional capital flows into digital assets.


4. Building Through the 2022–2024 Downturn

  • Ay took on her role on November 1, 2022—just before a major market implosion—highlighting DBS’s willingness to stay engaged through crises.
  • She frames the collapse period as a “reset” that enabled rethinking how the industry should be run and upgrading standards and partners.
  • During the quieter 2023–2024 period, DBS worked “behind the scenes” on the “next level” of digital assets rather than retreating.
  • Emphasis on using bear markets to build robust infrastructure and capabilities, not chasing short‑term hype.

Takeaway: DBS treated the bear market as a strategic building phase, which strengthens its credibility and positioning now that institutional activity is accelerating again.


5. ETFs, Institutional Flows, and Market Structure

  • Initial Bitcoin ETF inflows revealed that more than half of buyers were traditional institutional investors, not just crypto‑native funds.
  • Ay highlights how ETFs changed the investor base: more “stable hands,” less reactive to price drops, and better market stability.
  • She points to October 10 as an example where assets with ETF support saw more resilience versus those without, due to smaller ETF outflows.
  • CME futures data in 2024 showed open interest and volumes at times overtaking major spot venues—another marker of deepening institutional participation.
  • Bitwise corroborates: multiple large global banks have recently approved crypto product access and are not deterred by 10–15% drawdowns.

Takeaway: ETF adoption and derivatives market growth are pulling in traditional institutional investors, making crypto market structure more resilient and less dominated by short‑term speculative flows.


6. Client Demand Patterns and Portfolio Behavior

  • On DBS’s exchange, clients include private banking clients, institutional investors, and B2B2C partners (white‑label/embedded distribution).
  • In 2023–2024, investor behavior skewed toward accumulation and holding rather than active trading; 2025 shows a notable pick‑up in trading activity.
  • Digital assets are increasingly treated as another alternative asset class within broader portfolios, not a niche sideline.
  • Many current clients did not make their wealth in crypto; they are traditional wealth holders adding digital assets as part of strategic allocation.

Takeaway: Digital assets are normalizing as a standard alternative allocation for high‑net‑worth and institutional clients, with activity cycling from accumulation to more active trading as markets mature.


7. Why Institutions and Family Offices Are Looking at Solana

  • Within DBS’s B2B2C channel, Solana was the first altcoin that partners and end‑clients specifically requested more access to and wanted to trade more actively.
  • Typical adoption path: clients start with Bitcoin, then move to Ethereum and other large‑cap networks like Solana as they seek diversification and exposure to different ecosystems.
  • DBS frames the conversation as: “Bitcoin is its own category,” while Ethereum and Solana can be thought of like “Apple vs. Microsoft”—two major, differentiated technology stacks serving broad needs.
  • DBS supports clients with ongoing education: quarterly webinars plus on‑demand consultations to help them understand ecosystem activity, market cap, and use cases.
  • For a family office already holding BTC and ETH, Solana is positioned as a way to diversify technology risk and capture growth in a different high‑activity chain.

Takeaway: Solana is emerging as a priority allocation target for sophisticated clients as a large‑cap, high‑activity chain distinct from both Bitcoin and Ethereum, and banks like DBS are actively enabling and educating around that exposure.


8. Regional Sentiment: Asia’s Position

  • Ay notes Asian clients remain “very active” and are still closely engaged with digital assets.
  • Many of these clients are traditional wealth creators (not crypto‑rich founders), integrating digital assets as a standard slice of their portfolio.
  • Asian investors are often perceived as slightly ahead of the curve in adoption and are already treating crypto as a normalized alternative investment.

Takeaway: Asian private wealth and institutional clients are relatively advanced in treating digital assets as a routine allocation, reinforcing Asia’s role as a leading region for crypto adoption.


9. Guidance for Skeptical CIOs and Long‑Term Investors

  • Ay’s message to skeptical CIOs: do your own research, but think in long‑term horizons; timing the exact entry point matters less over a long investment window.
  • She implies that “anytime is good” to enter if the investor has a long‑term mindset and appropriate risk management.
  • Dollar‑cost averaging and “when in doubt, zoom out” are presented as practical heuristics for entering and building exposure over time.

Takeaway: DBS’s institutional message stresses long‑term, programmatic allocation and risk‑managed entry over market timing, aligning digital asset investing with mainstream portfolio construction practices.

Breakpoint 2025: Build in Abu Dhabi: ADGM Registration Authority (Dmitry Fedotov), R3 (David Rutter)

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Breakpoint 2025 D1

Overview

  • ADGM has built a stable, long-term, industry‑agnostic regulatory regime for digital assets since 2018, making Abu Dhabi a predictable base for serious crypto and tokenization ventures.
  • Abu Dhabi’s sovereign wealth funds and real‑asset base (real estate, infrastructure, ships, etc.) position it as a natural hub for large‑scale RWA tokenization, with early land‑title projects already live.
  • R3 is strategically pivoting to focus on on‑chain investors and is “all in” on driving institutional RWA flows into the Solana ecosystem, aiming to match institutional asset supply with crypto‑native demand.
  • ADGM is operationalizing crypto in the real economy—hosting Binance, partnering with Tether, and enabling crypto for real estate, taxes, and commerce—under clear regulatory oversight.
  • For Solana investors, Abu Dhabi is emerging as a key global center (alongside New York) where tokenized assets and Solana-based RWA products are likely to scale toward the “trillion‑plus” opportunity.

Dmitry Fedotov & David Rutter

Dmitry Fedotov, ADGM Registration Authority (regulator for Abu Dhabi Global Market)
David Rutter, Founder/CEO of R3 (institutional blockchain / real‑world asset tokenization platform, partnered with Solana)


1. Why Abu Dhabi / ADGM Is Positioning Itself as a Global Crypto & Tokenization Hub

  • ADGM (Abu Dhabi Global Market) was the first jurisdiction to introduce comprehensive virtual asset regulations back in 2018, during a severe bear market (post‑ICO collapse, OneCoin, BitConnect).
  • The regulatory framework has remained consistent since 2018, giving firms long‑term policy predictability—no major shifts in stance despite market cycles.
  • ADGM is “industry agnostic”: it regulates staking, lending, borrowing, etc., using the same risk‑based principles as traditional finance, with extra focus on crypto‑specific issues like custody and key management.
  • The UAE offers political stability without 4–8 year electoral cycles, avoiding abrupt policy reversals on crypto.
  • R3 has been in the region 5–6 years; they report strong experience with regulators, sovereign wealth funds, and culture, calling Abu Dhabi “a great place to do business.”

Takeaway: ADGM is deliberately building a stable, long‑term regulatory base for digital assets, which is attractive for serious, long‑horizon crypto and tokenization businesses.


2. Abu Dhabi’s Access to “Smart Capital” & Real-World Asset (RWA) Tokenization

  • Rutter emphasizes that the real opportunity is not the current ~$17B on R3’s platform, but future trillions in tokenized real‑world assets (RWAs): real estate, ships, gold, hard assets.
  • Sovereign wealth funds in the Gulf already finance large real‑world projects—ships costing $100–300M, major real estate developments, and other infrastructure—making this region a natural launchpad for tokenization.
  • Abu Dhabi brands itself as the “capital of capital”: large, sophisticated pools of money deployed globally, which is key for scaling tokenized assets.
  • Land titles in Abu Dhabi are already being tokenized, and Rutter envisions new capital sources and return streams for investors able to own fractions of specific buildings or projects.
  • The region’s capital markets are developed but still relatively open and flexible compared to older markets, allowing “open‑minded” experimentation with tokenized capital markets.

Takeaway: Investors looking at RWAs and tokenization should watch Abu Dhabi, as its sovereign funds and real‑asset base provide a realistic path from pilot projects to multi‑trillion‑dollar tokenized markets.


3. R3’s Strategic Pivot: All-In on Solana & On-Chain Investor Demand

  • R3 historically worked mainly with banks, CSDs, and other TradFi institutions that move slowly; they are now transitioning to focus on on‑chain investors and DeFi markets.
  • Rutter highlights a May-announced relationship with Solana and says R3 is now “all in on driving assets into the Solana ecosystem.”
  • Their focus is on fixing the current mismatch: simply putting yielding assets on‑chain doesn’t guarantee demand; products must be structured around what on‑chain investors actually want.
  • They are analyzing how Wall Street “chases the money” and how to translate that into investable, attractive token products for crypto-native users.
  • R3 will continue to work closely with sovereign funds and industries in the region because they believe tokenization will extend well beyond money and bonds into a broad universe of RWAs.

Takeaway: R3 is actively building the bridge between institutional RWA supply and Solana-based, crypto-native demand, which is significant for future asset flow and yield opportunities on Solana.


4. Major Regulatory & Market Developments in ADGM (Binance, Tether, Payments)

  • Binance Global has migrated its domicile to ADGM: ~300M users are now effectively under a regulatory umbrella anchored in Abu Dhabi.
  • Fedotov notes that Binance was previously domiciled in Cayman but not clearly regulated; ADGM now provides formal regulatory oversight, signaling Abu Dhabi’s willingness to host system‑scale exchanges.
  • ADGM has just signed with Tether to enhance virtual asset transaction programs in the jurisdiction.
  • As of now, ADGM has enabled retail, B2B, and B2G transactions in most of the top 100 crypto assets by market cap.
  • Use cases permitted in‑jurisdiction include: buying real estate with crypto, paying taxes with virtual assets, and general crypto‑denominated commerce.
  • These steps are framed as foundational moves to accelerate growth toward “trillion‑plus” tokenized assets, by making usage and settlement with crypto practical and legally recognized.

Takeaway: ADGM is turning Abu Dhabi into a regulated environment where large exchanges, stablecoins, and top crypto assets can be used directly in the real economy, an important signal for institutional and long‑term investors.


5. Competitive Positioning vs. Global Regulatory Centers

  • Rutter expects competition from the US as its regulatory regime evolves, but sees the “perfect balance” as New York and Abu Dhabi jointly driving the token economy over the next decade.
  • He contrasts his regulatory experience: some Western jurisdictions have become highly cautious and scripted, while ADGM remains accessible and open to new ideas and experimentation.
  • Abu Dhabi’s combination of regulatory clarity, political stability, and willingness to test new models is positioned as a key advantage in attracting crypto/tokenization projects.
  • The panel implicitly frames Abu Dhabi as a complementary counterpart to US markets, not a replacement—creating a multi‑hub global structure for tokenized assets.

Takeaway: For investors and builders, Abu Dhabi is emerging as one of a few primary global centers (alongside New York) likely to shape how tokenized assets and crypto markets evolve.


6. What Regulators Can Do Next & Call to Builders

  • When asked what ADGM can do to help R3 reach the “trillion” in tokenized assets, Rutter points to ongoing, direct engagement with both large players and the “hundreds of startups” in the region.
  • He stresses understanding the mission to democratize capital markets and support products that make investable opportunities widely accessible, not just to institutions.
  • Fedotov closes by inviting founders in crypto, blockchain, and AI or any emerging tech to reach out directly (via LinkedIn), emphasizing that he’s highly accessible and proactive.
  • The message to entrepreneurs: Abu Dhabi is actively courting both institutional and startup innovation, with regulators positioning themselves as partners rather than adversaries.

Takeaway: ADGM aims to grow by working closely with both large institutions and startups, and is explicitly inviting crypto and AI founders to build from Abu Dhabi under its regulatory umbrella.

Breakpoint 2025: Bullish on Solana: Bullish (Michael Lau)

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Breakpoint 2025 D1

Overview

  • Crypto market structure is expected to institutionalize over time, with exchanges like Bullish explicitly built to capture that shift via regulation, risk management, and trusted counterparties.
  • Bullish’s growth strategy centers on institutional-grade compliance plus deep, reliable liquidity, making it a key venue for professional trading flows.
  • Banking disruptions accelerated a structural move from fiat pairs to stablecoin-based markets, positioning stablecoins as core institutional USD infrastructure.
  • Bullish’s deep integration of Solana-native stablecoins—including routing most of its $1.15B IPO proceeds over Solana—reinforces Solana’s role as preferred high-performance financial rails for institutions.
  • Expansion of Bullish’s licensed U.S. presence, derivatives products, and Solana-focused ecosystem efforts (e.g., Solana Accelerate APAC at Consensus Hong Kong 2026) points to growing institutional and developer activity on Solana, supportive of long-term network value.

Michael Lau

Senior Vice President, Group Head of Business Development at Bullish; Chairman of Consensus (CoinDesk’s flagship conference); former traditional finance professional with ~10 years in capital markets.


1. Institutionalization of Crypto Markets

  • Lau contrasts market structure: U.S. equities (~80% institutional), Chinese equities (~60% institutional), versus crypto (~95% retail at the time of his analysis).
  • He argues crypto will follow historical patterns of other asset classes and become increasingly institutional over time.
  • Two main drivers he cites:
    • Recognition of the value of professional risk management.
    • Progressive increase in regulation of the crypto space.
  • Bullish was built from inception to be positioned for this institutionalization trend.

Takeaway: Lau sees a long-term structural shift of crypto from retail-dominated to institutionally dominated, mirroring traditional markets, and has built Bullish to capitalize on that transition.


2. Bullish’s Exchange Strategy and Growth

  • Bullish was founded on two core pillars for institutions:
    • Being a counterparty institutions can trust in familiar terms (KYC/AML, regulation, Big Four auditing).
    • Solving a clear institutional problem: deep, reliable liquidity.
  • Over ~four years, Bullish has grown into one of the largest institutional crypto exchanges.
  • The firm positions its value proposition around performance, liquidity, and capital efficiency—key priorities for professional traders.

Takeaway: Bullish’s growth is driven by combining institutional-grade compliance and trust standards with a focus on providing deep, reliable liquidity for professional counterparties.


3. Shift from Fiat to Stablecoin Market Structure

  • In 2023, the collapses of Silvergate and Signature Bank disrupted USD fiat rails for crypto exchanges.
  • At that time Bullish quoted everything in USD fiat pairs but had to pivot “overnight” to stablecoin-based pairs.
  • Since then, the majority of Bullish’s liquidity and volume has been in stablecoin pairs.
  • Lau frames stablecoins as the necessary infrastructure for a “faster, cheaper, constantly accessible US dollar format” demanded by institutions.

Takeaway: Banking disruptions accelerated Bullish’s strategic move to stablecoin-based markets, making stablecoins core to its liquidity and trading model.


4. Strategic Alignment with Solana for Financial Infrastructure

  • As an engineer, Lau approaches network selection from first principles: high throughput, predictable low fees, and suitability for financial primitives.
  • This led Bullish to identify Solana as a network “purpose-built for financial primitives” and institutional performance requirements.
  • Over the summer, Bullish announced a collaboration with the Solana Foundation:
    • Solana-native stablecoins will become the primary digital asset used across Bullish’s exchange and clearing services.
    • This includes custody, transactions, payments, settlements, and future products.
  • He highlights a statement from Bullish’s CEO: “Solana has proven itself as rails for next generation financial infrastructure. Fast, efficient, and ready for institutional scale.”

Takeaway: Bullish is making Solana-native stablecoins core infrastructure for its platform, signaling strong institutional confidence in Solana as a high-performance financial rail.


5. Capital Deployment on Solana Post-IPO

  • Bullish IPO’d on the New York Stock Exchange—described as a major milestone for the company.
  • Crucially, the firm took $1.15 billion of IPO proceeds in stablecoins.
  • “The vast majority” of that $1.15 billion was transacted on the Solana network.
  • This represents a large-scale, real-world institutional use of Solana for capital movement and treasury purposes.

Takeaway: Bullish’s decision to route most of its $1.15B IPO proceeds via Solana-based stablecoins is a strong signal of institutional-scale trust in Solana’s reliability and cost-efficiency.


6. New Products, Licensing, and Market Expansion

  • Post-IPO, Bullish obtained a BitLicense and launched operations in the U.S., expanding its regulatory footprint and addressable market.
  • Bullish launched a Bitcoin options product, which Lau states is now top five globally by open interest.
  • These steps reinforce Bullish’s positioning as a regulated, derivatives-capable venue attractive to institutional traders.

Takeaway: Bullish is broadening its U.S. presence and derivatives offering, indicating continued institutional product expansion that could drive higher volumes on its Solana-integrated infrastructure.


7. Ecosystem & Conference Expansion: Solana Accelerate APAC

  • Wearing his Consensus (CoinDesk) hat, Lau announces that “Solana Accelerate APAC” will be hosted at Consensus Hong Kong in February 2026.
  • This ties Solana’s developer and ecosystem growth efforts directly into a major global crypto conference platform.
  • It underscores a strategic push to deepen Solana’s presence and builder activity in the Asia-Pacific region.

Takeaway: The integration of Solana’s APAC accelerator program into Consensus Hong Kong signals coordinated efforts to grow Solana’s ecosystem and institutional engagement, particularly in the high-growth APAC market.

Breakpoint 2025: DATs: Why DATs Will Succeed — and Why They Won’t

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Breakpoint 2025 D1

Overview

  • Digital Asset Treasuries (DATs) have grown from a MicroStrategy-style experiment into a distinct public-equity asset class with 80+ vehicles and ~$30B in market cap, including Solana-focused DATs like Solana Company/HSDT.
  • DATs are “token-denominated financial services companies” that use equity/debt issuance plus staking/DeFi yield to maximize SOL-per-share, creating a leveraged, actively managed way to express long-term conviction in Solana.
  • Leading Solana DATs aim to act as both major SOL stakers and Wall Street-facing “IR” for the ecosystem, helping drive validator decentralization while channeling traditional equity capital into SOL exposure.
  • For investors, ETFs provide clean SOL beta, while DATs are higher-risk, manager-dependent vehicles that may outperform or underperform based on capital-markets skill, risk management, and strategic execution.
  • As the DAT market shifts from land grab to consolidation, Solana investors are likely best served by identifying a small number of competent, well-aligned, institution-ready DAT leaders rather than backing late, undifferentiated entrants.

Cosmo Gang

General Partner and Portfolio Manager at Panta Capital (formerly in private equity and long/short equity at traditional hedge funds); early and lead backer of the first “MicroStrategy-style” digital asset treasury (DAT) companies focused on Solana and Bitcoin.


1. The Rise and Scale of Digital Asset Treasuries (DATs)

  • Panta helped launch the first “MicroStrategy copycat” in the U.S. focused on Solana (Solana Company / HSDT) after deeply studying MicroStrategy’s model and concluding it could be sustainable and replicable for other assets.
  • Shortly after, Panta also anchored 21 Partners, based on Tether and SoftBank’s Bitcoin debt structure.
  • What began as two expected niche plays rapidly expanded: there are now over 80 DATs live.
  • Collectively, these DATs (excluding MicroStrategy) have raised over $20 billion and represent more than $30 billion in market cap.
  • The space has already produced strong stock performance in early leaders, attracting a “crowded” field of imitators.

Takeaway: DATs have evolved from a MicroStrategy one-off to a full-blown public-equity asset class, now representing tens of billions in capital and becoming a significant new channel for crypto exposure.


2. What a DAT Is and How It Creates Value

  • A DAT is a public company whose explicit goal is to maximize shareholder value by maximizing tokens per share (e.g., SOL per share), rather than just fiat book value.
  • Cosmo frames DATs as “token-denominated financial services companies,” analogous to banks/insurers that optimize balance-sheet book value per share but in SOL instead of USD.
  • Value creation leverages two sides of the balance sheet:
    • Liability / capital markets side: raise equity when trading above book value, issue debt, sell warrants (to monetize volatility), or preferred equity (to monetize future value creation).
    • Asset side: generate yield via staking, DeFi strategies, and CeFi lending, all measured in accretive tokens per share.
  • Panta’s Solana DAT is one of the largest SOL stakers and diversifies across validators to balance yield and ecosystem health.

Takeaway: DATs are structured to use traditional balance-sheet and capital-markets tools, but with the objective of compounding token exposure per share, offering a leveraged, actively managed bet on a given L1’s success.


3. DATs’ Strategic Role in the Solana Ecosystem

  • Panta and Solana Company see themselves as effectively the “IR function” for Solana toward mainstream equity investors.
  • The model only makes sense if SOL itself has long-term value; Panta views Solana as the L1 with the highest risk-adjusted upside.
  • Their mandate is not just balance-sheet yield but also helping increase the underlying token’s perceived value by telling the Solana story to traditional investors.
  • Solana Company is actively supporting validator decentralization via broad staking distribution, aligning yield generation with network robustness.

Takeaway: Leading Solana DATs aim to be both financial vehicles and narrative amplifiers for SOL, potentially accelerating institutional and retail equity-market adoption of the Solana ecosystem.


4. DATs vs. ETFs/ETPs: Active vs. Passive Exposure

  • Cosmo contrasts DATs with passive ETFs like Bitwise’s Solana ETF:
    • ETFs/ETPs: Passive; aim to track 1:1 exposure to SOL (minus fees) with minimal tracking error.
    • DATs: Active; returns will diverge from spot SOL because of capital markets strategies and yield generation.
  • A DAT can theoretically outperform by:
    • Using corporate finance tools (e.g., issuing equity at a premium) to increase tokens per share.
    • Layering staking, DeFi, and lending yields.
  • However, Cosmo is explicit that:
    • Not every DAT will outperform the ETF, just as not all active managers beat the index.
    • Investors should expect a distribution of outcomes, with a minority of “high-performing DATs” justifying their active risk.

Takeaway: For investors, ETFs provide clean, low-friction SOL beta, while DATs offer higher-risk, higher-upside, manager-dependent exposure that can either outperform or underperform simple spot tracking.


5. Key Red Flags and Due Diligence for DAT Investors

  • Incentive alignment:
    • Are management KPIs clearly tied to maximizing tokens per share and value per share?
    • Panta highlights that they are also the largest shareholder in Solana Company, aligning them with equity holders.
  • Capital markets competence:
    • DATs are complex public-equity vehicles; teams need deep experience with investment banks, sell-side, financing structures, and investor relations, which many purely crypto-native teams may lack.
  • Risk profile of asset strategies:
    • Some DATs may slide along the risk curve and become de facto hedge funds using opaque, high-risk strategies in DeFi or derivatives.
    • Investors must decide whether they are comfortable underwriting a “black box” and whether that aligns with their mandate.
  • Distribution and audience focus:
    • The core purpose of a DAT is to reach non-crypto-native capital—traditional retail and long-only institutions—not just crypto Twitter or on-chain users.
    • Strong mainstream marketing and distribution capabilities are crucial; a DAT that only markets to crypto insiders may cap its upside.

Takeaway: Serious investors should treat DATs like complex public equities—scrutinizing incentives, capital markets savvy, risk discipline, and the team’s ability to access large, traditional capital pools.


6. Institutional Adoption and Who Is Buying

  • MicroStrategy’s shareholder base is used as a blueprint: its top 10 includes massive traditional institutions (e.g., Capital Group mutual funds, Norway’s sovereign wealth fund).
  • These players signal the type of capital circling DAT-like structures: large, benchmarked institutions comfortable with public equity vehicles.
  • For big long-only funds to participate meaningfully, DATs must:
    • Reach multi-billion dollar market caps.
    • Build early relationships and education with these investors, so that when scale is reached, allocations can come “in size.”
  • Panta is already actively educating long-onlys and other institutions around DAT structures and their role.

Takeaway: As leading DATs scale into multi-billion caps, they become investable for major mutual funds and sovereign wealth funds, potentially unleashing significant new equity capital into token-linked structures.


7. Market Structure Evolution: From Genesis to Consolidation

  • Cosmo frames DAT market development in phases:
    • Genesis phase (2024–2025):
      • Massive white space; he literally had a whiteboard of all logical DAT ideas (1–2 scaled players per major large-cap asset).
      • Entrepreneurs rushed in; now almost every obvious opportunity on that whiteboard is taken.
    • Current phase:
      • White space is largely gone; launching a new DAT now requires a differentiated reason to exist and faces higher barriers to entry.
      • Execution and scale become the primary drivers of success.
  • Looking ahead 5–10 years:
    • Expect consolidation as winners acquire or out-compete weaker DATs.
    • Capital and liquidity will likely concentrate into a small number of dominant DATs per major asset.
    • Public equity markets, where most value creation historically occurs, will be the arena where this plays out.
  • For Solana specifically, the expectation is that 1–2 leading DATs will concentrate capital and influence, helping drive the ecosystem forward.

Takeaway: The DAT market is transitioning from a land grab to a shakeout, with investors likely best served by identifying and backing the eventual few category leaders rather than late, undifferentiated entrants.


8. Personal Investing Philosophy

  • Cosmo keeps a daily trade journal logging thoughts, mood, and decision rationales.
  • At the top of that journal he keeps mantras, including a key quote from his former PM at Hitchwood Capital: “Always be long-term greedy.”
  • The principle: resist optimizing for short-term wins; focus on long-duration compounding and structural advantages.

Takeaway: Cosmo’s approach to DATs and investing more broadly is grounded in long-term optimization over short-term gains, which informs Panta’s strategy in building and backing durable, scalable DAT leaders.

Breakpoint 2025: Fireside: Anchorage Digital (Sergio Mello), Solana Foundation (Nick Ducoff)

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Breakpoint 2025 D1

Overview

  • Anchorage Digital has evolved into a federally regulated “stablecoin as a service” bank, offering end‑to‑end issuance, custody, and compliance for major stablecoin programs on Solana.
  • The US Genius Act and Anchorage’s bank charter are triggering a wave of institutional, regulator‑friendly dollar products (e.g., USDTB → JUPUSD) backed by assets like BlackRock money market funds.
  • Solana is emerging as the default chain for institutional stablecoins due to technical features (programmable privacy/controls, high throughput) and years of targeted BD with enterprises.
  • The speakers expect a migration of broad money (M2) onto chains—starting with USD but expanding to many regulated non‑USD stablecoins—driving deep, composable on‑chain FX markets.
  • For Solana investors, the thesis is that stablecoins become multi‑trillion‑dollar, bank‑grade payment and treasury rails on Solana, with supply potentially reaching trillions and positioning Solana as core financial infrastructure.

Speakers

Sergio Mello, Head of Stablecoins, Anchorage Digital
Nick Ducoff, Solana Foundation (moderator)

Anchorage Digital is a US federally chartered crypto bank focused on institutional custody, trading, staking, settlements, and now “stablecoin as a service.”


1. Anchorage Digital’s Evolution and “Stablecoin as a Service”

  • Anchorage began as an institutional crypto custodian and expanded into trading, staking, and settlement services, positioning itself between TradFi and DeFi.
  • It obtained a US federal banking license, making it a federally regulated bank doing crypto natively in the US—key for institutional trust.
  • The firm has launched “stablecoin as a service,” providing issuance, custody, settlement, and compliance infrastructure for institutions.
  • First stablecoin clients include:
    • Tether (USAT)
    • Athena (USDTB)
    • Western Union (USDP, launched on Solana first)
  • Anchorage sees stablecoins as the nexus for banks and traditional institutions to move dollars onto blockchain rails and use them as primary payment and liquidity rails.

Takeaway: Anchorage is building end‑to‑end institutional infrastructure for issuing and managing stablecoins, using its US bank charter as a key differentiator.


2. What “Stablecoin as a Service” Means for Institutions

  • Anchorage targets institutional use cases only: cross‑border, cross‑chain, and fiat–crypto/crypto–fiat settlements.
  • The key pain point for banks is “how do I get on-chain?”—Anchorage abstracts this with compliance, issuance, and settlement tooling.
  • Stablecoins are framed as a multi‑purpose instrument: payment rail + treasury instrument + payment token.
  • Past five years of stablecoins were dominated by:
    • Exchange arbitrage
    • Dollar access for the underbanked/unbanked
  • Next five years are expected to see tens of trillions of broad money (M2) deposits migrate on-chain (with Solana called out explicitly) as banks gain comfort keeping balances natively on-chain, reducing fiat–on-chain friction.

Takeaway: Stablecoin as a service turns stablecoins into core banking and treasury infrastructure, setting up a large-scale shift of bank deposits onto blockchains.


3. The Athena USDTB / Jupiter JUPUSD Stack and Institutional Backing

  • Anchorage is currently the only federally regulated stablecoin issuer, operating issuance under its federal bank charter.
  • USDTB (Athena’s stablecoin) will be minted on Solana starting next week or the week after, designed for “composable utility.”
  • The stack:
    • Anchorage: compliance + issuance under US law
    • Athena: liquidity, distribution, and market-building for USDTB
    • Jupiter: wraps USDTB into JUPUSD and delivers utility in its DeFi ecosystem
  • USDTB is “Genius Act–ready” and backed primarily by:
    • BIDD, a BlackRock money market fund (short‑term US Treasuries), via Securitize
  • This means JUPUSD, as used on Jupiter, is effectively backed by BlackRock’s BIDD fund.

Takeaway: New Solana-based dollar products like JUPUSD sit on top of institutionally-backed, regulated structures—BlackRock MMFs via a federally chartered issuer—potentially de-risking them for larger capital.


4. Regulatory Breakthrough: US “Genius Act” vs. MiCA and Global Response

  • Before July, Sergio was pushing institutions to consider stablecoins; after the Genius Act passed, he’s receiving inbound requests for how to launch them.
  • He calls the Genius Act “probably the best thing” the US has done in terms of power projection and asserting USD monetary policy globally.
  • Immediate effect: Tether, the largest on-chain dollar distributor, moved to “onshore” part of its activity by launching USAT via Anchorage.
  • Demand for “Genius-ready” or “Genius-compliant” stablecoins is described as “enormous,” spanning global institutions, distributors, and retailers.
  • Europe’s MiCA is implicitly criticized; the hope is Europe revises its treatment so stablecoins aren’t “second-class citizens” in the financial system.
  • Over the next year, Sergio expects:
    • US rulemaking completion by Treasury and OCC
    • Fast regulatory alignment by foreign regulators
    • Reciprocity arrangements across jurisdictions

Takeaway: US regulatory clarity via the Genius Act is catalyzing a wave of institutional stablecoin issuance and may give USD stablecoins a global advantage unless other regions quickly adapt.


5. Why Solana Is Becoming the Default Chain for Institutional Stablecoins

  • Western Union chose Solana rails for its stablecoin and publicly called Solana “the institutional grade chain” for that use case.
  • Sergio highlights two dimensions:
    • Technical: Solana supports institutional-grade features such as programmable privacy and programmable token behavior—key for compliance and enterprise workflows.
    • Advocacy/BD: Multi‑year groundwork by the Solana Foundation and ecosystem to educate institutions is now paying off; new institutional clients often come to Anchorage already having chosen Solana.
  • He notes that institutions arriving at Anchorage for infrastructure increasingly default to Solana as their chain of choice.

Takeaway: Solana’s technical capabilities plus sustained institutional outreach are converging to make it the preferred base layer for serious, regulated stablecoin programs.


6. Dollar Dominance vs. Proliferation of Non‑USD Stablecoins and On‑Chain FX

  • Sergio divides stablecoin history into phases:
    • Phase 1: Utility tools (arbitrage, dollar access) dominated by USD stablecoins.
    • Phase 2: Stablecoins become instruments of sovereign monetary policy.
  • Sovereign states will not accept full dollarization via USD stablecoins; he expects major economies to pass stablecoin laws enabling competitive local‑currency tokens.
  • He warns regulators: failing to regulate stablecoins within 6–12 months will be like not connecting to the global phone system or internet backbone—an existential competitiveness risk.
  • Outlook:
    • Dozens to hundreds of non‑USD stablecoins.
    • Rapid emergence of on-chain FX markets, starting with some mature pairs by end of next year.
    • By 2027, a credible alternative for the exotic FX market on-chain.
  • Stablecoins’ key structural advantage: transfer = settlement. This removes settlement lag, shrinks spreads and counterparty risk, and disproportionately benefits exotic/emerging market currencies where current settlement is slow and costly.

Takeaway: Expect a broad, regulated proliferation of non‑USD stablecoins and the rise of deep on-chain FX markets, with improved settlement dynamics that may especially strengthen non‑reserve currencies.


7. Composability, DeFi Venues, and the Path to On‑Chain FX Dominance

  • The winning on‑chain FX venues will be built through composability: existing stablecoin primitives combined with new app layers via a few lines of code.
  • He likens the current moment to the early internet—hard to predict specific winners, but new FX and payments applications can be spun up extremely quickly on-chain.
  • With programmable tokens and instant settlement, DeFi protocols on chains like Solana can potentially out-compete traditional FX infrastructure on speed, cost, and accessibility.

Takeaway: The open, composable nature of Solana DeFi positions it well to host the next generation of FX markets once major fiat currencies appear as regulated stablecoins.


8. Near-Term (6–12 Month) vs. Medium-Term (Multi‑Trillion) Outlook for Stablecoins on Solana

  • Next 6–12 months:
    • Main action is regulatory: completion of US rulemaking and rapid moves by global regulators.
    • This phase shifts the discourse from “if” to “when” stablecoin-based finance becomes mainstream.
  • End of next year:
    • Sergio expects “real institutional adoption” to start, with flows measured in trillions rather than hundreds of billions.
    • He specifically predicts Solana stablecoin supply will be in the trillions by the end of next year (up from ~4B to 16B this year).
  • Growth is described as exponential with an imminent “hockey stick” moment as regulatory clarity and institutional comfort converge.

Takeaway: In Sergio’s view, Solana-based stablecoins are on the cusp of an exponential adoption phase, with regulatory clarity unlocking large institutional flows and pushing supply into the trillions.

Breakpoint 2025: Fireside: Animoca's Yat Siu: Animoca Brands (Yat Siu), Republic (Andrew Durgee)

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Breakpoint 2025 D1

Overview

  • Altcoins, including SOL, are framed as the “equity market” of crypto, with long‑term aggregate value expected to surpass Bitcoin due to real usage (gas, gaming, DeFi, identity, AI).
  • Chains compete in an open, permissionless market; users, developers, and capital can freely migrate, forcing ecosystems like Solana to win via UX, incentives, and composability.
  • Web3 gaming and “gamified finance” are seen as massive growth vectors, with narrative catalysts (e.g., GTA 6, regulatory clarity) likely to drive attention and capital into gaming tokens on chains like Solana.
  • The Clarity Act and similar regulation are expected to unlock major token launches from big game publishers, expanding investable gaming/token markets that can live on Solana.
  • Tokenization of equity (including Animoca’s on Solana) is positioned as inevitable; Solana investors are effectively betting that Solana evolves from a memecoin/gaming chain into core infrastructure for global, regulated, internet‑scale capital markets.

Yat Siu

Yat Siu, co-founder and executive chairman of Animoca Brands, a major Web3/gaming investor with 600+ portfolio companies (including many on Solana).
Moderated by Andrew Durgee (Republic), discussing altcoins, Web3 gaming, and tokenization of equity on Solana.


1. Altcoins vs. Bitcoin: Market Structure and Long-Term Value

  • Yat frames Bitcoin as “digital gold” and altcoins as the crypto equivalent of the stock market.
  • Gold is ~$27T vs. global public+private equities at ~$200–250T; he expects altcoins in aggregate to similarly far exceed Bitcoin’s value over time.
  • Unlike Bitcoin, altcoins are used: for gas (e.g., SOL), gaming, DeFi, identity, AI-related uses, etc.
  • Usage-based utility is viewed as the real growth engine of crypto, just as people use Apple/Google/Facebook rather than holding gold.
  • He still believes Bitcoin will likely remain larger than any single altcoin (including Solana) as the “crypto piggy bank” and ultimate store of value.
  • The success of altcoin ecosystems (like Solana) is seen as supportive of Bitcoin, not in conflict, since profits often rotate back into BTC.

Takeaway: For investors, the thesis is that aggregate altcoin value—driven by actual usage—should grow to be much larger than Bitcoin, even as Bitcoin remains the dominant single asset and store of value.


2. Open, Permissionless Competition Between Chains

  • Yat emphasizes that blockchains and token ecosystems are open and permissionless, unlike Web2 platforms such as Facebook/Apple/Google.
  • Value and users can freely move across L1s and L2s; chains must earn retention through better incentives, UX, and ecosystems.
  • This dynamic creates “true competition and true capitalism” among chains, in contrast with closed Web2 walled gardens.
  • Because value is portable, builders are not locked-in: they can move to chains that better support their needs, which pressures ecosystems to improve.
  • “Chains don’t die” as data/transactions remain on-chain, even if an ecosystem stagnates; value can be revived or repurposed later.

Takeaway: Investors should view chain ecosystems (like Solana) as competing in an open market for capital and users, where composability and mobility of value increase both opportunity and competitive pressure.


3. Web3 Gaming & GameFi: From Skins to Gamified Finance

  • Animoca is one of the largest Web3 gaming investors with ~200 gaming portfolio companies and early stakes in The Sandbox, Axie Infinity, OpenSea, etc.
  • Yat is “insanely bullish” on Web3 gaming but argues the industry made a mistake by simply porting Web2 game mechanics into Web3 (e.g., skins → NFTs, in-game currency → tokens) without rethinking fundamentals.
  • He reframes “GameFi” as the gamification of finance: trading platforms (Robinhood, eToro), prediction markets (e.g., Polymarket) already behave like games with leaderboards, social status, etc.
  • For Gen Z and younger users, trading and prediction markets are entertainment and part of gaming culture, not just “finance” or “gambling”.
  • NFTs and tradable in-game assets are both ownership and entertainment: the ability to trade, lend, and speculate on them is itself “fun”.
  • He sees gamified finance as a powerful pathway to onboard young users into financial literacy, not just speculative behavior.

Takeaway: The investable opportunity in Web3 gaming is not just “games with NFTs” but a broader shift where finance itself is being designed as a game layer to attract and educate a new generation.


4. Macros for Gaming: TikTok, Social Attention, and GTA 6 as Catalyst

  • Despite expectations, gaming growth flattened post-COVID; one major macro competitor has been TikTok, which captures massive social attention.
  • Yat views games primarily as social platforms; most players (around 80%, per Bartle’s taxonomy) are “socializers” there because their friends are.
  • TikTok has eroded this social attention not just from Instagram but also from games, reducing time spent in traditional gaming environments.
  • Tokens, in his view, represent the “memetic and market of attention”: sectors like AI tokens surged because AI was culturally hot, not because of instant product adoption.
  • He expects a similar attention-driven catalyst for gaming with the launch of GTA 6 (currently slated for Nov next year), predicting it could spark a significant narrative and price move in Web3 gaming tokens.
  • GTA’s roleplay (RP) and mod ecosystems provide fertile ground for experimentation with tokenization and UGC monetization once regulations allow.

Takeaway: The next major run in Web3 gaming tokens may be driven by a macro attention wave around GTA 6 and related social/gaming narratives, rather than only on-chain adoption metrics.


5. Regulatory Clarity & Big Gaming Entrants: The Clarity Act

  • Yat highlights the upcoming “Clarity Act” in the US, expected (by him) to pass next year, as a key regulatory driver.
  • The Act aims to clearly distinguish utility tokens (digital commodities under CFTC) from securities, reducing legal ambiguity.
  • Large publishers like Take-Two, Activision, EA are unlikely to launch tokens until this clarity exists due to regulatory risk.
  • He compares this to the effect of the “Genius Act” (context: a prior regulatory development) which, once announced, prompted big tech firms like Facebook, Amazon, and Walmart to move on stablecoins.
  • With clarity, Yat expects a wave of announcements and token plans from major gaming companies, treating tokens more as engagement/social layers than capital-raising instruments.
  • He notes the lesson from Counter-Strike (CS:GO) skin trading: it reached a ~$6–7B market-cap-like value but was shut down by the centralized operator—an example of demand for trading game assets constrained by Web2 control.

Takeaway: Regulatory clarity around token classification is likely to unlock significant new token launches from major game publishers, potentially creating a large new investable segment in gaming tokens.


6. Tokenization of Equity: “Tokenize or Die”

  • Animoca is tokenizing its own equity on Republic and on Solana—“eating its own dog food”—and sees this as the next inevitable phase for capital markets.
  • Yat’s core message: “Tokenize or die.” Businesses that fail to tokenize will lose to competitors who gain new financial constructs, capital sources, and global access.
  • Historical analogy: companies that didn’t embrace the internet, search, or social media (Google, Facebook, TikTok) lost visibility and competitiveness; tokenization is the next such step.
  • Stablecoins already give 150–200M+ un/underbanked people in emerging markets access to dollars; if you don’t accept tokens, you can’t serve these customers, but your tokenized competitors can.
  • Tokens are the preferred asset class for youth in some regions (e.g., young people in South Korea), who may favor crypto assets over traditional equities.
  • To reach future investors and customers whose default interface is a wallet (Phantom, MetaMask), equity and other instruments must exist as tokens.
  • He also argues that in an “agentic AI” world, AI agents will transact 24/7 in tokenized, on-chain assets, as centralized databases are too fragile/permissioned for autonomous capital flows.

Takeaway: Tokenizing equity is framed as both a growth strategy (access to new markets and demographics) and a defensive necessity as capital markets, users, and AI agents all converge on on-chain, tokenized assets.


7. Implications for Solana: From Memecoins to Global Capital Markets

  • Solana’s stated vision is “internet capital markets”; Yat notes that such markets are incomplete without equities, which are a multi-hundred-trillion-dollar asset class.
  • Current RWA tokenization (~$30–40B) is tiny compared to the global equity + private markets (hundreds of trillions), so the opportunity is early-stage.
  • Animoca’s equity tokenization on Solana is positioned as a step in Solana’s “growing up” from a memecoin-heavy chain to a full-spectrum financial platform.
  • Memecoins and utility tokens are not dismissed; he sees them as crucial onboarding rails into financial literacy and broader investing.
  • Equity tokens will require full compliance (KYC/AML, qualification), but this can be handled at the wallet/platform layer (e.g., Republic), integrating regulated assets directly into on-chain user flows.
  • For Solana, this evolution means being responsible for onboarding millions into both early speculative activity and then into more sophisticated financial instruments like equities and commodities.

Takeaway: Solana stands to benefit significantly from equity tokenization, shifting from a speculative-asset hub into a core infrastructure layer for regulated, internet-scale capital markets.


8. Tokenization, Financial Literacy, and Youth Onboarding

  • Yat stresses that less than 10% of the global population owns equities; most people are not invested and lack financial education.
  • Surveys suggest 8–9 out of 10 college graduates feel unprepared for the world of finance.
  • He argues that people don’t primarily learn finance from school, but via relatable activities: trading Pokémon cards, in-game items, memecoins, or utility tokens.
  • Memecoins and utility tokens, though often dismissed as gambling, are seen as practical entry points where users first learn about volatility, value, and markets.
  • Over time, these experiences can graduate users to understanding fundamentals, P/E ratios, business models, and then into equity and other structured products.
  • He positions Solana as already having onboarded millions into early-stage financial literacy through token engagement and expects tokenized equities to be the next educational and wealth-building stage.

Takeaway: The long-term structural bet is that crypto tokens (including on Solana) are not just speculative instruments, but the primary on-ramp for global financial literacy and participation in capital markets.

Breakpoint 2025: Fireside: Circle's Jeremy Allaire and Solana Policy Institute's Kristin Smith

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Breakpoint 2025 D1

Overview

  • 2025 is framed as a true inflection point: scalable tech, good UX, and new U.S. stablecoin law (Genius Act) finally align, but the on‑chain money market is still tiny versus its multi‑trillion‑dollar, decade‑plus growth runway.
  • The Genius Act legitimizes dollar stablecoins as fully reserved electronic money and triggers a global policy race, forcing governments to rethink monetary and fiscal policy in an internet‑native, cross‑border stablecoin world.
  • Solana has emerged as the dominant rail for USDC transaction volume; Circle is doubling down with native support, tooling, and cross‑chain liquidity (CCTP), positioning Solana as core payments and settlement infrastructure.
  • Gateway, launched on Solana, will abstract chains away for USDC users, turning Solana into a hub for unified cross‑chain balances and flows—potentially deepening liquidity and stickiness of capital on Solana.
  • Circle is building for an AI‑driven future with billions of autonomous agents and a possible million‑fold transaction increase, where high‑throughput, low‑cost networks like Solana and compliant stablecoins like USDC could become critical global financial plumbing—an important long‑term thesis for Solana investors.

Speakers

Jeremy Allaire, Founder & CEO, Circle (issuer of USDC; recently completed one of the top-performing IPOs of the year)
Kristin Smith, Solana Policy Institute (moderator; former head of the Blockchain Association, policy/regulatory background)


1. Are We at a Mainstream Inflection Point for Crypto?

  • Allaire notes he’s been asked for 12 years when crypto will become “mainstream,” and he always said three things were required: scalable tech, strong product UX, and clear legal status.
  • He believes the technology and UX have largely arrived in the last 1–2 years: infrastructure can now support high-scale, consumer‑grade experiences, with crypto often “in the background.”
  • The missing piece was legal clarity for this “new form factor of money”; with the Genius Act (the long‑worked‑on U.S. stablecoin bill) now passed, he believes that piece has fallen into place.
  • Covered stablecoins like USDC can now effectively be treated as a form of M1 electronic money in the dollar system: fully reserved, supervised by national banking regulators, and embedded in the formal financial framework.
  • Circle’s IPO acted as a credibility and awareness catalyst, drawing large traditional companies into building and investing in this space.
  • Despite the “inflection point,” he stresses the current digital asset/stablecoin/tokenization market is still tiny versus the total addressable market (TAM), which the internet will likely multiply over the coming 10–15 years.

Takeaway: Allaire sees 2025 as the true regulatory and infrastructure inflection point for stablecoins and on‑chain finance, but argues the asset class is still very early with a decade‑plus growth runway.


2. The Genius Act and the Global Policy Race Around Stablecoins

  • The Genius Act (U.S. stablecoin legislation) was ~5–6 years in the making, tracing its political origin back to the Libra hearings; its passage is framed as a landmark moment for legalizing stablecoins.
  • Allaire emphasizes the unexpected degree to which crypto intersects with geopolitics and geoeconomics, not just technology and financial regulation.
  • As on‑chain money and finance scale globally, governments are asking “what does this mean for us?” across multiple dimensions: monetary sovereignty, fiscal policy, and regulatory oversight.
  • He sees every major government now actively working on policy for dollar stablecoins, local stablecoins, and digital assets more broadly—recognizing that this is an internet‑scale phenomenon, not something confined to national tech stacks.
  • The resulting shift will likely necessitate significant long‑run changes in how countries think about monetary and fiscal policy, as a growing share of transactions and assets become digitally native and borderless.

Takeaway: The U.S. stablecoin framework has triggered a global policy race around digital money, with governments being forced to adapt fiscal and monetary frameworks to an internet-native, cross‑border stablecoin reality.


3. Circle’s Strategy and Positioning on Solana

  • Circle was early to Solana, introduced via Multicoin, and viewed Solana as purpose‑built for scalable financial and payment applications when they began expanding USDC beyond Ethereum.
  • Although Circle launched USDC on one other chain first (due to an existing contract), Solana was their next major expansion and has since become strategically important.
  • Allaire states that USDC on‑chain transaction volume on Solana now “dominates” all other chains, highlighting Solana as the leading rail for USDC usage.
  • The maturation of Solana’s infrastructure has led to more major consumer‑facing and merchant‑facing platforms adopting USDC on Solana as a primary payments/settlement layer.
  • Circle continues to deepen its Solana stack: native USDC, developer tools for Solana wallets, and cross‑chain infrastructure like CCTP to move liquidity efficiently between networks with Solana as a key endpoint.

Takeaway: Solana has become the dominant chain for USDC transaction activity, and Circle is treating it as a core high‑performance rail for payments and consumer applications.


4. Gateway: Unified Cross‑Chain USDC UX (Built on Solana)

  • Allaire previews Gateway, a new permissionless protocol that will run on Solana and sits at the center of Circle’s next phase of infrastructure.
  • Gateway will allow users to hold a single unified USDC balance, abstracting away which chain the tokens are actually on.
  • From that unified balance, users can send and spend USDC to any supported network; under the hood, Gateway handles cross‑chain minting in under a second, improving UX and capital efficiency.
  • This addresses a major friction point: users and apps no longer need to manage fragmented balances across multiple L1s and L2s, which is especially important for mainstream adoption and institutional flows.
  • Launching Gateway on Solana also gives Circle new commercial partnership hooks into the Solana ecosystem, enabling deeper integrations with projects and platforms building there.

Takeaway: Gateway positions Solana as the hub chain for a unified, chain‑abstracted USDC experience, potentially increasing USDC usage and liquidity and simplifying cross‑chain activity for users and businesses.


5. AI + Blockchain: Agentic Payments and the Future Transaction Explosion

  • Allaire expects that in 3–5 years, there could be hundreds of millions to billions of AI agents operating continuously on behalf of people and institutions, including fully AI‑operated institutions.
  • In that world, a huge share of economic activity will be executed by AI agents, requiring new financial infrastructure models that are programmable, automated, and globally interoperable.
  • Stablecoins like USDC and high‑throughput networks like Solana are natural rails for agentic payments, giving AI agents the ability to hold, spend, and receive value cheaply and at high speed.
  • He emphasizes designing today’s infrastructure explicitly for that AI‑heavy future, rather than treating blockchain mainly as an optimization for trading or niche DeFi use cases.
  • Allaire predicts that this convergence could lead to many orders of magnitude—potentially a million‑fold—increase in the number of transactions globally as AI automates and fragments economic interactions.
  • That anticipated transaction explosion is why high‑performance chains like Solana and robust, compliant stablecoins are so central to Circle’s long‑term roadmap.

Takeaway: Circle is planning for a future where AI agents drive a massive, possibly million‑fold increase in transaction volume, making scalable chains like Solana and programmable stablecoins like USDC critical infrastructure for the next phase of the global digital economy.

Breakpoint 2025: Fireside: Galaxy's Mike Novogratz: Galaxy (Mike Novogratz), Helius (Mert Mumtaz)

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Breakpoint 2025 D1

Overview

  • Galaxy is launching Sweep, a tokenized money market fund exclusively on Solana that converts redemptions into PYUSD, effectively pairing yield-bearing “cash” with instantly spendable stablecoins while skirting US interest‑bearing stablecoin limits.
  • A friendlier US regulatory stance is enabling tokenized securities (like Galaxy’s own equity) to migrate from closed venues to open crypto rails, setting up Solana as a key venue for regulated, on‑chain capital markets.
  • Tokenization’s main value is global retail access to US‑grade assets and credit products (not just back‑office efficiency), positioning Solana as infrastructure for servicing billions of new users abroad.
  • Galaxy views Solana as “tailor‑built” for capital markets—speed, throughput, and HFT‑grade infra—while stressing that sustainable value for SOL depends on real usage: tokenized funds, equities, and financial primitives actually trading on‑chain.
  • For Solana investors, the thesis is that institutional tokenization flows, improved US regulation, and growing global demand for on‑chain financial products will increasingly route through Solana, rewarding chains that combine strong communities with clear, measurable real‑world usage.

Speakers

Mike Novogratz – Founder & CEO, Galaxy
Mert Mumtaz – Co‑founder & CEO, Helius (interviewer; active Solana ecosystem builder)


1. Galaxy’s “Sweep” Tokenized Liquidity Fund on Solana

  • Galaxy announced Sweep, a tokenized money market fund launched exclusively on Solana at first.
  • Sweep is described as a “State Street $5T asset manager version of BlackRock’s BUIDL” – a regulated, tokenized cash-like vehicle.
  • Key feature: when you redeem Sweep, you instantly receive PayPal’s stablecoin (PYUSD), effectively turning interest‑bearing money market exposure into spendable stablecoins.
  • This structure sidesteps current US restrictions on interest‑bearing stablecoins by having the yield in the money market vehicle and the spendability in the stablecoin.
  • Mike envisions a global user base (especially outside the US) carrying Sweep as yield-bearing “cash” and swapping into a stablecoin only at the moment of spending.

Takeaway: Sweep is Galaxy’s attempt to make yield-bearing, tokenized cash a mainstream, globally usable product, with Solana as the initial settlement layer.


2. Tokenized Galaxy Equity and the New US Regulatory Stance

  • Galaxy was the first SEC‑approved tokenized equity in the US; it currently trades on Superstate, a walled‑garden venue with limited liquidity.
  • Historically, US regulation (under Gary Gensler’s SEC) made on‑chain securities and tokens risky, chilling serious experimentation.
  • Mike claims the new US administration and SEC have taken a “180‑degree turn”, explicitly saying they want “everything to move on‑chain.”
  • Galaxy is in discussions (e.g., with former SEC commissioner Paul Atkins) to obtain a sandbox-style exemption to allow tokenized Galaxy stock to trade on decentralized platforms.
  • He sees this as the beginning of a radical shift where regulated tokenized securities can trade on open crypto rails, unlocking real liquidity and use cases.

Takeaway: With a friendlier US regulatory backdrop, Galaxy expects tokenized securities like its own equity to move from closed systems into decentralized markets, a major structural change for crypto capital markets.


3. Tokenization as Global Access, Not Just Back‑Office Efficiency

  • Mike breaks tokenization into two benefits:
    • Efficiency: better collateral management, faster settlement, infrastructure improvements.
    • Access: the much bigger story – allowing global retail to reach US assets and credit products.
  • He emphasizes regions within a 500‑mile radius of Abu Dhabi (South Asia, Africa, Middle East) as prime beneficiaries of tokenized assets and stablecoins.
  • Example use case: a kid in Paraguay buying Apple stock or a SpaceX token on-chain for the first time.
  • Galaxy wants to act as the “banker” / conduit between big US corporate and credit products and billions of users abroad via tokenization.
  • He frames this as crypto’s “best use case”: unbanking—giving high‑quality financial services to people who never had them.

Takeaway: The core investment thesis behind tokenization, in Mike’s view, is global retail access to US-grade assets and credit, not just marginal settlement savings.


4. Why Galaxy Is Leaning Into Solana

  • Galaxy is “very strong on Solana,” launching Sweep there first and previously working on the DAT with Jump and Multicoin.
  • Mike sees Solana as “tailor built to be the capital markets chain”: extremely fast, high throughput, suited for trading and financial primitives.
  • Galaxy partnered with Jump, a top high‑frequency trading firm, specifically to work with experts at building low‑latency, high‑performance infrastructure.
  • He believes Solana’s future is bright, but emphasizes that for value to sustain, real, innovative products must be built and used on the chain (e.g., tokenized equities, tokenized funds like Sweep).
  • In the longer term he expects a patchwork of interoperable L1s linked by bridges, not a single‑chain world; Solana is positioned as a leading “capital markets” hub in that network.

Takeaway: Solana is Galaxy’s preferred execution layer for capital‑markets‑style products because of its speed and performance, but lasting value depends on real usage and compelling applications.


5. How to Value Blockchains: Community + Real Usage

  • Mike argues that blockchains (and crypto broadly) are valued primarily by community, not just discounted cash flows.
  • Example: XRP remains highly valued in spite of limited on‑chain usage because of its intensely loyal community.
  • He likens chains to multi‑level marketing schemes in the sense that they rely on community members to recruit and evangelize.
  • Going forward, community narratives must be backed by actual growth and utility; storytelling alone is no longer enough.
  • Conferences (like Breakpoint) are important for giving major chains the “airtime” to sustain community narratives; new chains struggle to stand out because most are just “selling block space.”

Takeaway: For investors, the winning L1s will be those combining strong, durable communities with clear, demonstrable on‑chain usage and growth, rather than narrative alone.


6. From “We’re Important Someday” to “Crypto Must Work Now”

  • First era of crypto:
    • Narrative: “This industry will change everything.”
    • Reality: chains weren’t fast or scalable enough; regulatory fear (especially in the US) stifled serious building.
    • Use cases: Bitcoin as store of value, stablecoins in early experiments, and speculation / leverage on exchanges like Binance, Bybit, and BitMEX.
  • Current era:
    • Blockchains are now fast and scalable enough (e.g., Solana) and regulation is improving, particularly in the US.
    • Mike stresses that crypto now “has to work,” i.e., must deliver products that matter to normal people’s lives.
  • He views good US legislation and regulation as critical because the US still represents ~65% of global equity market cap—global scale requires US regulatory clarity.
  • This shift increases competitive pressure: projects must deliver real user value instead of relying on the “future potential” story.

Takeaway: Crypto is transitioning from a purely narrative, speculative phase into a utility phase where actual products and regulatory clarity will separate lasting winners from the rest.


7. Macro, Market Volatility, and Crypto Price Action

  • Coming into the year, macro conditions looked bullish for risk assets:
    • Stocks near highs, the Fed moving to cuts, and an incoming Fed governor seen as more politically pliable.
    • Under that macro, one would have expected higher crypto prices than we see today (e.g., Bitcoin only ~90k, Solana ~140).
  • Bitcoin hitting $100k created a psychological “we won the marathon” moment for long‑time holders, prompting major profit‑taking.
    • One Galaxy client alone sold $9B of BTC, about one‑third of what BlackRock bought this year.
    • Mike characterizes this as older, early holders diversifying while new buyers step in.
  • New demand is coming from US wealth managed by RIAs (~$4T), largely baby boomer capital slowly adding crypto exposure.
  • In non‑Bitcoin assets (including Solana), investors are trying to understand how these chains get used, not just why they’re “important.”
    • The storytelling has gotten more complex as people dig into actual mechanisms (e.g., stablecoins, tokenization) instead of vague future narratives.
  • He notes alternative token models like Hyperliquid, where exchange profits are used for daily token buybacks, creating clearer, equity‑like token economics that some investors find easier to value than abstract “community.”

Takeaway: Current crypto price volatility reflects a generational handoff from early holders to traditional wealth, combined with shifting investor focus from grand narratives to concrete token economics and usage.


8. Regional Signals: Abu Dhabi and Institutional Adoption

  • Mike had been in Abu Dhabi for several days around Abu Dhabi Finance Week and met “world‑class” global and regional investors.
  • Conversations with major institutional players (“kings of the industries”) left him more bullish on digital assets than when he arrived.
  • He is certain that the move toward blockchains and digital assets is accelerating, not slowing down.
  • He expects digital assets to be far more important in 2, 4, and 6 years, providing long‑term “fuel” for the industry even if short‑term prices remain choppy.
  • For young professionals entering crypto today, he’s confident they’ll have “really cool jobs” in four years—a sharp contrast to his uncertainty eight years ago.

Takeaway: Large institutional and sovereign‑level interest, particularly in regions like the Gulf, gives Mike high conviction that digital assets are in a durable long‑term adoption trend despite near‑term market noise.


9. Investment & Builder Implications

  • For Solana investors:
    • Galaxy’s decision to launch Sweep and prior DAT work on Solana reinforces Solana’s positioning as a capital markets and trading infrastructure chain.
    • Continued institutional products on Solana could deepen liquidity and long‑term demand for SOL and Solana‑native assets.
  • For L1 investors generally:
    • Assess both community strength and evidence of real usage (especially tokenization, stablecoins, and financial products) rather than only technical specs.
    • Expect a multi‑chain environment with bridges; focus on which chains own particular verticals (capital markets, gaming, etc.).
  • For macro‑sensitive crypto investors:
    • Recognize that price pressure can come from large legacy holders diversifying, even in a supportive macro environment.
    • Long‑term direction is driven by structural adoption (institutions, tokenization, US regulatory shifts) rather than 3‑month flows.

Takeaway: The talk frames Solana and tokenized assets as core beneficiaries of an institutional, regulation‑driven next wave, where community plus real-world financial utility determine which chains capture enduring value.

Breakpoint 2025: Fireside: Paxos' Chad Cascarilla

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Breakpoint 2025 D1

Overview

  • Paxos aims to be neutral, regulated infrastructure that migrates a meaningful share of the $900T+ traditional asset stack (cash, gold, T‑bills, eventually equities/bonds) onto public chains like Solana, with a strong institutional focus.
  • USDG is gaining fast traction as a core stablecoin “rail” (major exchange listings, collateral use, Visa/Mastercard/Stripe integrations), positioning it as base liquidity and settlement infrastructure that Solana DeFi and apps can build on.
  • Paxos’ model for RWAs (PAXG, future stocks/bonds) is fully reserved, direct legal ownership with no embedded derivatives, which could make Solana a venue for high‑quality tokenized assets attractive to conservative and institutional capital.
  • By pursuing clearing agency status and onchain issuance of equities/bonds, Paxos is pushing toward a world where most securities trading occurs on public chains, potentially driving multi‑trillion‑dollar daily volumes and deep liquidity for Solana venues.
  • For investors, the thesis is that regulated asset rails (USDG, PAXG, future tokenized securities) on Solana can significantly expand onchain capital markets, improve liquidity and price discovery, and increase Solana’s role as core financial infrastructure.

Chad Cascarilla

CEO & Co-founder, Paxos; long-time crypto “OG” (founded Paxos pre‑Ethereum), focused on regulated stablecoins, tokenized assets (gold, T‑bills, eventually equities/bonds), and institutional onchain infrastructure.


1. Paxos’ Strategy: Bridging Traditional Finance to Onchain Markets

  • Paxos’ core mission is to migrate traditional financial assets (≈$900T) onto public blockchains in a more open, transparent, and decentralized way.
  • The firm recently acquired Fortify, an institutional self‑custody wallet company, aimed at enabling institutions to directly access DeFi.
  • Cascarilla emphasizes that public chains like Solana will fundamentally change financial markets and even capitalism itself by making markets more transparent and accessible.
  • While philosophically aligned with decentralization and grassroots builders, Paxos focuses on regulated infrastructure that large institutions can trust and use at scale.
  • The goal is to use Paxos’ wallet and issuance infrastructure to bring all types of traditional assets onchain, not just stablecoins.

Takeaway: Paxos is positioning itself as neutral, regulated infrastructure to move a large share of traditional financial assets onto public chains, including Solana, with a heavy focus on institutional access.


2. USDG Stablecoin: Traction, Distribution, and Market Positioning

  • USDG has grown to about $1.5B in supply, with ~2.5x growth in the last quarter, which Paxos views as strong “0-to-1” traction.
  • It is now listed on “every major exchange” (named: OKX, Kraken, Bybit) and is being accepted as collateral in multiple venues.
  • USDG is integrated with major payment networks and processors including Visa, Mastercard, and Stripe, broadening its offchain utility.
  • Cascarilla expects a future with 2–5 major “rails” (core stablecoin/payment networks) and potentially hundreds or thousands of white‑label stablecoins built on top.
  • Paxos expects USDG to be one of those core rails, serving as the underlying asset layer for many branded or white‑label stablecoin experiences.

Takeaway: USDG is rapidly gaining exchange, collateral, and payments integrations, positioning itself as one of a small number of core stablecoin rails that could underpin many branded and white‑label tokens.


3. White-Label Stablecoins & Loyalty: Design Choices and Market Strategy

  • Paxos sees large and small companies exploring white‑label stablecoins, often tied to loyalty and rewards rather than competing as global rails.
  • Design choices include:
    • Whether to build a full stack from scratch vs. using a base rail like USDG or PayPal’s stablecoin.
    • Reserve structure (e.g., stablecoin underlay vs. direct T‑bills, common reserve pools like M0).
    • Compliance with the new “Genius” stablecoin regulatory framework.
  • Cascarilla notes a “UI-only” white‑label is possible: e.g., a Starbucks “card” in the app that is actually just USDG underneath, with Starbucks controlling branding and rewards logic.
  • He advises most brands not to try to become global rails because:
    • It is hard to get listed on exchanges, in payment networks, collateral frameworks, and DeFi protocols.
    • Liquidity and integrations are scarce resources; better to piggyback on existing rails.
  • Paxos remains neutral: it will help clients pursue different models, but Cascarilla is candid that very few will succeed as standalone global rails.

Takeaway: For most consumer brands and fintechs, the optimal path is to build branded, loyalty‑driven tokens on top of existing rails like USDG rather than attempting to create and distribute a new global stablecoin from scratch.


4. Yield & Rewards: Democratizing the Risk-Free Rate via USDG

  • Under the “Genius” regulatory framework, Paxos returns all yield (interest) on USDG reserves, keeping only an asset‑management fee.
  • Structurally, USDG allows institutions (distributors) to earn yield not only on their own balances but also on balances they help to create/distribute.
  • Regulatory rules (Genius) prevent paying yield directly to end-users; rewards must be routed via institutional distributors, which Cascarilla calls “somewhat convoluted.”
  • He believes interest‑bearing stablecoins are inevitable and that tokenized T‑bills and repo will democratize access to risk‑free rates globally.
  • Cascarilla argues that democratizing the risk‑free rate is even more transformative than democratizing access to dollars, particularly for savers in inflationary or unstable economies.

Takeaway: USDG is an early step toward broad access to tokenized risk‑free yields, but regulatory constraints currently force yield-sharing through institutional intermediaries rather than directly to retail wallets.


5. Tokenized Gold (PAX Gold) as a Template for Real-World Assets

  • Paxos issues PAX Gold (PAXG), a regulated token fully backed by physical gold bars held in London (ICBC and Brinks vaults).
  • Each token represents ownership of specific physical gold; holders can see the serial number of the bar they own, and large holders (≥400oz) can redeem for a full bar.
  • Legally structured under common law so that the token holder owns the gold directly; Paxos is not the beneficial owner.
  • Cascarilla highlights this same model for stablecoins: underlying T‑bills are owned by customers, not Paxos.
  • He views this direct‑ownership model (no embedded derivative) as the right blueprint for tokenized stocks, bonds, and other assets.

Takeaway: PAX Gold demonstrates Paxos’ preferred model for tokenized real-world assets: fully reserved, legally direct ownership of the underlying asset, and no extra derivative risk baked into the base token.


6. Onchain Equities & Bonds: From SEC Pilots to Full Clearing Agency

  • Paxos previously ran a live pilot settling U.S. equity trades onchain under an SEC no‑action letter, with major participants including Bank of America, Credit Suisse, Société Générale, Instinet, and Wedbush.
  • That no‑action relief lapsed after Gary Gensler became SEC Chair, stalling the pilot.
  • Paxos has since applied to the SEC to become a registered clearing agency (a depository for stocks and bonds).
  • The vision: Paxos would hold underlying stocks and bonds and issue them natively onchain, so the token you hold is the actual stock/bond, not a derivative.
  • Cascarilla stresses that leverage and counterparty risk should exist in layers on top of the base asset, not be embedded in the primary instrument, to avoid fragility and failure cascades.
  • He links this thinking to why he believes the Genius Act’s framework for stablecoins is important: it curbs derivative-like structures at the base-money layer.

Takeaway: Paxos is pushing for a regulatory path to issue native onchain equities and bonds where tokens represent direct ownership, potentially redefining how securities are held and traded globally.


7. Regulatory Outlook: KYC, Securities Law, and Permissionless Movement

  • Asked if people will ever be able to own tokenized stocks without KYC (as with many stablecoins), Cascarilla says:
    • He would like that world to exist but it ultimately depends on regulators due to securities laws.
  • He believes it is realistically possible to get closer to that world within the constraints of securities regulation, but:
    • Every jurisdiction has accredited/investor status rules and limitations on who can own certain securities.
    • This likely requires some wallet “gating” or compliance checks according to local regulations.
  • Even with such gating for eligibility, he expects that tokenized securities should be able to move seamlessly and permissionlessly on public chains, subject to those compliance layers.

Takeaway: True KYC‑free ownership of tokenized equities is unlikely under current securities regimes, but Paxos expects securities to still move on public chains with compliance layered at the wallet/eligibility level.


8. Global Capital Markets on Public Chains (Including Solana)

  • Cascarilla argues that once assets are issued on a public chain, “where you list” (which national exchange) becomes far less important because:
    • The chain functions like the internet: a global distribution and trading venue.
  • He supports the idea that jurisdictions like the UAE, working with progressive regulators, could list IPOs on local markets (e.g., Dubai Financial Market), tokenize them on Solana, and see most trading volume occur onchain globally.
  • This can result in higher liquidity and awareness than a traditional listing in the U.S., especially for regional companies that global investors might otherwise miss.
  • Cascarilla compares this shift to:
    • The move from floor trading in fractions to fully electronic decimal trading, which increased trading volumes by 10–100x despite lower spreads and commissions.
  • He projects a similar step‑change onchain: US equity trading might go from ~$250B/day (concentrated in a handful of stocks) to multi‑trillion daily volumes over 5–10 years as assets move onchain.
  • He sees this outcome as beneficial for liquidity, price discovery, and capital raising, despite incumbents’ fears.

Takeaway: Tokenizing equities and other assets on public chains like Solana could multiply trading volumes and liquidity globally, reduce the importance of traditional listing venues, and open regional markets to worldwide investors.

Breakpoint 2025: Generating Alpha: The Digital Asset Hedge Fund Landscape

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Breakpoint 2025 D1

Overview

  • Hedge funds like North Island and Cyber Capital are thesis‑driven, long‑biased, and research‑heavy, seeking alpha via variant views on technology transitions (with Solana a current core beneficiary).
  • Fundamentals matter most for DeFi/apps over long horizons, but crypto’s reflexivity, leverage, and narrative cycles create frequent mispricings—active risk management and cycle awareness are essential.
  • Both managers see scalable, general‑purpose L1s as the main long‑term winners; Cyber Capital has rotated from BTC → ETH → SOL based on on‑chain scalability, favoring Solana today.
  • Hype’s current CLOB/revenue lead is viewed as real but likely temporary: Solana’s upcoming latency upgrade (Alpenlow) plus superior composability and network effects are expected to restore Solana’s dominance.
  • For Solana investors: maintain a high‑conviction core SOL position, consider modest hedges in competing L1s, and selectively add Solana DeFi names (e.g., perps/CLOBs) positioned to benefit from Alpenlow.

Panel: Generating Alpha – The Digital Asset Hedge Fund Landscape

Paulo Baya (moderator), head of research at Exponential Age Asset Management
Justin Bons, founder & CIO, Cyber Capital (Amsterdam-based, one of Europe’s oldest crypto funds, running since 2016)
Sam Andrews, portfolio manager & director of research, North Island Ventures (NYC-based, runs two VC funds and one liquid fund)


1. North Island Ventures’ Investment Strategy & the “Golden Age of Crypto”

  • Sam describes North Island as a thesis‑driven, research‑heavy, absolute‑return fund focused on public crypto assets (BTC, SOL, smaller caps) plus crypto‑linked equities and derivatives.
  • They are structurally long‑biased given their belief that we are entering a “golden age of crypto adoption,” but they actively manage exposure across the cycle.
  • Edge comes from developing variant views on technological transitions or misunderstood themes, and then expressing those via the right instruments.
  • Research is both top‑down thematic (identifying big secular trends) and bottom‑up (picking the best assets to express those themes).
  • Risk is managed via portfolio construction, dynamic exposure, yield overlays on idle cash, and position sizing (adding when theses are validated, cutting when they’re refuted or prices run ahead of fundamentals).

Takeaway: North Island aims for outsized returns by pairing strong thematic research with flexible risk management and long‑biased exposure across the crypto cycle.


2. Cyber Capital’s Long‑Term Buy & Hold Thesis and Evolution

  • Justin runs one of Europe’s oldest crypto funds, with a ~10‑year track record and ~60x return for day‑one investors, built primarily on long‑term buy‑and‑hold of high‑conviction assets.
  • His core process is fundamental research + information asymmetry: separating public narrative from on‑chain/technical reality.
  • He emphasizes thesis‑driven flexibility: migrated from Bitcoin → Ethereum → Solana as each prior platform, in his view, abandoned on‑chain scalability as a core design goal.
  • Strong warning against tribalism: loyalty should never be to a ticker; it must be to logic, data, and a coherent investment thesis.
  • Distinguishes investing vs. gambling: confidence comes from deep understanding; if you don’t understand the asset, you’re speculating.
  • Recommends a 3–5 year horizon to investors and accepts that fundamentals explain little in the short/medium term; patience through large drawdowns is critical.

Takeaway: Cyber Capital’s edge comes from high‑conviction, thesis‑driven buy‑and‑hold in scalable platforms like Solana, combined with a willingness to change views as technology and reality evolve.


3. How (and When) Fundamentals Matter in Crypto

  • Sam frames crypto assets along a spectrum:
    • Memecoins: fundamentals effectively irrelevant; pure narrative/liquidity.
    • Infrastructure (L1s, L2s, core infra): fundamentals (fees, revenues, usage) matter in trajectory, but valuation is mostly relative versus peers, not classic DCF.
    • Applications (especially DeFi): most like traditional businesses; fundamentals (users, revenues, costs, fee multiples) matter a lot.
  • Major problems with fundamentals in crypto:
    • Reflexivity: rising token prices drive higher “fundamentals” (e.g., more speculation, more fees) without underlying structural change—unlike traditional equities.
    • Over‑extrapolation: investors react to real‑time growth data as if every inflection is a persistent “hockey stick.”
    • High leverage: amplifies moves far beyond what fundamentals justify.
  • These factors cause overshoots and crashes: token prices regularly run far above reasonably implied fundamentals and then snap back, reinforcing cyclical boom‑bust behavior.

Takeaway: Fundamentals matter most at the application layer and for long‑term positioning, but reflexivity, extrapolation, and leverage mean short‑term crypto prices often deviate dramatically from intrinsic value.


4. Selling Long‑Term Vision vs. Liquidity Constraints

  • Justin acknowledges the mismatch between crypto’s 3–5 year investment cycles and the relatively shorter liquidity terms typical in fund structures.
  • He resolves this by selling the vision of what crypto can become (replacing much of finance and eventually money) so investors know they’re signing up for volatility in pursuit of a huge addressable market.
  • Stresses radical transparency with LPs: no guarantees, explicitly high risk and volatility, but a massive asymmetric opportunity if you believe in the long‑term thesis.
  • The disconnect between popular narratives and underlying reality is seen as a key alpha source—provided investors can stay the course through volatility.

Takeaway: For long‑horizon crypto strategies, aligning LP expectations around a big, long‑term vision is essential to handle liquidity constraints and stomach extreme volatility.


5. Managing Drawdowns and Crypto Market Cycles

  • Sam is explicit: 80% drawdowns are “career‑ending” in traditional finance; crypto managers must manage to avoid them even in a very volatile asset class.
  • His prior experience at BlueMountain Capital and exposure to Howard Marks’ cycle framework strongly inform his approach: always know where you are in the cycle.
  • Crypto cycles mirror credit/economic cycles (euphoria, stretched valuations, record leverage) but:
    • Happen much faster and more frequently.
    • Are driven by the same trio: reflexivity, extrapolation, leverage.
  • North Island tracks indicators like leverage build‑up, parabolic price moves, and frothy narratives to adjust risk before major corrections.
  • Event example: this year’s big correction:
    • Spring–summer: large run‑up in ETH and SOL largely driven by DEXs (DATs?) buying ~$2B of ETH at peak, with no major on‑chain fundamental shift.
    • Leverage climbed across the system, creating “kindling” for a crash.
    • Catalyst (“spark”): a Trump tweet threatening 100% tariffs on China, coinciding with a Binance glitch → forced deleveraging, market makers losing money, liquidity collapsing.
    • Result: ~50% drawdown in alt indices and ~50% reduction in system leverage.
  • Sam notes you can’t predict exact catalysts (e.g., that tweet or specific exchange glitch) but you can see leverage/valuation excess and reduce risk preemptively.

Takeaway: Effective crypto hedge funds treat cycle positioning and leverage monitoring as core disciplines, using them to manage exposure and limit catastrophic drawdowns.


6. Solana vs. “Hype”: Revenue, CLOBs, and L1 Competition

(Note: “Hype” is discussed as a competing L1 that has captured a strong narrative and revenues in 2025.)

  • Justin notes that Hype has “stolen the narrative” this year by capturing significant revenue share, primarily due to its ability to run a very fast central limit order book (CLOB) exchange.
  • He is candid that Solana today is not yet capable of doing what Hype’s CLOB does in terms of latency and cancellation order performance—this is real competition Solana must take seriously.
  • However, Hype as an L1 is described as:
    • More centralized than Solana.
    • Weaker as a general‑purpose L1 (less capable, less composable).
  • Justin argues composability and network effects are decisive:
    • Hype’s flagship application is relatively isolated and not deeply composable within a broader DeFi ecosystem.
    • Solana’s strength lies in being a performant, general‑purpose, highly composable L1.
  • Key Solana innovation: Alpenlow (latency reduction)
    • Expected to drop latency to ~150 ms and enable robust cancellation order support.
    • This should make it feasible to build a Hype‑like perps/CLOB exchange on Solana.
    • That, in turn, can allow Solana to reclaim revenue dominance as those exchanges tap Solana’s larger DeFi network effects.
  • Justin mentions projects like Drift as examples that can leverage Alpenlow’s improvements.
  • He also notes only a handful of other L1s (e.g., Sui) have similar low‑latency potential, but Solana still leads in real usage and network effects.
  • His historical framework:
    • Ethereum overtook Bitcoin in usage/revenue because it was “10x better.”
    • Solana overtook Ethereum for the same reason.
    • For anything to overtake Solana now, it must be 10x better; he does not think Hype meets that bar.

Takeaway: While Hype has gained significant short‑term revenue and narrative share through superior CLOB performance, Justin believes Solana’s upcoming latency improvements and superior composability position it to regain dominance.


7. Portfolio Construction Around Solana, Hype, and L1 Bets

  • Justin confirms Cyber Capital holds a large position in Solana but also a non‑trivial position in Hype as a hedge and recognition of its undeniable revenue traction.
  • Emphasizes a balance between conviction and diversification: you hedge some thesis risk, but not to the point of diluting your highest‑conviction bets.
  • Uses research visibility into Solana’s roadmap (e.g., Alpenlow) to position ahead of the market in applications likely to benefit (e.g., Drift).
  • Reinforces the idea that the L1 race is heavily about network effects and composability; Solana’s ecosystem advantage is viewed as durable unless a clearly 10x‑better alternative appears.

Takeaway: For investors, the panel suggests a strategy of high‑conviction core allocation to Solana, opportunistic exposure to competing L1s like Hype, and targeted bets on Solana DeFi projects poised to benefit from upcoming performance upgrades.

Breakpoint 2025: Generating Alpha: Venture Strategies Within the Solana Ecosystem

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Breakpoint 2025 D1

Overview

  • Crypto venture sits between traditional VC and public markets: tokens “go public” early, enabling active position sizing, faster risk management, and continuous repricing of theses.
  • Solana and other L1s are valued via multi-part frameworks (cash flows/MEV, utility demand for blockspace, store-of-value premium), while DeFi and other verticals need distinct, risk‑centric models.
  • Real edge comes from deep specialization by sector (L1, DeFi, DePIN, infra), putting generalist capital at a structural disadvantage versus crypto‑native, thesis‑driven managers.
  • Today’s fragmented token + equity structures are mainly regulatory artifacts; over time, capital stacks are expected to converge into unified, programmable “Equity 2.0” assets with clear economic claims.
  • For Solana investors, this implies focusing on: (1) Sol’s evolving cash‑flow and blockspace economics, (2) which verticals on Solana you understand deeply enough to underwrite, and (3) projects likely to adopt Equity 2.0-style designs that tightly align users, tokenholders, and cash flows.

Tushar Jain

Managing Partner, Multicoin Capital; early, thesis-driven crypto investor focused on Solana and other crypto networks.


1. How Crypto Venture Differs from Traditional Venture

  • In traditional venture, investments are illiquid and marked to the last round price, even as the true prospects change under the surface (team changes, contracts won/lost, etc.).
  • In crypto, projects “go public” much earlier via tokens, so investors can continually reassess positions based on real-time market pricing.
  • This creates a hybrid style between venture and public markets: long-term, thesis-driven bets combined with active position management.
  • Investors can add to a position when they think the market underprices a thesis, or de-risk early if they believe the token is overvalued, without waiting for a new private round.
  • The emotional discipline and risk management of public markets are combined with the early-stage uncertainty and upside of venture investing.

Takeaway: Crypto investing is a crossover between venture and public markets, enabling dynamic portfolio management in response to evolving information and prices.


2. Valuing Different Types of Crypto Assets (L1s vs DeFi vs Others)

  • Different classes of crypto assets require distinct valuation frameworks; a single model does not fit all.
  • For L1s like Solana, Multicoin uses a “sum-of-the-parts” framework with three main components:
    • Discounted cash flow to the chain (e.g., value from transaction ordering / MEV-like economics).
    • Commodity-like utility value (e.g., tokens needed to pay for gas/transactions).
    • Store-of-value premium (non-dilutable, macro hedge vs. fiat debasement).
  • For DeFi protocols, the focus shifts to:
    • Cash flows generated by the protocol and how they may evolve.
    • The amount and type of risk the protocol manages, rather than just “fees collected.”
  • Open-source and permissionless properties of DeFi are expected to drive margin compression, so sustainable value capture ultimately comes from risk management and governance (as captured in their thesis “Protocols don’t collect fees, DAOs manage risk”).

Takeaway: Multicoin builds specialized, asset-specific valuation frameworks, with L1s treated as multi-part assets and DeFi valued primarily on risk management and protocol cash flows.


3. Risk Assessment and the Need for Specialization

  • Multicoin does not use a single, continuous risk framework; risk analysis is highly case-by-case and vertical-specific.
  • Valuing and underwriting:
    • L1s,
    • DeFi protocols,
    • DePIN (e.g., Helium-style physical infrastructure networks),
    • and infrastructure/middleware (RPC providers, ZK tooling, etc.) all require different mental models and domain knowledge.
  • Real “alpha” comes from deeply living in these verticals, understanding their unique risks, market structures, and value capture mechanisms.
  • Passive investors can get simple exposure via BTC or ETFs, but competing in more complex segments requires full-time, specialized expertise.
  • Generalist investors, spread across many sectors, are at a structural disadvantage versus focused crypto-native managers in these niche areas.

Takeaway: Effective crypto investing—especially in Solana and other advanced ecosystems—requires deep specialization and vertical-specific risk frameworks that generalist capital typically lacks.


4. Token Cap Tables vs Equity Cap Tables and Regulatory Path Dependence

  • Historically, crypto projects often separated:
    • A “utility” or governance token (sold broadly, with weak or no explicit cash flow claims), from
    • Traditional equity (with real cash flow and ownership claims, sold to VCs).
  • This split structure was largely driven by regulatory pressure, especially from Gary Gensler and the SEC, forcing teams into “legal pretzels” to avoid tokens being treated as securities.
  • The result has been inefficient and confusing capital structures, where economic value and governance are fragmented across tokens and equity.
  • Jain argues that, absent this regulatory history, many projects would have designed a single, unified instrument from the start.

Takeaway: The dual token–equity structure in many crypto projects is mostly a product of U.S. regulatory pressure, not optimal design, and is likely to converge over time.


5. “Equity 2.0”: The Convergence of Tokens and Equity

  • Jain introduces “Equity 2.0” as a vision of internet-native ownership that merges the best of tokens with the legal protections of equity.
  • Traditional equity (industrial-age design) = simple ownership + voting rights, with limited programmability or global accessibility.
  • Token-based assets introduce:
    • Global, 24/7 liquidity and access.
    • Programmability (lockups, derivatives, built-in behavior).
    • Cryptographic proof of ownership duration and other attributes.
  • Equity 2.0 would combine:
    • These token features with explicit, enforceable claims on cash flows and assets (unlike vague or indirect value via burns or soft promises).
  • Example critique: Binance equity vs. BNB:
    • Binance is highly profitable, but BNB only has an indirect, “kind-of” link to Binance’s cash flows via buybacks/burns.
    • In an Equity 2.0 world, if Binance were launched today, BNB would likely be the equity, fully tying token ownership to company economics.

Takeaway: The industry is moving toward unified, programmable, legally protected “Equity 2.0” instruments that collapse the current split between equity and tokens.


6. Real-World Illustration: Costco-Style Equity 2.0 and Customer Alignment

  • Jain uses Costco as a non-crypto example to illustrate how Equity 2.0 could transform customer–shareholder relationships:
    • Imagine Costco membership requires buying a fixed amount of Costco “shares” or tokens each year and locking them for a set period (e.g., 10 years).
  • Investor-relevant implications:
    • Converts customers into shareholders, increasing loyalty and alignment.
    • Creates consistent, programmatic buying pressure on the stock/token (e.g., $100 per membership × 50M members = $5B/year of demand).
    • Lowers cost of capital by channeling customer flows directly into ownership.
  • More advanced designs:
    • Long-term holders could receive discounts or special benefits (e.g., 5% discount for 5+ years of provable ownership).
    • Early-stage companies are the most likely adopters, with Fortune 500 firms potentially following over a 10–15 year horizon as the model proves out.
  • The core enabler is programmability and on-chain verifiability of ownership duration and conditions, which traditional equities cannot easily provide.

Takeaway: Equity 2.0 mechanisms can hardwire customer loyalty and capital formation into a single programmable asset, creating powerful new business and investment dynamics.

Breakpoint 2025: How to Allocate to Digital Assets: EXPAAM (Pierre Henry)

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Breakpoint 2025 D1

Overview

  • Digital assets are on a steep, internet‑like (but faster) adoption curve, with ~1B users today and a path to 3–4B by 2030, yet remain early in terms of penetration and market value.
  • Historically, Bitcoin, Ethereum, and Solana have delivered outsized, low‑correlation returns, and even 1–5% allocations can enhance 60/40 portfolio efficiency with controlled volatility.
  • Regulatory clarity, institutional‑grade custody, and familiar wrappers (ETFs, ETPs, tokenized funds, RWAs) now allow institutions to underwrite crypto, including Solana, as a core, allocatable asset class.
  • Solana’s high‑throughput, low‑latency architecture enables unique on‑chain trading, payments, and HFT‑style strategies, supporting a differentiated alpha and fee ecosystem for SOL holders.
  • A barbell approach—blue‑chip beta (BTC, ETH, SOL) plus specialist/high‑convexity funds, hedge/credit strategies, and venture—lets investors capture both structural growth and power‑law upside in Solana and broader crypto.

Pierre Henry – EXPAAM (institutional crypto allocation advisory firm; partner working with institutional allocators on multi‑asset portfolios)


1. Macro Case for Digital Assets & Adoption Trajectory

  • Crypto user growth has significantly outpaced the early internet: 2016–2021 growth of ~137% annually vs. the internet’s historical rate, aided by existing internet, mobile, and social infrastructure.
  • Even through a multi‑year bear market, crypto user growth (~43% per year) matched the internet’s main adoption phase.
  • Today Pierre estimates roughly 1 billion users, with a trajectory toward 3–4 billion by 2030—framing crypto as an “unstoppable train”.
  • Crypto is still in early innings (~3% of the way through the journey), yet already shows outsized returns vs. traditional assets.

Takeaway: Crypto is on a steep, internet‑like (but faster) adoption curve, suggesting that current penetration is low relative to its prospective user base and economic impact.


2. Returns, Diversification & Portfolio Efficiency

  • Long‑term returns: since inception, Bitcoin, Ethereum, and Solana have massively outperformed traditional assets (Bitcoin up ~36.5M%, ETH >400k%, SOL >10k%).
  • Key question for institutions: are these returns a one‑off power law, or do they provide persistent diversification and portfolio efficiency?
  • 5‑year lookback shows persistently low correlation of crypto with major asset classes, especially bonds and commodities (near zero), precisely where many institutions lack diversification.
  • EXPAAM’s internal analysis: adding small crypto allocations to a 60/40 portfolio materially improves returns with only marginal volatility increases (tens of bps):
    • Bitcoin: up to 5% allocation improves returns without proportionate rise in volatility.
    • Ethereum: optimal range ~1–2%.
    • Solana: ~3–4% allocation gives significant uplift.
  • Even a 1% allocation to a blue‑chip crypto meaningfully shifts the portfolio’s efficient frontier.
  • Downside‑focused metrics (Sortino, Calmar) show crypto provides higher return per unit of downside “pain” than equities; bonds score worst.

Takeaway: Crypto has historically delivered extreme returns with low correlation to core assets, and even very small allocations can significantly enhance risk‑adjusted portfolio outcomes.


3. From Regulatory Overhang to Institutional‑Grade Frameworks

  • Historical barriers for institutions—regulatory uncertainty, platform safety, high volatility, and “pure speculation” narratives—are being addressed.
  • Regulatory progress:
    • MiCA in Europe: comprehensive framework covering stablecoins, custodians, exchanges, disclosures.
    • Ripple case: established judicial guidance that secondary token sales were not securities, pushing back on “everything is a security”.
    • In the U.S., a bipartisan innovation agenda under the Trump administration enabled:
      • “Genius Act”: clear, rules‑of‑the‑road framework for stablecoins, safe harbor, and product filings.
      • “Project Crypto”: movement of the SEC from adversarial to collaborative stance, with transparent rules on ETFs and classifications, leading to long‑awaited approvals.
  • Platform and custody risk have improved markedly since 2022:
    • SOC‑audited custodians, segregated accounts, institutional‑grade custody, and insurance now available.
  • Volatility is now better understood and is seen as compensated risk, manageable via sizing and portfolio construction.

Takeaway: Regulatory clarity and institutional‑grade infrastructure have transformed crypto from a perceived wild‑west speculation into an investable, underwritable asset class for institutions.


4. Evidence of Real‑World Scale & Economic Activity

  • Stablecoins now process ~$46 trillion in annual transaction volume—comparable to major payment rails.
  • ~70 million monthly active unique users borrow, lend, swap, and trade on crypto platforms, indicating a functioning on‑chain economy.
  • ~$175 billion now sits in ETPs and institutional wrappers globally, showing that institutions are already gaining exposure via familiar products.
  • Surveys show ~70% of respondents view digital assets as highly convex opportunities (more upside than downside) and recognize their diversification benefits.

Takeaway: On‑chain usage, stablecoin settlement volumes, and institutional products demonstrate crypto has moved beyond speculation to a sizable, functioning financial ecosystem.


5. Structural Sources of Crypto Alpha & Strategy Opportunity

  • Crypto uniquely combines payments, money, and settlement in one programmable layer, creating alpha sources unavailable in traditional markets:
    • Blockspace, staking yield, and “MEV” (here termed “ME”) from transaction ordering.
  • 24/7 markets with large standard‑deviation moves create raw material for:
    • Market‑neutral basis trades.
    • Options premium strategies.
  • Liquidity is fragmented across venues and geographies, leaving room for:
    • Arbitrage and high‑frequency trading that are largely competed away in mature FX/equity markets.
  • Full on‑chain transparency allows rich quantitative approaches:
    • Factor models, wallet clustering, behavioral and on‑chain metrics.
  • Liquid token returns follow a power‑law dynamic—few projects drive most of the gains—lending itself to venture‑style portfolio construction even in liquid markets.
  • Proof‑of‑stake yields have introduced “institutional‑grade” income products (neutral income strategies, digital asset treasuries, ETFs with staking).

Takeaway: Crypto’s market structure and on‑chain transparency create persistent inefficiencies and new yield sources, supporting a broad universe of alpha‑generating strategies.


6. Taxonomy of Institutional Crypto Strategies

  • EXPAAM groups strategies into six high‑level buckets:
    1. Directional beta (spot, ETFs).
    2. Active liquid investing (hedge funds).
    3. Staking / digital asset treasuries (yield on core holdings).
    4. Structured products (defined downside/upside).
    5. Private markets (venture, growth, token deals).
    6. Market‑neutral (uncorrelated alpha).
  • Liquidity spectrum:
    • Most liquid: tokenized RWAs (e.g., T‑bills), perpetuals, ETPs/wrappers.
    • Weekly: staking, SMAs.
    • Monthly: market‑neutral and macro hedge funds.
    • Quarterly: credit/directional hedge funds.
    • Longest lockups: venture/growth equity and token funds.
  • Using this framework, allocators can map mandates (growth, income, defensive, illiquid alternatives, liquidity) to specific instruments and choose trade‑offs between return and liquidity.

Takeaway: A structured taxonomy allows institutions to overlay familiar multi‑asset concepts onto crypto and systematically choose exposures across the liquidity and risk spectrum.


7. Barbell Portfolio Construction in Crypto

  • Recommended institutional approach is a “barbell”:
    • Left side: blue‑chip, capital‑preservation‑oriented assets (Bitcoin, Ethereum).
      • Highly liquid, easy to custody, minimal manager fees, more palatable for investment committees.
    • Right side: smaller‑cap, high‑convexity projects requiring specialist selection (similar to small‑cap equity or growth VC).
  • Only holding BTC and ETH omits much of the sector’s growth and power‑law upside.
  • EXPAAM often suggests splits like 50/50, 60/40, or 70/30 (blue‑chip vs. specialist/high‑convexity) to maximize efficiency within the crypto sleeve.

Takeaway: A balanced barbell between liquid blue‑chips and specialist high‑convexity strategies captures both stability and the sector’s outsized growth potential.


8. Core Instruments: Spot, ETFs, Staking, and Derivatives

  • Spot holdings:
    • Purest form of exposure to the secular technology trend; highest beta to the asset’s full cycle (up and down).
    • Operationally clean, easily reported (NAV, segregation, custody).
    • Fits in the “growth” bucket.
  • ETFs:
    • Address constraints where institutions cannot hold spot directly.
    • Tradable in existing brokerage infrastructure; increasingly integrate staking yield directly into the product.
    • Also “growth” oriented.
  • Staking:
    • Delegation of voting/validation power to validators on PoS networks in exchange for yield.
    • Typical yields of ~2–12% across networks; especially attractive in a falling‑rate environment.
    • Classified as both income and growth.
  • Perpetual futures & basis trades:
    • Capital‑efficient beta and hedging tools without changing underlying spot holdings.
    • Exposed to high volatility and funding dynamics.
    • Positioned in the return‑seeking bucket.

Takeaway: Between spot, ETFs, staking, and derivatives, institutions can replicate most traditional exposure styles (beta, yield, hedging) in digital assets using familiar vehicles.


9. Hedge Fund & Credit Strategies in Digital Assets

  • Directional hedge funds:
    • Deep research on narratives, product roadmaps, teams, and distribution, analogous to equity fundamental analysis but applied to tokens.
    • Large performance dispersion: can be down ~80% in bear markets but up >1,000% in strong bull years.
    • Clear return‑seeking strategies with higher lockups.
  • Market‑neutral funds:
    • Aim for returns independent of market direction using stat arb, market making, DeFi liquidity provision, etc.
    • Produce relatively stable returns (Pierre references >20% as typical targets in the current landscape).
    • Categorized as defensive complements to directional exposures.
  • Credit and lending:
    • Crypto lacks a mature prime brokerage stack, leaving higher spreads for lenders.
    • Stablecoin lending and over‑collateralized structures dominate.
    • Yields tend to be structurally higher vs TradFi, fitting into the income bucket.
  • Multistrategy hedge funds:
    • Flexible allocators that shift across relative value, options, macro overlays, and directional trades based on the macro regime.
    • Lower volatility than pure directional funds, but lower peak returns as well.

Takeaway: The hedge fund and credit universe in crypto closely mirrors TradFi structures but with higher dispersion and often higher achievable yields, especially in market‑neutral and credit strategies.


10. Solana‑Specific Trading & Strategy Opportunities

  • Solana’s high throughput and low latency enable unique on‑chain trading strategies not present in TradFi:
    • Atomic settlement removes settlement risk through interdependent on‑chain exchanges of assets.
    • On‑chain order books support HFT‑like and liquidity‑provision strategies native to Solana.
  • Dedicated Solana funds exploit these structural advantages to generate alpha, often with higher volatility akin to directional strategies.
  • Solana’s speed and cost profile have led major payment providers to choose it as infrastructure for payments rails and continue to do so as it improves.

Takeaway: Solana’s technical characteristics open distinctive strategy niches (atomic settlement, on‑chain order books) and have made it a preferred payments infrastructure partner—material for investors focused on Solana’s ecosystem growth.


11. Private Markets: Venture, Growth, and Ecosystem Funds

  • Venture (equity and token):
    • Power‑law returns: a small fraction of investments drive most performance.
    • Access is critical; early allocations significantly outperform later rounds and retail.
  • Growth‑stage companies:
    • Application‑layer businesses (analytics, marketplaces, SaaS, etc.) with clear unit economics and product‑market fit.
    • Faster exits, lower loss ratios, but also lower expected returns vs. early‑stage venture.
    • Attractive to institutions seeking lower volatility private exposure.
  • Ecosystem funds:
    • Thematically or protocol‑focused (e.g., Multicoin focusing on Solana).
    • Useful for investors who want concentrated exposure to specific ecosystems or themes.

Takeaway: The private side of crypto now spans classic venture through growth equity and ecosystem funds, giving institutions familiar structures to access power‑law upside and thematic plays.


12. “Wrappers”: Public Companies, Tokenized Funds, and Structured Yield

  • Digital asset treasuries (public companies with crypto on balance sheet):
    • Management teams with strong brands and active capital markets presence can issue shares accretively.
    • Provide leveraged exposure to underlying crypto assets—amplifying both upside and downside.
    • Particularly useful for institutions that cannot directly hold spot.
  • Tokenized securities:
    • Traditional fund structures issued as on‑chain tokens (for accredited investors).
    • Benefits: instant settlement, global distribution, minimal paperwork, programmable compliance.
    • Represent return‑seeking/liquidity instruments with operational efficiencies.
  • Structured yield products:
    • Defined downside and upside (option‑based structures) built around crypto underlyings.
    • Attractive to risk‑sensitive capital, especially in sideways but volatile markets where options premia are rich.
    • Fit into income‑oriented strategies.
  • Tokenized RWAs (e.g., tokenized money market funds and treasuries):
    • Focused on yield streams and capital preservation rather than high total returns.
    • Low volatility, low return, but help stabilize and “anchor” broader portfolios.

Takeaway: Wrappers and tokenization bring familiar income, downside‑defined, and RWA products into the crypto stack while adding distribution and settlement efficiencies.


13. Managing Cycle Risk & Dynamic Allocation

  • EXPAAM uses a macro framework to manage exposure over the crypto cycle:
    • In high‑liquidity, bullish environments: tilt toward directional, high‑beta strategies.
    • As liquidity tightens or macro risk rises: rotate toward market‑neutral and more defensive strategies.
  • Over a full cycle, this approach aims to capture the exponential long‑term trend while minimizing drawdowns.
  • Institutions can use similar regime‑based frameworks to dynamically move along the risk and liquidity curve within their crypto sleeve.

Takeaway: Active cycle management—shifting between directional and neutral strategies based on liquidity and macro regimes—can materially improve full‑cycle outcomes in an inherently cyclical asset class.


14. Due Diligence in Crypto vs. Traditional Finance

  • Custody:
    • Not commoditized; key focus areas include private key management, signing processes, and operational resilience.
  • Counterparty and rehypothecation risk:
    • In crypto, custodians, exchanges, and admins often overlap; more scrutiny is needed on venue risk and asset rehypothecation.
  • Tokenomics vs. traditional capital structure:
    • Replaces classic leverage and cash‑flow analysis with scrutiny of token supply, distribution, incentives, team allocations, and on‑chain economics.
  • Liquidity:
    • Fragmented across venues and on/off‑chain markets, making execution timing and venue choice critical.
  • Technology risk:
    • Protocol quality, security, potential for hacks, and smart contract risks are major pillars of due diligence.
  • Regulatory and tax risk:
    • Jurisdiction‑specific rules, tax treatment, and compliance obligations must be mapped carefully.
  • Operational controls:
    • Similar to TradFi, but failure rates among crypto hedge funds are high due to weak ops; many managers are rejected on this basis.
  • Risk sizing:
    • Position sizing is as important as protocol selection given high volatility; mistakes can be quickly magnified.
  • Team assessment:
    • With limited long track records, expertise in distributed systems, cryptography, and a clear investment process are essential markers.

Takeaway: Institutional due diligence in crypto adds new dimensions—custody, tokenomics, tech and venue risk—to the familiar operational and regulatory checks found in traditional finance.


15. Overall Conclusions for Institutional Allocators

  • Crypto adoption is following (and exceeding) the internet’s adoption curve, suggesting major upside ahead.
  • There’s a large gap between institutional interest and actual allocation; historically, such gaps in other asset classes (hedge funds, private credit, EM) have represented high‑return entry periods.
  • A full spectrum of institutional‑grade strategies now exists—from spot/ETFs and staking through hedge funds, venture, RWAs, and tokenized products—suitable for varied mandates.
  • Even 1–5% allocations to blue‑chip cryptos materially improve portfolio efficiency while staying within typical volatility tolerances.
  • Regulatory, operational, and compliance frameworks are now sufficiently developed to underwrite institutional exposure.

Takeaway: For investors in broader crypto and specifically ecosystems like Solana, the current environment offers institutional‑grade tools and frameworks to enter with controlled risk, and the data supports including digital assets as a structural component of diversified portfolios.

Breakpoint 2025: Income Generating Strategies in Crypto: Re7 Capital (Evgeny Gokhberg)

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Breakpoint 2025 D1

Overview

  • Yield is reframed as a market‑neutral, institutional product: packaging staking, lending, and market‑making into stable, non‑directional returns rather than speculative bets on token prices.
  • Solana offers a rich, diversified yield stack (staking, lending, trading P&L) whose higher native yields are largely tokenomic/inflation-driven; stablecoin yields are broadly in line with EVM chains, not compensating extra “Solana risk.”
  • Core risk is “software risk” (smart contracts and chains) rather than traditional credit; Solana’s past halts and congestion must be reflected in strategy selection (lower leverage, less liquidation sensitivity, careful chain/bridge exposure).
  • As Solana ETFs and institutional flows grow, staking will commoditize and yields compress; for investors, SOL’s upside will be dominated by price performance, with staking yield mainly a fee‑supporting kicker.
  • For Solana‑focused investors, the opportunity is in institutional‑grade, market‑neutral DeFi yield strategies that use credit‑style protocol ratings and diversification—offering defensive, “career‑safe” returns that can sit alongside or instead of outright SOL beta.

Evgeny Gokhberg – Re7 Capital

Founder/Managing Partner at Re7 Capital, a market-neutral DeFi yield fund that has been running for ~5 years, focused on institutional-grade, non-directional yield strategies across chains, including Solana.


1. What “Yield” Means in Crypto vs. Institutional-Grade Yield

  • Yield in crypto can come from multiple sources: staking (underwriting network security), lending, market making, trading, and liquidity provision.
  • At an institutional level, “yield” is anything that can be packaged into a product delivering relatively stable, predictable returns.
  • Re7 has operated a market-neutral DeFi yield fund for ~5 years, aiming for consistent monthly returns without taking directional market risk.
  • Institutions value this “market-neutral” structure as a way to extract value from crypto markets without betting on price appreciation.

Takeaway: Crypto yield is multifaceted, but institutions focus on yield strategies that can be packaged as predictable, market-neutral products rather than speculative bets.


2. Solana’s Yield Profile vs. Other Chains

  • Solana is described as a “velocity/speculation/movement” chain vs. slower, capital-preservation-oriented EVM environments.
  • Yield sources on Solana include:
    • Staking (higher base yields than many EVM chains),
    • Lending (e.g., through platforms like Kamino),
    • Trading/LP yields (e.g., JLP and other market-making structures).
  • When you combine these diverse yield sources—staking, lending, and trading P&L—into one portfolio, you can build a highly diversified yield strategy.
  • Importantly, Solana’s higher staking yield is mostly a function of tokenomics/inflation, not necessarily higher chain risk.

Takeaway: Solana offers a rich mix of yield sources with higher staking returns, enabling diversified yield portfolios without inherently higher chain risk versus EVM.


3. Risk vs. Return: Staking vs. Stablecoin Yields Across Chains

  • Gokhberg separates two key yield categories:
    1. Yield on the volatile underlying (e.g., SOL, ETH staking),
    2. Yield on stablecoins (USDC/USDT) deployed across DeFi.
  • Proof-of-stake chains like Solana have historically higher inflation, which mechanically lifts staking yields independently of “riskiness.”
  • When benchmarking stablecoin yields across chains, Solana is “exactly on par” with EVMs—no extra premium just because it’s Solana.
  • Re7 has deployed over $1B in stablecoin yield strategies across almost every chain and thousands of protocols, and does not demand a special risk spread for Solana.
  • He suggests Solana may even be conceptually more secure in some ways due to being less open-sourced in certain components.

Takeaway: Once you normalize for asset type (stablecoins), Solana’s yield is broadly in line with other chains; higher native staking yields stem from tokenomics, not necessarily higher fundamental risk.


4. Educating TradFi: “Crypto Risk” vs. Software Risk

  • Institutional investors often conflate “crypto risk” with BTC price declines or events like FTX, and demand large premiums for yield.
  • Gokhberg reframes DeFi yield risk as software risk, not traditional credit or market risk.
  • He argues there is no other asset class where investors are paid yield purely for bearing software risk (smart contract risk).
  • Re7 educates banks and institutions that DeFi yield can be approached like fixed income:
    • You deploy across many “loans” (protocols/strategies),
    • Some may “default” (hacks/failures),
    • Portfolio-level statistical management can still deliver consistent yield.
  • For those unwilling to take directional crypto price risk, stablecoin-based DeFi yield with robust risk management can offer higher returns than TradFi fixed income at mathematically lower risk.

Takeaway: For institutions, the key conceptual shift is viewing DeFi yield as compensated software risk that can be managed via fixed-income-style portfolio frameworks.


5. Chain-Level Risks and How They Shape Strategy Design (Including Solana)

  • Any DeFi yield position layers three main risk types:
    1. Asset risk (SOL vs. stablecoins),
    2. Platform/protocol risk (lending, AMMs, derivatives),
    3. Chain risk (L1/L2 stability, bridges, censorship, etc.).
  • Gokhberg cites extreme chain risk examples like Fantom, where a multisig-backed bridge failure and arrests of signers effectively killed the chain.
  • Solana is “incredible,” but has experienced halts and congestion; this must be priced into strategy design.
  • Concrete implication:
    • On chains where halts or congestion can delay exits, you restrict yourself to strategies where urgent capital movement is unlikely or less critical (e.g., lower leverage, less liquidation-sensitive positions).
  • Strategy choice must be a function of chain characteristics; yield may be high, but managers must assume real-time software testing and model tail risks like network halts.

Takeaway: Chain reliability directly shapes which yield strategies are appropriate; on Solana, managers must account for past halts/congestion when designing DeFi yield portfolios.


6. Staking, ETFs, and the Future Path of Yields

  • Institutions will likely enter via the most familiar wrapper: ETFs that embed staking within brokerage environments.
  • Solana’s staking unlocks in ~24–48 hours, vs. longer withdrawal times on Ethereum and others; this affects liquidity and redemption risk.
  • Over the next 12–18 months, as Solana ETFs and institutional adoption grow, staking yields are likely to compress as the business gets commoditized:
    • ETFs are a race to the bottom in fees.
    • Custody and staking margins will also be commoditized.
  • Core institutional motive in SOL exposure will be price appreciation, not staking yield; a 6%–8% yield can be erased by one down day.
  • As long as ETFs can offer even ~1% additional yield, that’s enough to justify higher ETF fees (e.g., 10 bps → 30 bps).

Takeaway: As institutional capital flows into Solana via ETFs, staking yield will trend lower and become a secondary consideration to price performance, mainly serving as a fee-justifying sweetener.


7. Market-Neutral DeFi Yield as a Defensive, “Career-Safe” Product

  • Market-neutral strategies that target ~15–20% annual returns, regardless of market direction, are attractive for institutions due to “career risk” dynamics.
  • Allocators are more comfortable backing a stable, defensive, compounding yield product than taking volatile token exposure.
  • DeFi liquidity provision fundamentally mirrors core banking functions:
    • Channeling liquidity, tightening spreads, and ensuring borrowing costs are acceptable for users and new platforms (e.g., Kamino, lending protocols, AMMs).
  • Around 2,000 new DeFi platforms launched this year, all needing liquidity; yet there are only a handful of funds capable of deploying at institutional scale.
  • Thus, the activity is structurally about providing capital where there is demand, not mainly about point-farming or opportunistic arbitrage (though those exist).

Takeaway: Market-neutral DeFi yield strategies on chains like Solana serve a structural role akin to banks, creating a scalable, “defensive” product that institutions can adopt without embracing full crypto volatility.


8. Re7’s Risk Framework, 2022 Lessons, and Technology Improvements

  • Re7 built a DeFi smart contract risk framework that mirrors credit ratings:
    • ~50 risk touchpoints per protocol,
    • Outputs internal ratings from “AAA” down to “CCC,”
    • Portfolio constructed to survive multiple protocol failures without jeopardizing annual performance.
  • 99% of their day-to-day work is assessing smart contract and protocol risk, not market timing or token picking.
  • In 2022, they avoided major blowups by:
    • Completely excluding Terra/Anchor, which failed their DD and were blacklisted.
    • Maintaining only small, non-critical balances on centralized venues like FTX.
  • Philosophy:
    • Assume some unforeseeable failures will occur,
    • Size exposures such that any single blowup is non-fatal to the portfolio,
    • Continuously refine processes, but keep the core discipline the same.
  • For allocators with an 11%+ “hurdle rate” (as referenced from Raoul Pal), Re7-style strategies may be one of the few ways to meet it without taking heavy directional market risk, and with diversification benefits vs. traditional macro/credit.

Takeaway: Re7’s approach—credit-style rating of DeFi protocols, strict blacklist discipline, and controlled exposure—allowed them to survive 2022 intact and offers a template for institutional-grade DeFi yield investing on Solana and beyond.

Breakpoint 2025: Institutional-Grade Staking in ETFs with Helius and Bitwise

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Breakpoint 2025 D1

Overview

  • Bitwise’s BSOL ETF pairs spot SOL with on-chain staking via Helius, chosen for long-term alignment with Solana’s decentralization, performance, and developer ecosystem rather than just yield.
  • Helius runs extensive validator/RPC infrastructure and prioritizes network safety and throughput over short-term yield maximization, making BSOL’s staking exposure more sustainable and supportive of Solana DeFi and trading growth.
  • Embedding staking in a U.S. ETF required institutional-grade Solana data, daily NAV and rewards reconciliation among multiple parties, and SEC comfort with staking mechanics, setting a high regulatory and operational bar.
  • Bitwise spends significant effort educating institutions on how Solana’s staking model differs from Ethereum—especially around shorter unbonding and limited slashing risk—to unlock larger pools of capital.
  • For investors, BSOL is positioned as an “IPO moment” for Solana, helping integrate staked SOL into traditional capital markets and a future 24/7 “internet of markets” on Solana that spans spot, derivatives, prediction markets, and tokenized real-world assets.

Hong Kim & Alli Nadell (Bitwise Asset Management), Mert Mumtaz (Helius)

Hong Kim – CTO & Co‑founder, Bitwise Asset Management
Alli Nadell – Associate Director, Business Development, Onchain Solutions, Bitwise
Mert Mumtaz – CEO & Co‑founder, Helius (major Solana infrastructure & validator operator)


1. Why Bitwise Partnered with Helius for the Bitwise Solana Staking ETF (B-SOL)

  • B-SOL is Bitwise’s Solana staking ETF, launched in October and listed on the NYSE under ticker “BSOL,” combining spot exposure to SOL with on-chain staking.
  • Bitwise views a U.S. spot ETF as the deepest, most liquid access point for institutional capital; how that ETF participates in staking can materially affect the Solana network.
  • Beyond uptime and yield, Bitwise wanted a partner that is “network aligned” – making decisions that support Solana’s long-term health, decentralization, and app developer needs.
  • Helius is not just a validator but a large infrastructure provider (thousands of RPC and validator nodes worldwide), giving them extensive operational experience under adversarial conditions.
  • Because Helius’ core business is infrastructure for developers, not extracting fees as a validator, Bitwise stakers can benefit from strong economics while Helius channels that stake to improving network performance.
  • Bitwise’s strategic goal is that growing ETF stake weight should improve Solana’s stability, performance, and developer experience, not centralize or distort its market structure.

Takeaway: Bitwise chose Helius not just for performance, but for alignment with Solana’s long‑term decentralization and infrastructure needs, positioning B-SOL as a “good citizen” source of large-scale institutional stake.


2. What Makes Helius’ Staking Approach Distinct (and Why It Matters for Investors)

  • Helius runs the largest validator plus the most nodes on Solana (including RPC), giving them deep operational visibility across geographies and network conditions.
  • They emphasize avoiding “short-term yield hacks” that add outsized network risk (e.g., marginally higher yield at the expense of higher outage or front‑running risk).
  • Their infrastructure focus aims to make Solana faster and more robust for trading, perps, lending, and other capital markets primitives—directly improving end‑user and DeFi experiences.
  • For BSOL, Helius does not need to maximize validator fee income; instead, they use the partnership and stake to further optimize Solana infrastructure, while ETF holders receive competitive staking economics.
  • There is a reflexive benefit: buying the ETF channels stake to a validator configuration whose explicit mandate is to enhance throughput and reliability for developers and traders on Solana.

Takeaway: Helius’ validator operations are designed to prioritize network performance and safety over marginal yield, which can make BSOL’s staking exposure more sustainable and aligned with the growth of Solana DeFi and trading.


3. Operational & Regulatory Challenges of Putting Staking Inside a U.S. ETF

  • Staking inside an ETF introduces regulatory-grade reporting requirements on top of the on-chain complexity of Solana.
  • For Helius, a key challenge is delivering highly accurate, granular, and interpretable Solana staking data suitable for institutional fund reporting, rather than just developer tooling.
  • The ETF must strike NAV daily (e.g., 4:00 p.m. Eastern to 4:00 p.m. Eastern), requiring precise calculation of staking rewards accrued in that exact window.
  • Multiple parties—Bitwise, fund administrator, custodian, auditors—must reconcile these numbers daily, creating a heavy but confidence‑building oversight layer.
  • Bitwise also had to work directly with the SEC to get regulators comfortable with how Solana staking works in practice and how risks (e.g., slashing, liquidity) are handled in a regulated product context.

Takeaway: Integrating Solana staking into a U.S. ETF required institutional-grade data, daily multi-party reconciliation, and SEC comfort with Solana’s mechanics, raising the bar for similar products.


4. Explaining Solana Staking to Institutional Investors

  • Many institutions now have a basic grasp of “proof of stake,” but their priors are usually shaped by Ethereum and similar networks.
  • Common concerns from large banks and platforms include:
    • Illiquidity and long unbonding or exit queues (e.g., month‑long delays).
    • Slashing risk and potential loss of principal for ETF investors.
  • Bitwise differentiates Solana by explaining that:
    • Epochs are roughly two days, and Solana’s staking/unbonding model does not mirror Ethereum’s long exit queues.
    • Slashing risks on Solana, as implemented today, do not present the same type of principal-loss profile institutions often fear.
  • Bitwise spends a lot of time (e.g., multiple calls per week) closing the gap between crypto-native understanding and institutional assumptions, effectively “translating” Solana staking into TRADFI risk language.

Takeaway: A major part of Bitwise’s value-add is educating institutions on how Solana’s staking model differs from Ethereum, especially around liquidity and slashing, to clear adoption hurdles.


5. Next Milestones for Solana in Global Capital Markets

  • Mert’s vision: the “job is not finished” until anyone can trade any market, 24/7, from a phone with only an internet connection—Solana as the “Amazon of markets.”
  • He cites recent developments:
    • Ellipsis announcing perps on Solana, closing the gap where Solana lagged other chains in derivatives.
    • Kashi (KHI) tokenizing prediction markets on Solana.
    • Faster listing of new assets (e.g., Monad listed day one on Solana).
    • Tokenized stocks and other assets via projects like Superstate and X‑Stocks, plus on‑chain redeemable gold and even uranium.
  • The endgame is a unified “internet market” where spot, perps, prediction markets, long-tail tokens, tokenized equities, and commodities all trade on Solana rails.
  • Achieving this requires:
    • Market structure design that avoids extraction and front‑running against retail.
    • Continuous protocol upgrades to “increase bandwidth, reduce latency” (IBRL), making Solana a massive, low‑latency “science fiction finance computer.”
  • Hong frames BSOL as an “IPO moment” for Solana: SOL, in staked form, now trades on the NYSE, fully integrating Solana into traditional capital markets.
  • Tokenization and bridging go both ways: the same staked SOL exposure could be used as collateral at a prime broker like Goldman Sachs or in DeFi lending markets on Solana, with identical underlying economic exposure.

Takeaway: The next phase for Solana is full integration with global capital markets—where NYSE-listed staked SOL, tokenized real-world assets, and DeFi all interoperate—turning Solana into a 24/7 global market venue accessible from any phone.

Breakpoint 2025: Keynote: DoubleZero (Austin Federa)

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Breakpoint 2025 D1

Overview

  • DoubleZero is a dedicated, decentralized physical network (layers 1–3) built to give Solana 10–1,000x more scale than the public internet, targeting “NASDAQ-on-chain” throughput.
  • The network already spans ~3.4 Tbps across 70+ fiber links in 20 metros, carrying traffic for ~40% of stake and ~50% of validators, making it a production backbone for Solana.
  • It integrates HFT-grade, ultra-low-latency fiber routes and multicast tech to materially improve propagation speed and slash validator bandwidth costs, enabling higher TPS and better market quality.
  • A token-driven, multi-contributor model plus planned global expansion (e.g., Latin America, Asia, Africa, Middle East) aims to broaden validator geography and reduce reliance on a few regions.
  • For investors, DoubleZero strengthens Solana’s bid to be the primary venue for institutional and HFT-style trading—improving liquidity, resilience, and decentralization, and potentially boosting Solana’s long-term competitiveness and value capture.

Austin Federa – DoubleZero / Solana Ecosystem

Austin Federa presents “DoubleZero” (D0ero), a new physical networking layer designed to supercharge Solana’s performance and enable true “internet capital markets” and NASDAQ-scale trading on-chain.


1. The Ambition: Internet Capital Markets Need Far More Scale

  • Frames current crypto ambition as “too small” relative to real-world capital markets.
  • Goal is to make “NASDAQ on-chain” a reality, not just incremental DeFi improvements.
  • Points out that US lit equity markets alone average ~350,000 TPS over 30 days; this excludes derivatives, futures, and international markets.
  • Notes that even 1M TPS (as demoed by Firedancer, Agave, Anza) is still not sufficient for full global capital markets.
  • Argues that traders and price discovery require ultra-fast information propagation; market quality is bounded by information speed.

Takeaway: The real target is not marginal TPS gains but building infrastructure capable of supporting traditional-equity-level throughput and beyond on-chain.


2. What DoubleZero Is: A Physical High-Performance Network for Solana

  • Describes DoubleZero as the “internet” in “internet capital markets” – a dedicated, deeply physical network layer for blockchains like Solana.
  • It operates at OSI layers 1–3 (cables, routers, switches), far below typical blockchain software optimizations.
  • Built specifically for speed and performance, unlike the public internet which optimizes for reachability and cost.
  • Intended to give Solana 10–1,000x more scale than what’s possible over the public internet.

Takeaway: DoubleZero is a purpose-built physical backbone for Solana, addressing hardware/network limits rather than only software optimizations.


3. Current Network Footprint and Capacity

  • Over the last year, contributors have built a global fiber network now at ~3.4 Tbps capacity.
  • Network comprises ~70 fiber links in 20 metropolitan areas, supported by 72 devices.
  • Around 40% of Solana by stake and ~50% of validators are already running on this network.
  • This capacity and adoption level makes it a meaningful, production-grade component of Solana’s infrastructure rather than a lab experiment.

Takeaway: DoubleZero is already materially integrated into Solana’s validator set and offers large-scale, real-world bandwidth.


4. Decentralized Physical Network: Token-Driven, Multi-Contributor Model

  • Unlike traditional private fiber networks (Amazon, Google, HFT firms), this is not owned or controlled by a single corporation.
  • 15 independent contributors (and growing) provide physical fiber capacity into the DoubleZero network.
  • Each contributor adds specific fiber lines; collectively they form an alternative, high-performance path for Solana traffic.
  • The network is coordinated and incentivized via tokens, not centralized admin keys.
  • Live network stats are publicly accessible at the project’s dashboard (xyz/dashboard).

Takeaway: DoubleZero applies crypto’s decentralization model to physical networking, reducing single-operator risk while incentivizing infrastructure buildout.


5. HFT-Grade Ultra-Low Latency Circuits for Blockchain

  • Introduces “HFT-grade” circuits—fiber links traditionally used by high-frequency trading firms—into the Solana ecosystem for the first time.
  • These links do not carry generic commodity traffic; they are best-in-class, low-latency circuits focused on speed.
  • Example performance metrics:
    • Frankfurt–Tokyo: ~40% faster than the fastest public internet circuit; ~80% faster vs average public internet times; ~134 ms round-trip.
    • Chicago–Tokyo: ~22% faster than fastest public internet route.
    • New York–London: ~5% faster than public internet (which is significant at HFT timescales).
  • Explains that even a 5% latency improvement can determine whether a transaction lands on the current leader or misses a slot and waits 60–90 ms.

Takeaway: By bringing HFT-grade connectivity to validators, DoubleZero materially improves the competitive edge and responsiveness of on-chain trading.


6. Multicast: New Networking Tech for Faster, Cheaper Validator Communication

  • Introduces multicast to crypto for the first time—hardware-accelerated packet replication.
  • Allows a single data stream to be efficiently replicated to many recipients, offloading work from validators.
  • Benchmarks vs Solana’s existing Turbine shred distribution:
    • Shows ~100 ms propagation advantage within Europe (e.g., London–Frankfurt).
    • Latency advantages get even larger over intercontinental distances.
  • In tests with “goto,” multicast reduced bandwidth usage in go-shred by 99.96%.
  • This dramatically lowers bandwidth requirements for validators and frees capacity for more IBRL (ingress bandwidth rate limiting) and higher network scale.

Takeaway: Multicast significantly improves both latency and bandwidth efficiency, directly lowering validator costs and supporting higher throughput.


7. Global Expansion: Shrinking the Globe for Validators

  • Acknowledges physical limits like speed of light but focuses on minimizing effective distance via faster fiber routes.
  • 2026 expansion plans include adding DoubleZero connectivity to:
    • Argentina
    • Brazil
    • Hong Kong
    • India
    • Mainland China
    • South Africa
    • UAE
  • These are regions where historically running a high-performance Solana validator has been uneconomic or latency-disadvantaged.
  • New deployment includes both full multicast support and ultra-low-latency “lanes” into these geographies.

Takeaway: DoubleZero is investing in making high-performance Solana validation feasible in emerging and currently under-served regions, broadening the geographical base of the network.


8. Solana Stake Centralization and Geographic Rebalancing

  • Notes that Solana stake is currently heavily concentrated in Germany, Amsterdam, and the US due to superior connectivity.
  • Even with new fiber routes, validators will not relocate without sufficient economic incentive and competitive slot access.
  • Describes the concept of “dragging the center of gravity of stake” outward to new regions as connectivity improves.
  • Announces an expansion of the existing Solana delegation program:
    • Delegation will be targeted at validators in specific geographies (e.g., UAE, Buenos Aires) as new DoubleZero connectivity comes online.
    • Goal is to ensure validators in new regions get enough leader slots and shred origination to be viable at scale.
  • This directly ties physical infrastructure rollouts to stake distribution incentives.

Takeaway: DoubleZero and Solana are aligning delegation incentives with new infrastructure to decentralize stake and validator locations while maintaining high performance.


9. Investor-Relevant Implications

  • Improved latency and bandwidth are designed to attract professional market makers and HFT firms to Solana, deepening liquidity.
  • Better information propagation should enhance price discovery, tighten spreads, and support institutional-grade trading strategies.
  • Decentralized physical infrastructure reduces single-point-of-failure risk vs traditional private networks.
  • Geographic expansion and targeted delegation may improve censorship resistance and regulatory diversification of Solana’s validator set.
  • Overall, DoubleZero is positioned as a foundational scaling and resilience layer, potentially increasing Solana’s competitiveness vs other L1s for real capital markets.

Takeaway: For investors, DoubleZero indicates a serious push to position Solana as the leading venue for high-volume, professional trading and real-world capital markets, with both performance and decentralization in mind.

Breakpoint 2025: Keynote: EXPAAM's Raoul Pal

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Breakpoint 2025 D1

Overview

  • Crypto, including Solana, should be treated primarily as a macro asset levered to long-term debt, demographics, and global liquidity, not just as a tech trade.
  • The current crypto cycle is lengthening to roughly 5.4 years, with the major liquidity-driven peak more likely around 2026, implying the largest upside is still ahead.
  • Recent crypto underperformance versus other risk assets is mainly due to temporary US liquidity “plumbing” shocks, while macro conditions and policy shifts point to improving liquidity.
  • Valuations currently reflect excess fear relative to macro data, creating an opportunity for investors who can hold through volatility into the expected 2026 liquidity peak.
  • Over the next decade, crypto could grow from ~$3T to $50–100T, with Solana positioned as a high-beta beneficiary of this structural wealth creation trend for patient, low-leverage investors.

Raoul Pal

Raoul Pal, Co-Founder & CEO of EXPAAM (and founder of Real Vision; long-time global macro investor), delivering a macro-focused keynote on how global liquidity, demographics, and debt cycles drive crypto and Solana as an asset class.


1. The “Everything Code” and Why Crypto Is a Macro Asset

  • Pal presents his “everything code” framework: population growth + productivity growth + debt growth = economic growth, and argues this is the core lens for understanding markets and crypto.
  • Structural demographic decline (falling labor force participation across Western countries, Japan, China) implies slower real growth and ever-rising debt-to-GDP.
  • Because both public and private sector debts already exceed 100% of GDP, servicing this debt forces ongoing money printing and currency debasement.
  • Crypto, in his view, is the asset class best positioned to front-run and benefit from this long-term debasement and liquidity creation.
  • He stresses that without a macro framework, investors will overreact to short-term price moves and miss the bigger structural trend.

Takeaway: Crypto should be understood and valued primarily as a macro asset levered to long-term debt, demographics, and liquidity, not just as a technology bet or short-term trade.


2. Debt Cycles, Liquidity, and the Extended Crypto Cycle

  • The current cycle is not “magically” set by Bitcoin halvings but by the maturity profile of US and global debt issued after 2008 at near-zero rates.
  • Initially, debts were mostly 3–5 years, creating a roughly 4-year refinancing and liquidity cycle; in 2022, average maturity was extended to ~5.4 years.
  • This extension shifts the macro and crypto cycle peak from 2025 to around late 2026, pushing back the “final leg” of the bull market.
  • Liquidity injections are used to roll and service ever-growing interest payments; this repeated pattern is what underlies cyclic moves in crypto.
  • Pal argues that understanding this 5.4-year debt/liq cycle clarifies why the current cycle “feels delayed” and why the big upside is still ahead.

Takeaway: The crypto cycle has lengthened with the debt maturity cycle to ~5.4 years, implying the major liquidity-driven peak is more likely around 2026 than 2025.


3. Business Cycle, ISM, and Crypto’s Correlation to Macro

  • Pal uses the US ISM survey as a proxy for the global business cycle and shows that Bitcoin’s price, once “detrended,” closely tracks the ISM.
  • Bitcoin is currently trading weaker than the business cycle alone would imply, suggesting it is “discounting” more fear than macro conditions warrant.
  • He notes that all major asset classes—Russell 2000 (small caps), crude oil, industrial metals—are similarly driven by the same business cycle dynamics.
  • Altcoins (illustrated via the ETH/BTC cross, but applicable to Solana and others) outperform as the cycle improves and investors move out the risk curve.
  • Bitcoin dominance itself is cyclically driven by the business cycle, with tops and bottoms matching ISM turning points.

Takeaway: Crypto prices, including Bitcoin and altcoins, are tightly linked to the global business cycle; current pricing reflects excess fear versus what macro data supports.


4. Political and Policy Drivers: Elections, Stimulus, and Liquidity

  • Heading into the US election cycle, he expects both fiscal and monetary policy to be used to “goose” the economy to support job creation and voter sentiment.
  • Liquidity is, in his words, “the single most dominant factor” in global macro now, with Bitcoin showing ~90% correlation to it and the NASDAQ ~97.5%.
  • He highlights that the Fed has already started cutting rates and is adjusting financial “plumbing” (e.g., SLR relaxation) to facilitate more liquidity creation.
  • Forward-looking financial conditions indicators (dollar, rates, commodities) point to easier conditions and rising liquidity into late 2026.
  • Liquidity, not news or narratives, is what he argues truly matters for medium-term crypto returns.

Takeaway: Policy choices tied to elections and debt management virtually guarantee more liquidity, which historically has been the dominant driver of Bitcoin, Solana, and risk assets.


5. Recent Liquidity Shocks: “Alligator Jaws” and Crypto Underperformance

  • Since July and again in October, liquidity unexpectedly tightened due to the US Treasury refilling its General Account (TGA) after reverse repo balances were exhausted.
  • Because crypto sits farthest out on the risk curve, it suffered disproportionately when liquidity was drained, while the NASDAQ held up better due to underweight positioning and performance-chasing.
  • This divergence between macro liquidity proxies (like global M2 or gold) and crypto prices creates “alligator jaws” charts—wide gaps he sees as temporary dislocations.
  • He emphasizes this is not the end of the cycle; rather, a crypto-specific hit from plumbing quirks (TGA, government shutdown) in an otherwise ongoing liquidity uptrend.
  • With SLR changes potentially enabling $3–5 trillion in new bank-driven liquidity, he expects these jaws to close as crypto “catches up” when liquidity properly returns.

Takeaway: The recent underperformance of crypto vs. other risk assets is largely a temporary side effect of US liquidity plumbing, not a structural end to the cycle.


6. Fear Gap, Macro vs. Market Sentiment, and the Path Forward

  • Pal shows that indicators like the Economic Surprise Index (economy vs. economist forecasts) and financial conditions suggest the macro backdrop is okay to improving.
  • Bitcoin, however, is pricing in “excess fear,” underreacting to positive macro surprises and overreacting to liquidity scares.
  • He notes that a similar pattern occurred in a prior US government shutdown: Bitcoin was hit hard, then rallied once policymakers shifted from QT to QE and cut rates.
  • Announced policy steps (rate cuts, shift in stance) have already begun, but investors’ pessimism lags the macro turn, creating opportunity.
  • He expects the “fear gap” to close via higher crypto prices as liquidity flows into markets over the coming quarters.

Takeaway: Crypto markets are currently overpricing bad outcomes relative to actual macro conditions, setting up an upside re-rating as liquidity measures translate into prices.


7. The Long-Term Wealth Creation Thesis for Crypto and Solana

  • Globally, traditional assets total roughly $800–880 trillion; gold is ~$30 trillion; crypto is only about $3 trillion, yet it’s already being institutionalized.
  • On long-term log trends, he projects the crypto asset class could reach $50–100 trillion around 2032–2034, implying we are only ~3% of the way along the curve.
  • That implies $97T+ of new wealth creation—more than the combined fortunes of all current major global billionaire classes, multiplied several times.
  • Solana, specifically, has compounded ~166% per year since inception versus ~18% per year for the NASDAQ; dividing the NASDAQ by Solana/Bitcoin shows near-total underperformance.
  • He frames crypto as a uniquely accessible, fractionalizable global wealth engine, widely distributed rather than concentrated in a few geographies or sectors.

Takeaway: From a long-horizon perspective, crypto—especially high-performing chains like Solana—remains at a very early stage of what could be a multi-decade, multi-tens-of-trillions wealth creation trend.


8. Investor Playbook: Patience, Positioning, and the “Banana Zone”

  • Pal urges investors to stop focusing on hourly charts and accept that macro data and liquidity evolve monthly and cyclically.
  • The core strategy he advocates: hold your tokens, don’t overuse leverage, and let compounding and macro liquidity do the work over time.
  • The “banana zone” (the parabolic final year of the bull market) did not happen in 2025 because of the TGA/refi/shutdown liquidity disruptions.
  • He sees that missing blow-off phase as deferred, not cancelled: as debt rolling intensifies and liquidity ramps into 2026, he expects the true “banana zone” to occur then.
  • For Solana and broader altcoins, this implies the most explosive phase of the cycle is still ahead, contingent on patience and survival through volatility.

Takeaway: The optimal crypto/Solana strategy is to survive volatility with low leverage and long time horizons, positioning for a delayed but potentially stronger “banana zone” driven by the 2026 liquidity peak.

Breakpoint 2025: Keynote: Ellipsis Labs (Eugene Chen)

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Breakpoint 2025 D1

Overview

  • Ellipsis Labs is building foundational, behind-the-scenes market-structure infrastructure on Solana with the explicit goal of delivering CEX-level (or better) execution and lower trading costs.
  • Phoenix Spot and then Sulfi/prop AMMs proved that active, hybrid liquidity models on Solana can materially undercut both legacy AMMs and major CEXs on price impact for large spot trades.
  • Phoenix Perpetuals extends this model to derivatives, targeting CEX-like perp pricing, gasless retail UX, and verifiable on-chain execution while fostering competitive, sustainable market making.
  • The fully on-chain, composable design of Phoenix Perpetuals turns its liquidity and risk engine into shared infrastructure for vaults, options, structured products, and social/gamified trading.
  • For investors, Ellipsis’ traction in spot, early launch of perp infrastructure, and alignment with core Solana upgrades (Anza, Firedancer, Jito, leading wallets) position it as a key beneficiary of growing on-chain trading volumes and DeFi composability on Solana.

Eugene Chen

CEO, Ellipsis Labs – a Solana-native market-structure and liquidity infrastructure company focused on building “better markets” with products that mostly sit in the background but power a large share of on-chain trading activity.


1. Ellipsis Labs’ Mission and Role in the Solana Ecosystem

  • Ellipsis Labs focuses on making on-chain markets better than centralized exchanges, with an emphasis on lower trading costs.
  • The company has intentionally stayed low-profile, prioritizing building over marketing, yet powers much of the trading experience Solana users already see.
  • Their core success metric is cost to trade (price impact) rather than vanity metrics like volume alone.
  • Solana’s high throughput and low fees are viewed as a uniquely enabling environment for sophisticated on-chain market structure.

Takeaway: Ellipsis Labs positions itself as a foundational, behind-the-scenes market-structure builder on Solana, directly targeting CEX-level execution quality.


2. Phoenix Spot and the Shift from Passive to Active Liquidity

  • In 2023, Ellipsis Labs launched Phoenix Spot, a fully on-chain order book on Solana, to move from passive AMMs to active liquidity.
  • Before Phoenix, a $1M SOL spot trade on-chain had ~30 bps price impact; after Phoenix, that dropped to ~15 bps.
  • Phoenix significantly improved liquidity quality and taught the team about the pain points of both liquidity providers and developers on Solana.
  • This marked the beginning of Solana’s transition away from purely passive AMM structures to more efficient active market making.

Takeaway: Phoenix Spot demonstrated that active, orderbook-based liquidity on Solana can materially reduce trading costs and compete with centralized venues.


3. Sulfi and the “Prop AMM” Revolution

  • Building on Phoenix learnings, Ellipsis Labs launched Sulfi, which kicked off the “prop AMM” wave on Solana in 2024.
  • Traditional AMMs keep all logic on-chain, and traditional order books keep all strategy logic off-chain; Sulfi selectively combines both (some on-chain, some off-chain).
  • This hybrid design allows significantly tighter spreads and deeper books than Phoenix Spot alone could provide.
  • Prop AMMs on Solana have now taken over “all the majors” market share from older AMMs, while keeping liquidity fully on-chain.
  • A $1M SOL spot trade now experiences ~5 bps price impact on Solana prop AMMs versus ~12 bps + fees on Coinbase and 5 bps + fees on Binance.
  • Ellipsis estimates these improvements have saved retail traders tens of millions of dollars in aggregate.

Takeaway: Sulfi and the prop AMM model turned Solana into a venue where on-chain spot trading is already cost-competitive with leading centralized exchanges.


4. Introducing Phoenix Perpetuals: On-Chain Derivatives at CEX Quality

  • For 2025, Ellipsis Labs is launching Phoenix Perpetuals, a non-custodial, fully on-chain perpetuals exchange.
  • Motivation: current $1M SOL perp trades on Solana cost ~15 bps in price impact, versus ~3–5 bps on centralized exchanges; the goal is to narrow or eliminate this gap.
  • Phoenix Perpetuals aims for:
    • Verifiable execution at Solana speeds.
    • Gasless trading for retail users.
    • Best-in-class UX while remaining fully on-chain.
  • They are porting their prop AMM innovations from spot into derivatives so market makers can provide liquidity more cheaply than on existing on-chain perp venues.
  • The market structure is designed to foster competition among market makers, tightening spreads while allowing them to avoid “toxic flow,” improving sustainability and depth.

Takeaway: Phoenix Perpetuals is Ellipsis’ attempt to replicate their spot-market success in derivatives, aiming to make on-chain perps on Solana genuinely rival centralized exchanges on cost and UX.


5. Ecosystem Dependencies and Composability Advantages

  • Phoenix Perpetuals is built on top of a robust Solana ecosystem:
    • Anza and Firedancer: improving base-layer performance and robustness.
    • Jito (JTO): enabling deterministic sequencing.
    • Phantom, Privy, and others: making self-custody viable without sacrificing user experience.
    • Existing asset layer and spot margin layer on Solana: already battle-tested.
  • Phoenix’s liquidity and risk engine are fully on-chain and composable, meaning:
    • Any team can build products directly on top of Phoenix Perpetuals.
    • On-chain liquidity and risk infrastructure become shared building blocks rather than siloed.
  • Chen highlights potential integrations and products:
    • Vault strategies.
    • Perp-based options and structured products.
    • Gamified trading and social trading experiences.
  • Ellipsis sees this as an invitation for the community to innovate on top of their derivatives infrastructure.

Takeaway: By making Phoenix Perpetuals fully on-chain and composable, Ellipsis is positioning it as core infrastructure that other teams can leverage to build a broader derivatives and trading ecosystem on Solana.


6. Current Status, Access, and Forward-Looking Positioning

  • Ellipsis began as a team running “market-structure experiments” on-chain, choosing Solana as the best testbed without knowing how impactful they would become.
  • After three years, they’ve delivered multiple “game-changing” spot products and now see a similar opportunity in perps.
  • Chen expresses strong conviction that Ellipsis is uniquely positioned to define the future of perpetuals on Solana.
  • Phoenix Perpetuals is already live in a closed private beta, with users being onboarded from a waitlist.
  • Interested participants can:
    • Join the waitlist via the shared QR code.
    • Meet the team at a conference happy hour event.

Takeaway: Phoenix Perpetuals is not just a roadmap item but an active private-beta product, signaling an imminent expansion of high-quality, on-chain derivatives liquidity on Solana.

Breakpoint 2025: Keynote: Erebor (Suzanne Dannheim)

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Breakpoint 2025 D1

Overview

  • Erebor is positioning itself as a fully regulated, crypto‑native U.S. bank focused on stablecoin and fiat deposits, with seamless on-chain/off-chain payments and support for major chains and stablecoins.
  • The bank is targeting four underserved segments—high‑growth startups, TradFi institutions, crypto trading firms, and protocols/fintechs—whose growth is constrained by poor banking access and fragmented fiat–crypto rails.
  • By offering instant, low‑friction fiat↔stablecoin conversion and prime‑style infrastructure for exchanges and market makers, Erebor aims to be the central liquidity and settlement hub for crypto markets.
  • As tokenization and on‑chain products scale, Erebor’s role as a compliant fiat–on-chain connector could become critical infrastructure, directing large flows of institutional and retail capital into chains like Solana.
  • For Solana‑focused investors, Erebor represents a potential catalyst for deeper institutional participation, better UX for stablecoin use, and increased volume/TVL on Solana if the chain is integrated as a “major” supported network.

Suzanne Dannheim – Erebor

Suzanne Dannheim, Head of Partnerships at Erebor, a pre-conditionally approved federally chartered U.S. bank founded by Palmer Luckey (founder of Anduril and formerly Oculus). Erebor is positioned as a “bank for stablecoin and fiat deposits” with on-chain and off-chain payment capabilities.


1. Rethinking the Role of Banks in a Crypto-Native World

  • Dannheim frames a core paradox: banks are simultaneously “abhorent” in user experience but still critical infrastructure for the global economy.
  • Crypto as an industry has been more critical of banks than any other sector, but still relies on them for fiat rails and regulatory access.
  • With on-chain rails, instant access, and financialization of everything, she argues we must redefine what “a bank” means for modern users and businesses.
  • The key question she raises: in a world where financial products are democratized and on-chain UX is superior, what real value should a bank provide?

Takeaway: Investors should view Erebor as an attempt to redesign the bank’s role around on-chain finance rather than trying to bolt crypto onto legacy banking infrastructure.


2. Pain Points Across Four Key Customer Segments

  • Drawing on six years at Goldman Sachs building its institutional crypto business, Dannheim identifies four groups most underserved by existing banks.
  • These pain points represent potential demand drivers for a new kind of bank that is crypto-native and globally oriented.

Takeaway: Erebor’s target market spans high-growth startups, TradFi institutions, crypto-native firms, and protocols, all facing structural friction that current banks have failed to solve.


3. High-Growth Companies and Treasury Needs

  • High-growth companies raise larger rounds earlier and hold bigger treasuries for longer periods, with more complex and diverse needs.
  • They need access to debt financing and financial infrastructure that can move at the same speed as their business (e.g., rapid treasury operations, multi-currency, on-chain activity).
  • Large banks often won’t onboard them (too early/too small) or will only take deposits, and onboarding processes are “excruciating.”
  • This leaves high-growth, often crypto-adjacent startups with subpar banking and liquidity solutions relative to their risk profile and innovation pace.

Takeaway: There is a clear market gap for a bank that can underwrite and support high-growth, often crypto-native companies as core clients rather than edge cases.


4. Institutional TradFi Players with Crypto “FOMO”

  • Institutional investors (hedge funds, asset managers, pensions, retail aggregators) are experiencing “FOMO” in two ways:
    • They’ve missed much of the crypto bull runs due to lack of access, rails, and counterparty assessment capabilities.
    • They see their end customers shifting wealth and activity into crypto/on-chain assets.
  • Operational frictions include difficulty with on/off-ramping, bridging, and handling counterparty risk across fragmented crypto venues.
  • She cites FINRA data: 55% of Gen Z Americans own crypto vs. 40% who own stocks, highlighting a secular shift in where younger generations build wealth.
  • For large asset managers whose core business is providing diversified asset exposure, ignoring this shift is increasingly untenable.

Takeaway: A compliant, bank-grade bridge into crypto markets could unlock significant institutional capital that has been held back by infrastructure and risk-management constraints.


5. Emerging Crypto Market Participants (Exchanges, Market Makers, Traders)

  • Crypto exchanges, market makers, and similar players lack a single, comprehensive financial infrastructure solution.
  • Their operational reality: ramp fiat to stables, convert stables, move across chains, then reach a final destination asset or tokenized product.
  • Compared to TradFi, where one call to a prime broker can execute a complex trade, crypto workflows often require multiple “hops,” which is slower and more operationally risky.
  • The core problem is fragmentation of services and rails rather than a lack of demand or capital.

Takeaway: A bank that functions as a crypto-native prime-style infrastructure provider (handling fiat, stables, and cross-chain flows) could materially improve efficiency and margins for exchanges and trading firms.


6. Protocols, Fintechs, and Tokenized Product Issuers

  • Protocols, financial technology providers, and tokenized product issuers are “the heart of crypto” and produce high-quality products and services.
  • They are constrained by the “walled garden” nature of fiat versus on-chain capital: fiat sits in traditional banks, on-chain liquidity sits elsewhere, and connecting the two is slow and complex.
  • There is no singular, reliable intermediary that seamlessly connects these two worlds at scale.
  • This structural separation limits the growth and adoption of tokenized and on-chain products despite their technological and cost advantages.

Takeaway: As tokenization and on-chain financial products scale, a dedicated bank serving as the primary fiat–on-chain connector could become a crucial piece of market infrastructure.


7. Erebor’s Value Proposition as a Crypto-Native Bank

  • Erebor is described as a pre-conditionally approved, federally chartered U.S. bank focused on:
    • Stablecoin and fiat deposits.
    • On-chain and off-chain payments.
    • Support for “all major chains” and “all major stables.”
  • It aims to:
    • Bank global customers.
    • Offer instantaneous, free stable-to-fiat and fiat-to-stable conversions.
    • Provide a new banking core built from scratch, rather than retrofitting legacy systems.
  • Target clients include:
    • Institutional customers directly.
    • Their downstream users via partner programs, FBO (for-benefit-of) accounts, and omnibus structures.
  • The objective is to remove the painful separation between on-chain and off-chain, allowing any company (crypto or not) to hold and transact in stables seamlessly, with banking as an “invisible partner.”

Takeaway: Erebor seeks to become foundational infrastructure for the crypto economy by offering insured banking for both fiat and stablecoins, plus low-friction on/off-ramps, potentially making it a key strategic player for investors tracking Solana and broader crypto financial plumbing.

Breakpoint 2025: Keynote: Galaxy (Michael Marcantonio)

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Breakpoint 2025 D1

Overview

  • DeFi is framed as a “third option” to a failing economic system for younger generations, offering broader ownership and market access without abandoning capitalism.
  • Solana is positioned as the only chain capable of hosting the $500T global securities market, with settlement speed and throughput as its core structural advantages.
  • Galaxy Digital is using its regulated, institutional status to force traditional assets onchain via Solana, including tokenized Galaxy stock, a State Street money market fund, and an onchain prime brokerage.
  • High-performance infrastructure (validators, d0 switches, prop AMMs with Jump) is being built to make Solana markets deeper, faster, and ultimately more attractive than NASDAQ for both crypto and tokenized TradFi assets.
  • For investors, the thesis is that Solana becomes the primary venue for global securities and yield-bearing assets, with Galaxy’s experiments (Frode Industries, onchain equities, money markets) serving as early proofs that institutional capital and corporate finance are structurally migrating onto Solana.

Michael Marcantonio

Head of DeFi, Galaxy Digital – a large publicly traded digital asset company, active trader on and builder for Solana. Positioning Galaxy as a “forcing function” to move traditional finance onto Solana.


1. DeFi as a “Third Option” for a Broken Economic System

  • Argues that the current financial system has structurally failed millennials and Gen Z: high student debt, no home ownership, delayed family formation, and no real equity in the system.
  • Cites Peter Thiel’s idea that if young people have no stake in capitalism, they will eventually reject and try to overturn it.
  • Frames current politics and protests (e.g., in New York) as a rejection of the economic status quo.
  • Says young people are being pushed into a false binary: accept the current system or embrace heavier state control/socialism.
  • Positions decentralized finance (DeFi) as a “third option”: not rejecting markets or capitalism, but upgrading them to be more inclusive and ownership-based.

Takeaway: DeFi is framed as the only scalable, market-based path to restore economic ownership and opportunity to younger generations before political and social backlash becomes irreversible.


2. Solana as the Platform to Host the Global Securities Market

  • Defines success as moving the entire $500 trillion global securities market (stocks, bonds, derivatives, etc.) onchain.
  • Argues Solana is the only blockchain today that can realistically “warehouse” global capital markets and handle billions of transactions per day.
  • Emphasizes “tick to settlement” over “tick to trade” – Solana is already beating legacy rails in actual settlement speed.
  • Contrasts a closed, opaque legacy system with an open-source, onchain ownership economy where anyone, especially young people, can hold a piece of the system.
  • Warns that waiting for regulators or institutions to lead is too slow; builders must push the migration onchain now.

Takeaway: Marcantonio is making a strong, investor-relevant claim that Solana is uniquely positioned to host the entire traditional securities stack and that speed and throughput give it a structural edge.


3. Galaxy’s Strategy: Forcing Traditional Finance Onchain

  • States Galaxy’s core mission: use its position as a major, regulated public company to push securities and financial infrastructure onto Solana.
  • Rejects a passive, “wait for regulation” stance; instead, Galaxy is acting now with concrete onchain financial products and infrastructure.
  • Positions Galaxy as being in the “vanguard” among institutions driving real-world financial assets onto blockchain rails.

Takeaway: Galaxy is not just trading crypto; it is explicitly trying to drag traditional markets onchain via concrete products, giving Solana direct exposure to legacy finance flows.


4. Tokenization of Galaxy Digital Stock on Solana

  • Galaxy Digital, listed on NASDAQ, has tokenized its equity and taken that to the SEC.
  • The tokenized Galaxy stock is issued on Solana, chosen for speed and efficiency in handling securities.
  • This serves as a proof-of-concept that a real, regulated, publicly traded equity can exist as an onchain asset on Solana.

Takeaway: The tokenization of Galaxy’s own NASDAQ-listed stock on Solana is an important regulatory and market precedent for onchain equities.


5. Tokenized Money Market Fund with State Street

  • Galaxy is working with State Street on a tokenized money market fund.
  • This links a large, traditional asset manager and a core traditional product (money market funds) to onchain infrastructure.
  • Illustrates the broader theme: bringing long-established financial products and institutions (50–100+ years old) onto Solana rails.

Takeaway: A tokenized money market fund with State Street signals deepening institutional adoption of tokenized, yield-bearing traditional assets on Solana.


6. Building an Onchain Prime Brokerage on Solana

  • Galaxy is planning to build a full prime brokerage stack on Solana.
  • Claims “everything you need” to run a prime brokerage already exists on Solana, including risk engines.
  • Notes Galaxy runs two of the largest Solana validators and is a major d0 (double-zero) switch operator, tying low-latency infrastructure to institutional services.

Takeaway: An onchain prime brokerage on Solana would be a key piece of infrastructure for institutional trading, potentially accelerating capital migration from centralized prime brokers into DeFi-native venues.


7. Infrastructure: d0 (Double-Zero) and High-Performance Market Plumbing

  • Galaxy runs some of the largest Solana validators and is one of the largest d0 switch operators.
  • Argues a $500 trillion securities market cannot be run over the public internet; it isn’t today (e.g., NASDAQ), and it can’t be on Solana either.
  • Highlights d0’s ability to multicast state updates and massively reduce jitter, which is essential for efficiently pricing securities, bonds, commodities, and derivatives onchain.

Takeaway: High-performance off-public-internet infrastructure like d0 is positioned as critical to making Solana competitive with (or superior to) traditional exchanges in latency-sensitive markets.


8. Frode Industries: Pushing Public-Company Behavior Onchain

(Transcript likely referred to “Frodo/Ford/Frode Industries”; context: a Solana-native, publicly traded company Galaxy is backing.)

  • Galaxy sponsored Frode Industries, described as the largest Solana dApp and a publicly traded company.
  • Frames Frode as the “canary in the coal mine” for what a public company can do onchain.
  • Challenges the standard model where public companies issue shares on NASDAQ for cash, then might buy SOL.
  • Envisions direct, onchain capital raises: issuing equity on Solana directly in exchange for SOL, potentially far more efficient.
  • Notes this is just one of many onchain experiments they intend to pursue with Frode as a testbed.

Takeaway: Frode Industries is being used as a live experiment for onchain corporate finance, including potentially issuing equity directly for SOL, which could reshape capital raising mechanics for crypto-native and traditional firms.


9. Proactive AMMs (Prop AMMs) with Jump: Beyond Crypto Trading

  • Galaxy and Jump are launching a new prop AMM on Solana.
  • Notes the recent success of prop AMMs in making onchain prices better than Binance prices for the first time in his crypto career.
  • Sees prop AMMs as a foundation for much more than crypto spot trading:
    • Onchain token offerings.
    • Onchain market making for equities and other traditional instruments.
  • Goal is to expand liquidity, enhance price discovery, and shift the center of gravity so that Solana prices become the preferred reference.

Takeaway: Prop AMMs are being positioned as the technological bridge that can deliver superior liquidity and price discovery for both crypto and tokenized traditional assets on Solana.


10. Vision: Solana as the Superior Venue to NASDAQ

  • Express goal: when comparing Frode Industries’ NASDAQ price vs its Solana price, investors should prefer trading on Solana.
  • This implies deeper liquidity, tighter spreads, and more efficient execution on Solana than on legacy exchanges.
  • Ties back to the broader mission of making Solana the dominant venue not just for DeFi, but for all securities.

Takeaway: The long-term bet is that Solana-based markets will outcompete traditional exchanges in pricing and liquidity, making Solana a primary venue for both crypto and tokenized securities.


11. Call to Builders and Mission Framing

  • Reframes what builders are doing: not just building “a better, faster blockchain,” but a new social contract and ownership system.
  • Stresses urgency: if DeFi fails, the future for young people is “either the status quo or chaos.”
  • Positions DeFi and decentralized markets as the “rational middle ground” between failed capitalism and radical alternatives.
  • Invites engineers, traders, and others to join Galaxy’s mission to move the real economy onchain.

Takeaway: The talk closes by tying technical and market innovation on Solana directly to generational macro outcomes, appealing to investors and builders who want both financial upside and systemic change.

Breakpoint 2025: Keynote: Jito (Lucas Bruder)

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Breakpoint 2025 D1

Overview

  • Solana’s throughput and blockspace are scaling rapidly (toward 100M+ CUs), positioning it as a core venue for complex, high-volume onchain markets.
  • Markets will compete not only on speed but on transparency, provable fairness, and customizable execution logic to meet institutional and specialized trading needs.
  • BAM introduces a TEE-based, programmable scheduler that enables cryptographically verifiable, private, and customizable transaction ordering on Solana.
  • ACE (Application Controlled Execution) and BAM plugins let each market define its own microstructure (e.g., maker-priority), making Solana attractive for sophisticated and even securities-style trading.
  • BAM is already live with material traffic and stake, with a roadmap emphasizing attestations, open source, decentralization, and performance—key signals for long-term, institutionally driven value on Solana.

Lucas Bruder

Lucas Bruder, co-founder and CEO of Jito Labs, presenting “BAM” (programmable infrastructure for internet capital markets) on Solana.


1. Solana’s Performance Trajectory and Capacity Growth

  • Bruder emphasizes that “Solana is winning the speed war,” citing roughly a 6x increase in transactions per second over the last few years.
  • Blockspace capacity (compute units per block) has steadily increased: ~48M → 50M → 60M CUs, with expectations of ~100M CUs early next year.
  • He expects this compute capacity to continue growing “exponential[ly],” making room for more sophisticated and higher-volume onchain markets.
  • Credits the improvements to core engineering teams (Anza, Firedancer) and growing application demand.

Takeaway: Solana’s rapidly increasing throughput and blockspace create room for more complex and higher-volume financial markets, strengthening its position as a core venue for onchain trading.


2. Why Markets Need More Than Speed

  • Bruder argues speed alone is insufficient for robust capital markets; they also need transparency, fairness, verifiability, and customizability.
  • Transparency: market rules and mechanics must be clear to participants.
  • Fairness: consistent application of rules is critical to trust, especially for institutional‑grade markets.
  • Verifiability: properties of the system must be provable, not just promised.
  • Customizability: different markets (e.g., AMMs, perp DEXes, securities trading) may require distinct execution and ordering rules.

Takeaway: The next phase of market infrastructure on Solana will be defined by provable fairness and customization, not just raw speed.


3. Introduction to BAM: Programmable Market Infrastructure

  • BAM is described as a “transparent, verifiable, and customizable scheduler for Solana” focused on internet-scale capital markets.
  • Architecture has two main components:
    • BAM nodes: schedule transactions inside trusted execution environments (TEEs) and produce cryptographic attestations.
    • BAM validators: execute the scheduled transactions on Solana.
  • TEEs provide encrypted transaction handling and hardware-backed assurances, enabling private and verifiable ordering logic.
  • BAM is currently operating with around 7 nodes and is designed to scale to tens or hundreds of operators with minimal performance overhead.

Takeaway: BAM introduces a programmable, TEE-based transaction scheduler that aims to make Solana markets both highly performant and cryptographically verifiable.


4. Plugins & ACE: Application-Controlled Execution

  • The “really cool” aspect of BAM is its plugin system, enabling custom sequencing rules for different applications.
  • This concept is framed as ACE (Application Controlled Execution): apps define their own transaction ordering and market microstructure on top of Solana.
  • Example: maker priority — ordering rules that favor liquidity providers, intended to improve markets for makers and ultimately yield better prices for end users.
  • Bruder positions ACE as a way for any asset and any market type to have tailored execution logic while remaining on a shared base layer (Solana).
  • He suggests that with ACE and BAM, Solana can become “the best venue to trade any asset, including securities.”

Takeaway: BAM’s plugin and ACE model could make Solana uniquely attractive for sophisticated trading venues by letting each market customize its execution rules while staying on a shared, high-performance chain.


5. Current Deployment Status and Performance

  • BAM is already live on Solana, currently running on ~8% of stake.
  • It has processed tens of thousands of blocks and hundreds of millions of transactions over the past few months.
  • Bruder reports performance “comparable to other validator clients” on the network, indicating minimal overhead relative to standard validators.
  • This early deployment demonstrates that the infrastructure works at real network scale, not just in a lab setting.

Takeaway: BAM is not just a concept; it is already handling meaningful production traffic on Solana with performance on par with existing validator clients.


6. Roadmap: ACE, Attestations, Open Source & Decentralization

  • ACE / Plugins rollout: Custom sequencing and application-controlled execution are “the most requested feature” from Solana apps (including ProP AMMs, perp DEXs, and other trading-intent venues) and are a near-term build focus.
  • BARS (BAM Attestation Report Service):
    • A service that exposes how BAM works internally and what software is running in TEEs.
    • Designed so traders and market participants can verify the rules and behavior of the scheduler, improving transparency and trust.
  • Open-sourcing BAM:
    • Bruder stresses that open source is “a very important part” of BAM.
    • They expect to open source the software “within a few months,” which is key for ecosystem trust, audits, and external contributions.
  • Decentralization:
    • Plan to support multiple independent operators around the world to run BAM nodes.
    • This reduces centralization risk and aligns BAM with Solana’s broader decentralization goals.
  • IBRL / Performance Enhancements:
    • A focus on faster software and better performance under a broader initiative he refers to as “IBRL.”
    • FireBAM: a new implementation of BAM built on top of Firedancer, leveraging that high-performance client for further speed and robustness.

Takeaway: The roadmap focuses on rolling out customizable execution, verifiability tooling, open sourcing, and broader operator participation, all of which are critical for institutional confidence and long-term ecosystem health.


7. Ecosystem Engagement and Hiring

  • Bruder actively invites:
    • Validators to learn more and potentially run BAM via bam.dev.
    • Application developers to engage with the team about their market design needs and desired features.
    • Engineers interested in high-performance systems and Solana infrastructure to apply for roles at Jito Labs.
  • Signals ongoing investment in the BAM ecosystem and a push to grow both technical and operator communities around it.

Takeaway: Jito is actively building a broader ecosystem around BAM—validators, developers, and engineers—indicating a long-term strategic commitment to making Solana a premier venue for programmable capital markets.

Breakpoint 2025: Keynote: Jupiter (Kash Dhanda)

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Breakpoint 2025 D1

Overview

  • Jupiter is positioning itself as the “full-stack” onchain finance layer on Solana, leveraging its scale (>$1T volume, #1 TVL, tens of millions of wallets) to drive a 10–100x expansion in onchain activity.
  • New products like Jupiter Verified, Lend (now audited and open source), Terminal, and wallet tracking deepen the data, yield, and trading stack, making Solana DeFi more usable, transparent, and “Bloomberg-like” for active traders.
  • The Jupiter Rewards Hub ($1M prize pool) and “Stripe for crypto” developer platform are designed to aggressively grow users, volume, and integrations, entrenching Jupiter as default infra for DeFi apps and exchanges on Solana.
  • JUPUSD and the Rainfi acquisition (Jupiter Offer Book) extend Jupiter into stablecoins and long-tail credit markets, aiming to make more assets productive and to centralize settlement and yield flows around Jupiter’s ecosystem.
  • For Solana investors, the talk underscores Jupiter as a core bet on Solana DeFi beta: if Solana’s onchain finance grows, Jupiter is architected to capture a disproportionate share of trading, lending, stablecoin, and infra value.

Kash Dhanda – Jupiter

Podcast host at Jupiter, presenting a rapid-fire keynote on Jupiter’s product launches and strategy for growing onchain finance on Solana.


1. Vision: Scaling Onchain Finance on Solana

  • Argues the shift to onchain finance is already underway and going mainstream.
  • Positions Solana as uniquely suited for this shift: strong users, builders, capital, and scalable, composable infrastructure.
  • Frames Jupiter as the leading onchain financial platform on Solana, aiming to be the “full stack” for onchain finance.
  • Highlights traction: over $1 trillion in volume in 2025, #1 by TVL on Solana (DeFiLlama), ~35M connected wallets.
  • Emphasizes that despite big numbers, onchain finance still must grow 10–100x from here.

Takeaway: Jupiter sees itself as the core consumer and infrastructure layer for a massive next phase of onchain finance on Solana.


2. Jupiter Verified: Trusted Data Layer for Tokens

  • Problem: ~30,000 new tokens minted daily on Solana create a “dark forest” of information, making it hard for good-faith issuers and users to navigate.
  • Launches “Jupiter Verified” (live at verified.jup.ag) as a canonical data layer for token information.
  • Built on top of Jupiter’s long-standing “strict list,” which has been used for years to keep traders safer across Solana.
  • Adds dynamic metadata updates for tokens so issuers can keep holders informed as projects evolve.
  • Introduces “Verified Insights” – a structured way to surface key, canonical information about a project/asset over time.
  • Exposes all this through the Pro API, enabling any builder to integrate high-quality token data into their apps.

Takeaway: Jupiter is formalizing itself as the trusted metadata and information layer for Solana tokens, which is critical for safer retail participation and better integrations.


3. Jupiter Lend: Yield Product Maturity & Open Sourcing

  • Jupiter Lend, launched ~4 months prior, aims to be simpler for lenders and better for borrowers.
  • Rapid growth: reached $1.6B in total market supply and 99,000 positions created in just four months, pulling in many new users to onchain borrowing/lending.
  • After extensive community feedback, six audits by four independent firms, and two upcoming formal certifications, Jupiter Lend is now officially out of beta.
  • As of the talk, Jupiter Lend has been open-sourced (code available via jup.ag), signaling confidence in its security and inviting ecosystem collaboration.
  • Kash hints that with beta done, development speed will increase, with further announcements scheduled for a separate “Money Summit” talk.

Takeaway: Jupiter is consolidating its position in onchain yield with a now-mature, audited, and open-source lending protocol that is gaining strong usage.


4. Jupiter Terminal & Wallet Tracking: Upgrading Onchain Trading UX

  • Concern: if the industry ends with people only trading ETFs on centralized exchanges, the mission of onchain finance has failed.
  • Launches “Jupiter Terminal” (jup.ag/terminal), framed as a “Bloomberg-like” onchain trading interface.
  • Major feature: wallet tracking with real-time streaming updates of any Solana wallet’s buys and sells, including notifications.
  • Improves “Alphascan” with more customizable data and views using Jupiter’s data indexing and infra.
  • Adds a “trench mode” vs “classic mode” toggle to serve both power users (“degenerates”) and more casual traders.

Takeaway: Jupiter is betting that a professional-grade, data-rich terminal and wallet tracking will bring more trading activity onchain and deepen user engagement.


5. Jupiter Rewards Hub & $1M Prize Pool

  • Launches the “Jupiter Rewards Hub” to directly reward users for trading and referrals.
  • Rewards apply to activity on Jupiter Terminal, mobile, and the wallet; designed to incentivize both existing users and new referrals.
  • A $1M prize pool is funded by Jupiter to underscore its belief in the importance of onchain trading.
  • Mechanic: users earn “cards” based on trading and referrals; each card holds a randomized value from $1 to $10,000, making large prizes possible without huge volumes.
  • Program runs through January 31, 2026.
  • Longer-term vision: open the rewards infrastructure so other token projects can plug in, co-incentivize, and leverage Jupiter’s distribution.

Takeaway: Jupiter is using a sizable, gamified rewards program to accelerate user growth, trading volume, and network effects across its product suite.


6. Jupiter Developer Platform: “Stripe for Crypto” on Solana

  • Notes that builders are the leverage point for user growth; Jupiter’s APIs are already the most integrated across DeFi, generating over $750M for partners.
  • Announces the “Jupiter Developer Platform” (portal.jup.ag) as a major upgrade to the developer experience.
  • Provides unified documentation and resources for all APIs (“world-class” routing and trading infra).
  • Adds real-time analytics on every swap and API request, giving builders full visibility into usage and performance.
  • Includes detailed logs and debugging tools, helping teams detect and resolve issues early.
  • Positions Jupiter as the default infra provider for teams building onchain financial apps on Solana.

Takeaway: By turning its APIs into a fully observable, developer-friendly platform, Jupiter is entrenching itself as core infra for Solana DeFi apps and exchanges.


7. JUPUSD: DeFi-Native Stablecoin with Product Integrations

  • Argues that stablecoins need deep product integrations and usage loops, not just issuance, to become sticky and win market share.
  • Introduces JUPUSD, Jupiter’s own stablecoin, developed with partner Athena and “built for onchain finance.”
  • JUPUSD itself is not yield-bearing, but Jupiter intends to share some of the underlying economics from its product suite back to holders.
  • Planned integrations: JUPUSD will be usable in Jupiter Lend, mobile, and wallet, enabling holders to tap into Jupiter’s economic upside.
  • Example use case: earn rewards while waiting for prediction market outcomes when posting JUPUSD; implies future integrations with other DeFi primitives.
  • Announces launch “late next week” with live activities around trading and earning, plus a third use case planned for Q1 next year.

Takeaway: JUPUSD aims to be a utility-driven, deeply integrated stablecoin that captures and redistributes value from Jupiter’s ecosystem, positioning it as a central settlement asset on Solana DeFi.


8. Acquisition of Rainfi & Jupiter Offer Book: Expanding Credit Markets

  • Announces Jupiter’s acquisition of Rainfi, a long-standing and innovative Solana DeFi protocol.
  • Rainfi track record: over 4 years building, 230,000 loans originated on its peer-to-peer lending marketplace.
  • Rationale: combine Rainfi’s P2P lending expertise with Jupiter’s existing money markets (Jupiter Lend) to cover more of the credit spectrum.
  • Articulates a vision of “a money market for every asset” – moving beyond large, liquid assets to make all onchain assets productive.
  • Notes limitations of conventional money markets (like Lend): they require deep liquidity and conservative risk profiles, leaving many assets unproductive.
  • Announces “Jupiter Offer Book,” a peer-to-peer lending product where users can set their own terms (APYs) and accept any onchain collateral, including memecoins, RWAs, and commodities.
  • Jupiter Offer Book is slated to launch in Q1 next year, enabling customized P2P credit markets and yield opportunities.

Takeaway: By acquiring Rainfi and launching Jupiter Offer Book, Jupiter plans to unlock lending and yield on long-tail assets, expanding the addressable market for onchain credit.


9. Ecosystem & Community Strategy: Cat Lumpur Conference

  • Closes by emphasizing continued aggressive shipping across data, yield, trading, infra, stablecoins, and credit products.
  • Promotes “Cat Lumpur,” Jupiter’s community conference in Kuala Lumpur at the end of January, promising more announcements and insights.
  • Reinforces the branding goal: make “Just use Jupiter” the default mantra for anyone wanting to get onchain.

Takeaway: Beyond products, Jupiter is investing in community and brand to solidify itself as the go-to gateway for onchain finance on Solana.

Breakpoint 2025: Lightspeed: Solana's Investor Relations Hub: Blockworks (Dan Smith)

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Breakpoint 2025 D1

Overview

  • Lightspeed is an institutional‑grade investor relations and data platform built specifically for Solana, centralizing network, asset, and protocol‑level information for professional capital.
  • The talk positions crypto as entering a profitability and institutional‑dominant phase, making standardized disclosure, KPIs, and reporting on Solana a necessity rather than a nice‑to‑have.
  • Core coverage includes Solana network financials, on‑chain activity, stablecoin flows, and sector dashboards (DEXs, RWAs, lending), enabling investors to see what truly drives usage and revenue.
  • Asset‑level analytics for SOL (supply, staking, emissions, lockups) plus expanding coverage of key sectors (lending, vaults, LSTs, RWAs, stablecoins) aim to make Solana more “valu-able” and comparable to traditional assets.
  • Integrated research (monthly network notes, quarterly protocol reports) and an application‑based, Q1 institutional launch underscore Solana’s strategy to meet institutional standards and attract larger, more sophisticated investors.

Blockworks (Dan Smith)

Dan Smith, Blockworks, presenting “Lightspeed,” an institutional‑grade investor relations and data platform focused on Solana and its ecosystem.


1. Why an Investor Relations Platform for Solana, and Why Now

  • Lightspeed (often pronounced “Lightseed” in the talk) is introduced as the first dedicated investor relations platform built for Solana investors.
  • Smith frames the need around an industry that’s maturing from retail‑driven speculation to institutional capital with formal expectations.
  • New participants (funds, pensions, asset managers, asset issuers) expect standardized access to financials, KPIs, and consistent reporting cadence like in traditional markets.
  • The Solana Foundation wants to meet these expectations in a differentiated and more powerful way than ad hoc dashboards and scattered reports.

Takeaway: Institutional‑grade communication and disclosure are becoming essential on Solana, and Lightspeed is designed to be the primary channel for that investor‑level information.


2. Three Phases of Crypto Industry Evolution

  • Phase 1 – Bootstrapping (ICO era circa 2017): highly retail‑driven, anonymous founders, whitepapers, and speculative funding, but largely “uninvestable” for serious institutional capital.
  • Phase 2 – Scaling (2019–2020): venture capital starts funding serious projects; exchanges and custodians professionalize, enabling “serious capital” to participate.
  • Phase 3 – Profitability & Mainstream Integration (today): many on‑chain businesses now generate real, often profitable revenue and are testing or achieving product‑market fit.
  • The current marginal flows are now driven more by institutions than retail, with banks and large fintechs beginning to build products on‑chain.
  • This shift to institutional dominance raises the bar for transparency, metrics, and investor relations, which Lightspeed aims to standardize.

Takeaway: Crypto has moved into a revenue‑generating, institutionally funded phase, creating a clear need for professionalized investor relations and data products on Solana.


3. Core Data Coverage: Solana Network Financials & Activity

  • Lightspeed will provide coverage of Solana ecosystem “financials”: how network revenue is generated, its composition, and key growth drivers.
  • It will analyze on‑chain activity such as transaction throughput (TPS), categories of transactions, and what is actually driving usage.
  • Stablecoin analytics: growth trends, types of stablecoins on Solana, and where/how they’re being used on‑chain.
  • Sector‑by‑sector monitoring is a core design: DEXs and aggregators, real‑world assets (RWAs), lending, and other verticals as they mature.

Takeaway: The platform centralizes Solana’s network‑level economic and usage data so investors can understand what’s driving revenue and activity rather than relying on fragmented tools.


4. Asset‑Level Insights for SOL: Supply, Staking, and Tokenomics

  • Beyond general network metrics, Lightspeed will provide structured data on SOL the asset itself.
  • Coverage includes “core drivers” of SOL’s supply dynamics and staking rates, crucial for understanding economic security and yield.
  • Full tokenomics views for Solana and SOL will be available, giving investors clarity on emissions, lockups, and supply‑side pressures.

Takeaway: Investors gain a single, institutional‑quality source for SOL tokenomics and staking data, directly relevant for valuation, risk, and yield analysis.


5. Ecosystem Protocol Coverage: DeFi, Infrastructure, and More

  • The platform extends beyond SOL to a broad range of Solana‑based applications and protocols.
  • Planned coverage includes:
    • Multi‑product DeFi protocols like Jupiter.
    • DePIN and network projects such as GeoNet and Helium.
    • “Prop AMMs” (programmable/advanced AMMs) like Sulfi and Humidifi.
    • Traditional DEXs like Raydium and Orca.
  • All this data is aggregated “in one spot” so investors can see not only chain‑level metrics, but also the performance of key ecosystem pillars.

Takeaway: Lightspeed aims to be a unified analytics and reporting hub for the main economic engines of the Solana ecosystem, not just the base layer.


6. Future Data Expansions: Lending, Vaults, LSTs, RWAs, Stablecoins

  • Smith highlights upcoming expansions as the part he’s “personally excited about.”
  • Target areas for deeper coverage:
    • Lending markets and credit/lending protocols.
    • Vaults and automated yield strategies.
    • Liquid staking (LSTs) and staking derivatives.
    • Real‑world assets (RWAs) on Solana.
  • A dedicated “stablecoins view” is set to roll out imminently (referenced as launching “tomorrow”), giving a detailed picture of stablecoin presence and utilization on Solana.

Takeaway: The product roadmap is geared toward the most institutionally relevant sectors—lending, staking, RWAs, and stablecoins—making Solana more legible as a financial ecosystem.


7. Contextualized Research, Reporting, and Communication Cadence

  • Lightspeed isn’t just raw data; it integrates data with analysis, reports, and news to support interpretation.
  • Blockworks Research’s monthly Solana note will be embedded in the platform, highlighting:
    • Key growth drivers
    • Core KPIs
    • Upcoming network‑level changes that may impact metrics.
  • Quarterly reports for Solana‑native protocols (e.g., Raydium, Helium) will also be hosted, centralizing disclosure and commentary from project teams.
  • This creates a consistent communication cadence that mirrors traditional equity/credit markets (monthly and quarterly reporting cycles).

Takeaway: By pairing analytics with structured research and protocol reports, Lightspeed helps investors move from “data overload” to actionable insight.


8. Target Users and Launch Timeline

  • Product launch is slated for Q1 (no specific date given in the talk).
  • Primary target users:
    • Liquid token funds and institutional crypto funds.
    • Asset managers and capital managers.
    • Asset issuers.
    • Large individual SOL and Solana ecosystem token holders.
  • Access is application‑based; interested users are directed to apply at lightspeed.vip.

Takeaway: Lightspeed is explicitly positioned as an institutional and large‑holder tool launching in Q1, signaling Solana’s push to formalize and professionalize investor relations for serious capital allocators.

Breakpoint 2025: Mapping the Real World With Solana: Hivemapper (Ariel Seidman)

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Breakpoint 2025 D1

Overview

  • Hivemapper uses a Solana-based token as a core incentive and coordination layer to massively scale global map data collection, far outperforming traditional, manual community mapping models.
  • DePIN projects like Hivemapper and Helium show strong enterprise usage (Lyft, VW, HERE, etc.), but this adoption is not yet reflected in token valuations—creating a risk/opportunity gap for investors.
  • Solana’s high-throughput, low-cost blockchain enables transparent, global reward distribution and data accounting, which improves contributor trust and reduces operational friction.
  • To reach 80–90% global coverage and real-time freshness, Hivemapper is evolving from pure token incentives to a hybrid strategy, embedding into commercial fleets and “crypto-invisible” B2B channels.
  • For Solana investors, DePIN and stablecoins are framed as the most credible, non-casino growth vectors: they drive real-world demand, potential web2 integrations, and long-term infrastructure value on Solana.

Ariel Seidman

Founder & CEO, Hivemapper. Formerly ran Yahoo Maps. Hivemapper is a DePIN (decentralized physical infrastructure) project building a global map using user-deployed dashcams and Solana-based incentives.


1. Why Hivemapper Uses a Token vs Traditional Community Mapping

  • Hivemapper sells a camera that looks like a standard dashcam but also “maps the world” by recording roads and using AI on-device to extract map data (lanes, speed limits, turn restrictions, construction, etc.).
  • Compared to Waze (which relies on humans manually reporting events while driving), cameras + AI can capture a far broader and richer set of signals automatically and more safely.
  • The token’s primary role is as an incentive to get people to buy and deploy cameras, bootstrapping coverage and data supply.
  • Hivemapper initially paid contributors in cash (circa 2019) but encountered disputes about what data was valid and faced friction paying globally; crypto incentives scaled better.
  • Moving to a token model dramatically accelerated growth from ~1% of the global road network mapped pre-token to ~36% now, validating the efficacy of crypto incentives.

Takeaway: The token is not just a “nice to have” but a key driver of contributor acquisition and coverage scale, enabling Hivemapper to leapfrog traditional human-input mapping models like Waze.


2. DePIN: Real-World Usage vs Crypto Market Valuation

  • Ariel is candid that DePIN tokens (Hivemapper, Helium, etc.) are not “living up to the hype” in terms of market cap and token performance on sites like CoinMarketCap.
  • In contrast, he argues DePIN is delivering strong real-world value: Hivemapper counts Lyft, Volkswagen, HERE (BMW/Audi-owned), NBC, and others as customers consuming its map data.
  • Helium, as another DePIN example, has millions of users and hundreds of thousands of mobile subscribers – impressive metrics for startups, but underappreciated by crypto markets (“golf clap” from investors).
  • This disconnect between real usage and weak token market response is framed as a “fundamental issue” and “real problem” for the DePIN category.

Takeaway: DePIN networks like Hivemapper and Helium are gaining serious enterprise traction, but this real-world success is not yet reflected in crypto token markets—creating a disconnect investors should watch.


3. Why Blockchain & Why Solana Matter for Hivemapper

  • Blockchain’s value for Hivemapper comes in two core functions: incentives and coordination of a globally distributed contributor base.
  • Paying in fiat led to disputes (“I pointed my camera at the sky, why didn’t I get paid?”) and made Hivemapper the perceived “bad guy” deciding payouts.
  • Putting rewards and consumption data on-chain introduced transparency: contributors can see how rewards are calculated, expected earnings by region, and how much data consumption is happening.
  • This transparency shifts blame away from the company to an open, rules-based system, increasing trust and aligning contributors as quasi “salespeople” of the network’s data.
  • Global contributors specifically requested crypto for faster, easier payments (e.g., in the Philippines), reinforcing the practicality of crypto rails.

Takeaway: Blockchain—particularly a high-throughput chain like Solana—is critical to Hivemapper for transparent, fast, and globally coordinated incentives, reducing disputes and increasing trust among contributors.


4. Limits of Token Incentives & The Need for Non-Crypto Distribution

  • Even if Hivemapper’s token were at $1 and the crypto user base larger, Ariel believes the current crypto-native audience is too small to achieve the coverage their enterprise customers want.
  • Today Hivemapper has mapped ~36% of the global road network, but major customers are pushing for 80–90% coverage—far beyond what can be achieved by crypto enthusiasts alone.
  • Many parts of the world (e.g., deep rural areas, specific countries like Brazil or Vietnam) have almost no crypto-involved users, creating geographic blind spots in coverage.
  • To solve this, Hivemapper is strategically shifting toward embedding cameras into commercial fleets (trucks, delivery vehicles, etc.), where customers care about driver monitoring, routing, and operations—not tokens.
  • These fleet customers pay Hivemapper for services; the mapping is a byproduct, and many are unaware or uninterested in the crypto aspects.
  • Ariel hints at additional, not-yet-announced initiatives (targeted for 2026) aimed at expanding coverage through channels that don’t depend primarily on token incentives.

Takeaway: Hivemapper is pivoting to a hybrid model where token incentives jumpstart coverage but large-scale, global completeness will come from traditional B2B integrations and fleet deployments that are essentially “crypto-agnostic.”


5. Crypto Industry Structure: Casinos vs Real-World Products

  • Ariel argues that for crypto to “get 10x bigger,” it must move beyond its current casino-dominated culture and focus more on genuinely useful real-world products.
  • He contrasts crypto with AI products like ChatGPT/Claude/Gemini, whose growth is driven by clear utility rather than speculation.
  • DePIN and stablecoins are highlighted as among the few crypto sectors truly “enlarging the pie” by attracting users who don’t care about crypto per se, just better services.
    • Stablecoins are cited as something even crypto skeptics (e.g., his brother at Shopify) recognize as economically useful.
    • DePIN services (Hivemapper data, Helium coverage) bring in non-crypto-native customers who simply want better mapping or connectivity.
  • Ariel sees structural and cultural barriers: “casino” products can generate quick money and attention, whereas real infrastructure (SpaceX analogy) requires patience and long-term capital.
  • He suggests that crypto’s impatience and speculative culture disincentivize the kind of long-horizon building needed for large-scale infrastructure projects.

Takeaway: For investors, Ariel positions DePIN and stablecoins as leading candidates for sustainable, non-speculative growth in crypto, in contrast to short-lived casino-like projects.


6. DePIN’s Role in Growing the Overall Crypto Market

  • Within crypto, Ariel views DePIN as one of the best levers (alongside stablecoins) for expanding the total user and capital base.
  • Enterprises using Helium or Hivemapper don’t adopt them because they’re “crypto” but because they offer superior or cheaper infrastructure—crypto is just the underlying rails.
  • This “crypto-invisible” adoption is framed as precisely what the industry needs: real demand for services, not speculative yield or gambling.
  • He emphasizes a vision where future Solana/crypto conferences grow from ~5–6k attendees to 50k, driven by broader real-world adoption of DePIN and similar products.

Takeaway: DePIN is presented as a key path for Solana and crypto to escape the speculative niche and become mainstream infrastructure, making it a strategic sector for long-term investors to monitor.


7. Coverage, Freshness, and the Product Vision for Hivemapper

  • Coverage and data freshness are now the core product challenges, not basic functionality.
  • Customers demand not only breadth (80–90% of global roads) but also high temporal freshness to enable real-time mapping use cases.
  • Example: Greater Los Angeles has ~100,000 road kilometers. Ariel estimates Hivemapper needs ~4,000–5,000 daily active cameras there to consistently detect accidents, construction, and all dynamic map layers in near-real time.
  • Current LA camera count is in the hundreds (<1,000), so there’s a large gap between today’s deployment and the density needed for a truly “real-time map” that beats Waze on freshness and depth.
  • This is why Hivemapper is pursuing “AND” strategies (token incentives + non-token distribution channels) to reach the deployment density thresholds required in major metros worldwide.

Takeaway: Hivemapper’s competitive edge hinges on achieving both vastly higher coverage and high-frequency updates, which in turn depend on scaling camera density via a mix of crypto and non-crypto adoption channels.


8. Outlook: Next 12 Months and Enterprise Integration

  • Ariel’s near-term target is to move from ~36% to “closer to 50%” of the global road network mapped by the same time next year.
  • He expects more “web2” / big tech companies (including mapping incumbents) to begin integrating with decentralized networks like Hivemapper as they recognize the cost advantages.
  • He notes even for a company like Google, building and maintaining global mapping infrastructure is extremely expensive, making decentralized, crowdsourced models economically attractive.
  • This signals a potential turning point where legacy tech and DePIN networks become complementary rather than purely competitive.

Takeaway: Over the next year, investors should watch for Hivemapper’s coverage milestones and integrations with major web2 players, as these could validate DePIN economics and catalyze broader institutional interest in Solana-based infrastructure.

Breakpoint 2025: One Chain to Rule Them All: Can Solana Alone Support Wall Street's Demands?

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Breakpoint 2025 D1

Overview

  • Solana has demonstrated high real-world throughput and innovative AMM-based market structure, but current capacity and single-leader design still fall short of true Wall Street-scale, global peak loads.
  • Institutional adoption is constrained by upgradeable program risk, immature security/ops standards, and unresolved tension between cryptographic and legal finality across jurisdictions.
  • FireDancer, multiple concurrent leaders (MCL), and stronger governance/security practices are key roadmap items investors must underwrite for Solana to become institution- and regulator-grade.
  • Long term, both speakers see a strong case for one dominant chain, with Solana the leading contender, but expect a multi-chain, regionally fragmented world for many years.
  • Near-term upside for SOL investors likely comes from new, on-chain-native capital markets (global SME listings, digital-native treasuries) rather than immediate replacement of NYSE/NASDAQ flows.

Max (Anza) & Ren (Electric Capital) with moderator (Bitwise)

Max: Core engineer at Anza working on the Agave Solana client; focused on performance and “internet capital markets.”
Ren: General Partner at Electric Capital; long-time Solana and broader crypto investor, playing “devil’s advocate” / TradFi perspective.


1. Can Solana Handle Wall Street-Scale Throughput Today?

  • Max argues Solana already hit 100,000 TPS on mainnet (not testnet), with issues found and fixed in production, showing real-world readiness.
  • He claims Solana’s design plus upcoming improvements (e.g., P-Token, further client work) can handle large trade volumes and should attract early adopters now.
  • Ren counters that peak message loads in TradFi (millions of messages per second on NASDAQ; trillions per day on NYSE + dark pools/ATSs) still vastly exceed Solana’s current capacity “as of Dec 11, 2025.”
  • Even if you only count “settlement-like” messages (not all order traffic), Ren believes Solana remains orders of magnitude away from fully replacing all of Wall Street’s flows.

Takeaway: Max says Solana is ready in practice; Ren says the numbers don’t match Wall Street’s true scale yet, especially on peak-load and message complexity.


2. Market Structure: AMMs vs Traditional Order Books

  • Max argues that Wall Street’s huge message counts are partly an artifact of bad market structure (central limit order books with price-time priority).
  • In TradFi, orders must be constantly canceled/replaced to maintain queue priority, inflating message volume.
  • On Solana, “proprietary AMMs” and oracle-driven designs can compress what would be hundreds of messages in TradFi into a single oracle update.
  • He cites Solana prop AMMs already doing 3x Binance’s volume on SOL-USD, with tighter spreads and deepening liquidity.

Takeaway: Solana’s on-chain AMM market structure could deliver equivalent or better liquidity with far fewer messages than legacy order-book systems.


3. Security, Upgrades, and Institutional Trust

  • Ren highlights that most Solana programs today are audited pre-deployment only, and many can be upgraded frequently (even multiple times per day).
  • This upgradeability and opacity is a major blocker for institutions expected to deposit “hundreds of millions” into protocols—uncertain security profiles are unacceptable at that scale.
  • He suggests a realistic first step is onboarding “digital asset treasuries” (crypto-native public companies) before trying to onboard Wall Street proper.
  • If even these most crypto-literate TradFi participants can’t comfortably use liquid staking tokens or DeFi protocols (e.g., Kamino), broad institutional adoption is clearly premature.

Takeaway: For serious institutional capital to move on-chain, Solana needs much stronger, stable, and transparent security and upgrade practices.


4. Legal Finality vs Cryptographic Finality

  • Ren distinguishes legal finality (courts, arbitration, regulators, error corrections, busted trades) from cryptographic finality (irreversible ledger state).
  • TradFi depends on legal finality to handle mistakes, fraud, and regulatory interventions; this varies across jurisdictions.
  • The tension between these two notions of finality is not just a technical issue; it’s a decades-long legal and regulatory question.
  • Global adoption of “on-chain settlement” for regulated securities will hinge on aligning these concepts across different countries.

Takeaway: Even if Solana offers instant cryptographic finality, the legal system’s need for reversible outcomes and regional variation complicates wholesale migration of Wall Street to a single chain.


5. Global Distribution, Physics, and Single-Leader Limits

  • Ren stresses that “Wall Street” is global: UAE, Hong Kong, Singapore, Tokyo, Shanghai, Chicago, New York, and more.
  • Speed-of-light constraints make it hard for a single-leader global network to support all regions optimally and fairly.
  • He argues Solana today, as a single-leader system, is not yet architected to fully support the heterogeneity and latency realities of global markets.
  • Ren is explicitly “waiting for FireDancer” and multiple concurrent leaders (MCL)—features that could materially address these physics and scaling challenges.

Takeaway: Solana’s future roadmap (FireDancer, MCL) could solve key physics and throughput issues, but these are still in progress, not fully delivered.


6. One Chain vs Modular / Multi-Chain World

  • Max criticizes modular, fragmented TradFi-style infrastructure (issuance, trading, settlement, clearing all on separate rails) as where “all the tension and bad stuff happens” when you try to connect the pieces.
  • He claims Ethereum would “fall over and die” if it tried to host the full stack due to lack of performance and some necessary features, whereas Solana is designed for integrated, high-throughput use.
  • Ren notes that TradFi is intentionally modular and regionally distributed due to jurisdictional and regulatory differences—not just efficiency concerns.
  • He acknowledges huge economic benefits to a fully integrated stack on one chain, but expects many regions to insist on their own choices for legal/regulatory reasons.
  • Ren envisions a long-term equilibrium where perhaps ~90% of activity ends up on one chain, but only on a time horizon long enough that “our children or our children’s children” would live with it as normal.

Takeaway: Economically, one dominant chain is compelling, but political, legal, and regional realities make a multi-chain or multi-region world likely for a long time.


7. Vision of the Future and What Could Break It

  • Max’s vision: “I just see Solana everywhere… all the trades are happening here.” Issued, traded, and settled on Solana—T+1 millisecond instead of T+1 day.
  • He sees today’s Wall Street stack as bloated: underwriters, central depositories, custodians, subcustodians, transfer agents, clearing houses, and non-atomic settlement.
  • Asked what could derail this, he says the main risk is execution risk from the Solana community itself: not shipping, not educating, not pounding the pavement with institutions.
  • Ren is more cautious: he thinks Solana is the leading contender but emphasizes a “day one mindset,” ongoing work, and the need to prove that Solana hasn’t “lost its edge.”

Takeaway: Max believes Solana is already structurally superior and mostly constrained by execution and awareness; Ren believes the vision is credible but unfinished.


8. Regulatory & Market Timing: “All US Stocks On-Chain”

  • The moderator references a recent remark: the SEC chair reportedly saying all US stocks could be on-chain “in a couple of years,” implying ~100,000x current tokenized-equity scale.
  • Max says Solana is “ready today” because it’s permissionless—if something is missing, market participants can build it themselves via on-chain programs.
  • Ren strongly disagrees on timing: he doesn’t see the network as currently feasible for full US equity migration and points again to pending infrastructure like FireDancer and MCL.
  • On valuation, Ren suggests the market will recognize Solana’s potential when those performance upgrades ship and prove that Solana still “has the dog in it.”

Takeaway: There is a sharp divergence between Max’s “ready now” posture and Ren’s “wait for next-gen infra, then the market will re-rate” view.


9. Where the Biggest Near-Term Opportunity Lies

  • Ren argues chasing “all of Wall Street” too early may be misguided; the bigger near-term opportunity is doing things TradFi cannot, not just replicating existing rails.
  • He highlights “thousands if not hundreds of thousands” of small/mid-size cross-border digital businesses that struggle to access capital.
  • In the US, top founders can access capital easily; globally, access is uneven—Solana could become “the place where businesses can go public online.”
  • This suggests a thesis where Solana first dominates net-new capital markets (global, digital-native IPOs and financing) before fully absorbing legacy Wall Street flows.

Takeaway: For investors, the most realistic early wins may be new, on-chain-native capital markets for underserved global businesses, not immediate full replacement of NYSE/NASDAQ.


10. Closing Positions: Investor-Relevant Summary

Max (Pro–Single Chain, Pro–Solana-Now)

  • Core claim: “Issued on Solana, traded on Solana, settled on Solana.”
  • Believes Solana already meets key demands: scale (100k TPS achieved), evolving market structure (AMMs with real liquidity), and early regulatory traction (NASDAQ-listed securities on-chain via projects like Superstate).
  • Thinks future performance upgrades (P-Token, continued client work) will only widen Solana’s lead; urges early movers to build and onboard now.

Ren (Skeptical on Timing, Bullish Long-Term)

  • Core claim: Solana is the leading contender but not yet ready for full Wall Street load or regulatory/operational complexity.
  • Priorities: stronger security posture, clear handling of legal vs cryptographic finality, and shipping FireDancer + MCL to sustain global, institutional-grade markets.
  • Long-run view: One chain may ultimately dominate (~90% share), but this is a multi-decade evolution; in the near/mid term, expect fragmentation, regional differences, and a focus on new markets (e.g., global SME listings, cross-border capital).

Takeaway: The debate frames Solana as the most credible platform to host a future, unified capital market stack, but highlights a gap between that end-state vision and what’s institutional-grade and regulator-ready today—investors are effectively betting on Solana’s ability to ship FireDancer/MCL, harden security/governance, and capture new capital market niches before legacy Wall Street fully migrates.

Breakpoint 2025: Opening Keynote & Macro Teach-In: EXPAAM (Raoul Pal)

Watch Video
Breakpoint 2025 D1

Overview

  • Structural demographic and debt trends imply persistent 8%+ annual liquidity growth and currency debasement, making that the hurdle rate Solana investors must beat in real terms.
  • The post-2008 liquidity cycle has lengthened to ~5.4 years, pushing the peak “banana zone” for risk assets, including Solana, out toward 2026 rather than 2025.
  • Crypto prices are tightly linked to global liquidity; the recent underperformance of Solana and broader crypto is framed as a temporary plumbing/sentiment dislocation, not a structural break.
  • Solana is highlighted as a premier high‑beta network and the best historical debasement hedge in his data (≈166% annualized), positioning it to outperform if the projected multi‑trillion liquidity wave into 2026 materializes.
  • For Solana holders, the strategy implication is to stay allocated through the 5‑year macro cycle, size exposure around liquidity waves, and avoid panic‑selling normal 30–50% drawdowns ahead of a potential alt season and multi‑trillion crypto expansion.

Raoul Pal

Founder & CEO, Global Macro Investor and Exponential Age Asset Management (EXPAAM); long-time global macro strategist focused on liquidity cycles, demographics, and crypto as a macro trade.


1. Demographics, Debt, and Structural Currency Debasement

  • Uses a “magic formula” (GDP = population growth + productivity growth + debt growth) as the base of his macro framework (“the Everything Code”).
  • Trend GDP growth has been declining for ~50 years as populations age; older populations mean slower growth and lower productivity.
  • Private sector has delevered post-2008, but governments have ramped debt, keeping total debt-to-GDP high and rising.
  • Core thesis: most government debt accumulation is a demographic response (aging workforce), not simply “overspending.”
  • The system is now in a structural regime where governments print money to service existing debt and interest—effectively ongoing currency debasement.
  • He pegs long-run total liquidity (money + credit) growth at ~8% annually, which becomes the investor’s “hurdle rate” to avoid being de-based.

Takeaway: Structural demographic pressures and rising sovereign debt lock governments into sustained liquidity growth and currency debasement, which sets a high bar for any asset an investor holds.


2. The Four-Year (Now ~5.4-Year) Liquidity / Business Cycle

  • Historically, business cycles had variable lengths; post-2008 they snapped into a near-perfect four-year rhythm.
  • This shift is traced to 2008 debt restructurings: most sovereign debt was pushed into 3–5 year maturities, creating a recurring refinancing/liquidity cycle.
  • Bitcoin’s “four-year cycle” is framed as a reflection of this macro liquidity cycle, not something independent.
  • In 2022, Treasury extended maturities closer to 5 years, stretching the cycle to roughly 5.4 years and pushing the big refinancing wave (and liquidity spike) from 2025 into 2026.
  • This explains why the current “banana zone” (final parabolic phase) has been delayed and why liquidity has felt underwhelming compared with past cycles.

Takeaway: The macro cycle has lengthened due to longer debt maturities, shifting the peak liquidity and risk-asset blow-off phase from 2025 toward late 2026.


3. Liquidity as the Primary Driver of Risk Assets and Crypto

  • Shows a very high correlation (≈90%) between global liquidity (money printing, broad M2, central bank balance sheets) and Bitcoin prices.
  • NASDAQ is even more correlated with liquidity (≈97.5%), framing “money printing” as the key driver of major risk assets.
  • Crypto and high-growth tech lead the cycle (react first to liquidity shifts), while small caps, cyclicals, and commodities follow the ISM/business cycle more closely.
  • Altcoins (ETH/BTC, “alts” generally) are explicitly described as business-cycle and liquidity trades: when earnings and growth are strong, capital moves further out the risk curve.
  • Bitcoin is currently pricing in an ISM level consistent with recession (~46), but Pal argues leading indicators imply acceleration, creating a mispricing.

Takeaway: Bitcoin and crypto are deeply macro- and liquidity-driven assets; they respond directly to global liquidity cycles rather than behaving as uncorrelated “magic internet money.”


4. Current Macro Setup: Liquidity, Elections, and the Coming Cycle

  • Forward indicators (interest-rate models, central bank easing breadth, financial conditions indices) all point to a strong upswing in the business cycle over the next 6–12 months.
  • His financial conditions index (rates, USD, commodities) implies ISM could reach ~57 in about nine months, with further easing likely extending the cycle out to end-2026.
  • Expects:
    • Fed rate cuts to align rates closer to nominal GDP (~2.5–3%) to contain compounding interest costs.
    • Changes to the SLR (Supplementary Leverage Ratio), enabling banks to absorb more Treasuries and extend credit (possibly $3–4T in additional credit capacity).
    • Large fiscal stimulus and specific measures (e.g., no tax on tips) ahead of US elections to juice the cycle.
  • Notes political alignment: a macro-savvy Treasury chief (described as a former Global Macro Investor subscriber) understands how to “jam the business cycle” into elections.
  • Estimates ~$7–8T of liquidity will need to be added by end-2026 just to handle interest payments and debt rollovers globally.

Takeaway: Policy, politics, and plumbing all point toward a major liquidity injection into 2026, creating a favorable backdrop for risk assets and especially crypto.


5. The Recent Crypto Underperformance and “Alligator Jaws” Dislocation

  • Over the last 4–5 months, crypto has underperformed relative to other risk assets, diverging from its usual tight link with liquidity and macro indicators.
  • Explains this as:
    • Treasury rebuilding its general account (TGA) without an offsetting reverse repo drawdown, effectively draining marginal liquidity from the riskiest assets.
    • Traditional allocators being underweight NASDAQ (so they had to chase it), but not benchmarked to crypto, leaving crypto ignored and more vulnerable.
  • Presents multiple “alligator jaws” charts where Bitcoin diverges from:
    • NASDAQ
    • Gold (which leads by ~183 days and lives in the “financial conditions” world)
    • Global M2
    • Past Bitcoin cycles (2015–17, 2020–21)
    • Economic surprise indices
  • Characterizes this as an “excess fear gap”: fear and greed index in crypto hit its lowest ever (10) after just a ~30% drawdown—moves he insists are normal for crypto.
  • Central question: Is this dislocation persistent or temporary? He argues it is almost certainly temporary, given the long history of 90%+ correlations with liquidity.

Takeaway: The recent crypto slump versus other assets looks like a temporary liquidity plumbing issue and sentiment overshoot, not a structural break in the macro-crypto relationship.


6. Timeline and Outlook for “Alt Season” and Bitcoin Dominance

  • Alt season is framed explicitly as a business-cycle and liquidity phenomenon, not a structural “too many tokens” problem.
  • With the business cycle still subdued and ISM below 50, there hasn’t been enough earnings and confidence to push investors far out the risk curve into alts.
  • As growth accelerates and liquidity floods the system, he expects:
    • Bitcoin dominance to peak and then roll over, similar to prior cycles.
    • Capital to rotate from Bitcoin and majors into higher-beta altcoins, parallel to flows from treasuries → credit → small caps in traditional markets.
  • Anchors the major alt cycle and “banana zone” to the 2026 debt refi/liquidity peak, not the current year.
  • Emphasizes patience: the game is a 5-year macro cycle, not trading hourly charts; large drawdowns and sideways periods are normal in the path to exponential returns.

Takeaway: A full-fledged alt season likely aligns with the upcoming liquidity and business-cycle upturn into 2026, making patience and time-horizon discipline critical.


7. Crypto as the “Supermassive Black Hole” Macro Trade

  • Positions crypto—especially Bitcoin and top networks like Solana—as the best-performing assets relative to the 8% debasement hurdle.
  • Historical performance:
    • NASDAQ has beaten debasement by ~12.6% per year, a strong outcome due to digitalization and tech network effects.
    • Bitcoin has outperformed debasement by ~89% per year, making it the standout macro asset.
    • Solana, since inception, has annualized at ~166%, the highest in their XPAM table.
  • Shows a comparison where most traditional assets (bonds, many equities, commodities) fail to beat the debasement rate, meaning holders get poorer in real terms.
  • Conclusion: Over long horizons, everything tends to underperform crypto as a “supermassive black hole” driven by global network adoption and structural liquidity growth.

Takeaway: For macro investors, leading crypto assets have been the only instruments that not only hedge debasement but generate outsized real wealth over time.


8. The $100 Trillion Crypto Market Cap Thesis

  • Estimates total global assets at roughly:
    • ~$800T in traditional assets.
    • ~$30T in gold.
    • ~$80T in global M2.
    • ~3.5T in digital assets today (crypto’s current market size).
  • Using a long-term log regression of total crypto market cap, extrapolates an endpoint of around $100T by ~2032–2034.
  • That implies creation of roughly $97T in new wealth, which he claims would be:
    • The largest wealth creation event in economic history.
    • Bigger than the cumulative wealth of Middle Eastern sovereigns, Russian oligarchs, US tech billionaires, finance and real estate billionaires combined.
  • Even if the projection is halved (to ~$50T), it’s still massive, and today’s market would be only 3–6% of the way there.
  • This is the core investment case for EXPAAM: allocate capital systematically to the best hedge funds/managers in the space to capture this secular wealth-creation wave.

Takeaway: If crypto follows its established adoption trend, it could grow to tens of trillions in value, representing an unprecedented global wealth-creation opportunity.


9. Portfolio Construction Implications for Crypto Investors

  • The structural 8% debasement rate means:
    • Holding cash and most bonds is a guaranteed real loss.
    • Traditional diversified portfolios must increasingly include assets that beat debasement, notably top tech and crypto.
  • Macro-aware crypto allocation should:
    • Respect the liquidity/business cycle—size risk and timing around expected liquidity waves.
    • Focus on high-network-effect assets (Bitcoin, leading L1s like Solana, etc.) as core holdings.
    • Use alt exposure tactically around expected expansions in ISM and liquidity (alt season windows).
  • EXPAAM’s strategy: a fund-of-funds approach allocating to world-class crypto hedge funds to avoid “messing up” the one big macro trend (the “don’t f*** this up” thesis).
  • Investors should mentally commit to the 5-year cycle horizon and be prepared for normal 30–50% drawdowns en route to potential exponential upside.

Takeaway: For investors, the macro case is to own structurally debasement-beating assets—especially leading crypto—sized and timed around liquidity cycles, with sufficient patience to ride multi-year booms and busts.


10. Near-Term and Medium-Term Guidance for Solana & Crypto Holders

  • Solana highlighted as the top-performing tracked asset in EXPAAM’s table (166% annualized since launch), underscoring its role as a premier high-beta network bet.
  • Despite recent price chop and underperformance vs NASDAQ and gold, the macro framework suggests:
    • The current drawdown and stagnation are part of a broader liquidity shortage, not a Solana-specific or crypto-doom story.
    • When the anticipated liquidity expansion arrives, Solana and similar high-beta networks are positioned to benefit disproportionately.
  • Reinforces that panic-selling into 30% corrections, especially with fear/greed at record lows, is historically a mistake in this asset class.

Takeaway: For Solana and broader crypto, the macro picture supports staying allocated and patient into a likely major liquidity-driven upswing toward 2026, rather than reacting to short-term volatility.

Breakpoint 2025: Product Keynote: 2WA: Metacomp/2WA, (Xiaoyun Xu), 2WA (Chun Kit Chu)

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Breakpoint 2025 D1

Overview

  • 2WA uses Solana to tokenize elite private equity (PE) deals (e.g., xAI, Anthropic) and open them to retail investors previously excluded by high minimums and closed networks.
  • The platform fractionalizes PE fund exposure from ~$1M LP tickets into on-chain tokens with minimums as low as $10, delivered via a retail-friendly interface and engagement features.
  • Metacomp/Alpha Finance, a MAS-regulated institution, provides the compliance, custody, and fund-structuring layer that turns real PE shares into legally robust, tradable tokens (e.g., “2xAI”).
  • Solana is the settlement and issuance layer, chosen for low fees and high throughput, while exchange and ecosystem partners are used to broaden access and improve secondary-market liquidity.
  • Investor takeaway: Solana-based tokenized PE may offer earlier access to high-growth private companies with smaller tickets and potential liquidity, but outcomes depend heavily on deal quality, regulatory execution, and the depth of on-chain secondary markets.

Chun Kit Chu (“Kit”), 2WA

Founder/operator of 2WA, a private‑equity tokenization and investment platform built on Solana.

Shiayin “Tracy” Xu, Alpha Finance / Metacomp

Representative of Metacomp (Alpha Finance), a MAS‑regulated financial institution in Singapore providing the compliance and regulatory backbone for 2WA.


1. Democratizing Access to Private Equity via Tokenization

  • 2WA’s core thesis is that top-tier private companies (e.g., xAI, Anthropic, Airwallex, humanoid robotics firm 1X) are currently accessible only to large institutions and private equity funds, not average investors.
  • The platform aims to “open” these deals by sourcing high-quality global private equity (PE) opportunities and making them investable in small ticket sizes.
  • 2WA is built on Solana, using the blockchain for settlement and token representation of PE exposure.
  • The project’s mission: as “most financial assets on Wall Street” become tokenized, 2WA wants to empower retail investors to participate in top-tier tokenized opportunities, historically reserved for institutional LPs.
  • They emphasize trust and regulatory compliance as core to attracting both investors and PE partners.

Takeaway: 2WA is positioning itself as a Solana-based gateway for retail investors to access elite private equity deals traditionally limited to institutions.


2. Product Design: From $1M LP Tickets to $10 Tokens

  • Traditional PE fund LP commitments often require minimums around USD $1 million, shutting out most investors.
  • 2WA partners directly with private equity funds, then fractionalizes exposure so that the minimum investment can be reduced to as little as $10.
  • Their web platform displays:
    • Price per share / token,
    • Latest valuation data,
    • Company overviews,
    • Industry competition landscape,
    • Product performance summaries.
  • If a user likes a project, they can purchase via a simple “buy” flow; the transaction settles on Solana and the user receives PE tokens directly into their wallet.
  • The platform includes a reward program and leaderboard, helping users track holdings (“PE token” balances) and adding engagement/incentive mechanics.
  • This design targets both ease of use (retail-friendly UX) and liquidity (tradable tokens on-chain vs. locked-up traditional PE positions).

Takeaway: 2WA converts illiquid, high-minimum PE investments into low-ticket, on-chain tokens with a retail-friendly interface and engagement features.


3. Compliance and Regulatory Backbone: Metacomp / Alpha Finance

  • Tracy (Shiayin) represents Alpha Finance, also known as Metacomp, which serves as the regulated backbone for 2WA.
  • Metacomp is a financial institution based in Singapore and regulated by the Monetary Authority of Singapore (MAS), holding multiple licenses: CMS (Capital Markets Services), RMO (Recognised Market Operator), and fund management.
  • For flagship deals like the tokenization of xAI shares:
    • Metacomp conducts due diligence on the underlying assets,
    • Verifies the legitimacy and structure of the PE shares,
    • Applies a custodian framework to safeguard the assets,
    • Uses its fund structuring capabilities to wrap the assets appropriately.
  • This structure enables PE shares to be converted into “2xAI” tokens, which can then be distributed via marketplaces like 2WA or listed on other crypto exchanges.
  • The emphasis is on giving investors direct access to high-growth PE markets while maintaining high regulatory and compliance standards, which is critical for institutional partners and long-term scalability.

Takeaway: A MAS-regulated institution (Metacomp) underpins 2WA’s tokenization, aiming to make PE tokens both legally robust and institutionally credible.


4. Ecosystem Strategy and Liquidity: Solana and Exchange Partners

  • 2WA’s tech stack is built on Solana, chosen for on-chain settlement and token issuance, implying a focus on low fees and high throughput for retail-scale PE trading.
  • The team combines “PE background” and “web3 background,” signaling a hybrid expertise approach to bridge traditional finance and blockchain.
  • Beyond their own platform, 2WA plans to leverage broader ecosystem partners—named partners include:
    • FreeWill Global,
    • ZoomX,
    • Binex,
    • XT (likely centralized/crypto exchanges and ecosystem collaborators).
  • Working with these partners is intended to:
    • Make the PE tokens widely accessible across venues,
    • Improve secondary-market liquidity,
    • Increase distribution channels for tokenized PE products.
  • This multi-venue approach is key for investors who value exit options and price discovery, areas where traditional PE is extremely illiquid.

Takeaway: By anchoring on Solana and integrating with multiple exchanges and ecosystem partners, 2WA aims to turn traditionally illiquid PE stakes into more liquid, tradable on-chain assets.

Breakpoint 2025: Product Keynote: Artemis (Jon Ma)

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Breakpoint 2025 D1

Overview

  • Artemis argues Total Payment Volume (TPV), not raw on-chain metrics, is the right way to measure whether Solana is truly winning in payments, similar to how investors evaluate Stripe and other fintechs.
  • Their TPV methodology combines on-chain data with direct data from payment providers and filters out DeFi, trading, and noise to isolate “real” payment activity.
  • Early Artemis data shows ~$120B in on-chain payment volume with B2B payments growing nearly 4x YoY, positioning this segment as a key Solana growth driver.
  • Solana already represents an estimated 5–6% of all on-chain B2B payment volume, giving investors a concrete starting point for assessing its share of a fast-growing vertical.
  • Institutional adoption (e.g., Western Union, Cash App) plus forthcoming Artemis dashboards in Q1 should give investors more rigorous, fintech-style metrics to track Solana’s real-world payments traction over time.

Jon Ma

Co-founder and CEO, Artemis — a fintech- and data-focused firm serving major payment and stablecoin players including Tether, Circle, Visa, and PayPal.


1. Measuring Real Payment Adoption on Solana

  • Jon frames the core question for investors: how do we actually know that Solana is winning in payments beyond headline partnerships.
  • Points to major recent Solana partners like Cash App (~$280B annual volume) and Western Union (~$150B), but emphasizes that on-chain data alone doesn’t show real “payment” usage.
  • Introduces “Total Payment Volume” (TPV), a standard fintech metric used by companies like Stripe (which reports ~$1.44T in TPV) as the right benchmark for crypto payment rails.
  • Argues that raw on-chain metrics (TX count, volume) are misleading without distinguishing payments from trading, DeFi activity, and noise.

Takeaway: Artemis is positioning TPV as the key metric for evaluating Solana’s real-world payments traction, similar to how investors assess traditional fintechs like Stripe.


2. Artemis’ Off-Chain + On-Chain TPV Methodology

  • States that TPV cannot be reliably measured from on-chain data alone; Artemis combines blockchain analysis with direct data from payment service providers, exchanges, and stablecoin players.
  • Artemis claims to be the only data provider globally doing this integrated approach specifically for crypto payments.
  • Methodologically, they:
    • Include: payroll disbursements, cross-border payments, domestic transfers, card processor volumes, peer-to-peer transfers.
    • Exclude: DeFi, trading, airdrops, MEV and similar non-payment activity.
  • This filtered approach is designed to reveal “real payment volume” rather than speculative or financial engineering flows.
  • Earlier in the fall, they released a report (available at stablecoin.fyi) showing ~$120B of on-chain payment volume, with B2B payments growing fastest at nearly 4x year-over-year.

Takeaway: Artemis is creating an investable, fintech-style TPV metric for blockchains by filtering out non-payment activity and augmenting on-chain data with real-world partner data.


3. Solana’s Emerging Share of On-Chain B2B Payments

  • Jon unveils new data “first” at Breakpoint: as of this fall, Solana accounts for approximately 5–6% of all B2B payments happening on-chain.
  • Highlights that B2B payments are the fastest-growing segment of on-chain payments, implying Solana is gaining a foothold in a high-growth, high-value vertical.
  • Positions Solana’s share as an early but meaningful slice of a rapidly expanding on-chain payments market, important context for investors assessing Solana’s fundamentals.
  • Mentions that an official Artemis dashboard tracking TPV across chains will launch in Q1, enabling ongoing monitoring of Solana’s competitive position in payments.

Takeaway: Solana already controls an estimated 5–6% of on-chain B2B payment volume, with tools coming in Q1 to track its share versus other chains in a more investor-friendly way.


4. Strategic Validation from Major Payment Players

  • Cites Western Union’s public rationale that they chose Solana because it was “just the right choice,” reinforcing Solana’s positioning as a serious payments infrastructure, not just a speculative chain.
  • Connects this to the broader thesis that “real activity is moving on-chain” and that Solana is a leading beneficiary of that shift.
  • Emphasizes that TPV is the only rigorous way to prove Solana is actually winning the “payments war,” rather than relying on narratives or announcements alone.
  • Invites interested parties to reach out and engage with Artemis ahead of the Q1 product launch, implying an emerging data layer for institutions and serious investors.

Takeaway: Major payment institutions like Western Union choosing Solana, combined with TPV-based measurement, strengthens the case that Solana is becoming a core payments rail with growing, trackable real-world usage.

Breakpoint 2025: Product Keynote: Astana International Finance Centre (Renat Bekturov)

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Breakpoint 2025 D1

Overview

  • AIFC is positioning itself as an early institutional hub for Solana, supporting a local “super team,” a Solana-focused special economic zone, and one of the first Solana staking ETFs.
  • As the leading regulated financial and crypto center in Central Asia/Eastern Europe, AIFC offers Solana projects and investors a gateway to a fast-growing, under-served regional market.
  • AIFC’s 2024 digital asset framework and sandbox support 29 types of licensed crypto services, enabling institutional-grade Solana products (funds, brokers, exchanges, DeFi bridges).
  • Rapidly rising regulated volumes (from $1.88B in 2024 to nearly $7B in the first nine months of 2025) indicate growing regional demand for compliant Solana and broader crypto exposure.
  • IOSCO-endorsed regulation and a live stablecoin regime (used even for regulator fee payments) de-risk jurisdictional concerns, improving the attractiveness of Solana-native instruments launched from AIFC.

Renat Bekturov

Governor of Astana International Financial Centre (AIFC), Kazakhstan’s common-law special economic zone focused on capital markets and digital assets, with an active collaboration history with the Solana ecosystem.


1. Strategic Collaboration Between AIFC and Solana

  • First contact with Solana leadership occurred in Abu Dhabi one year prior, catalyzing AIFC’s engagement with the ecosystem.
  • Since then, AIFC has supported creation of a “Solana super team” and a Solana-focused special economic zone in Kazakhstan.
  • Solana Foundation representatives (e.g., Lily and Akshay) have been actively involved, including high-level discussions with Kazakhstan’s president.
  • A fund manager in AIFC launched what is arguably the first Solana ETF with staking globally (preceding the U.S. product by about a month).

Takeaway: AIFC is positioning itself as an early and proactive institutional hub for Solana-based products and ecosystem growth.


2. AIFC as a Regional Financial and Crypto Hub

  • AIFC is a common-law financial center in Astana, modeled similarly to Abu Dhabi Global Market (ADGM) and Dubai International Financial Centre (DIFC).
  • Ranked 68th in the Global Financial Centres Index and the top (and only) such center in Central Asia and Eastern Europe.
  • Hosts more than 4,800 registered companies, with over half established in 2024–2025, indicating rapid recent growth.
  • Market focus is capital markets combined with an explicitly crypto-friendly regulatory stance.

Takeaway: AIFC is emerging as the dominant regulated financial and crypto hub for a large, under-served regional market.


3. Digital Asset Regulation and Licensing Framework

  • AIFC introduced a comprehensive new digital asset regulatory framework in 2024, following a 2023 pilot year.
  • Pilot project with the central bank focused on building a regulated DeFi bridge between commercial banks and licensed crypto exchanges.
  • Major global exchanges like Binance, Bybit, and WhiteBIT hold AIFC licenses, alongside seven local exchanges.
  • Regulation now covers 29 categories of digital asset service providers, including crypto funds, brokers, and other intermediaries.
  • AIFC’s “Fintech Lab” acts as a regulatory sandbox with 24 active applicants, enabling controlled testing and launch of new products.

Takeaway: AIFC has built a broad, sandbox-enabled regulatory stack that supports a full spectrum of institutional-grade digital asset services.


4. Market Growth and Transaction Volumes

  • 2023 served as a pilot year; 2024 was the first year of “full” digital asset regulation.
  • Digital asset service providers in AIFC recorded $1.88 billion in volume in 2024.
  • In the first nine months of 2025, volumes already reached nearly $7 billion—around 3x year-on-year growth.
  • The data suggests strong demand for regulated crypto venues in the region, with significant room for further expansion.

Takeaway: AIFC’s regulated digital asset market is scaling quickly, signaling increasing institutional and regional adoption.


5. Stablecoin Regime and On-Chain Payments by the Regulator

  • AIFC allows the issuance of stablecoins under a dedicated licensing regime with defined requirements for applicants.
  • The only restriction: stablecoins cannot be issued in Kazakhstan’s local currency (tenge); other currencies are permitted.
  • One stablecoin issuer has already obtained a license.
  • The AIFC regulator (Astana Financial Services Authority) itself accepts payment of regulatory fees in stablecoins.
  • First such payment in stablecoin was recently processed with facilitation by Bybit.

Takeaway: AIFC is not only licensing stablecoins but also using them in its own operations, strengthening the institutional legitimacy and practical use of crypto within the jurisdiction.


6. Global Regulatory Recognition and Compliance Quality

  • AIFC’s digital asset regulation was recently assessed by IOSCO (International Organization of Securities Commissions).
  • Among 20 jurisdictions reviewed, AIFC was one of only four that fully met all IOSCO recommendations for digital asset regulation.
  • AIFC was explicitly cited multiple times by IOSCO as a role model for digital asset regulatory frameworks.
  • While the framework is still new and will be tested over time, it already carries high international credibility.

Takeaway: AIFC’s regulatory regime has strong global validation, which should increase investor confidence and attract more institutional crypto activity, including in the Solana ecosystem.

Breakpoint 2025: Product Keynote: B2C2 (Alizee Carli)

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Breakpoint 2025 D1

Overview

  • Stablecoins are evolving from trading tools into core global financial infrastructure, supported by improving regulation and superior speed/cost characteristics.
  • The number of stablecoins is expected to surge (banks, fintechs, retailers issuing their own), creating fragmentation and a strong need for cheap, instant, deep-liquidity conversion.
  • Solana is positioned as a high-performance execution layer, with B2C2 supplying institutional-grade liquidity to make large-scale stablecoin usage operationally feasible.
  • B2C2’s “Penny” product provides zero-fee, institutional stablecoin swaps with instant on-chain settlement, 24/7 liquidity, and multi-chain support (Solana, Ethereum, Tron).
  • For Solana investors, Penny’s launch signals growing institutional adoption, enhanced cross-chain stablecoin flows on Solana, and expanding opportunities in routing, arbitrage, and liquidity provisioning.

Alizée Carli

Senior Adviser, B2C2 — a major institutional liquidity provider in crypto markets, presenting B2C2’s stablecoin vision and a new product, in collaboration with the Solana ecosystem.


1. The Evolving Role of Stablecoins in Global Finance

  • Current stablecoin market cap is around $300B, with tens of billions moving globally on a regular basis.
  • Stablecoins have evolved from a simple on/off-ramp for crypto trading into a broader global financial asset.
  • Core advantages: instant movement, global reach, instant settlement, and significantly lower issuance/operational costs as the tech has matured.
  • Regulatory clarity is progressing worldwide, with the UAE highlighted as an example, supporting further adoption.
  • The talk positions stablecoins as core infrastructure for future global finance, not just for crypto-native use.

Takeaway: Stablecoins are maturing into a foundational global financial instrument, with regulatory and technological conditions increasingly favorable to large-scale adoption.


2. Proliferation of Stablecoins and Operational Complexity

  • B2C2 and Solana share the belief that the number of stablecoins will “increase dramatically.”
  • Anticipated issuers include banks, payment providers, fintechs, and even global retailers running their own branded stablecoins.
  • This diversity creates real-world operational complexity for institutions that want access to many stablecoins but don’t want to manage multiple fragmented treasuries.
  • Expectation that users and institutions will “transact in many, but settle in a few,” increasing the need for fungibility and consolidation.
  • For broad adoption in the real economy, participants must be able to swap between many stablecoins cheaply, instantly, and with deep liquidity.

Takeaway: A coming explosion in the number of stablecoins will make efficient, low-friction conversion and treasury consolidation a critical market need.


3. Strategic Alignment: Solana as Execution Layer + B2C2 as Liquidity Layer

  • Solana is framed as the “fastest, most efficient execution layer” for global on-chain finance.
  • B2C2 positions itself as providing “institutional grade liquidity” for both crypto assets and stablecoins.
  • The combination is pitched as the infrastructure needed to make large-scale stablecoin usage “workable and scalable.”
  • The partnership is oriented around enabling protocols and companies to interact with many stablecoins while minimizing treasury and operational burdens.

Takeaway: The Solana–B2C2 partnership aims to pair Solana’s high-speed chain with B2C2’s deep liquidity to underpin large-scale, institutional stablecoin usage.


4. Launch of “Penny”: Zero-Fee Institutional Stablecoin Swap Facility

  • Penny is introduced as an institutional-grade, zero-fee stablecoin swap product.
  • Designed specifically for a world with many different stablecoins requiring deep liquidity and scalability.
  • Key features:
    • Instant on-chain settlement.
    • Zero fees on top of a transparent bid–ask spread (no hidden extra charges).
    • 24/7 liquidity.
    • Multi-chain support from launch: Solana, Ethereum, and Tron.
    • Access via API, tailored to institutional workflows.
    • Support for a “multitude” of stablecoins, with ongoing additions as new ones become prominent.
  • The product is positioned as the practical solution to stablecoin fragmentation: easy, continuous, institutional-grade conversion across chains and issuers.

Takeaway: Penny offers investors and institutions a dedicated venue for cheap, instant, cross-chain stablecoin swaps with institutional liquidity, improving capital efficiency in a fragmented stablecoin market.


5. Implications for Investors and the Solana Ecosystem

  • For stablecoin and crypto investors, Penny reduces friction and cost in moving between stablecoins and chains, potentially improving liquidity and arbitrage opportunities.
  • For Solana, being a supported chain alongside Ethereum and Tron strengthens its role as a core settlement layer for global stablecoin flows.
  • The product supports the thesis that volumes in stablecoins will grow and fragment, making infrastructure around routing, swapping, and liquidity provisioning increasingly valuable.
  • Institutional-grade offerings like Penny suggest increasing institutional comfort and engagement with on-chain stablecoin infrastructure.

Takeaway: The launch of Penny on Solana underscores Solana’s positioning as a major venue for institutional stablecoin activity and highlights a growing market focus on efficient, cross-chain stablecoin liquidity.

Breakpoint 2025: Product Keynote: Backed Finance (Adam Levi)

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Breakpoint 2025 D1

Overview

  • Xtocks show strong early traction on Solana (~$180M AUM, $12B+ volume, 50k holders), validating tokenized equities as a real use case rather than a speculative experiment.
  • Kraken’s acquisition of Backed materially improves regulatory standing, resources, and global distribution, lowering execution risk for Xtocks’ long‑term roadmap.
  • The strategy targets three segments—crypto‑natives, underbanked users (via Telegram wallet), and institutions (via in‑kind “Export”)—diversifying growth drivers and liquidity sources.
  • Xbridge and composed DeFi products (leverage, baskets/ETFs, structured strategies) position Xtocks as a core Solana primitive that can deepen DeFi activity, fees, and on‑chain volumes.
  • For Solana investors, Xtocks’ growth and Kraken-backed roadmap strengthen Solana’s narrative as the leading chain for tokenized capital markets and institutional‑grade financial rails.

Adam Levi

Co-founder, Backed Finance (issuer of “Xtocks” tokenized securities). Talk focuses on Xtocks’ growth, Kraken’s acquisition of Backed, and new products/roadmap on Solana aimed at crypto-natives, underbanked users, and institutions.


1. Xtocks Growth and Ecosystem Traction

  • Xtocks were announced in May at Solana Accelerate as a partnership between Backed and Kraken.
  • From launch to now (about 5 months), Xtocks have reached:
    • ~$180M in assets under management (AUM)
    • ~$12B in CEX/DEX trading volume
    • ~50,000 unique holders, highlighted as the most important metric.
  • Growth is explicitly attributed to a broad ecosystem: centralized exchanges, DEXs, wallets, and protocols (e.g., Bybit, Gate, Kamino, Raydium, Solflare, Phantom, Bal, etc.).
  • Positioning is as an “ecosystem play” rather than a single-exchange or single-wallet product.

Takeaway: Xtocks already demonstrate strong early product–market fit with substantial AUM, volume, and user adoption, validating tokenized stocks on Solana as an investable theme.


2. Kraken’s Acquisition of Backed Finance

  • Backed Finance has been acquired by Kraken (“joining the Kraken family”).
  • Levi frames the acquisition as a way to access resources needed for the “next big leap” in scaling Xtocks.
  • The deal is positioned as a way to accelerate product development, distribution, and market reach, not just an exit.
  • Integrates the Xtocks story more tightly with an established, regulated global exchange brand.

Takeaway: Kraken’s acquisition of Backed de-risks execution and materially strengthens distribution and regulatory footing for Xtocks, which is relevant for long‑term investors.


3. Strategic Focus: Three Market Segments

  • Levi segments the target market into:
    1. Crypto-natives/builders (conference audience).
    2. Underbanked/underserved users with poor access to financial markets.
    3. Institutions (large “big players”).
  • The 2026 roadmap is organized around tailored products for each segment.
  • Emphasis on using Solana and crypto rails to serve all three, not just crypto traders.

Takeaway: Xtocks’ strategy is broad-based: targeting builders, retail in emerging markets, and institutions, which can diversify demand drivers and adoption vectors.


4. For Crypto-Natives: Xbridge (Cross-Chain Bridge)

  • Announcement: Launch of “Xbridge” for moving Xtocks between chains.
  • Built in partnership with Chainlink using CCIP (Cross-Chain Interoperability Protocol).
  • Goal is to make Xtocks “more usable on-chain” by enabling mobility across ecosystems, not just within Solana.
  • Aims to integrate Xtocks more deeply into multi-chain DeFi flows.

Takeaway: Xbridge expands Xtocks’ reach beyond a single chain, potentially increasing liquidity, composability, and usage across the broader crypto ecosystem.


5. For Crypto-Natives: Composed / Second-Layer Products on Xtocks

  • Levi calls this the “most important slide” in his presentation.
  • Core idea: move beyond “vanilla Xtocks” (e.g., tokenized Tesla, SPY) into composed products built on top of them.
  • Example 1: Kamino Multiply
    • Allows leveraged positions such as “3x Tesla X” or “3x SPY X”.
    • Illustrates how developers can build structured/leveraged exposures on top of Xtocks.
  • Example 2: Lore “Mag 7” basket
    • On-chain “Magnificent 7” style ETF-like basket built from Xtocks.
    • Tradable via aggregators like Jupiter.
  • Levi invites builders to treat Xtocks as base primitives, offering support to teams building these second-layer strategies and products.

Takeaway: Xtocks are evolving into a foundational DeFi primitive, enabling leveraged, basketized, and structured products that can deepen liquidity and increase yield/investment opportunities on Solana.


6. For Underbanked/Underserved Users: Telegram Wallet Integration

  • Focuses on users who are not crypto-natives but lack good access to financial assets.
  • Many of these users already use Telegram, even if they are unfamiliar with Web3.
  • Backed is “doubling down” on its partnership with the wallet inside Telegram.
  • Through this integration, users can access traditional financial assets (e.g., U.S. equities via Xtocks) directly within a familiar chat app.
  • Levi notes the product already works and praises the UX as “really amazing.”

Takeaway: Xtocks’ Telegram wallet integration offers a low-friction channel for underbanked users to access global financial assets, which could be a significant adoption and impact driver, especially in emerging markets.


7. For Institutions: Export (In-Kind Issuance and Redemption)

  • Historically, Xtocks issuance/redemption was only against cash-like instruments (fiat or stablecoins such as USDC).
    • Clients sent fiat/USDC → Backed issued new Xtocks.
  • New feature: “Export,” built with Alpaka.
    • Allows institutions to send shares in kind (actual equities) to Backed.
    • Backed issues Xtocks against those shares, and similarly can redeem Xtocks back into underlying shares.
  • Positioned as a major step to bring institutions fully into the Xtocks ecosystem.
  • Links this to the broader vision of “Internet Capital Markets” on Solana.

Takeaway: Export enables in‑kind equity ↔ Xtocks flows, making it easier for institutional holders of traditional securities to bridge into on-chain tokenized assets, which can significantly enhance institutional participation and liquidity.


Overall Investor-Relevant Takeaway:
Backed Finance, now under Kraken, is rapidly scaling Xtocks on Solana with strong early metrics, multi-chain interoperability, second-layer DeFi products, a high-potential Telegram distribution channel for underserved users, and institution-friendly features like in-kind conversion—together positioning Xtocks as a key infrastructure layer for tokenized capital markets.

Breakpoint 2025: Product Keynote: Baillie Gifford (Theo Golden)

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Breakpoint 2025 D1

Overview

  • Baillie Gifford views Solana as a leading venue for the migration of capital markets on-chain due to its superior user experience and rapid innovation, not just raw TPS.
  • Golden argues for collaboration between TradFi and Solana DeFi to redesign capital markets for broader societal benefit, rather than a zero-sum clash.
  • Scaling Solana DeFi depends on attracting institutional capital via clear, unified tokenization standards and compliant yet innovation-friendly infrastructure.
  • TradFi institutions like Baillie Gifford are expected to engage directly on Solana by building and iterating real products live on-chain, not just theorizing.
  • The narrative is shifting from proofs-of-concept to production deployments; Solana investors should track which institutions actually ship scalable, revenue-generating products on the network.

Theo Golden

Portfolio Manager and Tokenization Lead, Baillie Gifford — a 120-year-old, partner-owned asset manager with ~$300B AUM, known for backing transformative companies like SpaceX, Tesla, Stripe, and Amazon.


1. Why Solana and On-Chain Capital Markets

  • Golden emphasizes that Baillie Gifford sees the same “creative disruption” and velocity of innovation on-chain that it historically backed in companies like SpaceX and Tesla.
  • He chooses Solana not for raw performance stats (TPS, etc.) but for the qualitative, user-level experience he’s personally had with Solana wallets and DeFi apps.
  • Personal anecdotes (using Soulflare wallet, trading on Pump.fun, and investing on projects like Jupiter/Dupe and Kamino) underscore that he’s not a distant TradFi tourist but an active on-chain user.
  • Asserts a core belief: the future of capital markets will sit on-chain, and Solana is already demonstrating the UX and performance that can support this shift.

Takeaway: Solana’s user experience and pace of innovation make it a natural venue for the eventual migration of mainstream capital markets on-chain.


2. Collaboration, Not Collision, Between TradFi and Crypto

  • Golden frames himself as “an institutional investor who’s a little too in the weeds in DeFi,” using that to argue for empathy and dialogue between communities.
  • He stresses that if TradFi and crypto “collide” rather than collaborate, the transition of capital markets on-chain will fail or stall.
  • The objective is to “lift the financial outcomes of everyone in society” by combining institutional capital and infrastructure with the technology built by the Solana ecosystem.
  • The message is explicitly political-economical: this isn’t just about yield or trading, but about restructuring how capital markets work in a way that benefits more people.

Takeaway: Investors should expect and support a cooperative integration of institutional finance with Solana DeFi, rather than a zero-sum culture clash.


3. Scaling Solana DeFi Through Institutional Flow

  • Golden states plainly that scaling Solana DeFi requires institutional capital and order flow.
  • Bringing that flow on-chain entails regulatory conditions, and both sides must find the right point on the “decentralization arc” that satisfies compliance without killing innovation.
  • He calls for “convergence” in the ecosystem: toward a fully native, on-chain, “gold standard” tokenization framework rather than fragmented, incompatible approaches.
  • The strategy is to make on-chain value storage so operationally straightforward and low-risk that holding assets on-chain becomes an “economically self-evident” choice for institutions.

Takeaway: The next phase of Solana DeFi growth hinges on clear tokenization standards and operational setups that make it easy and low-risk for institutions to participate.


4. What TradFi (and Baillie Gifford) Can Do for Solana

  • First responsibility is presence: institutions must show up, learn, and participate in the conversation rather than dictate from the outside.
  • He praises early institutional adopters like State Street and Apollo but stresses that the broader industry must move faster and do more.
  • Emphasizes the need to build real products, not just talk: TradFi’s core purpose is to serve client needs, and those needs are evolving toward better, more efficient on-chain solutions.
  • Asserts that meaningful progress will only come from actually bringing products on-chain and using them, enabling iterative improvement in production rather than in labs.

Takeaway: Expect more active engagement and product development from firms like Baillie Gifford on Solana, with a bias toward shipping and iterating live on-chain.


5. End of “Proof of Concept” Era and the Push to Build

  • Golden declares that “the age of proof of concepts is over”; the industry must move from experimentation to full-scale implementation.
  • He urges traditional institutions to get “off the sidelines,” stop procrastinating, and start building and deploying real on-chain products.
  • Reiterates three core points for institutions:
    • Building on-chain will become economically self-evident.
    • Success requires collaboration, not collision, with crypto-native builders.
    • Institutions must commit to “build, build, build” instead of endless pilots and whitepapers.
  • This framing suggests an inflection point where investors should look for concrete on-chain deployments and revenue-bearing products rather than mere pilots.

Takeaway: The market narrative is shifting from experimentation to execution; investors should watch for which institutions actually deploy scalable products on Solana, not just talk about blockchain.

Breakpoint 2025: Product Keynote: Coinbase (Sabs Sachdeva, Andrew Allen)

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Breakpoint 2025 D1

Overview

  • Coinbase is making Solana a core ecosystem in its retail app, signaling long-term strategic alignment and institutional confidence in Solana.
  • Native Solana DEX liquidity is integrated directly into Coinbase, letting users trade virtually any Solana token with CEX-like simplicity and early access to new assets.
  • On-chain Solana trades are abstracted behind a unified, familiar UX (bank cards, USD/USDC, standard order flow), lowering technical barriers to Solana participation.
  • CEX and Solana DEX holdings are unified in one portfolio view, increasing perceived legitimacy, visibility, and potential liquidity for Solana tokens.
  • The Vector acquisition and upcoming product rollout show Coinbase is “all in on Solana,” with more Solana-focused products expected, a bullish signal for Solana investors.

Andrew Allen & Sabs (Saabs) Sachdeva

Andrew – Solana product lead at Coinbase
Sabs – works on Solana integrations at Coinbase, including the new DEX trading experience


1. Coinbase’s Mission & Expansion into Solana

  • Coinbase reiterates its core mission: increase global economic freedom and bring the next billion people on-chain.
  • The company sees millions of new assets launching on-chain daily and wants them to be accessible to all Coinbase users.
  • Coinbase is “specifically expanding to Solana,” meaning users will soon see native Solana assets directly in the Coinbase app.
  • This expansion is framed as a strategic move and a deepening of Coinbase’s commitment to the Solana ecosystem.

Takeaway: Coinbase is positioning Solana as a core supported ecosystem within its retail product, signaling long-term strategic alignment that investors in Solana should note.


2. DEX Trading for Any Solana Token in the Coinbase App

  • Coinbase has rolled out DEX trading on Solana inside the standard Coinbase retail app.
  • Users can now trade any token on Solana (subject to liquidity) via a familiar CEX-like interface.
  • This gives Coinbase users early access to millions of tokens the moment they become available on-chain.
  • Issuers/builders do not need a formal “listing” on Coinbase; if their token has sufficient DEX liquidity on Solana, it can be traded by millions of Coinbase users.
  • This effectively bridges centralized-exchange UX with decentralized liquidity, reducing friction for both traders and token projects.

Takeaway: By surfacing Solana DEX liquidity directly in the Coinbase app, Coinbase materially increases distribution and discovery for Solana tokens while giving retail users early access to new assets.


3. Unified Trading Experience: CEX-like UX for On-chain Assets

  • The trading flow for Solana DEX tokens is intentionally identical to Coinbase’s normal centralized trading experience.
  • Users can pay with USDC, USD, bank accounts, or debit cards, with all on-chain complexity abstracted away.
  • Routing, slippage handling, and transaction submission to Solana are managed on the backend by Coinbase.
  • Completed DEX trades appear alongside Bitcoin, centralized-exchange positions, and other holdings in a single portfolio view.
  • The focus is on seamless UX so that mainstream users don’t need to understand DEX mechanics or wallet operations.

Takeaway: Coinbase is lowering the technical barrier for on-chain participation by making Solana DEX trading feel like a standard Coinbase trade, which can accelerate user adoption of Solana assets.


4. Portfolio Integration: CEX & DEX Assets in One Place

  • After a DEX trade (e.g., buying WJAK), the token appears in the same holdings page as Bitcoin and other assets.
  • The app does not visually separate “CEX” vs “DEX” assets; they are unified within one portfolio interface.
  • This simplification could increase user comfort with on-chain assets by normalizing them in the same view as traditional Coinbase holdings.
  • For issuers, this gives their tokens parity in visibility to mainstream assets once adequate liquidity exists.

Takeaway: Treating Solana DEX assets like any other Coinbase asset in the portfolio view increases perceived legitimacy and discoverability, potentially supporting liquidity and market participation.


5. Strategic Momentum: Vector Acquisition & “All In on Solana”

  • Sabs references Coinbase’s acquisition of Vector as a signal that Coinbase is “going all in on Solana.”
  • The acquisition is framed as foundational to further Solana-related products and integrations.
  • Coinbase signals that the DEX trading experience is “just the start,” implying more Solana-focused innovations are coming.
  • This public messaging at Breakpoint reinforces Coinbase’s commitment to be a long-term, active participant in the Solana ecosystem.

Takeaway: Coinbase’s M&A activity (Vector) and messaging indicate a strategic bet on Solana’s growth, relevant to investors tracking institutional alignment around major L1 ecosystems.


6. Product Launch Timeline & Access

  • Andrew announces a product showcase on December 17th where more details will be shared.
  • Attendees at Breakpoint are invited to find the Coinbase team in person to gain “exclusive access” to a waitlist.
  • The messaging suggests a staged rollout with early-access users, often a precursor to broader public launch.
  • Timing and exclusivity may generate early liquidity and attention on Solana DEX markets via Coinbase’s user base.

Takeaway: A near-term rollout with an early-access waitlist suggests Coinbase is moving quickly to operationalize Solana DEX trading for retail users, potentially impacting Solana liquidity and token discovery in the short term.

Breakpoint 2025: Product Keynote: Crypto.com (Park Kwon)

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Breakpoint 2025 D1

Overview

  • Crypto.com is evolving into a full-stack investing and payments platform (stocks, ETFs, cards, custody, revamped app), which can increase user activity and transaction volume across listed assets, including SOL.
  • The exchange is becoming a key on-ramp and distribution hub for Solana projects, with broad token listings, promotions, and Earn products that can boost Solana ecosystem liquidity and visibility.
  • Native SPL stablecoin support (USDC, USDT, PYUSD) on Solana via Crypto.com reinforces Solana’s role as a low-fee settlement and payments layer, supporting higher DeFi and transactional usage.
  • Deep integration of SOL into cards, custody, OTC, and U.S.-regulated derivatives expands SOL’s utility (spend, hedge, custody) and can attract both retail and institutional capital in a compliant framework.
  • A stated multi-year roadmap through 2026 to further integrate Solana into Crypto.com’s products and infrastructure signals durable strategic alignment, supporting a long-term demand thesis for SOL and Solana-based assets.

Quan Park

Global Head of Digital Asset Partnerships, Crypto.com


1. Crypto.com’s 2025 Roadmap Execution & Product Expansion

  • Crypto.com set an ambitious roadmap for 2025 and delivered several products earlier than expected.
  • Key launches and growth areas include: stock and ETF trading, credit cards, sports and event contracts, U.S. custody, the Level Up program, and a major revamp of the main consumer app.
  • The main app revamp is focused on improving user experience, which can support higher engagement and retention.

Takeaway: Crypto.com is rapidly broadening its product stack beyond pure crypto trading into a more complete financial and investing platform, potentially increasing user stickiness and transaction volume.


2. Deepening Support for the Solana Ecosystem

  • Crypto.com added many Solana-based projects to both its main app and exchange, improving access and visibility for Solana ecosystem tokens and applications.
  • The company is committed to extending this Solana support further into 2026, signaling long-term alignment with the ecosystem.
  • Marketing campaigns, in-app promotions, and Earn products in eligible jurisdictions are used to raise awareness of Solana among Crypto.com’s user base.

Takeaway: Crypto.com is positioning itself as a major access point and distribution channel for Solana projects, which can support liquidity and adoption across the Solana ecosystem.


3. Stablecoin & SPL-Native Support on Solana

  • Crypto.com supports SPL-native versions of USDC, USDT, and PYUSD on both the main app and the exchange.
  • This enables more efficient transfers and usage of stablecoins directly on Solana’s high-throughput, low-fee network.
  • The presence of multiple major stablecoins on Solana via a large retail platform enhances Solana’s role as a settlement and payments layer.

Takeaway: Native support for key stablecoins on Solana via Crypto.com can drive more transactional activity and DeFi usage on the network.


4. Solana Integration Across Cards, Custody & OTC Services

  • Solana (SOL) can be used to pre-fund Crypto.com’s flagship debit card and to pay credit card balances where cards are available, tying SOL directly into everyday spending.
  • Custody and OTC execution services for Solana and Solana ecosystem tokens are available in eligible jurisdictions, targeting institutional and high-net-worth clients.
  • This integration broadens SOL’s utility from a trading asset to a spendable and bank-like asset with institutional-grade infrastructure.

Takeaway: Making SOL usable for payments, credit settlement, and institutional services improves its utility profile and attractiveness to both retail and institutional investors.


5. Regulated Solana Products & U.S. Derivatives Expansion

  • Crypto.com offers regulated products such as “Solana Strike” and up/down options on Solana in the U.S. under its Designated Contract Market (DCM) license with the CFTC.
  • Crypto.com Derivatives North America, a CFTC-licensed exchange, pioneered compliant crypto derivatives and event trading products in the U.S. market.
  • The company is the first major crypto platform to secure the combination of futures commission merchant, DCM, and clearing licenses in the U.S., creating a full-stack regulated derivatives platform.

Takeaway: Regulated Solana derivatives in the U.S. can deepen liquidity, enable hedging, and attract more sophisticated, compliance-focused capital into Solana.


6. Institutional-Grade Custody & Strategic Partnerships

  • Institutional-grade custody services have been launched out of both the U.S. and Singapore, aimed at being a “trusted partner” to Solana ecosystem participants needing secure custody and execution.
  • Crypto.com has DCM-related partnerships with companies like Hollywood.com, Underdog, Truth Social, My Prize, and Fanatics, demonstrating a broad reach into media, entertainment, and sports sectors.
  • The firm is actively looking for further collaboration opportunities with Solana ecosystem projects via these regulated and institutional channels.

Takeaway: Enhanced institutional custody and cross-industry partnerships create more on-ramps for capital and users into Solana-related products.


7. Outlook to 2026: Further Solana Integration

  • Crypto.com plans to continue exploring how Solana can be integrated deeper into its product suite, core infrastructure, and new product development.
  • This suggests potential future use of Solana for settlement, on-chain features in the app, or as a backbone for new financial products.
  • The repeated emphasis on 2026 indicates a multi-year strategic commitment rather than a short-term integration.

Takeaway: Crypto.com’s forward-looking strategy implies that Solana will likely underpin more of its future products, supporting long-term demand and relevance for the Solana ecosystem.

Breakpoint 2025: Product Keynote: DK Bank (Yudong Zheng)

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Breakpoint 2025 D1

Overview

  • Bhutan is executing a national crypto strategy (BTC mining, crypto in reserves, blockchain ID, and crypto-based tourism), signaling durable sovereign alignment with digital assets.
  • Bhutan will launch “Tear,” a sovereign gold-backed token on Solana, positioning it as a reference model for state-issued tokenized assets and a strong endorsement of Solana’s infrastructure.
  • Tear’s structure (micro-accessible gold exposure plus global physical redemption) creates a hybrid savings and commodity instrument that could support deep on-chain liquidity and usage.
  • DK Bank, as state-backed issuer and custodian, provides regulatory clarity and institutional-grade infrastructure, strengthening Solana’s appeal to other sovereigns and large institutions.
  • Investors in the Solana ecosystem gain exposure to a high-signal, sovereign-backed asset that may catalyze new flows (retail, institutional, and national) into Solana DeFi and payment rails.

Yudong Zheng

Yudong Zheng, DK Bank (Bhutan), presenting Bhutan’s national crypto initiatives and the launch of a sovereign gold-backed token on Solana. DK Bank is founded by the King of Bhutan and serves as the official bank for Bhutan’s “Mindfulness City” project.


1. Bhutan’s National-Scale Crypto & Digital Asset Strategy

  • Bhutan has been engaged in national-scale Bitcoin mining since 2019 and now holds one of the largest Bitcoin reserves among sovereign nations.
  • Earlier in the year, Bhutan announced it would formally include Bitcoin and selected cryptocurrencies in its national reserves.
  • The country has integrated crypto into its tourism system, allowing visitors to travel and pay domestically without using fiat currency.
  • Bhutan has onboarded ~800,000 citizens to a national digital identity system on blockchain, enabling access to government services and information.
  • These steps position Bhutan as a crypto-forward sovereign, blending state-level policy with Web3 infrastructure.

Takeaway: Bhutan is actively using Bitcoin, crypto payments, and blockchain identity at a national level, signaling serious long-term alignment with digital assets rather than experimental dabbling.


2. Launch of “Tear” – World’s First Sovereign Gold-Backed Token on Solana

  • Bhutan is launching “Tear” on Solana on December 17, 2025 (Bhutan’s National Day), presented as the world’s first sovereign gold-backed token issued by a country.
  • “Tear” means “treasure” in traditional Bhutanese, and gold is culturally and economically significant not only in Bhutan but across the South Asian subcontinent (~2 billion people).
  • The token is explicitly positioned as sovereign-backed, differentiating it from private gold tokens or stablecoins.
  • Bhutan’s decision to tokenize its most valuable asset (gold) on a public chain is framed as a strong vote of confidence in Solana’s technology and ecosystem.
  • The launch is purpose-driven: to enable economic development using advanced technology while preserving Bhutan’s culture and traditions.

Takeaway: Tear is a high-signaling experiment in state-issued tokenized gold on Solana, potentially setting a reference model for other nations considering asset-backed digital currencies.


3. Accessibility, Unit Economics, and Physical Redemption

  • The design goal is mass accessibility for everyday Bhutanese, not just large investors.
  • 1 Tear represents 0.0101 grams of 99.999% pure gold (99999), currently valued at roughly $130 for a minimum accessible amount, though the exact pricing context is loosely referenced.
  • Low minimums are meant to allow citizens with modest savings to participate in gold ownership through the token.
  • A physical redemption feature is being built: holding as little as 20 grams’ worth of Tear will allow conversion into physical 9999 gold coins or bars.
  • Redeemed gold can be securely delivered anywhere in the world, which expands Tear’s relevance beyond Bhutan’s borders.

Takeaway: Tear is structured to function both as a micro-accessible savings instrument and a globally redeemable, physically-settled gold product, which could broaden its investor appeal and liquidity over time.


4. Role of DK Bank and Banking Services for Crypto Companies

  • DK Bank is the official custodian and distributor of Tear, providing institutional backing and regulatory clarity.
  • The bank was founded by Bhutan’s King and is the official financial institution for the “Mindfulness City” (Galiful Mindfulness City) development project.
  • DK Bank aims to leverage Bhutan’s Bitcoin mining capacity and favorable crypto policy to offer global banking partnerships to crypto companies.
  • This includes positioning Bhutan as a crypto-friendly banking hub, potentially attractive to Web3 firms seeking stable, compliant fiat and asset-bridge relationships.

Takeaway: DK Bank is using Tear and Bhutan’s Bitcoin infrastructure to position itself as a compliant, crypto-aligned banking partner, which could draw more crypto business and capital into the Solana and Bhutan ecosystems.


5. Market Access, Community, and Invitation to Global Participants

  • The December 17 launch is primarily targeted at Bhutanese citizens to ensure domestic adoption.
  • However, there is an open invitation for international participants to pre-register and gain exposure to Tear.
  • The project is framed not just as a financial product but as a community and national initiative tied to Bhutan’s identity and values.
  • The speaker explicitly invites people either to join the Tear community or to visit Bhutan, reinforcing the tourism–crypto integration narrative.

Takeaway: While domestically focused at launch, Tear is designed with global investors and users in mind, potentially creating a new sovereign-backed, gold-denominated asset accessible on Solana.

Breakpoint 2025: Product Keynote: Keel (Cian Breathnach)

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Breakpoint 2025 D1

Overview

  • Keel is now a live, Solana-native on-chain capital allocator within the Sky ecosystem, integrating with lending markets to route sizable capital across DeFi.
  • The “Tokenization Regatta” public RFP targets deploying an initial $500M into Solana RWAs, positioning Solana as a leading chain for institutional-grade tokenized assets.
  • Keel’s mandate is conservative, focusing on legally robust, USD-denominated, low-duration, liquid RWAs that offer stable, risk-adjusted yields suitable for institutional and DeFi demand.
  • A two-track structure (near-term live assets and longer-term pipeline) is designed to rapidly deploy capital now while building a 12–18 month pipeline of future Solana-native RWA supply in coordination with the Solana Foundation.
  • Strong advance interest from major asset managers and tokenization providers suggests growing TradFi engagement with Solana, potentially lifting RWA TVL, deepening liquidity, and improving yield opportunities for Solana investors over multiple future allocation “seasons.”

Cian Breathnach (Ken “Cian” Breathnach) – Madariki Labs / Keel

Founder of Madariki Labs and core contributor to Keel, an on‑chain capital allocator focused exclusively on the Solana network and embedded within the Sky ecosystem (Solana-native DeFi / stablecoin ecosystem).


1. Keel’s Role in the Solana DeFi & Sky Ecosystem

  • Keel is described as an on‑chain capital allocator that operates fully on Solana and lives within the Sky ecosystem.
  • Its original “big three” ambitions (first shared at Solana Apex Singapore) are:
    • Bring DeFi at scale to Solana.
    • Improve rate stability and liquidity in Solana lending markets.
    • Act as a catalyst for growth in Solana’s real‑world assets (RWA) space.
  • Since Apex, Keel’s core infrastructure went live in November, moving it from concept to functioning protocol.
  • Keel has already integrated with its first two lending platforms, starting to deploy capital into Solana-native money markets.

Takeaway: Keel is positioning itself as a major capital routing layer in the Solana DeFi stack, with live infrastructure and initial lending integrations already in place.


2. Launch of the “Tokenization Regatta” – A Public RFP for Solana RWAs

  • The central announcement is Keel’s Tokenization Regatta, a public RFP (request for proposals) for Solana‑native real‑world assets.
  • Season 1 of the Regatta aims to deploy the first $500 million of Keel’s allocation capacity.
  • This is framed as the largest single placement of assets on Solana to date, signaling a meaningful step‑change in on‑chain AUM.
  • The initiative is explicitly focused on 10x growth for RWAs on Solana, making RWAs the main current strategic priority.
  • The RFP details are published on the Sky forum (via ke.fi), making the process open and transparent to issuers and the broader market.

Takeaway: Keel is using a large, public RFP process to rapidly bootstrap a sizable RWA base on Solana, with an initial target of $500M in allocations.


3. Asset Criteria: What Types of RWAs Keel Wants to Fund

  • Keel is looking for high‑quality tokenizations with:
    • Bankruptcy‑remote legal structures and robust legal protections.
    • Strong, thoroughly robust on‑chain infrastructure for issuance and lifecycle management.
  • Desired economic characteristics:
    • USD‑denominated assets.
    • Low duration and no directional exposure (minimizing interest rate and market risk).
    • Highly liquid with preference for:
      • Daily NAV.
      • T+0 or T+1 settlement.
    • Low volatility with sustainable risk‑adjusted returns.
  • This profile aligns closely with institutional-grade, conservative yield products (attractive for both DeFi protocols and risk‑sensitive investors).

Takeaway: Keel is targeting conservative, institutional-quality RWA products—short-duration, USD-based, liquid, and legally robust—to build a stable and scalable yield layer on Solana.


4. Two-Track Structure: Near-Term Deployments vs. Future Pipeline

  • The Regatta is split into two distinct tracks to manage different time horizons:

    Track A – Immediate / Near-Term Assets

    • Focuses on assets that are already live on Solana or can be live and ready for deployment by March 31, 2026.
    • Designed to get capital working quickly into existing or imminently available RWA products.

    Track B – Future Pipeline Development

    • Targets high‑quality RWA projects in development for Solana, not yet live.
    • Aims to build a forward pipeline for Keel allocations over the next 12–18 months.
    • Keel is working closely with the Solana Foundation to:
      • Identify pain points and gaps for issuers.
      • Help accelerate time‑to‑market for these RWAs.

Takeaway: By splitting the program into live assets and future pipeline, Keel is setting up both immediate capital deployment and a structured path to scale RWA supply over the coming 1–2 years.


5. Market Response: Interest from Major Asset Managers & Tokenization Stack

  • Before the public announcement, Keel already received expressions of interest from over 40 of the world’s largest asset managers.
  • There has also been strong engagement from dozens of tokenization stack providers (infrastructure, middleware, etc.).
    • Some already support Solana issuance.
    • For many, this is the first serious opportunity to justify building Solana-specific tokenization integrations (clear ROI given the size and visibility of Keel’s allocations).
  • This signals a potential shift of traditional finance and tokenization players toward Solana, driven by a concrete, funded demand source.

Takeaway: The scale and clarity of Keel’s RFP are drawing serious interest from large TradFi asset managers and tokenization providers, strengthening Solana’s position as a credible RWA chain.


6. Strategic Purpose of a Public RFP & Expected Ecosystem Impact

  • The Regatta is not just about the first $500M; it is intended as a catalyzing moment for the entire Solana RWA landscape.
  • Goals of a public RFP:
    • Create transparency and competition around RWA issuance quality.
    • Conduct a de facto “state of readiness” survey of the global RWA/tokenization market for Solana.
    • Identify bottlenecks and opportunities to accelerate new asset launches.
  • Season 1 alone is expected to deliver an immediate 60% increase in RWA total locked (RWATL) on Solana from current levels.
  • The process aims to open and maintain ongoing dialogue between:
    • Asset managers
    • Keel
    • The Solana Foundation
    • Other contributors like Sky, Kinetic Research, and Particular
  • The clear message: this is the first season, implying multiple future allocation seasons and a long‑term RWA capital program on Solana.

Takeaway: The public RFP is designed to systematically map, grow, and professionalize RWAs on Solana, with Season 1 alone meaningfully increasing RWA TVL and setting the stage for recurring, larger capital deployments.


7. How to Follow and Participate

  • More information and the full RFP details are:
    • On the Sky forum / blog via ke.fi (exact RFP link shared as ke.fi/gga).
  • Updates and ongoing communications:
    • Via Keel’s X (Twitter) account: @ke_fi.
  • Contributors and supporters explicitly acknowledged:
    • Sky
    • Solana Foundation
    • Kinetic Research
    • Particular

Takeaway: Keel is keeping the process open and transparent, with clear public channels for issuers, asset managers, and investors to track the RWA program and engage directly.

Breakpoint 2025: Product Keynote: OSL (Eugene Cheung)

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Breakpoint 2025 D1

Overview

  • Traditional cross‑border payment rails impose a large “invisible tax” of time, fees, and friction, creating a multi‑trillion‑dollar opportunity for better infrastructure rather than new currencies.
  • Stablecoins are framed as the core architecture for next‑gen money movement, with huge upside in building compliant, institutional‑grade bridges between on‑chain assets and off‑chain finance.
  • USD Go is introduced as a regulated, 1:1 backed stablecoin platform focused on institutional payment, treasury, and settlement flows—not retail speculation.
  • Anchorage’s U.S. bank charter plus OSL’s broad, multi‑region licensing footprint positions USD Go as a credible, compliant rail that can plug into banks and payment systems globally.
  • Solana is the primary “highway” for USD Go, reinforcing Solana’s thesis as the leading high‑throughput, low‑fee chain for institutional stablecoin, payments, and treasury infrastructure—an important growth vector for Solana investors.

Eugene Cheung

Eugene Cheung, OSL (licensed crypto exchange and payment platform based in Hong Kong; operates across Asia and globally)


1. The Problem: Money Moves Wars, but Wars Still Struggle to Move Money

  • Highlights the inefficiency and frustration in traditional cross‑border payments (slow settlement, high fees, manual checks, multiple intermediaries).
  • Argues that the friction is not because “money is broken” but because the existing financial system and infrastructure are outdated.
  • Describes this friction as an “invisible tax” on money movement (waiting time, spreads, and fees that users and businesses are forced to bear).
  • Frames the need for a new architecture for money movement rather than a new currency.

Takeaway: The current global payment system imposes a significant “invisible tax” on cross‑border money movement, creating a large opportunity for more efficient infrastructure.


2. Stablecoins as a New Architecture, Not a New Currency

  • Notes that over half a billion people already hold crypto and stablecoins, and stablecoins settle trillions in USD-equivalent volume annually.
  • Points out a gap: stablecoins have advanced rapidly, but the off-chain financial system connecting to them has not kept up.
  • Positions stablecoins not as a replacement currency, but as a new “architecture for money” that can underpin a better financial rail.
  • Emphasizes that businesses don’t need more currencies; they need an upgraded architecture and better rails for payments, treasury, and settlement.

Takeaway: Stablecoins should be viewed as core infrastructure for a new financial architecture, with significant room for growth in how they interface with traditional finance.


3. Introducing USD Go: A Regulated Stablecoin Platform

  • Announces “USD Go” (USD Go) as a newly launched regulated stablecoin platform, not just another stablecoin issuance.
  • Frames USD Go as a payment infrastructure layer enabling businesses and institutions to move money more easily with improved experience.
  • Clarifies design: fully compliant, 1:1 backed stablecoin with clear issuance and custody responsibilities.
  • Targets use cases across payment, trading, treasury, and custody, aiming to be the “default rail” for moving assets.

Takeaway: USD Go aims to occupy the regulated, institutional-grade stablecoin segment, targeting real business and institutional flows rather than purely retail speculation.


4. Regulatory & Banking Partnerships: Anchorage and OSL’s Licensing Footprint

  • Announces Anchorage as a core partner: the first federally chartered national crypto bank in the U.S.
  • Anchorage will handle issuance and custody for the stablecoin, ensuring regulatory compliance and fully backed reserves.
  • OSL focuses on distribution, liquidity, and real-world integration with financial institutions and payment systems.
  • Highlights OSL as the first licensed exchange in Hong Kong, with additional licenses and registrations (around 50) across 10 regions via the acquisition of “banser” (likely a payment/fintech entity).
  • This regulatory spread allows OSL to connect many banks with blockchain rails and enable instant settlement.

Takeaway: The combination of Anchorage’s U.S. banking status and OSL’s multi‑jurisdictional licensing positions USD Go to meet institutional and regulatory standards across major markets.


5. Positioning vs. Other Stablecoins: Infrastructure, Not Competition

  • Explicitly states they are not trying to compete directly with existing stablecoins.
  • Instead, they aim to build an infrastructure layer that can “work with everybody” and make other stablecoins more usable at scale.
  • Envisions USD Go as a bridge between traditional banking systems and multiple stablecoin ecosystems.
  • Sees value in providing compliance, liquidity, and integration rails that enhance overall stablecoin utility.

Takeaway: USD Go is positioned as a collaborative infrastructure and liquidity layer that could amplify the usability and adoption of multiple stablecoins rather than replace them.


6. Solana as the “Highway” for the New Architecture

  • Identifies Solana as OSL’s preferred blockchain partner and “new highway” for this payment architecture.
  • Cites Solana’s key attributes: high performance, low fees, strong community, and global-scale reliability.
  • Emphasizes that such infrastructure is essential for building a truly global payment and settlement rail.
  • USD Go and the associated business stack are “powered by Solana,” directly tying Solana’s performance to the product’s value proposition.

Takeaway: Solana is positioned as the core technical rail for USD Go, strengthening the narrative that Solana is a leading chain for high-throughput, institutional-grade payments and stablecoin use cases.


7. Business & Investor Use Cases: Plug-and-Play Stablecoin Infrastructure

  • OSL is building a “USD Go business stack” that allows businesses and institutions to plug in easily to stablecoin-based payment and treasury services.
  • Promises lower transaction costs, higher yields (likely via on-chain liquidity and yield opportunities), and more liquidity for users.
  • Targets real-world integrations: connecting banks, payment flows, and corporate treasury operations to blockchain-based settlement.
  • Positions OSL not just as a crypto exchange but as a licensed global payment platform that uses blockchain as its core engine.
  • Envisions the next decade of finance as defined by architecture—rails and platforms—rather than by any single token.

Takeaway: If successfully executed, USD Go and OSL’s Solana-based stack could capture meaningful payment, treasury, and settlement volume, providing an investable growth vector for Solana-based stablecoin and payment infrastructure.

Breakpoint 2025: Product Keynote: Singapore Gulf Bank (Justin Peyton)

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Breakpoint 2025 D1

Overview

  • Singapore Gulf Bank, a regulated wholesale bank serving ~70% of regional VASPs, is positioning itself as core infrastructure bridging TradFi and crypto, with strong relevance to large digital asset flows.
  • The bank is targeting a $500B Bahrain–Singapore trade corridor, using stablecoins as core cross‑border settlement rails, highlighting real‑world demand for on‑chain dollar liquidity.
  • While multi‑chain, the bank is explicitly prioritizing Solana with fee and gas subsidies, signaling a strategic view of Solana as a primary institutional settlement layer.
  • A streamlined, bank‑embedded mint/redeem experience for USDC/USDT and other stablecoins (with wallet whitelisting and AML/KYC baked in) lowers friction for compliant capital to move onto Solana.
  • For Solana investors, the key takeaway is the potential for materially higher stablecoin and trade-related volumes on Solana, driven by regulated, institutional flows rather than purely speculative activity.

Justin Peyton

Chief Growth Officer, Singapore Gulf Bank – a regulated wholesale bank (launched March 2025) focused on bridging digital assets and traditional finance, with operations in Bahrain and Singapore.


1. Singapore Gulf Bank’s Positioning and Market Footprint

  • Singapore Gulf Bank is a regulated wholesale bank launched in March 2025 with a mission to “unite digital assets and traditional finance” and create more “fluid finance.”
  • The bank already counts about 70% of the VASPs (Virtual Asset Service Providers) in its region as clients.
  • These clients represent a large share of overall crypto trading flow, giving the bank significant transaction volume and strategic relevance in the digital asset ecosystem.
  • The bank’s ambition is to be “one bank to build for all of finance,” positioning itself as core infrastructure across traditional and crypto markets.

Takeaway: Singapore Gulf Bank is emerging as a key regulated rails provider for large crypto flows in its region, making it a potentially important institutional bridge between TradFi and digital assets.


2. Focus on the Bahrain–Singapore Trade Corridor and Stablecoin Use Cases

  • The bank operates dual headquarters in Bahrain and Singapore, focusing on a major trade corridor valued at roughly $500 billion.
  • This corridor highlights the need for faster, cheaper, and more efficient cross-border trade finance and settlement.
  • Stablecoins are framed as a compelling solution for managing trade flows and cross-border value transfer within this corridor.
  • The talk focuses on just one specific stablecoin use case, with an indication that multiple additional use cases are planned.

Takeaway: By targeting a $500B trade corridor with stablecoin-based solutions, the bank is positioning stablecoins as real-economy infrastructure for cross-border trade rather than purely speculative instruments.


3. Solana Integration and Multi‑Chain Strategy

  • Singapore Gulf Bank will support minting and redeeming stablecoins across multiple networks but is offering special incentives for using Solana.
  • Solana is singled out as the primary network where the bank is “really driving that incentive,” including waived fees and covered gas costs.
  • The bank’s use of Solana aims to make trade and payments cheaper, faster, and easier, leveraging Solana’s speed and low-cost transactions.
  • Even while being multi-chain, the bank is explicitly aligning with and supporting the Solana community.

Takeaway: The bank’s decision to subsidize fees specifically on Solana underscores a strategic bet that Solana will be a core settlement layer for institutional stablecoin use, which is notable for Solana-focused investors.


4. Regulated Stablecoin Minting/Redeeming via Bank Interface

  • The bank is building a seamless interface to mint and redeem stablecoins (e.g., USDC, USDT, and other upcoming stablecoins) directly from bank accounts.
  • The flow is designed to be extremely simple: five clicks and one data entry to mint stablecoins from a personal or corporate banking screen.
  • Users can:
    • View their fiat balance,
    • Add/select a DeFi wallet,
    • Choose “mint or redeem,”
    • Select network (with Solana incentivized),
    • Choose amount and confirm.
  • The process is demonstrated in real time: minting $10,000 USDC to a DeFi wallet, with instant confirmation and synchronized balance adjustment in the bank account.

Takeaway: The bank is productizing a user experience where stablecoin creation and redemption becomes as simple as a standard banking transaction, which lowers friction for institutional and retail on-chain liquidity on Solana.


5. Compliance, Wallet Whitelisting, and Institutional-Grade On/Off-Ramps

  • DeFi wallets are pre-registered and “pre-cleared” with the bank, which emphasizes AML and regulatory compliance.
  • Stablecoins are minted directly into approved DeFi wallets, combining on-chain activity with banking-grade KYC/AML controls.
  • This setup creates a compliant on/off-ramp between bank accounts and DeFi on Solana, suitable for both corporate and personal clients.
  • Corporate banking launch is expected slightly ahead of personal banking, underlining an institutional-first approach.

Takeaway: By embedding KYC/AML into the wallet and minting flow, the bank is building compliant institutional rails into DeFi on Solana, which is key for larger regulated capital to move on-chain.


6. Incentivized Stablecoin Minting and Cost Structure

  • For Solana-based stablecoin minting:
    • Minting fees are waived.
    • Gas fees are covered by the bank.
    • No additional banking fees are charged for these operations.
  • This makes Solana the cheapest path for clients to move value on-chain via regulated stablecoins, encouraging network adoption.
  • The bank’s stated goal is to offer “the fastest, cheapest, and easiest way” to solve the trade and payments use case.

Takeaway: Subsidizing minting and transaction costs on Solana creates a strong economic incentive for flows to concentrate on Solana, potentially increasing on-chain stablecoin volumes and DeFi activity relevant to Solana investors.


Overall, the talk presents Singapore Gulf Bank as a regulated, institutionally connected gateway bringing large flows of capital into Solana-based stablecoins, with a clear focus on real-world trade, compliance, and user experience.

Breakpoint 2025: Product Keynote: SkyBridge Capital (Anthony Scaramucci)

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Breakpoint 2025 D1

Overview

  • “Solana Rising” is framed as an accessible, narrative-style on-ramp aimed at skeptical, older, and TradFi audiences to explain Solana’s origin story and investment case.
  • Passage of the Clarity Act is seen as a near-term catalyst that could unlock large-scale tokenization and institutional activity on Solana by providing regulatory certainty.
  • Scaramucci anchors 2026 as the likely breakthrough year when major TradFi firms actively use Solana as core infrastructure, shaping a 1–2 year investor time horizon.
  • He argues Solana can capture a share of the multi-trillion-dollar global verification and settlement cost base, positioning it as a high-upside “operating layer” for finance.
  • A major success factor is overcoming cultural and generational resistance, with investors encouraged to use tools like the book to evangelize Solana to legacy finance decision-makers.

Anthony Scaramucci

Founder, SkyBridge Capital; long-time traditional finance investor turned crypto advocate, discussing his new book “Solana Rising” and the broader investment thesis for Solana.


1. Purpose and Audience of “Solana Rising”

  • The book “Solana Rising” was released the day before this talk and is positioned as an explanatory, narrative-style introduction to Solana.
  • Scaramucci interviewed Solana founders and early leaders (Anatoly, Raj, Lily, and others) to capture the origin story and vision of the “Solana family.”
  • The primary goal is to help existing Solana believers persuade non-believers—especially those in traditional finance and older demographics—by giving them an accessible story and framework.
  • He emphasizes that people around his age (~62) often don’t understand crypto, blockchain, or Solana, and that this book is meant to bridge that generational and institutional gap.
  • He uses humor about buying his own copies and calling it an “international bestseller” to encourage the audience to purchase and share it.

Takeaway: “Solana Rising” is intended as a narrative on-ramp for skeptical or older investors to understand Solana’s story and potential.


2. Regulatory Outlook: The Clarity Act and Institutional Adoption

  • Scaramucci forecasts that the “Clarity Act” is very likely to pass next year, despite some current Democratic opposition.
  • He views this act as a critical regulatory milestone that will “create a wonderful pathway” for tokenization of real-world assets (RWAs).
  • Regulatory clarity is framed as the unlock needed for large traditional finance (TradFi) players to transact at scale on public blockchains like Solana.
  • He positions the passage of this act as a key driver of a major adoption wave, particularly around tokenization and institutional use cases.

Takeaway: Expected regulatory clarity in the near term is central to Scaramucci’s thesis that Solana will see a step-function increase in institutional use and legitimacy.


3. 2026 as a Breakthrough Year for Solana

  • Scaramucci explicitly calls 2026 a likely “breakthrough year” for the Solana chain.
  • He imagines a 2026 Breakpoint conference where large firms like BlackRock, Blackstone, JP Morgan, and other TradFi institutions are actively using Solana.
  • The vision is that Solana becomes a core operating layer for traditional financial transactions and asset tokenization.
  • This timeframe is framed as near enough to be actionable for investors but far enough to allow regulatory and institutional processes to play out.

Takeaway: He anchors the investment narrative around a 1–2 year horizon, with 2026 as the inflection point for large-scale institutional activity on Solana.


4. The Economic Opportunity: Reducing Global Transaction Costs

  • In researching the book, he estimates roughly $4 trillion globally is spent on transaction verification costs (credit card fees, wire fees, real estate closings, legal and accounting fees, etc.).
  • He argues that moving these processes to an efficient blockchain “operating layer” like Solana could significantly reduce these costs.
  • The reduction in transaction frictions is framed as both:
    • A massive macroeconomic opportunity (more efficient global commerce).
    • A direct source of value and innovation for builders and investors on Solana.
  • The thesis is that cost compression in verification and settlement will unlock new products, services, and business models.

Takeaway: The scale of verification costs globally underpins his argument that Solana’s addressable market is enormous if it becomes a core transactional infrastructure layer.


5. Cultural and Generational Resistance to Crypto and Solana

  • He highlights a strong “institutional resistance” among older and traditional finance audiences—people who “don’t understand it, don’t like it.”
  • This resistance is not just technical but cultural and generational, rooted in unfamiliarity and skepticism.
  • Scaramucci urges the audience to act as “proselytizers” or evangelists for Anatoly and Raj’s vision, emphasizing the need for communication and education.
  • He positions the Solana community’s role not just as builders and investors, but as translators to the legacy financial world.

Takeaway: Overcoming demographic and institutional skepticism via education and advocacy is, in his view, as critical as the technology itself for Solana’s investment success.


6. Call to Action for the Solana Community

  • He directly asks attendees to:
    • Buy the book.
    • Share it with skeptical friends, colleagues, and older investors.
  • The book is framed as a tool for the community to scale the narrative beyond the existing crypto-native audience.
  • He closes with confidence that 2026 will be “a phenomenal year” for everyone in the room, reinforcing a bullish, community-centric outlook.

Takeaway: Scaramucci sees narrative-building—using tools like his book—as a key lever for expanding Solana’s investor base and accelerating mainstream adoption.

Breakpoint 2025: Product Keynote: Solflare (Filip Dragoslavic)

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Breakpoint 2025 D1

Overview

  • Seed-phrase theft remains a systemic risk, with nearly $10B lost in 2024, directly harming user retention, ecosystem growth, and long‑term market expansion on Solana.
  • Current multi‑chain hardware wallets are over‑complex and expensive because they compensate for weak software security elsewhere, creating unnecessary friction and cost for Solana users.
  • Solflare Shield focuses purely on secure offline signing for Solflare users, stripping away screens, batteries, and cables while relying on Solflare’s software for clear signing and threat detection.
  • Aggressive pricing (~$49 with 25‑year life) and tap‑to‑sign UX aim to make strong hardware‑level security a default, not a luxury, which should support broader retail adoption of Solana.
  • Immediate shipping and free distribution to Breakpoint attendees show real, not theoretical, execution—an ecosystem‑level bet that better security UX will drive higher, safer activity on Solana.

Filip Dragoslavic

Co-founder of Solflare, a leading Solana wallet focused on security and user experience.


1. The Security Problem: Seed Phrases and Massive User Losses

  • In 2024 alone, $9.9 billion was stolen due to users willingly or unwittingly sharing their seed phrases.
  • Every loss event makes both the affected user and their network less likely to return to crypto, hurting ecosystem growth.
  • Social engineering scams (where users are tricked into sharing seed phrases) are especially hard to stop.
  • There is a clear need for solutions that minimize or eliminate the need for users to handle seed phrases directly.

Takeaway: Seed phrase exposure remains one of the biggest systemic risks in crypto, with multi‑billion‑dollar annual losses and clear negative implications for adoption and market growth.


2. Limitations of Current Hardware Wallets

  • Traditional hardware wallets keep keys offline, which is good, but have evolved into complex devices with screens, batteries, cables/Bluetooth, and higher failure points.
  • They must support many chains and many software wallets, forcing them to compensate for weak transaction simulations and limited threat monitoring in some wallets.
  • As a result, hardware vendors market “clear signing” as their top feature, something Solflare already provides natively at the software level.
  • This extra functionality inflates cost and complexity—many devices are ~$150—creating a high barrier to “safe” participation in crypto.
  • Filip argues that the industry is effectively making every user pay for the shortcomings of weaker software wallets.

Takeaway: Current hardware wallets are over‑engineered and too expensive because they’re compensating for poor software, limiting user access and slowing broader adoption.


3. Introducing Solflare Shield: A Simpler Hardware Security Model

  • Solflare launches “Solflare Shield,” a hardware security product focused solely on its core job: an offline chip that signs transactions without exposing private keys.
  • Shield works exclusively with the Solflare wallet, so it doesn’t need extra complexity to support many chains or low‑quality software environments.
  • There is no screen, no cables, no Bluetooth, and no batteries—just a secure offline chip designed for durability and simplicity.
  • The form factor is “truly portable,” designed to fit in a back pocket and be used by simply tapping it to the back of a phone.
  • Security is based on “the highest security standards” for the offline chip, relying on Solflare’s software for clear signing and threat monitoring.

Takeaway: Solflare Shield reverts hardware wallets to their core function—secure key storage and signing—relying on strong software UX to deliver security with minimal device complexity.


4. User Experience, Pricing, and Accessibility

  • Using Solflare Shield is as simple as tapping it against a phone to sign; no cables or pairing rituals, which reduces friction in daily use.
  • The device comes with a 25-year warranty, emphasizing longevity and making the effective cost extremely low over time.
  • Base price is $49, explicitly framed as the cost of “two movie tickets and popcorn” or about half a cent per day over the device’s lifetime.
  • Higher‑tier options:
    • $59: Signature edition with designs by Solana ecosystem artists.
    • $69: Pack of two Shields.
    • $79: Fully personalized Shields to match user style.
  • A pre‑order window over the next two weeks includes a promotional deal, encouraging early adoption.

Takeaway: By delivering a long‑lived device with very low per‑day cost and strong UX, Solflare aims to make hardware‑level security accessible to a much broader segment of crypto users.


5. Immediate Distribution and Ecosystem Engagement

  • Shipping for Solflare Shield starts immediately; this is not a far‑off roadmap item.
  • Every Breakpoint attendee is offered a free Shield, available at the Solflare booth outside the conference hall.
  • This mass on‑the‑spot distribution seeds the user base and encourages rapid feedback and adoption in the Solana community.
  • The product doubles as a branding and engagement tool (via artist signatures and personalization), deepening connections with Solana culture.

Takeaway: Immediate shipping and free distribution to conference attendees signal that Solflare Shield is a live, ecosystem‑wide push to normalize secure hardware usage on Solana right now.

Breakpoint 2025: Product Keynote: Sphere (Arnold Lee)

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Breakpoint 2025 D1

Overview

  • Sphere is a major Solana-based B2B cross-border payments platform processing billions, focused on deep banking integration and emerging markets.
  • Stablecoins are rapidly becoming core global payment infrastructure, offering dollar access and interoperability but also introducing systemic and policy risk.
  • In weaker economies, easy access to dollar stablecoins can trigger currency substitution, eroding local money, public-sector pay, and state capacity.
  • The core risk is not stablecoins themselves but fast, unmanaged transitions that destabilize fragile monetary regimes.
  • For Solana investors, the largest long-term upside lies in real-world payments and emerging markets, with durable value accruing to projects that align with regulators and manage these transitions responsibly.

Arnold Lee

CEO and co-founder of Sphere, a B2B cross-border payments company built on Solana, focusing on fast, low-level integration with banking infrastructure and serving emerging markets.


1. Sphere’s Business and Solana Roots

  • Sphere is a B2B cross‑border payments provider that moves money from country A to B “faster and cheaper,” with a focus on speed and deep integration with banking “plumbing.”
  • The product is designed for very quick onboarding; Arnold jokes that by the time he finishes a slide, a user can complete KYC and start moving money.
  • Sphere processes billions of dollars today and got its start on Solana in 2022.
  • The company primarily serves emerging markets and a range of business types, including fintechs, SMEs, and larger institutions.

Takeaway: Sphere is a significant payments player on Solana, already handling billions in volume, with a strong focus on emerging markets and real-world cross-border use cases.


2. The Rise of Stablecoins and Market Context

  • Stablecoins have become very large, very quickly and are projected by 2030 to be the “default way of moving money” globally.
  • When Sphere launched in 2022, starting a stablecoin-related company was widely seen as a bad idea; soon after, USDC depegged during the regional bank crisis, highlighting systemic risks.
  • Despite early skepticism, Sphere’s timing gave it a unique vantage point across the spectrum: from early-stage fintechs and mom-and-pop shops to major governments, financial institutions, and trade houses.
  • Arnold frames stablecoins as a “revolutionary unlock” for moving money, accessing dollars (the world’s reserve currency), and enabling interoperability.

Takeaway: Stablecoins are rapidly becoming core financial infrastructure despite early doubts and volatility events, creating both massive opportunity and systemic risk.


3. The “Antarctica” Parable: Stablecoins vs. Local Currencies

  • Arnold tells a fictionalized but representative story of “Antarctica,” whose economy runs on a local “fishbone” currency, with a “fishbone printer” representing monetary policy tools.
  • Like many emerging markets, Antarctica suffered a sovereign debt crisis in the 1990s: investment outpaced infrastructure, leading to capital controls to protect the economy.
  • Stablecoins (dollar stablecoins) arrive as a new idea, bringing easy, direct access to dollars and global payment rails.
  • Arnold notes that different countries have different starting points:
    • Some have their own local currency.
    • Some are already dollarized (e.g., Panama, Costa Rica, Singapore, Hong Kong).
    • Some have strong institutions.
      These factors shape how stablecoins impact their economies.

Takeaway: The “Antarctica” story illustrates how sudden access to stablecoin dollars can destabilize weaker local currencies and existing monetary regimes, especially in emerging markets.


4. The Core Risk: Currency Substitution and Loss of Monetary Control

  • Arnold poses the key question: if everyone has easy access to dollars via stablecoins, “why do you need the old fishbones at all?”
  • As people shift to stablecoins, the local “fishbones” rapidly lose value and relevance.
  • Governments that pay salaries (teachers, police, military, officials) in the local currency find that the pay becomes effectively worthless if everyone wants dollars instead.
  • The result is a breakdown in incentives to work in public-sector roles, and a broader societal and economic stress as the domestic monetary system becomes hollowed out.
  • Underneath the hype and memes around stablecoins, local currencies are effectively “crashing,” creating a mismatch between what people earn in and what they want to spend in.
  • For countries like “Antarctica” (standing in for real emerging markets like Brazil and others), this represents a loss of control over economic and monetary policy.

Takeaway: Widespread stablecoin adoption can trigger de facto dollarization, undermining local currencies, public finances, and state capacity—especially where institutions and currencies are fragile.


5. Industry Responsibility: Managing “Violent Transitions”

  • Arnold emphasizes that “stable coins themselves are not the problem, but violent transitions are.”
  • The real danger is not the technology, but the speed and unmanaged nature of the shift from local currency systems to dollar-based stablecoins.
  • He argues it is “incumbent on us as an industry” to think about how to deliver innovation responsibly, especially in fragile or emerging economies.
  • Sphere spends most of its working time thinking about how to help governments, regulators, and financial institutions adopt stablecoin technologies without triggering social or economic collapse over the coming decades.
  • Arnold notes that whether the world ultimately converges on one global currency is a separate question; the near-term challenge is how to manage the path from here to there.

Takeaway: Investors and builders in the stablecoin ecosystem must consider regulatory, macroeconomic, and social stability impacts, not just technical or user growth metrics, to avoid destabilizing emerging markets.


6. Implications for Investors and the Solana Ecosystem

  • Sphere’s story shows that Solana is already underpinning real, high-volume cross-border payment flows in emerging markets, not just speculative activity.
  • The talk highlights that the largest growth and risk surface for stablecoins is in emerging markets, where the marginal impact on local economies is greatest.
  • Projects that can work collaboratively with regulators and local institutions to manage currency transitions may gain a strategic advantage and regulatory goodwill.
  • There is a large, long-term opportunity in building infrastructure and products that bridge stablecoin innovation with responsible integration into existing financial systems.

Takeaway: For Solana and crypto investors, the key opportunity is in real-world payments and emerging markets—but long-term value will accrue to those who help manage the economic transition, not just drive rapid stablecoin adoption.

Breakpoint 2025: Product Keynote: Wormhole (Saeed Badreg)

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Breakpoint 2025 D1

Overview

  • Positions Solana and Wormhole as core infrastructure for fixing the internet’s “original sin” by enabling native, permissionless money and programmable value transfer at internet scale.
  • Emphasizes Solana’s edge as an economy driven by a unique culture (engineers, quants, founders, degens) that translates into high bridge TVL, DEX volume, and user engagement—key investor health metrics.
  • Highlights Wormhole (plus Mayan) as a primary capital and user gateway to Solana, with ~$12B bridged and billions more swapped into Solana-native assets, signaling strong organic inflows and onboarding.
  • Showcases Sunrise as evidence that Solana’s on-chain markets can rival or surpass major CEXs in day-one listing liquidity and execution (e.g., Monad), suggesting durable competitiveness of Solana’s trading venues.
  • Argues that Solana is emerging as a foundational platform for future on-chain capital markets and price discovery—first for crypto, and potentially for traditional assets—strengthening the long-term investment thesis.

Saeed Badreg

Saeed Badreg, Wormhole — speaking at Solana Breakpoint 2025 on Wormhole’s role in Solana’s growth, user onboarding, and on-chain capital markets (with a focus on Sunrise and cross-chain flows).


1. Fixing the Internet’s “Original Sin”: Moving Money Natively

  • Argues the internet’s “original sin” is that it was built to move information, but not money, with the same instant, global, permissionless properties.
  • Frames the last ~15 years of crypto as an effort to correct this omission by enabling native, programmable value transfer.
  • Positions the broader mission of Solana and Wormhole as building the missing financial layer of the internet, not just optimizing technology.

Takeaway: Crypto is presented as the structural fix for a core design gap in the internet — native, permissionless money — and this mission underpins Solana’s and Wormhole’s strategy.


2. Why Solana’s Ecosystem Stands Out

  • Badreg views each blockchain as an economy and says Solana’s strength can’t be reduced to a single technical metric; it’s about culture and people.
  • Describes Solana’s culture as:
    • “Rebellious engineers” who are mission-driven toward a free financial system.
    • “Unorthodox quants” leaving HFT to build better on-chain markets.
    • “Unapologetic founders” focused on transparency and openness.
    • Plus degen traders (“degens”) adding liquidity and risk appetite.
  • Connects this culture to Solana’s strong performance in metrics like bridge TVL, DEX volumes, unique wallets, and user engagement.

Takeaway: Solana’s investment appeal is framed as a function of its ecosystem culture and market participants, which together create a particularly vibrant and liquid on-chain economy.


3. Three Pillars of a Successful On-Chain Economy

  • Identifies three key economic drivers:
    1. How assets enter the ecosystem.
    2. How users are onboarded.
    3. How capital markets form.
  • Labels these three as “jet fuel for growth” when done well on any chain.
  • Uses Wormhole-related products (Mayan, Sunrise) as concrete examples of these pillars operating effectively on Solana.

Takeaway: For investors evaluating chains, Badreg suggests focusing on asset inflows, user onboarding efficiency, and quality of on-chain capital markets as core health indicators.


4. Asset Inflows to Solana via Wormhole

  • States that about 30% of all Wormhole transfers are destined for Solana.
  • Quantifies this as almost $12 billion of value bridged into the Solana ecosystem.
  • Notes that behind the bridged value are “real users, real companies, and real people” adopting Solana-based products and services.
  • Estimates roughly 300,000 new users entered the Solana ecosystem this year (via Wormhole-linked activity) to transact and use Solana applications.

Takeaway: Wormhole is a major capital and user entry point for Solana, with billions in bridged assets and hundreds of thousands of new users supporting Solana’s growth story.


5. User Onboarding with Mayan

  • Highlights Mayan as a protocol that lets users swap non-native assets into Solana-native assets in a streamlined way.
  • Indicates that if users have swapped into SOL or other Solana-native assets via major wallets or DEXes, they’ve likely touched Mayan under the hood.
    • Wallets: Phantom, Solflare, Backpack, etc.
    • DEX / aggregators: Raydium, Jupiter.
  • Notes that Mayan has facilitated over $5 billion of value coming into Solana via these swaps.
  • Frames asset-bridging and native-asset onboarding as “table stakes” for any serious ecosystem.

Takeaway: Frictionless conversion from external assets into Solana-native tokens, powered by Mayan and integrated into top wallets/DEXes, is a key driver of real usage and liquidity on Solana.


6. Sunrise and Competitive On-Chain Capital Markets

  • Introduces Sunrise as a “first-of-its-kind” protocol demonstrating that fully on-chain capital markets can compete directly with centralized exchanges (CEXs).
  • First major event: listing of the Monad token on Solana via Sunrise.
    • Monad was not issued on Solana; its Solana listing was cross-chain.
    • Listing happened on Solana at “day one, minute one,” competing against all other venues (on-chain and centralized).
  • In Monad’s first 24 hours:
    • Solana-based Sunrise spot volume for Monad surpassed Hyperliquid’s.
    • Sunrise’s Monad volumes also exceeded trading volume on Monad’s own native chain (despite Monad being new).
  • Badreg emphasizes that while Monad was only one day old, the result showcases the strength and responsiveness of Solana’s user and liquidity base.

Takeaway: Sunrise’s Monad listing is used as concrete evidence that Solana can host day-one, cross-chain token listings whose on-chain performance rivals or exceeds centralized venues.


7. Solana as a “Top 5 CEX” for New Listings (via Sunrise)

  • Badreg claims that, if treated as a centralized exchange, Solana (through Sunrise) would have ranked as a top 5 CEX for Monad’s day-one listing.
  • Notes that this on-chain venue:
    • Outperformed well-known CEXs like Kraken, KuCoin, Bitget, and Gate on Monad’s first-day spot volume and spread quality.
    • Achieved tighter spreads and higher volumes using only the native Solana user base.
  • Stresses this is difficult because CEXs:
    • Control their full stack in data centers (speed and latency advantage).
    • Traditionally dominate on spreads, liquidity, and volumes.
  • Highlights that this is the first time he’s seen an on-chain spot listing (and on a non-native chain) surpass major CEXs in this way.

Takeaway: From an investor perspective, Solana’s on-chain markets—via Sunrise—demonstrate CEX-level or better liquidity and execution for new listings, challenging the longstanding CEX dominance.


8. Broader Implications: On-Chain Price Discovery and Capital Formation

  • Argues that for a truly “free, transparent, permissionless” financial system, capital formation and price discovery must happen on-chain, not just on CEXs.
  • Suggests that if a crypto asset can list and trade on-chain with CEX-level competitiveness:
    • The same pattern can apply to traditional assets: equities, commodities, and other financial products.
    • This opens a path to fully internet-native, on-chain capital markets beyond purely crypto tokens.
  • Frames Sunrise’s Monad listing as the first clear demonstration of:
    • An on-chain spot listing surpassing centralized exchanges.
    • A non-native chain’s asset listing on an independent chain “day one, minute one” with leading liquidity.
  • Ends on a forward-looking note: excited about future Sunrise listings and the broader formation of capital markets on the internet, with Solana as a core platform.

Takeaway: Sunrise’s success is framed as a proof-of-concept that on-chain venues on Solana can become primary markets for both crypto and potentially traditional financial assets, reinforcing Solana’s strategic role in future global capital markets.

Breakpoint 2025: Simplified ETF Access for Solana: Bitwise Asset Management (Matthew Hougan)

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Breakpoint 2025 D1

Overview

  • ETFs are the primary vehicle institutions use to deploy capital; aligning Solana exposure with ETF wrappers is key to tapping the $260T traditional markets.
  • Institutions overwhelmingly prefer ETFs over direct SOL ownership due to time, operational, and compliance constraints, not lack of technical access.
  • Solana ETFs mechanically convert ETF demand into on-chain SOL purchases via the creation/redemption arbitrage process, tightly linking ETF price to SOL.
  • Evidence from BTC/ETH—and now Solana—shows ETF inflows can exceed new token issuance, creating structural supply-demand imbalances that support higher prices, with flows likely to build over many years.
  • For institutions, Solana is pitched as “two bets in one”: on the growth of crypto/tokenized finance overall and on Solana’s increasing market share, giving leveraged upside if both trends play out.

Matthew Hougan

Chief Investment Officer, Bitwise Asset Management; presenting on why Solana ETFs matter for institutions and investors.


1. Why ETFs Matter for Crypto and Solana

  • The global crypto market (~$3.1T) is tiny relative to the ~$260T equity and fixed-income markets; even small capital shifts from traditional markets can dramatically impact crypto prices.
  • Within crypto, Solana is framed as a “moon” orbiting the broader “planet” of crypto in an enormous traditional finance “solar system.”
  • ETFs are the dominant vehicle for institutional capital: ETF assets have grown “up only” since 2003 and added more AUM last year than the entire crypto market cap.
  • This is how the largest institutions and advisors are already structured to invest; aligning with their preferred wrapper is critical for unlocking their capital.

Takeaway: ETFs are the primary bridge between the $260T traditional markets and crypto, and thus a key lever for bringing large, price-moving capital into Solana.


2. Why Institutions Prefer ETFs Over Direct Crypto Ownership

  • Bitwise surveys thousands of large investors (institutions, family offices, financial advisors) annually; ~70% consistently say they prefer ETFs as their way to access crypto.
  • Advisors work ~55 hours per week but only spend ~5 hours on investment management; if crypto is ~1% of portfolios, that equates to ~3 minutes per week thinking about crypto.
  • Because of this time constraint and familiarity, they want a simple, trusted, operationally easy vehicle—ETFs—rather than dealing with wallets, custody, and native on-chain exposure.
  • ETFs are highly democratized: retail investors can buy the exact same ETF products as major institutions (similar to how everyone can own the same BTC/SOL, unlike most other asset classes).

Takeaway: Institutions overwhelmingly want crypto exposure via ETFs because they are familiar, low-friction tools that fit existing workflows, not because they lack access to the underlying assets.


3. How Crypto ETFs (Including Solana) Actually Work

  • Example: A Solana ETF like Bitwise’s BOL holds a fixed amount of SOL per share (e.g., $25 of SOL for a $25 share price) and trades on exchanges like Nasdaq/NYSE.
  • If ETF demand pushes the share price slightly above fair value (e.g., $25.01 vs $25 NAV), institutional market makers step in to arbitrage.
  • Market makers send cash to Bitwise to create new ETF shares; Bitwise uses that cash to buy SOL (typically from institutional market makers), then stores and stakes it.
  • Market makers then sell the newly created ETF shares into the market, pushing the ETF price back toward the NAV so ETF price tracks closely to the underlying SOL value.
  • This creation/redemption arbitrage mechanism has worked reliably in ETF markets for ~30 years.

Takeaway: The ETF structure enables continuous arbitrage that tightly links ETF share price to underlying SOL, while turning investor demand into direct, on-chain SOL purchases.


4. Evidence from Bitcoin and Ethereum ETFs: Supply-Demand Effects

  • Bitcoin ETFs (launched January 2024) were the most successful ETF launch in U.S. history out of ~9,000 launches.
  • They attracted ~$36B in their first year, versus ~$6B for the previous #1 launch (QQQ / Nasdaq 100) — a 6x outperformance.
  • Since launch, the Bitcoin network produced ~360,000 BTC, while ETFs bought ~700,000 BTC; that supply-demand imbalance coincided with Bitcoin’s price roughly doubling.
  • Ethereum ETFs show a similar (though smaller) pattern: net positive flows, ETF buying absorbing a material share of newly available ETH, and price appreciation.

Takeaway: Bitcoin and Ethereum ETFs have already shown that sustained ETF inflows can absorb more than 100% of new supply, significantly impacting price via structural demand.


5. Current and Emerging Dynamics of Solana ETFs

  • Early Solana ETF products had a non-traditional structure and modest flows; Bitwise’s B Soul (Solana ETF) launched on October 28 and flows have ramped meaningfully since.
  • Daily inflows into the Bitwise Solana ETF have averaged around $30–50M on many days, with no days of net outflows so far (though some days see minimal flows).
  • Over the full history of all Solana ETF-like products, total ETF buying has not yet fully exceeded new SOL issuance.
  • However, focusing on the period since Bitwise’s launch, the Bitwise Solana ETF alone is now buying roughly 3–4x the amount of new SOL being produced.
  • That implies a structurally bullish supply-demand setup: ETFs are a persistent net buyer, absorbing multiple times the current flow of new Solana into the market.

Takeaway: Since Bitwise’s launch, Solana ETF demand has begun to materially outstrip new SOL issuance, potentially creating sustained upward pressure on SOL’s price.


6. Long-Term ETF Flow Patterns: Lessons from Gold

  • Gold ETFs, launched in 2004, were at the time the second-largest ETF launch ever, drawing ~$3B in year one.
  • Importantly, inflows did not peak in year one; they continued to grow in years 2, 3, 4, 5, 6, and out to year 16.
  • Investor behavior is gradual: people rarely commit their full allocation the first time; allocations tend to build over time as comfort and understanding grow.
  • Hougan expects a similar trajectory for Bitcoin, Ethereum, and Solana ETFs: initial strong year-one flows, followed by increasing flows as institutional adoption deepens.
  • This implies the current environment of ETFs absorbing large fractions (or multiples) of new token supply is likely to persist and even accelerate.

Takeaway: Historically, commodity-like ETF flows build over many years, suggesting that Solana ETF inflows could grow structurally over time rather than being a one-off launch effect.


7. Institutional Pitch for Solana: “Two Bets in One”

  • Bitwise holds ~15,000 meetings with institutional investors each year; Solana “often comes up” in discussions despite limited time per client on crypto.
  • The institutional case for Solana is framed as offering “two bets at once”:
    • Exposure to the growth of crypto applications like stablecoins, tokenization, DeFi, and other on-chain use cases.
    • A bet that Solana itself will capture an increasing share of that expanding use case pie.
  • SEC leadership commentary is cited: tokenized stocks AUM could grow by “100,000x” in coming years, highlighting the magnitude of potential tokenization markets.
  • If both bets are correct (overall crypto/tokenization growth and Solana’s rising share), returns can be multiplicative (e.g., 2×2 = 4 or 3×3 = 9), not merely additive.
  • Hougan concludes that, at current prices, this dual-exposure makes Solana “the most exciting opportunity in crypto” from Bitwise’s perspective.

Takeaway: The institutional narrative positions Solana as leveraged exposure to both the overall growth of on-chain finance (stablecoins, tokenization, DeFi) and to Solana’s increasing dominance within that growing market.

Breakpoint 2025: Solana's Superapp Moment: Jupiter (Kash Dhanda), Bitwise (Danny Nelson)

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Breakpoint 2025 D1

Overview

  • Jupiter is evolving from a retail-first DEX into Solana’s core DeFi infrastructure for institutions, driven by trading APIs, lending (Jupiter Lend), and its LST (JupSOL).
  • The team is executing a “superapp” strategy via founder-led acquisitions, creating multiple autonomous product lines (12+ products) under a thin coordinating layer to ship faster than competitors.
  • A major TradFi hire (ex-KKR digital asset head as President) signals a deliberate pivot to serving institutional capital and designing products that fit existing capital markets workflows.
  • Jupiter is positioning itself as a primary gateway for tokenized assets on Solana through “Jupiter Verified,” RFQ trading, and the upcoming P2P lending “Offerbook,” all tailored to regulatory and institutional requirements.
  • Key execution risks are organizational and narrative: integrating many products into a coherent whole and clearly communicating Jupiter’s value to institutions in a concise, allocator-friendly way.

Kash Dhanda

Kash Dhanda, Jupiter; core business leader at one of Solana’s most-used DeFi “superapp” ecosystems (trading, lending, LSTs, APIs, mobile).


1. How Jupiter Serves Institutional Capital and Product Integrators

  • Jupiter sees three main institutional segments:
    1. capital allocators deploying on-chain (e.g., tokenized money market funds, stablecoin use),
    2. yield-seeking institutions using Jupiter Lend and JupSOL (its leading liquid staking token),
    3. product integrators embedding Jupiter’s trading APIs into their own client-facing apps.
  • The fastest institutional traction is coming from product integrators who already have large client bases and want to offer trading and DeFi access via Jupiter’s APIs.
  • Jupiter Lend (borrow/lend) and JupSOL are positioned as yield and staking primitives that institutional capital can plug into.
  • Jupiter’s control of a large share of organic trading flow on Solana makes it a natural counterparty and infrastructure layer for institutions moving on-chain.

Takeaway: Jupiter is evolving from a retail-first protocol into core DeFi infrastructure for institutions, especially through APIs, lending, and its LST.


2. “Superapp” Ambition and M&A-Driven Organizational Design

  • Jupiter intentionally positions itself as a “superapp” with 12 revenue-generating products across web, mobile, and APIs.
  • To avoid the “doing too many things poorly” trap, Jupiter has grown primarily via M&A (about eight acquisitions to date, including Rainfi announced that day).
  • Acquired teams keep their cohesion and leadership:
    • SonarWatch’s founder (“Guam”) leads the portfolio product (3M users/quarter).
    • Rainfi’s team (Quinton, etc.) will lead “Offerbook,” a new peer-to-peer lending platform.
  • Organizational analogy: “strong states’ rights” (product teams) with a thin “federal” layer for coordination and communication on top.
  • This model is explicitly designed to ship product faster than competitors while keeping accountability and autonomy with founder-type product leads.

Takeaway: Jupiter is building a multi-product DeFi superapp via founder-led acquisitions, betting that autonomous product “states” coordinated by a thin central “federal” layer will sustain speed and quality.


3. Strategic Hire from KKR and the Shift Toward Institutional Finance

  • Jupiter announced a new President, Xiao (“XX”), formerly head of digital asset strategy at KKR (~$700B AUM) and ex-Boston Consulting Group.
  • This move reflects a broader trend: experienced TradFi executives see that future finance rails will be on-chain and are moving into crypto to be “close to the action.”
  • The industry’s first talent wave pulled top web2/fintech developers on-chain; the new wave focuses on bringing people who deeply understand institutional problems and capital markets.
  • Jupiter has excelled with retail (among the most used protocols in crypto) and now aims to deliberately build for institutional users as a distinct growth phase.
  • Expect more high-profile TradFi-to-crypto hires, not only at Jupiter but across the space, as large institutions recognize on-chain finance as inevitable.

Takeaway: By hiring a senior KKR digital-assets leader as President, Jupiter is explicitly arming itself to court institutional capital and design products that match traditional finance needs.


4. DeFi + TradFi: “Unified Finance” and New Go-to-Market Muscle

  • Kash rejects the “DeFi vs TradFi” narrative as unrealistic; he favors a “unified finance” model where on-chain and off-chain systems interoperate.
  • Jupiter’s historical strength: B2C at scale—onboarding and retaining retail users via sticky products like Jupiter Mobile and a broad feature suite.
  • Institutional growth requires a different GTM:
    • Targeted “hand-to-hand” business development with a small set of key players (e.g., ~50 major credit funds for Jupiter Lend).
    • Building a BD and storytelling muscle tailored to sophisticated, time-constrained decision makers.
  • Lessons from TradFi include sharpening messaging: financial advisers may allocate only ~3 minutes/week to thinking about crypto, so products must be explainable in a few lines, not a 10-page RFQ deep dive.
  • Jupiter’s internal focus is shifting to mastering this institutional narrative—concise, legible, and aligned with how large allocators think.

Takeaway: Jupiter’s next growth phase depends less on new code and more on building institutional BD and communication capabilities appropriate for a “unified finance” world.


5. Regulatory Tailwinds & Jupiter’s Role in Tokenized Assets and RFQ

  • The moderator notes a shift in the US: the SEC is now more open to DeFi technologies like smart contracts and AMMs and is encouraging integration into traditional financial systems.
  • Jupiter is positioning itself as the first stop for issuers coming on-chain by:
    • Owning most organic trading flow on Solana, and
    • Offering “Jupiter Verified,” launched that day, built on a long-maintained strict list of verified assets.
  • “Jupiter Verified” addresses a key institutional concern: scams and imposter tokens, ensuring asset metadata and listings are correct.
  • Once verified, projects can be integrated into Jupiter’s RFQ (request-for-quote) system, enabling market makers to trade directly with retail:
    • No slippage,
    • No gas costs to the user,
    • Suitable for tokenized equities and regulated assets that may require KYC or other constraints.
  • The upcoming peer-to-peer lending protocol “Offerbook” (planned for Q1) will let any new on-chain asset quickly find yield opportunities, a crucial piece for token issuers and institutions seeking capital efficiency.

Takeaway: With asset verification, RFQ trading, and a soon-to-launch P2P lending “Offerbook,” Jupiter is becoming core infrastructure for tokenized assets and regulated, institution-friendly DeFi flows on Solana.


6. Key Challenges: Cross-Product Synergy and Storytelling

  • Kash identifies two main challenges for Jupiter’s continued scaling:
    1. Cross-product synergy – Ensuring all products reinforce each other rather than operate as silos.
      • Example: integrating advanced “terminal” trading features into the mobile wallet; much more integration work still to be done across the 12+ products.
    2. Storytelling and positioning – Explaining a sprawling, multi-product conglomerate in a concise, coherent way.
  • The organization is putting more structure around communications, including a dedicated product comms team reviewing messaging across the product suite.
  • Jupiter needs internal alignment on a “choir book”: a shared narrative about:
    • What Jupiter is,
    • What value it creates for users, and
    • How that value proposition differs for retail vs institutional clients.
  • Both Kash and the moderator frame Jupiter’s narrative challenge as emblematic of DeFi more broadly: the industry must learn to make complex systems legible to mainstream finance without losing substance.

Takeaway: Jupiter’s largest non-technical risks are internal—aligning its many products into a coherent, synergistic platform and articulating a clear, institution-ready story that can fit into a few minutes of an allocator’s attention.

Breakpoint 2025: The Case for Permanent Capital Vehicles: Anagram (Joe Eagan)

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Breakpoint 2025 D1

Overview

  • Traditional LP-funded fund structures (mandates, time limits, fee models, reporting) systematically push crypto managers toward crowded, short-term, lower-alpha trades and forced selling, especially visible during events like the FTX/Solana crash.
  • Permanent equity capital lets Anagram invest, hold, and build across cycles on its own terms, aligning incentives with long-duration, high-conviction crypto bets rather than AUM growth.
  • Crypto’s composability means building and investing are naturally intertwined; Anagram unifies these by running an integrated build–invest model instead of separating “funds” and “companies.”
  • On Solana, Anagram demonstrates this flywheel via its SOL validator, Rockurai (validator infra), Glider (multi-chain portfolio UI), and Swig (Solana wallet infra), each improving its own returns while strengthening Solana’s infrastructure and usability.
  • For Solana investors, the key takeaway is that permanent-capital, build-integrated strategies can compound value across infra, applications, and the SOL asset itself, positioning Solana as a core, long-term ecosystem rather than a trade.

Joe Eagan

Co-founder, Anagram – a permanent-capital crypto holding company that builds, incubates, and directly invests (from its own balance sheet) into crypto products, companies, and tokens, with a heavy focus on Solana.


1. Why Traditional LP-Funded Structures “Make You Dumb”

  • Eagan argues that limited partners (LPs) structurally constrain how capital can be deployed, especially in crypto.
  • He frames capital in three buckets: financial capital, human capital, and physical capital, traditionally deployed in silos.
  • In typical fund structures, four LP-driven constraints distort optimal investing:
    • Investment mandate (what you’re allowed to buy)
    • Time/term (when you must return capital)
    • ROI vs fee structure (asset growth vs true returns)
    • Capital allocation silos (separation of investing and building).
  • Removing LPs and instead using permanent equity capital enlarges the “alpha surface area” and lets the manager fully exploit their expertise.

Takeaway: For high-conviction, long-term, cross-functional crypto investing, LP-constrained fund models are structurally misaligned with maximizing returns.


2. Investment Mandates: How LP Demands Shrink Alpha

  • Eagan describes three overlapping circles: manager expertise, market opportunity, and investor (LP) demand; the overlap is small and shrinks as more constraints are added.
  • LPs typically push managers to invest in what LPs understand, which is often the least complex (and often less alpha-rich) part of the strategy.
  • By eliminating LPs, Anagram can expand into areas of the market where few others understand what’s happening—precisely where alpha is likely highest.
  • In crypto, where the tech is highly technical and low-level, LP understanding tends to be especially weak, further constricting mandates.

Takeaway: LP-imposed mandates force managers into familiar, crowded trades and away from the highest-alpha, least-understood parts of crypto.


3. Time Horizons, Liquidity, and Forced Selling in Crypto

  • Traditional VC funds have fixed 10-year lives, which either:
    • Force early exits from long-duration bets, or
    • Encourage holding too long to match the fund’s calendar instead of fundamentals.
  • Liquid/hedge funds have redemption windows (e.g., monthly/quarterly) that make managers forced sellers during periods of stress.
  • Eagan cites the FTX collapse and Solana panic as an example: LP redemptions would have forced selling at the bottom—exactly when the best opportunities existed.
  • In tokenized markets, perceived liquidity makes LPs even more likely to demand capital back quickly, reinforcing short-termism.

Takeaway: LP redemption pressures turn drawdowns—often the best crypto buying opportunities—into forced-selling events rather than times to compound.


4. Fee Structures: Incentivizing AUM Growth Over High ROI

  • Eagan critiques the standard “2 and 20” model: incentives tilt toward growing assets under management (AUM) rather than maximizing percentage returns.
  • Example:
    • Fund A: $100M, returns 100% → $100M gain, $20M carry, $2M management fee.
    • Fund B: $1M, returns 10,000% → $100M gain, $20M carry, but only $20k management fee.
  • Despite generating the same dollar profit for LPs, the manager in Fund A makes far more fee income while taking less performance risk.
  • This skews manager incentives toward raising larger funds, accepting lower multiples and higher entry valuations—especially acute in crypto.

Takeaway: Traditional fee models reward managers more for scale than for exceptional returns, encouraging bigger, lower-ROI crypto funds.


5. Capital Allocation Silos vs. Crypto’s Composable Nature

  • Historically, financial capital (funds) and human capital (corporations) have been allocated separately: funds invest, companies build.
  • This was workable in web2, where investing and building were distinct and often non-interoperable.
  • Crypto is:
    • Interoperable and composable
    • Open source
    • Permissionless to build on and integrate
  • In crypto, building and investing naturally reinforce each other (e.g., a protocol founder buying the chain’s token, providing liquidity, or building on top of their own infra).
  • Current structures artificially separate those activities, preventing coordinated strategies that leverage both capital and code.

Takeaway: Crypto’s composable design demands capital structures that unify building and investing, not traditional silos.


6. Real-World Distortions: Custody, Volatility, and Reporting

  • In 2017, Eagan’s team was allocating into liquid crypto, but many LPs refused to invest because there were no institutional-grade custodians.
    • They self-custodied via Ledgers and internal systems and, in his view, LPs consequently missed “probably the greatest investment returns of our lifetime.”
  • Monthly/quarterly performance reporting, layered on top of high crypto volatility, pushes managers to:
    • Manage to reported returns rather than long-term value.
    • Avoid doubling down during temporary drawdowns to avoid ugly marks.
  • This dynamic reinforces short-term behavior and increases the chance that managers sell or hedge when they should be aggressively buying.

Takeaway: Legacy institutional constraints (custody standards, reporting cycles) systematically steered capital away from early, high-return crypto opportunities.


7. The Case for Permanent Capital in Crypto

  • Anagram structured itself as a permanent-capital holding company by selling equity rather than creating LP-backed funds.
  • With no fund life or redemption schedules, Anagram can:
    • Invest in venture and liquid tokens.
    • Run an EIR (Entrepreneur-in-Residence) program to incubate new founders.
    • Maintain an internal build program to launch new products/protocols.
  • This lets Anagram choose:
    • What to invest in,
    • When to invest/sell,
    • How long to hold—based on opportunity, not LP constraints.
  • The model aims for compounding value across the portfolio, the internal products, and the broader ecosystem (e.g., Solana).

Takeaway: Permanent equity capital gives crypto investors the flexibility to hold through cycles, build in-house, and align with long-term ecosystem growth.


8. Anagram’s Integrated Build–Invest Flywheel on Solana

a. Anagram Staking Services & Rockurai

  • Anagram holds a significant Solana (SOL) position on its balance sheet.
  • They launched Anagram Staking Services to run their own validator instead of paying external commissions.
  • They then led a pre-seed round in Rockurai, an “efficient scheduler” for validators.
    • Anagram became Rockurai’s first customer and integrated it into Anagram Staking Services.
    • As a result, Anagram now typically runs the “most performant validator” on Solana and one of the largest.
  • This creates a three-way feedback loop:
    • Rockurai gains a flagship customer and real-world validation.
    • Anagram improves validator performance and economics.
    • Solana benefits from more efficient blockspace usage and stronger infrastructure.
  • Anagram expects this to benefit SOL the ecosystem and SOL the asset price they hold.

Takeaway: By both investing in and becoming the first user of Rockurai, Anagram turns infra bets into concrete performance and yield advantages on its SOL position.

b. Glider & Swig: Tooling the Multi-chain / Solana Future

  • Anagram spun out Glider, a portfolio management interface that:
    • Fully abstracts multiple chains.
    • Supports trading, lending, and other actions.
    • Uses AI tools within a unified, user-friendly UI.
  • Glider initially lacked the tooling/wallet infrastructure to integrate Solana.
  • Anagram responded by building Swig:
    • A Solana wallet infrastructure company with roles, permissions, paymaster features, etc.
    • Tailored to enable products like Glider to abstract Solana seamlessly.
  • Glider is now integrating Swig, allowing users to manage Solana alongside other chains in a unified experience.
  • This again demonstrates Anagram’s pattern: identify friction at a portfolio company, build infra (Swig) that unlocks it, and strengthen both the portfolio and Solana.

Takeaway: By building Swig to solve Glider’s Solana integration pain, Anagram improved tooling for its portfolio and enhanced Solana’s usability for advanced portfolio products.


9. Anagram’s Three-Way Value Criterion

  • For every build or investment, Anagram tries to satisfy three conditions:
    1. The project itself is a valuable, stand-alone business (e.g., Anagram Staking Services, Rockurai, Glider, Swig).
    2. It benefits other portfolio companies (e.g., validator ↔ Rockurai; Swig ↔ Glider).
    3. It benefits the broader ecosystem and the balance-sheet assets Anagram holds (e.g., Solana).
  • This structure aims for “compounding value” by ensuring each new initiative:
    • Adds operational leverage,
    • Deepens ecosystem infrastructure,
    • And increases the intrinsic and market value of assets Anagram owns.

Takeaway: Anagram deliberately designs each investment/build so that it reinforces portfolio synergy and ecosystem value, creating compounding returns beyond standalone project success.


10. Invitation to Builders and Investors

  • Anagram positions itself as:
    • A permanent-capital partner for founders, engineers, CEOs, and other builders.
    • Capable of writing checks, co-building, incubating, and providing in-house infra and expertise.
  • It runs:
    • An EIR program (12-month residencies to develop ideas and navigate the “idea maze”).
    • A build program (continual hiring of engineers to launch new projects like Breeze and others not yet announced).
  • Eagan emphasizes global reach and openness to partners “anywhere in the world.”

Takeaway: For crypto and especially Solana builders, Anagram offers both capital and hands-on building support unconstrained by LP timelines, aiming for deep, long-term alignment.

Breakpoint 2025: The State of Returns on Solana: Solstice (Ben Nadareski)

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Breakpoint 2025 D1

Overview

  • Solana’s yield environment has evolved from short-lived, subsidy-driven farming to a durable, system-wide “return architecture” anchored by liquid staking as a de facto risk-free rate.
  • Deep DEX, perps, and stablecoin markets now generate real economic returns (spreads, funding, arbitrage) rather than incentives, supporting scalable, institutional-grade carry and basis strategies.
  • Low fees, high composability, and efficient routing structurally boost net yields for LPs and arbitrageurs, making Solana a preferred venue for high-frequency and structured yield products.
  • RWAs and sophisticated stablecoin strategies are emerging as key institutional entry points, lowering cost of capital and enabling conservative, hedged yield exposure on-chain.
  • Solstice positions itself as a core stablecoin/yield primitive within this “Solana yield superstructure,” offering one-click access to diversified return stacks and an upcoming token pre-sale that may appeal to yield-focused investors.

Ben Nadareski

Co-founder and CEO, Solstice – a Solana-native stablecoin project positioning itself as “one-click access to institutional-grade yields” and a core component of Solana’s emerging return/yield infrastructure.


1. Evolution of Returns on Solana (2020–2025)

  • 2020–2022: Returns were largely subsidy-driven (token emissions), with “free money” psychology and shallow, hyper-mobile capital.
  • Users bridged between L1s to chase APY differentials, showing opportunistic yield rotation rather than loyalty to Solana.
  • 2022–2025: The ecosystem shifted from externally funded yields to durable, revenue-backed systems.
  • Capital rotated towards protocols with real revenue, audits, and transparent risk frameworks.
  • Liquid staking became the first credible, chain-wide “passive yield” base layer, turning into a kind of risk-free rate for Solana.
  • Users started seeking yield “through Solana’s return architecture” rather than isolated protocol farms.

Takeaway: Solana’s yield environment has matured from short-lived subsidy farming to a more durable, system-based return architecture that is increasingly attractive to serious capital.


2. Liquid Staking and the “Risk-Free Rate” on Solana

  • Solana’s liquid staking layer has surpassed $10.7B, with key players like Helio, Jito, Marinade, and Sanctum.
  • Native SOL staking yields sit around 7.1–7.6% APY baseline, before MEV uplift.
  • LST (liquid staking token) yields are currently in the ~8.5–10.2% APY range, including MEV (“ME”) uplift and contributions to validator yields.
  • MEV capture is adding roughly 120–180 bps annually on top of staking rewards for efficient validators.
  • LSTs (mSOL, JitoSOL, bSOL, etc.) and their derivatives became core collateral for loops, structured products, and synthetic exposures.
  • These yields function as a chain-wide, transparent benchmark rate that other strategies build on.

Takeaway: Liquid staking on Solana has evolved into a large, credible, and transparent yield base layer that effectively defines the ecosystem’s risk-free rate.


3. Structured Yield Products and Programmable Returns

  • Yield vaults evolved from simple farming strategies into structured, risk-rated strategies.
  • Kamino is cited as pioneering risk-rated, disclosure-oriented vaults that remove guesswork from leverage loops.
  • Yield on Solana is now “programmable, audited, repeatable,” enabling institutional comfort with on-chain strategies.
  • Stablecoin-backed structured products combine funding rates, LST yield, and perps hedges to target stable APYs.
  • This structure is less about speculative farming and more about building consistent, repeatable yield profiles.

Takeaway: Solana now supports institutional-style, structured yield products with explicit risk disclosure, making on-chain returns more predictable and investable.


4. Trading Volumes, Market Structure, and Real Economic Returns

  • Over $4B in daily spot DEX volume and $320B in Q3 2025 volume across platforms like Raydium, Orca, Meteora, and others.
  • These DEXs support real spread capture, arbitrage, and routing revenue, reflecting genuine economic activity rather than wash trading.
  • Perpetuals open interest exceeds $1.7B, with Drift, Zeta, Cipher and others providing stable funding markets and real basis trades.
  • Over $134B in stablecoin volume on Solana, with Solstice, USDG, Sky, Cash, Anchorage and others driving down the cost of capital.
  • The ecosystem now exhibits tighter spreads, lower volatility, and cheaper leverage due to deeper liquidity and better routing.

Takeaway: High and sustained on-chain trading and derivatives activity shows Solana generating real, recurring market-structure-driven income opportunities rather than purely incentive-driven activity.


5. Composability, Routing Efficiency, and LP Returns

  • Jupiter’s routing efficiencies are improving LP realized APY by 150–300 bps annually via reduced slippage and optimal trade paths.
  • Atomic arbitrage strategies earn 5–20 bps per trade, compounding to double-digit APYs for bots and vaults.
  • Liquidity providers on concentrated AMMs see 12–30% APY on SOL pairs (incentives included), depending on volatility.
  • Solana’s low, stable block-level fees mean >95% of gross strategy yield is retained by investors, unlike EVM chains where gas significantly erodes returns.
  • These features make Solana an efficient base for high-frequency, composable strategies that require tight execution and low overhead.

Takeaway: Solana’s routing, composability, and low fees structurally enhance net returns for LPs and arbitrageurs, making yield strategies more efficient and scalable.


6. Derivatives & Basis Trades as Core Yield Engines

  • Perpetual funding rates on SOL generally oscillate between +8% and –6% annualized, creating carry opportunities on both long and short sides.
  • Delta-neutral SOL basis trades can historically yield 10–18% annualized returns during stable funding regimes with low volatility.
  • BTC and ETH perps on Solana offer 2–8% annualized funding capture, enabling diversified basis strategies.
  • Cross-venue funding arbitrage (CeFi to Solana) has historically produced 8–15% annualized returns when managed with proper hedging.
  • Market makers earn 20–120 bps per day in spreads + rebates on high-volume pairs, representing significant annualized returns.

Takeaway: Perps and basis trades have become central yield engines on Solana, offering institutional-grade, hedged carry strategies across major assets.


7. Stablecoin Yields, Synthetic Dollars, and Cost of Capital

  • Stablecoin yields via carry trades are yielding 7–12% APY when hedged with perp shorts.
  • Unlevered stablecoin vaults (e.g., LST-backed, fee-driven) offer 5–7% APY, providing lower-risk, passive options.
  • USDC/USDT lending on Solana sits around 3–6% APY on platforms like Solend and Kamino due to reduced borrowing friction.
  • Stablecoin pools exhibit lower volatility and tighter spreads, making returns more predictable for conservative capital.
  • Together, these dynamics turn “stablecoin death” into a cost-of-capital advantage, letting borrowers and structured products access cheaper, more stable funding.

Takeaway: Solana’s stablecoin layer has become a competitive funding and yield market, supporting both conservative income products and efficient leverage.


8. Real-World Assets (RWA) and Institutional Onboarding

  • Over $1B in on-chain RWA exists on Solana, spanning multiple asset classes.
  • Recent partnerships with R3 open “tens of billions” in potential RWA pathways onto Solana.
  • RWAs are described as the “next wave” of institutional activity, building on the already-mature native yield stack.
  • The combination of RWA yield plus on-chain leverage and hedging strategies creates a bridge between traditional credit markets and Solana DeFi.

Takeaway: RWAs are emerging as a major institutional entry lane to Solana, potentially bringing large off-chain capital into the on-chain yield stack.


9. Solstice’s Role in the Solana Yield Superstructure

  • Solstice is a Solana-native stablecoin protocol with over $330M in TVL since September 30, positioning itself as the largest Solana-born stablecoin.
  • It offers “one-click access” to ~15% yields over the last 12 months via composable, yield-bearing stable assets.
  • Solstice integrates across the DeFi stack as collateral and building blocks in other strategies, aiming to enable a “full DeFi unlock” of Solana returns.
  • The project plans a token pre-sale announcement on the winter solstice in December, pitched as one of the investment opportunities tied to this yield architecture.
  • Solstice USD and similar products sit in the “stable carry + hedging + LST backing” part of the return stack.

Takeaway: Solstice is positioning its stablecoin as a core, composable yield instrument within Solana’s broader return architecture, with an upcoming token pre-sale that may interest yield-focused investors.


10. The “Solana Yield Superstructure” and Capital Flows Outlook

  • Ben frames Solana as now producing more “real, verifiable economic returns” than any other chain.
  • He describes a five-layer return stack: native staking → LST/MEV → routing/liquidity efficiency → perps/funding → stablecoin/institutional strategies.
  • Institutional and retail capital can now participate simultaneously in this “yield superstructure,” with strategies already “battle-tested” and scaling to billions.
  • A composite Solana “return stack portfolio” (LST + MEV + stable carry + perp hedge) has historically produced ~12–20% APY with low volatility and low correlation to SOL perps.
  • Ben calls for “continued investment and active deployment” across the Solana DeFi stack, arguing that net-new, sticky institutional and retail capital is poised to enter.
  • He concludes that the most exciting developments in modern finance are occurring on Solana, not in traditional markets.

Takeaway: Solana is presented as a complete, multi-layer yield ecosystem capable of absorbing and retaining large-scale institutional and retail capital through diversified, risk-managed, and structurally efficient return strategies.

Breakpoint 2025: The State of Revenue on Solana: Blockworks (Dan Smith)

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Breakpoint 2025 D1

Overview

  • Solana is positioning itself as the “everything chain” for global finance, where virtually all asset types and market structures settle and trade on-chain, directly tying SOL’s value to global economic activity.
  • Trading and markets infrastructure now dominate Solana’s usage and revenue: most fees come from DEX-related activity, with a dense ecosystem of trading apps, perps, issuance platforms, and priority/MEV services.
  • Proprietary AMMs and oracle-driven market-making have captured the majority of spot volume, improving liquidity quality and enabling a high-throughput, low-fee environment that is attractive to professional traders.
  • A large share of Solana’s TPS is already “real” financial infrastructure (oracle updates and quoting), and scaling this model from tens to thousands of assets provides a credible path to sustained, very high on-chain demand.
  • For investors, SOL increasingly behaves like an asset whose long-term value and yield are claims on the transaction fee pool of a maturing global financial base layer, with a visible inflection in revenue and usage since late 2024.

Dan Smith

Dan Smith, Blockworks (research / data-focused media and analytics firm), presenting on the state of revenue on Solana in 2024–2025 and its implications for Solana as a “global finance” base layer.


1. Solana as the “Everything Chain” and Hub of Global Finance

  • Frames Solana’s core thesis as becoming the “everything chain”: the primary hub for all global financial activity.
  • Envisions every asset type (equities, credit instruments, options, etc.) and every market structure (spot, perps, options) ultimately trading on Solana.
  • Argues this is the most compelling value proposition for any blockchain: aggregating global financial flows in one high-throughput environment.
  • Ties this vision directly to the long-term value of the native SOL token via transaction fees, burns, and staking rewards as economic activity scales.

Takeaway: Solana’s strategic north star is to become the default settlement and execution layer for global finance, which would structurally tie SOL’s value to global economic growth.


2. Solana Overtakes Other Chains in Revenue-Generating Applications

  • In April 2024, Solana became the chain with the highest number of revenue-generating applications and has held that lead through 2025.
  • The composition of these apps is heavily skewed toward trading-related use cases.
  • This includes trading terminals, spot and perpetual DEXs, wallets with trading features, and asset issuers.
  • The consistent revenue leadership signals real user demand and durable business models, not just temporary hype.

Takeaway: Solana’s app ecosystem leads other chains in active, revenue-producing businesses, with a concentration in trading and financial services.


3. Trading as the Dominant Use Case Driving Users, Liquidity, and Fees

  • Trading is identified as the primary use case that has brought users, assets, and liquidity onto Solana in 2024–2025.
  • Categories highlighted:
    • Trading/wallet/front-end terminals giving users rich trading experiences.
    • Spot and perpetual exchanges.
    • Asset issuance platforms (e.g., memecoins, pump.fun-like platforms).
    • Transaction-landing and priority services that improve fill/success rates for traders.
  • These trading-centric businesses have:
    • Attracted new capital and speculative activity.
    • Created network effects that encourage more developers to build on Solana.
    • Laid groundwork for future “serious” financial products (tokenized equities, credit instruments, etc.).

Takeaway: Speculative trading activity has been the main growth engine for Solana’s ecosystem, seeding the liquidity and user base needed for more sophisticated financial products.


4. Revenue Composition: How Much Comes from Trading?

  • Around 60% of all Solana transaction fees (base + priority) come from transactions that include a DEX swap on the spot side.
  • This statistic is for November (2025) but the pattern holds over a longer horizon.
  • Including perpetuals would push the trading-related share of fees even higher.
  • Shows that trading is not just a major use case, but the dominant contributor to base-layer revenue.

Takeaway: Trading activity directly underpins a majority of Solana’s fee revenue, reinforcing the chain’s identity as a trading and markets-first ecosystem.


5. Prop AMMs: Next-Generation DEX Design and Their Impact

  • Defines “prop AMMs” (proprietary automated market makers) as:
    • DEX designs where professional market makers provide proprietary liquidity directly into on-chain pools.
    • Plugging into aggregators instead of needing their own front-end.
    • Using oracles to update pool prices without requiring a trade to move the price.
  • Over the last 12 months, roughly 60% of spot trading volume on Solana now routes via prop AMM rails.
  • Prop AMMs are particularly good at avoiding toxic flow (unfavorable order flow that harms LPs).
    • Data on the SOL/USDC pair shows top 3 prop AMMs outperforming traditional constant-product and concentrated-liquidity AMMs on markouts.
    • Their edge comes from better flow segmentation and more active/liquid price updating.

Takeaway: Prop AMMs have captured the majority of spot volume on Solana and materially improve market maker profitability and price quality, making Solana more attractive for professional liquidity.


6. Oracle Updates, TPS, and Economic Activity from Market Makers

  • Approximately 20% of all Solana transactions today are oracle updates for prop AMMs.
  • This equates to roughly 175 transactions per second (TPS) generated by market makers alone, constantly repricing and competing to offer best quotes.
  • These transactions are:
    • Highly optimized and extremely cheap.
    • Account for only about 2% of total transaction fees and tips, despite being 20% of transaction count.
  • Illustrates a model where intensive, low-cost market infrastructure operations drive sustained on-chain load.

Takeaway: A significant portion of Solana’s live throughput is already real-time market infrastructure (oracle updates, quoting), demonstrating a credible path to very high TPS usage from financial applications.


7. Path to Scaling: From Dozens to Thousands of Tradable Assets

  • Today’s prop AMM infrastructure is mainly deployed across ~30–50 crypto-native trading pairs.
  • Smith describes a plausible scaling path where:
    • The number of assets traded on Solana increases by 10–50x.
    • Thousands (e.g., 5,000+) of assets—crypto-native and tokenized real-world—trade on Solana.
    • Market makers compete across all of them, multiplying quote and oracle-update traffic.
  • Connects this with prior “1 million TPS” discussions at Breakpoint, suggesting these trading mechanisms provide a concrete demand story for such capacity.

Takeaway: Scaling the current trading and oracle-update model from dozens to thousands of assets offers a realistic demand driver for Solana’s long-term high-throughput roadmap.


8. Revenue Trajectory (2024–2025) and Client/Infra Improvements

  • Notes that Solana’s revenue in 2024–2025 looks “almost hilariously good” compared to earlier years.
  • Two main observations:
    • Client teams (e.g., core Solana clients and Firedancer) plus third-party infra teams have dramatically improved efficiency and transaction processing.
    • Roughly 50% of all revenue over the past two years came in the six months from Q4 2024 to Q1 2025.
  • This underscores:
    • A step-change in both usage and monetization, not just incremental growth.
    • The importance of low fees + high throughput as a magnet for trading and DeFi activity.

Takeaway: Solana’s fee and revenue growth has inflected sharply in late 2024–early 2025, driven by both technical improvements and surging trading demand.


9. Implications for SOL as a Financial Asset

  • If Solana becomes the execution layer for global finance:
    • Global economic growth translates directly into more on-chain transactions.
    • More transaction volume drives higher fee burns and/or staking rewards.
  • Frames SOL as a claim on:
    • The future transaction fee pool of a global financial settlement layer.
    • Yield that scales with aggregate economic activity routed through the chain.
  • This linkage is presented as the key reason for long-term conviction in SOL and for staying engaged in the ecosystem.

Takeaway: Under the “everything chain” outcome, SOL becomes a high-conviction asset whose yield and value scale with the world’s financial throughput.


10. Forward-Looking Vision and Call to the Community

  • 2024–2025 trading boom is seen not as a one-off, but as the foundation for:
    • Tokenized equities.
    • Credit instruments and more professionalized finance.
    • Continued innovation in crypto-native primitives (e.g., new issuance metas, ownership tokens).
  • Emphasizes that Solana is already positioned competitively to pursue this vision.
  • Concludes with an explicit call for the Solana community to continue pushing toward the “everything chain” goal.

Takeaway: The current trading-driven success should be viewed as a foundation to expand into broader financial markets, and the speaker urges the ecosystem to stay focused on that long-term objective.

Breakpoint 2025: The State of the Network: Anza (Brennan Watt)

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Breakpoint 2025 D1

Overview

  • Solana has demonstrated nearly two years of continuous uptime under extreme load, validating its role as reliable financial and trading infrastructure.
  • Continuous, institutional-grade stress testing and security hardening are reducing outage and attack tail-risk, supporting investor confidence in long-term network robustness.
  • Core upgrades (IBRL, XDP, higher ingestion TPS, Alpenlow) are compounding to increase throughput and slash latency, directly improving capacity for high-frequency trading and DeFi.
  • Planned market-structure changes (MCP, fairer block building, in-protocol revenue sharing) aim to enhance fairness, censorship resistance, and align validator/staker incentives with trading growth.
  • Major reductions in on-chain state costs are intended to unlock larger-scale applications, broadening Solana’s economic base and potential demand for blockspace and SOL.

Brennan Watt

Brennan Watt, Anza – core Solana protocol developer; Anza maintains Agave, the validator client run by most of the Solana network and heavily influences core protocol direction.


1. Network Resilience & Uptime Performance

  • Solana has maintained nearly two years of uninterrupted “green” uptime while processing ~200 billion transactions, more than most competing chains combined.
  • Major market events (e.g., Trumpcoin launch, October 10th trading spike) were handled smoothly from an engineering standpoint, with no disruptions despite huge load.
  • Anza emphasizes that “boring” performance on big economic days is the goal: the network should remain stable and predictable when volumes spike.
  • Compared to major Web2 infra (AWS, Cloudflare) that saw impactful outages this year, Solana has “kept humming” without similar incidents.
  • This reliability is positioned as the foundation for Solana’s role as a premier, always-on trading venue.

Takeaway: Solana’s recent history shows strong operational resilience through major stress events, bolstering its credibility as dependable financial infrastructure.


2. Aggressive Stress Testing & Security Hardening

  • Anza runs continuous red‑team style attacks on Solana testnet via the “invalidator” team, executing new tests every hour.
  • Two main attack classes: network-level DoS (flooding bandwidth, backpressure, load-shedding tests) and curated blocks that stress edge cases in the Solana VM and replay.
  • They explicitly model what a malicious, well‑staked validator or a highly capitalized, sophisticated user/dev could do to disrupt the network.
  • Internal network protocols are systematically covered and “fortified” through this testing regime.
  • Attacks that historically would have caused outages now “barely register”; nodes can be hit with gigabits of traffic while the network continues to produce blocks on time.

Takeaway: Institutional‑grade stress testing is materially strengthening Solana’s robustness against malicious actors and extreme conditions, reducing tail-risk for users and investors.


3. Throughput & Bandwidth Improvements (IBRL: Increased Bandwidth, Reduced Latency)

  • 2025 is framed as the year of “increased bandwidth, reduced latency” (IBRL) for Solana’s core protocol.
  • Overall block throughput was increased by ~25% this year without lengthening confirmation times, allowing more user transactions per 400ms block.
  • “Hottest accounts” (most traded assets/pairs) saw their compute limit doubled from 12M to 24M CUs, immediately absorbing the extra capacity and reducing chain-wide bottlenecks.
  • The next step is to double overall throughput again to 100M compute units per block, significantly expanding room for trading and DeFi activity.
  • These changes collectively improve capacity at peak times (major launches, airdrops, memecoins, macro events), helping keep fees lower and execution more reliable.

Takeaway: Core protocol upgrades are steadily increasing Solana’s transaction capacity and removing hotspots, supporting higher volumes and more complex on‑chain activity without sacrificing user experience.


4. XDP: Bypassing the Linux Kernel for Massive Latency & Throughput Gains

  • A key enabler of the next throughput jump is using XDP (eXpress Data Path) to bypass the Linux kernel at the network layer.
  • Agave is described as “too fast” to wait for kernel-level data copies or thread context switches; kernel networking had become the primary bottleneck.
  • XDP increases throughput on this bottleneck by roughly 200x, dramatically reducing latency for packet handling on validators.
  • A latency chart shows the new Agave+XDP line near the bottom on a log scale, visually highlighting a major order-of-magnitude improvement over legacy code.
  • Validators are encouraged to adopt XDP immediately to “make it rain blockspace,” implying a direct improvement in network capacity and responsiveness as adoption grows.

Takeaway: Low-level networking optimizations like XDP unlock large performance headroom, reinforcing Solana’s positioning as a high-speed, low-latency blockchain optimized for trading.


5. Ingestion TPS: Strengthening the Transaction “Auction House”

  • Solana has sustained over 100k transactions per second of ingestion on mainnet during some periods.
  • Ingestion TPS measures how quickly transactions (bids) can enter the system before block production—the “auction house” of blockspace.
  • High ingestion TPS is framed as necessary for market efficiency: you can’t pick the best bids if you can’t see all bids promptly.
  • Agave has taken a “giant leap” in this dimension, implying more competitive, fair ordering of transactions and better price discovery under load.

Takeaway: Improved ingestion throughput enhances Solana’s ability to surface and clear the best bids, crucial for fair, efficient on‑chain markets at scale.


6. Alpenlow: New Consensus Engine for Ultra-Fast Finality

  • Alpenlow is a brand-new consensus engine that will replace Tower BFT on Solana.
  • Targeted transaction finality: 150 milliseconds or less—directly improving perceived “snappiness” for end users and traders.
  • Designed with stronger safety properties, including tighter timing control and more robust handling of issues like validator equivocation.
  • A 50-node, globally distributed test cluster has been running under load for over four months with “so few problems” that the team is double-checking it’s actually running.
  • Roadmap: feature-complete by end of year, rollout to testnet early next year; Alpenlow is positioned as a foundation for further economic and market-structure innovations.

Takeaway: Alpenlow will materially reduce time-to-finality and improve safety guarantees, making Solana more competitive as a real-time settlement layer for high-frequency trading and DeFi.


7. Market Structure Overhaul: Multiple Concurrent Proposers (MCP)

  • Solana’s next big theme is building “the absolute best economics and market structure” while remaining trustless.
  • Core thesis: blockchains can be not just fast and cheap, but also fair and highly efficient for traders.
  • Multiple Concurrent Proposers (MCP) is introduced as a way to end the “single builder monopoly” in block production.
  • MCP aims to:
    • Give users and dApps more optionality and better regional latency paths.
    • Increase censorship resistance and reduce the risk of transaction hiding.
    • Provide traders with stronger confidence that they’re “playing a fair game” in block construction.
  • MCP-like features will be shipped incrementally over the coming year, moving stepwise toward the multi-proposer ideal.

Takeaway: By moving to a multi-proposer architecture, Solana is targeting fairer, more competitive block building—directly aligning the protocol’s design with trader needs and reducing concentration risk.


8. Drastically Lowering On-Chain State Costs (“The Rent is Too Damn High”)

  • The community’s concern that state “rent” (cost of storing data/accounts on-chain) is too high has been heard and explicitly acknowledged.
  • New mechanism: a simple on-chain scheme to adjust state costs in response to changing environmental conditions (e.g., hardware, storage economics).
  • The planned change is not incremental: they’re aiming to “drop a zero from the price. Maybe two.”
  • This will make it much more affordable to bootstrap applications with large user bases and many accounts, benefiting consumer apps, gaming, and complex DeFi systems.
  • Lower state cost is framed as a key part of making Solana “the absolute best place for builders to build.”

Takeaway: A substantial reduction in on-chain state costs will improve scalability economics for builders, encouraging growth of high-user-count applications and expanding Solana’s addressable use cases.


9. In-Protocol Revenue Sharing for Validators, Stakers & Info Providers

  • Upcoming changes will make it simpler for validators to share revenue in protocol with:
    • Stakers who delegate SOL.
    • Information providers and other participants in the block production pipeline.
  • Delegated stake directly increases a validator’s chance to produce blocks, which will host increasing trading volumes.
  • As Solana drives more trading activity, it’s considered important that stakers have a direct, in-protocol mechanism to participate in the trading-derived rewards, not just inflationary yield.
  • This creates stronger, more transparent alignment between validators, stakers, and broader market activity on Solana.

Takeaway: Native revenue-sharing mechanisms are being built to ensure trading and MEV-like rewards flow more transparently to stakers and ecosystem participants, improving economic alignment and potentially staking yields.


10. Strategic Vision: Solana as the Premier Global Trading Engine

  • Brennan reiterates three macro themes:
    • Resilience: Solana stays up under immense load while continuing to ship rapid improvements.
    • High performance: increasing bandwidth and lowering latency where it matters most.
    • Market structure: building the “best in the game” for fairness and efficiency.
  • Vision: a “single global unified state machine” that synchronizes at near speed-of-light and offers the premier trading experience for any asset.
  • Emphasis that economics and chain performance are being architected to scale alongside application growth, not lag behind it.

Takeaway: Solana’s roadmap positions it as a unified, ultra-fast, fair global settlement and trading layer, with protocol design tightly coupled to the needs of high-volume markets and builders.

Breakpoint 2025: This House rejects any derivative-based models that tokenize equities.

Watch Video
Breakpoint 2025 D1

Overview

  • Debate centered on whether Solana’s core equity rails should be spot tokenization (1:1 backed shares) or synthetic/derivative exposure (perps/futures), with consensus that both will exist but differ in role and risk.
  • Spot advocates argued that real‑world asset history (stablecoins, treasuries), governance rights, dividends, and accurate corporate actions all favor fully backed spot equities as the long‑term foundation for on‑chain capital markets.
  • Derivatives advocates emphasized that current crypto users are traders, not owners; they want leverage, capital efficiency, and global access, making equity perps and synthetics the dominant near‑term product, especially in derivative‑heavy markets like India and Korea.
  • A key tradeoff for investors is counterparty/legal risk in spot wrappers versus oracle/model/liquidation risk in derivatives; there is no risk‑free design, but derivatives concentrate technical pricing risk while spot concentrates institutional/issuer risk.
  • For Solana investors, the opportunity is two‑sided: back derivative protocols for near‑term volume and fee capture, and back regulated spot‑tokenization rails (e.g., DTCC/CSD integrations, Alpaca/Canton‑style stacks) as the infrastructure bet for institutional and long‑horizon equity ownership on Solana.

Panel: Debate on Tokenized Equities – Spot vs Derivative Models

Multiple speakers including:

  • Pro-spot side: representatives working closely with Alpaca, DTCC, and Canton Network (focused on regulated, spot-based tokenization)
  • Pro-derivatives side: “Shay” and partner (focused on building “internet capital markets” and derivative-based access)
  • Context: Breakpoint 2025 debate format; topic reframed from “derivative-based tokenized equities” to the more practical split: spot tokenization vs derivative-based (perpetuals/synthetics) models for equities on Solana.

1. Framing: Spot Tokenized Equities vs Synthetic/Derivative Equities

  • The organizers reframed the motion to focus on spot vs derivative-based tokenization of equities, as this is the live design choice for building on-chain capital markets.
  • Two main models:
    • Spot tokenization: 1:1 token backed by a real share held at a CSD (e.g., DTCC) or an SPV; token is economically and legally tied to the underlying share.
    • Derivative tokenization: synthetic exposure via perps/futures, referencing equity prices without holding the underlying.
  • Both models are already live on-chain across different venues; demand is growing rapidly for both.
  • The “pro” side argues spot tokenization is a better long‑term foundation; the “opposition” argues derivatives are essential and, for many use cases, superior.

Takeaway: The core strategic question for Solana and broader crypto markets is whether the primary on‑chain equity exposure should be fully collateralized spot tokens or synthetic/derivative contracts.


2. Case for Spot Tokenization: Empirical Traction & Market Structure

  • Empirical performance of RWAs on-chain:

    • Stablecoins (USDC, USDT) and tokenized treasuries dominate vs derivative-style stablecoins (e.g., “USDx”-type synthetics).
    • On-chain treasury and FX markets have been mostly spot until very recently (only now seeing FX perps from players like Hyperliquid).
    • The pro side sees this as a template: when RWAs succeed on-chain, they mostly do so as spot first.
  • Market microstructure and the role of basis traders:

    • In crypto, derivatives thrive because both spot and derivatives coexist on the same venue, enabling basis trades.
    • Basis/delta-neutral traders provide deep, sticky liquidity but need a real spot leg to hedge derivatives.
    • Where only derivatives exist, persistent deviations from spot occur (cited current behavior of Hyperliquid equity perps).
    • Conclusion: derivatives depend on robust spot markets; spot is the anchor.
  • Complexity: mechanistic vs operational:

    • Any RWA bridging has complexity:
      • Spot issuers (like Tether, stablecoins): operational and custody risk.
      • Derivatives: oracle design, funding rates, contract specs, and corporate action handling.
    • Many perps venues (HIP-3 style) have struggled with oracles (Venual changing oracles multiple times, Trade.xyz with complex parameters).
    • Misconfigured oracles and funding mechanisms can cause blowups and user losses.

Takeaway: For investors and builders, spot tokenization appears to create a more stable, empirically validated base; derivatives should sit on top of and be anchored to spot rather than replace it.


3. Spot Tokenization: Governance, Dividends & Corporate Actions

  • Governance rights:

    • Spot tokenized shares can preserve voting rights and governance participation (depending on implementation).
    • Derivative exposure (e.g., owning “GOOGL” on a perps DEX) does not confer voting or governance; it is purely economic/speculative exposure.
    • Tokenized equities could enable new markets for governance (e.g., markets for lending/voting your tokenized voting rights) that derivatives can’t support.
  • Dividends, splits, and corporate events:

    • Dividends are paid to the actual share, not to the derivative holder.
    • Derivatives can theoretically capture dividends in pricing/funding, but this relies on arbitrage and models, akin to AMM pricing vs orderbook: more indirect and less efficient.
    • Complex events (splits, mergers, 3-way mergers, reverse splits) introduce significant operational and legal risk if handled solely via derivative pricing logic.
  • Illustrated risk:

    • Even NYSE-like institutions have mis-handled corporate action calculations, resulting in large lawsuits.
    • Smart contract-based derivatives need to get this right programmatically, adding another failure surface relative to simply mirroring the underlying share.

Takeaway: For investors who care about full equity economics—dividends, governance, and accurate corporate actions—spot tokenization is structurally superior and enables more complete on-chain equity ownership.


4. Opposition: Why Derivative Models Are Critical for “Internet Capital Markets”

  • Rejecting the “false binary”:

    • Shay explicitly rejects the framing of spot vs derivatives as mutually exclusive.
    • Goal is “internet capital markets,” not just “an internet cash equities brokerage.”
    • Both cash equities and derivatives must coexist for a complete market structure.
  • Leveraging off-chain liquidity and price discovery:

    • Derivative markets can reference:
      • Highly liquid off-chain cash equities during weekdays.
      • On-chain price discovery during weekends/after-hours.
    • Regulated price feeds/tapes (off-chain) can be piped on-chain to avoid some oracle fragility the pro side cites.
    • The underlying cash equity does not need to be tokenized on-chain to serve as a reference price.
  • Access and user behavior:

    • Current crypto users are traders/speculators, not traditional long-term investors.
    • These users want:
      • Leverage
      • Capital-efficient exposure
      • Ability to go long/short quickly on many assets
    • In many non-US markets (India, Korea, etc.), equity derivatives notional volume is:
      • ~4x the cash equity volume in the US.
      • ~15–20x in some emerging markets.
    • To serve global retail, especially in emerging markets, derivative instruments are necessary; spot alone is insufficient.

Takeaway: For near-term growth, global reach, and realistic user demand (leveraged trading and hedging), derivative models are indispensable and, in many regions, the dominant form of equity exposure.


5. Platform Risk: CSDs, Wrappers, SPVs vs Smart Contracts & Oracles

  • Pro-derivatives concern about tokenized spot “platform risk”:

    • Cash-equity tokenization often introduces another platform layer on top of traditional CSDs (DTCC, OCC):
      • SPVs / wrappers that hold the underlying and issue tokens.
      • These issuers introduce additional legal, operational, and counterparty risk.
    • Even if you trust DTCC, you still must trust the issuer/wrapper of the tokenized stock.
  • Rebuttal: DTCC tokenization is also a wrapper:

    • Alpaca’s work with DTCC and Canton shows DTCC tokenization also uses a lock-and-issue wrapper model.
    • From a pure mechanics standpoint, it is still “wrapped equity”; not fundamentally different from SPV-based models.
    • Thus, derivatives aren’t uniquely “clean” on platform risk; everyone is wrapping something.
  • Counterparty vs oracle risk:

    • Pro-spot side argues:
      • Yes, spot wrappers add issuer/counterparty risk.
      • But derivatives add large oracle and model risk (mispricing, misconfigured funding rates).
    • Example: recent incidents on venues like Venual where oracle issues led to user blowups in derivatives.
    • These parameters and their changes are opaque for retail, making risk hard to assess.

Takeaway: Investors must choose between different risk types: legal/issuer risk in spot wrappers vs oracle/model risk in derivatives; there is no risk-free design, but derivative-heavy designs concentrate more technical pricing risk.


6. Capital Efficiency, Fees & Liquidity

  • Capital efficiency as central for derivatives:

    • With spot-only models, $1 capital yields $1 exposure.
    • Derivatives allow levered exposure: significantly more notional exposure per unit of capital.
    • For institutions running volatility strategies, hedging, and for retail in capital-constrained markets, this is a key advantage.
  • Fees vs effective cost:

    • Disagreement on whether derivatives have “lower fees.”
    • The opposition argues that the more relevant metric is capital efficiency and effective exposure cost, not raw fee schedules.
    • Even if per-trade fees are similar, leveraged derivatives allow better utilization of capital.
  • Liquidity bootstrapping:

    • Early on-chain spot markets often have shallow depth (e.g., $100k of liquidity).
    • Large trades (e.g., $1M) get worse execution on spot than on perps that aggregate more global demand.
    • The opposition notes that HIP-3/HIP-style perp markets today show more volume than spot tokenized equity markets, indicating where real user interest is.

Takeaway: For traders and capital allocators, derivatives offer superior capital efficiency and often deeper usable liquidity early in market development, making them attractive for both speculative and hedging activity.


7. 24/7 Markets, Basis Trading, and “True” Internet Markets

  • Pro-derivatives argument about basis trading:

    • Basis strategies require both spot and derivatives; pro-spot side highlighted spot, but derivatives are just as essential for basis.
    • Well-functioning perp markets plus underlying TradFi spot (off-chain) can still support basis-type strategies, even if not all spot is on-chain.
  • Pro-spot response: 24/7 constraints:

    • Without on-chain spot, basis traders are chained to TradFi hours (e.g., 9:30–4:00 ET), which conflicts with the 24/7 ethos of crypto.
    • To have continuous 24/7 basis strategies with reliable opening prices, on-chain spot is valuable as the reference and hedge.
    • Relying only on prediction-based oracles (e.g., EMA-based next-tick) introduces risk that market makers get picked off by predictable pricing.
  • Vision difference:

    • Opposition: It’s acceptable and even desirable to blend off-chain and on-chain liquidity and pricing; full on-chain replication of TradFi is not required.
    • Pro side: “Real” internet capital markets must operate independently, 24/7, anchored by actual on-chain spot ownership.

Takeaway: The strategic vision diverges—one camp is comfortable with hybrid (off-chain + on-chain) markets powered by derivatives, while the other insists that fully on-chain spot is essential for truly 24/7, self-contained capital markets.


8. User-Type Focus: Traders vs Investors, Short-Term vs Long-Term Vision

  • Current crypto user reality:

    • Opposition stresses that today’s crypto participants are almost all traders:
      • They want leveraged, capital-efficient speculation on assets like Nvidia.
      • They do not care about voting or attending shareholder meetings.
    • For them, perps-based exposure is a better product-market fit than tokenized spot.
  • Long-term vision from the pro-spot side:

    • Crypto should expand access to true ownership of global equities, not just options-like speculation.
    • Spot tokenization enables:
      • Dividends
      • Voting
      • Index products that reflect real underlying holdings
      • Secondary markets around governance and ownership rights
    • They criticize “derivative-only” approaches as turning crypto into a giant zero-day options casino, failing to unlock broader equity ownership.
  • Stablecoin analogy contested:

    • Pro side uses stablecoins as empirical proof of spot’s dominance.
    • Opposition notes:
      • Historically, most stablecoins didn’t pass through treasury yield; they functioned as payment rails, not investment exposure.
      • This weakens the comparison to equities, where yield and ownership economics are central.

Takeaway: In the near term, derivatives align better with how crypto is actually used (trading/speculation), but for a long-term “everyone owns global equities on-chain” vision, spot tokenization is necessary.


9. Net Investor-Relevant Implications

  • If you’re investing in Solana / crypto infra:

    • Expect both spot and derivative equity models to coexist; the winning platforms likely integrate both.
    • There is clear demand and early traction for synthetic equity perps (volume, activity, capital efficiency).
    • But regulatory-grade efforts (e.g., DTCC/Canton integrations, regulated brokers like Alpaca) are systematically building spot tokenization rails.
  • Risk lens for capital allocation:

    • Derivative-heavy platforms:
      • Higher oracle/model and liquidation risks.
      • Strong user demand and fee generation from active trading.
    • Spot-focused platforms:
      • More regulatory overhead and issuer/platform risk.
      • Closer alignment with traditional equity economics and institutions.
  • Geography and growth:

    • Emerging markets with strong equity derivatives cultures (India, Korea) may be particularly fertile for on-chain derivative-based access.
    • US/European institutional adoption may lean toward regulated, spot-based tokenization integrated with existing CSDs.

Takeaway: For investors, the debate suggests high upside in both segments—derivative protocols capturing near-term trading flow and spot-tokenization projects positioning for institutional and long-horizon equity ownership on Solana.

Breakpoint 2025: This House rejects political alignment as a growth strategy for crypto.

Watch Video
Breakpoint 2025 D1

Overview

  • Debate centers on whether crypto’s growth should rely on explicit political alignment (principles or parties) versus broad, bipartisan engagement, with all agreeing politics already profoundly shapes the industry.
  • Miller and Rebecca argue growth comes from innovation, global neutrality, and universal access, warning that tying crypto to any party/leader shrinks its global tent and creates long-term policy and retaliation risks.
  • Marco and Greg contend that “neutrality” is illusory; survival and regulatory clarity require organized, principle-based alignment and coalitions, or else hostile actors will define the rules and narratives.
  • Concrete policy outcomes (US market-structure and stablecoin progress, bipartisan votes) are cited by both sides, but interpreted differently: as wins from broad engagement (anti-alignment view) or from coordinated, value-driven political power (pro-alignment view).
  • For Solana investors, the key takeaway is that policy risk will remain central: some advocate minimizing that risk via non-partisan, global engagement around real utility, while others urge backing industry-wide, principle-based political coalitions to secure durable regulatory clarity and market access.

Breakpoint 2025 Debate Panel

Miller White House-Levine (Solana Policy Institute – US-focused crypto policy advocate)
Marco (long-time crypto policy advocate, litigator since early Bitcoin era)
Rebecca (former litigator, senior policy/legal lead for a major crypto firm)
Greg (veteran US and international crypto policy strategist)


1. Core Motion: “This House Rejects Political Alignment as a Growth Strategy for Crypto”

  • The debate centers on whether political alignment (as distinct from mere “engagement”) should be used as a strategy to grow crypto.
  • One side (Miller & Rebecca) argues crypto should engage broadly and neutrally with politics, but not align with any specific party or faction.
  • The other side (Marco & Greg) argues crypto must align around clear principles and build political coalitions, or risk having its future defined by hostile actors.
  • All speakers agree politics already affects crypto; the disagreement is whether “alignment” is protective or dangerously polarizing.
  • The context is global, but the practical battleground discussed is predominantly the US, with examples from the UK and broader international policy.

Takeaway: The panel is not about whether crypto should engage in politics, but whether it should adopt explicit political alignment (principle-based or partisan) as a deliberate growth strategy.


2. Miller (Solana Policy Institute): Why Political Alignment Is a Bad Growth Strategy

  • Argues that innovation, not politics, is what has driven crypto’s growth; policy tends to react to growth, and often hinders rather than creates it.
  • Emphasizes crypto’s universality: it is “for everyone,” regardless of creed, country, or ideology; aligning with a political agenda undermines this inclusive promise.
  • Stresses global scope: with over 100 nationalities at Breakpoint and crypto infrastructure deployed worldwide, aligning with any one political system or national agenda shrinks the “global tent.”
  • Highlights time horizons mismatch: crypto aims to build a financial/technological system for centuries, while politics is short-term and volatile; aligning with a faction that later loses power invites retaliation from successors.
  • Points to empirical evidence (2021–2024): even under hostile US policy, crypto grew significantly, suggesting that growth is not primarily driven by favorable political alignment.

Takeaway: For investors and builders, Miller’s view is that sustainable growth follows real-world utility and global neutrality, not tying the industry’s fortunes to any specific political camp or cycle.


3. Marco: Neutrality as “Naïve”; Alignment Around Principles as Survival

  • Frames the “stay apolitical” view as naïve given 14 years of political conflict around crypto (since early Bitcoin days).
  • Distinguishes alignment from partisanship:
    • Alignment = choosing and organizing around principles (e.g., open systems, freedom to transact)
    • Not necessarily choosing one party or left/right faction.
  • Argues neutrality is not protection but a “permission slip” for adversaries to define crypto’s future and narrative in policy arenas.
  • Notes political actors in multiple jurisdictions are actively fundraising against crypto, making anti-crypto stances a deliberate campaign strategy.
  • Claims every region has a political “center of gravity”; if crypto doesn’t engage where that gravity is, it gets pulled and defined by it anyway.
  • Points to recent legislative wins (e.g., US Democrats backing market structure frameworks) as proof that sustained engagement and principle-based alignment can convert skeptics into supporters.

Takeaway: From Marco’s standpoint, investors should understand that long-term regulatory clarity and market access will depend on crypto aligning around core principles and building cross-party coalitions, not attempting to float “above” politics.


4. Rebecca: Engage Aggressively, But Stay Politically Neutral and Bipartisan

  • Clarifies she and Miller support aggressive engagement, not hiding; their objection is to choosing a side, not to political participation.
  • Critiques Marco for reframing the debate from “alignment” to mere “engagement,” arguing the motion is about picking sides vs. staying open to all.
  • Uses US–UK comparison to show dangers of tying the industry to a specific political leader or party:
    • UK: Heavy alignment around Rishi Sunak brought crypto investment and access, but once he left power, crypto policy slowed and momentum stalled.
    • US: During hostile years, her camp engaged both sides of the aisle and regulators, helping deliver the “Genius Act” and stablecoin legislation with bipartisan support.
  • Emphasizes that day-to-day policymaking is largely technocratic and staff-driven, and many of the same regulators remain across administrations; this makes broad, non-partisan engagement more effective than party alignment.
  • Notes crypto’s resilience: it grew substantially 2021–2024 despite hostile US politics, and market sentiment today is poorly correlated with political winds (e.g., tokens down while policy momentum is up).
  • Warns that aligning with whoever “loves us most” today risks whiplash when the political pendulum swings, undermining long-term regulatory stability and investment confidence.

Takeaway: Rebecca frames the most robust growth path for investors and builders as deep, consistent, bipartisan engagement rather than betting the sector on any single party, leader, or political bloc.


5. Greg: Alignment as Insulation, Not Polarization

  • Pushes back on the idea that political backlash is caused by alignment; argues backlash flourishes in vacuums created by disengagement.
  • States that politics has already “landed” on crypto: regulators, hostile politicians, and enforcement actions are happening regardless of industry posture.
  • Argues that crypto didn’t politicize itself; a faction of one party has done so, even openly calling for an “anti-crypto army” and fundraising off that message.
  • Reframes alignment as insulation: by clearly stating crypto’s principles (innovation, open systems, transparency-based consumer protection, opposition to regulation-by-enforcement), the industry becomes legible and harder to attack across parties.
  • Points to bipartisan votes (e.g., Democrats supporting CRA, clarity measures, some anti-CBDC positions) as outcomes of principle-based alignment and organized advocacy, not neutrality.
  • Asserts that silence = surrender: if crypto doesn’t articulate its values, opponents fill the void with fear narratives that shape law and enforcement.
  • Links alignment to tangible policy outcomes:
    • Clarity requires legislation.
    • Legislation requires coalitions.
    • Coalitions require political alignment around shared principles.

Takeaway: Greg’s message to investors is that regulatory clarity, which underpins capital formation and user growth, depends on cohesive, principle-based political alignment rather than hoping technocrats alone will deliver favorable rules.


6. Closing Positions: Convergence on Engagement, Divergence on Alignment

Rebecca & Miller (Against Alignment as Growth Strategy)

  • Reiterate they are not advocating neutrality or passivity; they want builders and companies to “dig in” and talk to policymakers in their own jurisdictions.
  • Stress the historical pattern: innovation first, then regulation; the job now is to shape that regulation by engaging “with everybody”, not by aligning with a single party or faction.
  • Argue that bipartisan engagement is what’s currently making crypto thrive, citing recent US legislative progress as a product of cross-aisle work.
  • Characterize political alignment as potentially useful for “shock absorbers” (risk mitigation) but not a growth engine; real growth comes from building products and user adoption, not from politics.

Marco & Greg (For Alignment as Necessary Strategy)

  • Counter that what Rebecca and Miller call “education” fails without political leverage; the last four years of heavy enforcement and uncertainty are given as evidence.
  • Claim that innovation shaped by subpoenas and settlements is the predictable outcome when the industry relies on education alone, without organized political power.
  • Argue that in the US, politics—not technocrats—write the first draft of rules, so avoiding explicit political alignment is unrealistic and dangerous.
  • Call for alignment within the industry (shared principles and strategy) and alignment with political supporters across parties, as the only credible path to durable, favorable market-structure and stablecoin rules.

Takeaway: All sides agree that engaging policymakers is essential; the fault line for investors is whether to view explicit, principle-based political alignment as a central strategic lever for growth and protection, or as a risk that should be minimized in favor of broad, non-partisan engagement.

Breakpoint 2025: Tokenization: Where Solana’s Tokenization Push Stands — and Where It’s Going Next

Watch Video
Breakpoint 2025 D1

Overview

  • Tokenization is framed as the bridge between TradFi and DeFi, delivering faster settlement, global distribution, and programmable compliance, with Solana’s speed/scale making it a prime venue.
  • Securitize has established itself as a leading, regulated tokenization platform (~$3.5B AUM) with top-tier partners (e.g., BlackRock, Apollo), giving it strong leverage in directing institutional flows on-chain.
  • Solana already has ~20% of RWA holders but only ~3% of RWA capital, signaling strong retail traction but large upside if institutional-grade products deepen on-chain utility.
  • The core challenge is coordination: lenders, issuers, oracles, risk managers, stablecoins, KYC, and base chain must align to turn RWAs into usable, yield-bearing DeFi collateral.
  • The new native Solana RWA market (Loopscale x Apollo x Securitize) is a live proof-of-concept for compliant, institution-ready credit markets on Solana, positioning SOL ecosystem investors to benefit from an expected multi-trillion-dollar RWA expansion by 2030.

Graham Ferguson

Head of Ecosystem at Securitize, a regulated tokenization platform focused on tokenized securities. Works with major asset managers, exchanges, and DeFi protocols on bringing institutional assets on-chain, with a particular focus on Solana.


1. Why Tokenization Matters for Finance and Solana

  • Tokenization = converting financial assets into digital tokens on a blockchain, with the goal of faster, more efficient, and more programmable markets.
  • Key benefits highlighted:
    • Fast settlement vs. multi-day settlement in traditional finance.
    • Broad global distribution leveraging crypto rails to reach retail users worldwide.
    • Programmable compliance: KYC/AML and transfer restrictions embedded directly into the asset.
    • New design space for financial products combining DeFi features with TradFi structures.
  • Institutional interest is rising as traditional finance sees how crypto has distributed assets at scale and looks to replicate that efficiency with regulated products.

Takeaway: Tokenization is positioned as the bridge between TradFi and DeFi, with Solana providing speed and scale for new compliant financial products.


2. Securitize’s Position in the Tokenization Market

  • Founded in 2017 by Carlos Domingo; has grown into a leading tokenization platform focused on regulated securities.
  • Securitize has launched several large tokenized funds:
    • BID (largest tokenized asset on Bitwise),
    • BCAP (largest tokenized venture fund),
    • Acred (largest tokenized private credit fund),
    • and the largest tokenized stock in total.
  • As of the talk: about $3.5 billion in tokenized assets under management.
  • Works with major institutional names such as BlackRock, Hamilton Lane, Apollo, KKR, and others.
  • Ferguson notes “tons of interest on the supply side” from asset managers eager to tokenize — the main challenge is distribution and on-chain utility.

Takeaway: Securitize has significant early-mover traction, credible institutional partners, and a growing AUM base, positioning it as a key infrastructure player for on-chain securities.


3. State of On-Chain RWAs and Solana’s Current Standing

  • Overall RWA (real-world asset) tokenization market:
    • ~$36 billion in on-chain RWAs across asset classes.
    • 500,000 holders and ~250 issuers (per rwa.xyz data cited).

  • Solana vs. other chains for RWAs:
    • ~20% of all on-chain RWA holders are on Solana.
    • But only ~3% of total RWA capital sits on Solana.
  • Interpretation:
    • Solana is already strong in retail adoption and user count for tokenized assets.
    • Capital-heavy institutional RWA flows are still mostly elsewhere.
    • Existing Solana RWA usage includes products like Backed’s tokenized stocks, Galaxy’s tokenized stock, and BID as backing for stablecoins.

Takeaway: Solana has strong retail penetration for RWAs but currently captures only a small share of institutional RWA capital, creating a clear upside opportunity if institutional-grade products can be built natively on Solana.


4. The Coordination Problem: Making RWAs Actually Useful in DeFi

  • For investors to move capital on-chain, they need financial incentives and usable products, not just tokenized claims.
  • Ferguson frames the challenge as a “coordination problem” with many interdependent pieces:
    • Lending market / DeFi protocol to accept RWAs as collateral.
    • Asset issuer comfortable with tokenization and on-chain usage.
    • Oracle provider for reliable price feeds.
    • Risk curator to manage credit and collateral parameters.
    • Stablecoin issuer to supply borrowable liquidity against RWAs.
    • Underlying blockchain (e.g., Solana) for throughput and settlement.
    • KYC/AML provider to meet regulatory standards for securities.
  • Positioned RWAs-as-collateral use case:
    • Investor posts RWA tokens as collateral,
    • Borrows stablecoins against them,
    • Then loops or deploys that stablecoin into yield strategies.

Takeaway: The main barrier for RWA adoption in DeFi is not technology alone but aligning multiple specialized players to create compliant, yield-bearing products institutions can actually use.


5. New Native Solana RWA Market: Loopscale x Apollo x Securitize

  • Securitize recently launched a native RWA lending market on Solana with:
    • Loopscale – the lending protocol front end and logic.
    • Apollo – providing the underlying RWA (Apollo Diversified Credit Fund via Acred).
    • Pyth – oracle for pricing the RWA collateral.
    • Paxos’s USDG (Global Dollar Network) – stablecoin liquidity pool for borrowing.
    • Securitize – KYC/AML, transfer agent, broker-dealer compliance stack.
    • Solana – base infrastructure for execution and settlement.
  • This is described as a “giant step forward” in offering institutional-grade, on-Solana products.
  • Native vs. wrapped:
    • The Acred token directly represents a share of the Apollo Diversified Credit Fund.
    • No wrapping layer or additional counterparty whose solvency or governance must be trusted.
    • Apollo is the direct counterparty, improving institutional comfort and risk clarity.
  • Customization and protocol collaboration:
    • Bridgest founders (Mary and Luke) worked closely with Securitize to reconfigure protocol logic.
    • Adjustments made to align with Securitize’s regulatory obligations as a registered transfer agent and broker-dealer.
  • Product is live; the team is iterating based on user feedback, with expectation that it will be the first of many similar Solana-native RWA markets.

Takeaway: A fully-coordinated, native RWA lending market on Solana using Apollo credit as collateral marks a tangible proof point that compliant, institution-ready credit products can live directly on Solana rather than through synthetic wrappers.


6. Market Growth Outlook and Investor-Relevant Opportunities

  • Several external projections (chart shown in talk) indicate:
    • Even the most conservative estimate: ~$2 trillion in tokenized RWAs by 2030.
    • Compared to ~$36 billion today, that’s roughly a 50x increase.
  • Ferguson notes that crypto participants likely still underestimate the eventual size of the tokenization opportunity.
  • Observed trend: increasing daily inbound interest from institutions wanting to move money and assets on-chain.
  • Securitize’s call to action across the ecosystem:
    • Protocols/DeFi teams: integrate RWAs into flows, build RWA markets on Solana.
    • Asset issuers: tokenize funds, credit, equity, or novel structures.
    • Stablecoin issuers: use tokenized securities as backing collateral.
    • Liquidity providers/“cash leg” partners: supply stablecoin or cash-like liquidity to RWA trades and lending markets.
    • Investors: learn how institutional-grade, yield-bearing products are being built natively on-chain and what risk/return profiles look like.
  • Emphasis that Solana is well-positioned to capture a significant share of future RWA volume if it can continue to build compelling, native institutional products.

Takeaway: With forecasts projecting trillions in tokenized assets by 2030, there is substantial upside for investors and builders who position early in Solana-based RWA infrastructure, liquidity provision, and compliant product design.

Breakpoint 2025: Welcome to Day 1: Solana Foundation (Jiani Chen)

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Breakpoint 2025 D1

Overview

  • Closed-door, institution-only format designed to foster candid discussion and long-term capital relationships with top global asset allocators.
  • Morning sessions link macro environment, portfolio construction, and concrete alpha/yield strategies—especially income-generating use cases built on Solana.
  • Bitwise-led segment frames Solana as a distinct, allocatable asset within diversified portfolios, with clear risk/return and diversification arguments versus BTC/ETH.
  • Focus on Solana as core financial infrastructure for tokenization, DePIN, and payments, reinforced by improved on-chain data/analytics from Blockworks and Artemis for institutional-grade diligence.
  • Closing fireside with Anatoly Yakovenko ties Solana’s technical roadmap directly to investor implications, aiming to move allocators from curiosity to conviction and durable ecosystem allocations.

Jiani Chen

Solana Foundation; welcoming remarks for Breakpoint 2025 Day 1, specifically curated for top global asset allocators with a focus on Solana as an investable ecosystem.


1. A Closed-Door Day for Top Asset Allocators

  • Day 1 is framed as a curated, closed-door program specifically targeting “top asset allocators in the world,” signaling a strong institutional focus.
  • The intent is to create a safe environment for honest discussion, peer learning, and direct Q&A, rather than a general marketing event.
  • Emphasis on forming long-term relationships that translate into long-term allocations into the Solana ecosystem.
  • The audience is clearly framed as institutional LPs and allocators, not retail, underscoring the maturing institutional narrative around Solana.

Takeaway: Solana is deliberately positioning Breakpoint Day 1 as an institutional capital-focused forum aimed at deepening conviction and driving sizable, durable allocations into the ecosystem.


2. Morning Program: Macro, Allocation, and Alpha Generation

  • The morning opens with an opening keynote and macro “teach-in” by Raoul Pal (referred to as “Rupel/Raul”), indicating a focus on the broader macroeconomic and market environment for digital assets.
  • A practical session on portfolio allocation to digital assets will cover:
    • How to size and structure digital asset exposure.
    • The “menu of options” available to institutional LPs (e.g., funds, vehicles, strategies).
  • A deep dive into alpha generation across the digital asset hedge fund landscape suggests:
    • Comparative evaluation of different hedge fund strategies in crypto.
    • Focus on how and where allocators can source excess returns, not just beta.
  • The morning concludes with real-world, income-generating strategies on Solana, highlighting:
    • Yield and cash-flow–oriented use cases on-chain.
    • Practical case studies that may appeal to income-focused or risk-managed mandates.

Takeaway: The morning is structured to bridge macro context, allocation frameworks, and concrete alpha/yield strategies—aimed at making digital assets, and Solana specifically, legible and actionable for institutional portfolios.


3. Afternoon “Bitwise Section”: Solana’s Role in Diversified Portfolios

  • The afternoon pivots to a Bitwise-led segment that explores Solana’s strategic role in modern portfolios, emphasizing its investability rather than pure technology.
  • Kyle Samani (Multicoin Capital co-founder and industry chair) will present on:
    • Solana’s unique role in a diversified portfolio.
    • Asset allocation perspectives—how Solana fits relative to BTC, ETH, and other risk assets.
  • This signals that:
    • Solana is being framed as a distinct, allocatable asset class within crypto.
    • There’s an institutional narrative around its risk/return and diversification benefits.

Takeaway: The Bitwise section frames Solana not just as a technology platform but as a differentiated asset within a diversified institutional portfolio, with clear allocation arguments.


4. Solana as Financial Infrastructure: Tokenization, DePIN, and Payments

  • A dedicated segment will examine Solana’s positioning to power global financial infrastructure, focusing on:
    • Tokenized equities: on-chain representation of traditional assets and securities.
    • DePIN (decentralized physical infrastructure networks): real-world infrastructure and incentivized networks built on Solana.
    • Next-generation payment systems: fast, low-cost payment rails leveraging Solana’s performance.
  • This positions Solana as a:
    • Platform for real-world asset (RWA) tokenization.
    • Core infrastructure layer for future financial and payments systems, not just speculative DeFi.

Takeaway: Solana is being pitched as core infrastructure for real-world financial use cases—tokenization, DePIN, and payments—reinforcing a long-term, utility-driven investment thesis.


5. On-Chain Data for Allocators: Blockworks & Artemis

  • Blockworks and Artemis will present on making on-chain data accessible and usable for allocators.
  • Focus areas include:
    • Translating raw blockchain activity into institutionally relevant metrics and dashboards.
    • Providing data transparency required for institutional due diligence and risk management.
  • For investors, this indicates:
    • Improved analytics, monitoring, and reporting tools around Solana activity.
    • Infrastructure to support data-driven allocation and risk decisions in Solana-based strategies.

Takeaway: Enhanced on-chain data tooling from Blockworks and Artemis aims to lower information barriers and give institutional allocators the visibility they need to underwrite and monitor Solana exposure.


6. Fireside Chat: Solana’s Roadmap & Investor Implications

  • The day culminates with a headline fireside chat between:
    • Anatoly Yakovenko, Solana co-founder.
    • Hong, Bitwise co-founder and CTO.
  • The discussion will center on:
    • Solana’s future roadmap: upcoming features, scaling plans, and ecosystem direction.
    • Implications for investors: how technical and ecosystem developments may translate into:
      • New use cases.
      • Risk/return dynamics.
      • Long-term value accrual to the Solana asset and ecosystem.
  • This session is explicitly framed around “what that means for investors like you”, reinforcing the capital allocator focus.

Takeaway: The closing fireside is designed to connect Solana’s technical roadmap directly to investor theses, helping allocators align long-term capital with the network’s development trajectory.


7. Overall Positioning of Day 1: From Curiosity to Conviction

  • The program is intentionally designed to:
    • Challenge assumptions about digital assets and Solana.
    • Spark new ideas on portfolio construction and strategy.
    • Provide all information needed to “allocate into the Solana ecosystem with conviction.”
  • The structure (macro → allocation → alpha/yield → infrastructure thesis → data tools → roadmap) is clearly built to:
    • Move allocators from high-level interest to actionable, confident allocation decisions.
  • The introduction closes by welcoming attendees to “Breakpoint allocator day,” branding this as a specialized track within the broader conference.

Takeaway: Day 1 is architected as a conversion funnel for institutional capital—equipping allocators with context, tools, strategies, and forward-looking insight to support meaningful, long-term allocations to Solana.

Breakpoint 2025: What Wall Street Wants: Metrics That Matter: Artemis (Jon Ma)

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Breakpoint 2025 D1

Overview

  • Solana currently trades more like a flow‑driven commodity than a fundamentals‑anchored tech stock because crypto‑native metrics (TVL, DAUs, TPS, dev count) don’t map cleanly into Wall Street valuation models.
  • Institutional investors care about revenue, buybacks/value‑accrual, and earnings‑style metrics; tokens with >$100M revenue and clear value capture (e.g., BNB, Tron, Hyperliquid) have outperformed.
  • Reframing Solana as an “Internet Capital Markets” marketplace with global transfer volume as GMV gives TradFi a familiar way to model the chain: GMV → take rate → revenue → profit.
  • Using this framework, a plausible 2030 scenario (5% of a $9T tokenization TAM, 60x velocity, current take rate, 50x P/E) yields ~$27B revenue, ~$20B net income, and a path to ~$1T market cap (~$1,000 per SOL).
  • Investor takeaway: focus on AUM, transfer volume, take rate, and earnings power as the core Solana thesis; if Solana standardizes and communicates these fundamentals, it can be priced like a high‑growth tech platform rather than a speculative commodity.

Jon Ma

Jon Ma, co‑founder of Artemis, a crypto data & analytics platform (“Bloomberg / CapIQ for digital finance”), previously a VC and hedge fund investor in fintech, software, and crypto. Artemis works with major TradFi asset managers (Fidelity, T. Rowe, VanEck, Franklin Templeton) and investment banks on valuation frameworks for crypto assets.


1. Why Solana Currently Trades Like a Commodity, Not a Tech Stock

  • Solana’s price action today is driven largely by flows, supply/demand, and positioning—similar to oil & gas—rather than by fundamentals.
  • Wall Street does not price Solana the way it prices high‑growth technology names (e.g., Nvidia, Robinhood), where revenue and earnings drive valuation.
  • Artemis previously tried standard crypto metrics (TVL, developer activity, daily active addresses, transactions) as valuation drivers and found they did not move markets or influence institutional investors’ models.
  • “Market cap / TVL” and “market cap / daily active addresses” style multiples failed to gain traction with buy‑side analysts and did not explain token price performance.
  • The result: despite Solana excelling in usage and developer metrics, those numbers don’t translate into a narrative or model that Wall Street can underwrite.

Takeaway: Solana’s current market behavior is dominated by flows rather than fundamentals, because the metrics crypto natives use are not the ones institutional investors use to value assets.


2. What Metrics Do Matter to Wall Street: Revenue, Buybacks, and Fundamentals

  • Across 2025, the best‑performing tokens Jon highlights—BNB, Tron, and Hyperliquid (Hyperlid)—share a common feature: strong, growing revenue and explicit value‑accrual to token holders.
  • BNB’s revenue was up ~3x and its market cap was up ~3x; Hyperliquid’s revenue was up ~2.5x and its token price ~2x; Robinhood’s revenue growth (~50% YoY) is closely tracked by its equity performance.
  • Tokens with >$100M of annual revenue and clear mechanisms like buybacks or value accrual have delivered positive returns in 2025, in contrast to much of the market.
  • Institutional clients (hedge funds, asset managers, investment banks) are asking Artemis for familiar metrics: revenue, free cash flow, earnings, price‑to‑earnings multiples—i.e., the same toolkit they use for equities.
  • Wall Street wants a simple, fundamentals‑driven model that they can publish in research reports to justify Solana exposure to investment committees.

Takeaway: Institutional investors are gravitating to projects where revenues and value‑accrual are clear and modelable, and they want to treat leading chains like income‑generating tech platforms, not purely speculative commodities.


3. Solana’s Strengths – and Why They Don’t Yet Drive Valuation

  • By Jon’s framing, Solana is:
    • #1 in users and daily activity
    • #1 in transactions and actual TPS
    • #1 in developer growth
    • #1 in application revenue (revenue earned by apps built on Solana)
    • #1 in trading volume across chains
    • #1 in new token launches
    • Highly resilient, with over 22 months of uptime and no outages.
  • These are exactly the metrics crypto insiders celebrate—but, according to Artemis’ work with the buy side, they don’t factor directly into valuation frameworks.
  • Wall Street analysts and PMs don’t “pay” for daily active wallets, transactions, or raw developer activity if they can’t easily link them to revenues, margins, and earnings.
  • This disconnect explains why Solana can be operationally dominant yet still trade predominantly on macro conditions and flows rather than on its usage metrics.

Takeaway: Solana’s operational and ecosystem strength is substantial, but until those metrics are translated into revenue and earnings terms, they will not be central to institutional valuation models.


4. Reframing Solana as a Marketplace: “Internet Capital Markets”

  • Artemis proposes treating Solana as a marketplace—analogous to Uber or Airbnb—rather than as just a “smart contract platform” or infrastructure commodity.
  • In this framing:
    • Solana is a marketplace between capital providers (users, institutions like BlackRock, wallets like Phantom) and financial applications (DEXs, payments, RWAs, DePIN, etc.).
    • The equivalent of “GMV” for Solana is global transfer volume—the total volume of value moving across the chain.
  • Analogies:
    • Uber: Riders (monthly active consumers) ↔ Drivers; GMV = gross bookings.
    • Airbnb: Guests ↔ Hosts; GMV = gross bookings / nights booked.
    • Solana: Capital (users/institutions) ↔ Financial apps; GMV = transfer volume.
  • This “Internet Capital Markets” narrative aims to position Solana as the core venue where capital flows between financial use cases, making it more intuitive for TradFi investors.

Takeaway: Positioning Solana as a GMV‑driven financial marketplace gives Wall Street a familiar business model lens through which to value the chain.


5. Core Metric Proposal: Global Transfer Volume as Solana’s GMV

  • Jon argues that global transfer volume should be the primary top‑line metric used to value Solana, analogous to GMV for marketplaces.
  • This metric is attractive to investors because it can be decomposed into intuitive business lines:
    • Trading volume (e.g., per DEX, spot trading, derivatives).
    • Payments volume (e.g., Cash App integration, Western Union flows).
    • Other verticals: tokenized real‑world assets (RWA), DePIN, and more.
  • With this structure, investors can:
    • Forecast transfer volume from specific deals/partnerships (e.g., “Western Union + Cash App will contribute X in total payment volume”).
    • Track mix shifts over time (how much volume is trading vs. payments vs. RWAs).
  • Once transfer volume is known, applying a take rate (fees, tips, etc.) allows investors to compute chain‑level revenue—just like applying a take rate to GMV in marketplaces.
  • This framework aligns Solana with how marketplace equities are modeled (top‑line GMV → take rate → revenue → profit).

Takeaway: Using transfer volume as GMV and applying a take rate provides a clean, decomposable metric that directly connects Solana’s activity to revenue and earnings.


6. A Concrete Valuation Path to a $1,000 SOL Token

  • Jon responds to a challenge from Mert (Solana community figure) to model a path to $1,000 per SOL using this marketplace framework.
  • Key assumptions (2030 scenario):
    • Tokenization TAM: BCG projects ~$9T of assets tokenized by 2030.
    • Solana share: Solana captures 5% of tokenized assets → ~$450B AUM on Solana (Jon says “400–450 billion”).
    • Velocity multiple: Each on‑chain dollar turns over ~60x per year on Solana.
      • Benchmark: Tron stablecoin velocity is ~90x today.
    • Resulting GMV / transfer volume: 450B × 60 ≈ $27T annual transfer volume.
  • Applying 2024 Solana take rate:
    • Using current fee/tip structure, $27T in volume implies about $27B of annual revenue.
  • From revenue to valuation:
    • Subtract incentives, opex, and other costs → Jon estimates $20B of net income.
    • Apply a 50x P/E multiple (in line with high‑growth tech names).
    • Implied equity/token market cap ≈ $1T.
    • A $1T market cap corresponds to roughly $1,000 per SOL (given current supply assumptions).
  • The exact numbers are illustrative, but the point is: using realistic penetration, velocity, and earnings multiples, Wall Street can construct a credible DCF/earnings‑based case to high token prices.

Takeaway: Under plausible share, velocity, and multiple assumptions, a GMV/take‑rate model yields a tractable path to a trillion‑dollar Solana and a four‑figure token, in terms that institutional investors understand.


7. What “Wall Street Wants” from Solana and Other Chains

  • Institutional investors and banks that Artemis works with are converging on a simple set of questions:
    • How much capital (AUM) is on the chain?
    • How much transfer volume (GMV) does that capital generate?
    • What is the take rate on that volume?
    • What does that imply for revenue, earnings, and free cash flow?
  • These stakeholders want:
    • A clean, repeatable valuation model similar to tech and marketplace equities.
    • Fundamental metrics they can use to build coverage reports and pitch Solana (and other chains) internally.
    • A narrative shift away from speculative flows to fundamentals‑driven investing.
  • Jon frames two strategic paths for Solana:
    1. Continue trading like a commodity (flows‑driven, no clear earnings anchor).
    2. Trade like a high‑growth tech business (e.g., Robinhood with ~74x earnings multiple), where revenue and profit drive valuation.
  • Artemis’ mission is to help chains articulate and standardize these fundamentals so that large allocators—hedge funds, asset managers, token funds—can size positions based on earnings power.

Takeaway: For Solana to be treated like a high‑growth tech platform by Wall Street, it must embrace and clearly communicate a fundamentals‑based model grounded in AUM, transfer volume, take rate, and earnings.

Breakpoint 2025: What to Expect at Breakpoint 2025: Solana Foundation (Lily Liu, Akshay BD)

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Breakpoint 2025 D1

Overview

  • Solana is aligning with the UAE as a strategic hub for AI, compute, and digital asset infrastructure, signaling regulatory openness and long-term institutional partnership potential.
  • The ecosystem is scaling into a “Silicon Valley of crypto,” with thousands of founders, multiple apps crossing $100M in revenue, and a clear pivot to fundamentals: sustainable, revenue‑generating businesses.
  • Core network performance (100k+ TPS in production, new clients, Dzero bandwidth, Jito BAM, upcoming concurrent leaders) reinforces Solana’s edge as high-frequency financial infrastructure.
  • Institutional rails are forming rapidly around Solana via remittance/payment integrations, staked ETFs nearing $1B AUM, and DAT-style vehicles, strengthening its role as a capital markets platform.
  • The conference themes—“Revenue and Returns,” aggressive product launches, open debates on valuation/governance, and a strong builder culture—frame Solana as a long-term bet on internet‑native financial rails rather than short-term speculation.

Lily Liu & Akshay BD

Solana Foundation leadership, opening “Breakpoint 2025” in UAE (5th Breakpoint, first in Middle East)


1. Why Breakpoint 2025 Is in the UAE

  • UAE is framed as a “national-scale early adopter” of new tech: first Ministry of AI (2017), now building 1 GW of supercomputing and 200 MW of data center capacity.
  • Solana leadership explicitly links UAE’s “real industrial capacity, not press releases” to Solana’s own ethos of shipping in production at scale.
  • Positioning the UAE as a strategic hub for the next phase of crypto and AI infrastructure, not just a conference backdrop.
  • Signals intent that this will not be the last Solana Breakpoint held in the region.

Takeaway: Hosting in the UAE aligns Solana with a jurisdiction aggressively investing in AI, compute, and digital infrastructure—important signaling for institutional capital and global partners.


2. Scale and Maturity of the Solana Ecosystem

  • Breakpoint 2025 is Solana’s largest ever: >7,000 attendees from 105+ countries and ~1,700 founders present.
  • Framed as “Silicon Valley of the internet”: a global hub where small teams can build large, high-revenue businesses on-chain.
  • Narrative that “garage startups” have moved from expensive physical garages to Solana, enabling 2–3 person teams to reach $100M revenue and multi‑billion market caps.
  • Emphasis on Breakpoint as a yearly “download of the social network into a physical location,” reinforcing network effects and deal/network formation.

Takeaway: Solana is positioning itself as a global startup ecosystem with real revenue traction, not just a developer playground—positive for investors looking for project origination and deal flow.


3. Network Performance and Infrastructure: Breaking the “Trilemma”

  • Solana is re-framed as three things:
    • A network for validators/core devs
    • A technology platform for application builders
    • Capital markets infrastructure for asset issuers and investors.
  • Core performance mantra: IBRL (“increase bandwidth, reduce latency”) as the key to breaking the blockchain trilemma.
  • On October 10 (“10/10”) during ~$20B of CEX liquidations over two hours, Solana:
    • Surpassed 100,000 transactions per second on mainnet.
    • Processed 60M compute units in a single block using the Agave client.
  • In lab conditions, the Agave client has crossed 1 million TPS; FireDancer isn’t the only high-performance client anymore.
  • Jito’s Block Assembly Marketplace (BAM) launched:
    • Lets apps control order sequencing (e.g., on-demand oracle updates, order cancellations without spamming).
    • Routes value to builders instead of extractors—directly targeting MEV/ordering economics.
  • DePIN-style networking:
    • Dzero (0ero) now provides 3.3 Tbps of dedicated bandwidth for Solana validators and RPC nodes.
    • ~40% of the validator network is running on Dzero, moving Solana closer to TradFi-grade dedicated fiber-style infra.
  • Upcoming: Agave to present “Alpenlow” for multiple concurrent leaders—intended to further scale throughput and resiliency.

Takeaway: The network layer is not just “fast and cheap” in marketing terms; Solana is showing concrete, production-level performance and specialized infra (BAM, Dzero, concurrent leaders) that strengthens its case as the execution layer for high-frequency financial apps.


4. Application Layer: Revenue, All-Time Highs, and “Silicon Valley of Crypto”

  • Deliberate pivot (continued from last year) to make Breakpoint application‑centric while much of the industry still focuses on infra.
  • Data (via Blockworks) shows 2025 as a “year of all-time highs” for Solana:
    • App revenue
    • Revenue (likely L1 + app level)
    • Total developers and new developers
    • Spot DEX volume
    • New tokens launched
    • Overall market cap earlier in the year.
  • Highlighted chart (credit to “Solana Legend”): fastest-growing companies to $100M in revenue are largely crypto-native, and most of those are on Solana.
  • Strong emphasis that shipping is not enough anymore—teams must generate revenue and become self-sustaining on their own balance sheets.
  • The conference agenda and speaker selection heavily favor:
    • Revenue-generating apps
    • Tooling that helps others generate revenue.

Takeaway: For investors, Solana’s app ecosystem is now framed in earnings and growth terms, with multiple teams reaching $100M+ revenue—moving the narrative toward fundamentals and business performance rather than pure speculation.


5. Capital Markets: Institutional Adoption, ETFs, and DATs

  • 2025 characterized as “the year institutions were unblocked by regulation.”
  • Solana launched one of the first dedicated policy organizations in crypto, the “Solana Policy Institute,” positioning it ahead on regulatory engagement.
  • Institutions “needing a digital asset strategy” are reportedly choosing Solana:
    • Western Union (~$100B/year remittance volume) selecting Solana.
    • Fiserv (~$2T/year merchant payments) also choosing Solana.
  • Physical staked ETFs on Solana:
    • Launched ~6 weeks before Breakpoint; reached almost $1B AUM in that timeframe.
    • Six US-listed physical staked ETFs cited, with three consecutive weeks of inflows despite broader market outflows.
  • Emergence of “DATs” (Digital Asset Trusts / vehicles) as a controversial but important trend:
    • Many view DATs as short-term liquidity plays; Solana leadership frames them as long-term ecosystem companies.
    • Unique angle: Solana lets you build a company on the infrastructure and on the asset, then bridge to public markets through DATs.
    • DATs are positioned as vehicles for integrating infra, asset management, and public-market exposure.
  • Soulmate (UAE-based) is highlighted as one of Solana’s strongest DATs.
    • Soulmate (Victor and Marco) recently merged, now collectively managing ~$2B in assets across infra, asset management, and market making.

Takeaway: Institutional rails—remittances, merchant payments, staked ETFs, and DAT-style structures—are rapidly forming around Solana, making it a serious contender as a capital markets platform rather than only a DeFi sandbox.


6. Breakpoint 2025 Themes: “Revenue and Returns”

  • Two explicit themes:
    • Revenue: apps that earn and sustain themselves.
    • Returns: investors/traders generating alpha, beta, gamma across Solana.
  • Target audiences:
    • Founders, developers, and tooling teams focused on revenue generation.
    • Traders, individual investors, family offices, hedge funds, venture funds, and prop shops operating on Solana.
  • Program structure across two main stages:
    • “Absolute Cinema” (main stage): wide, fast overview of the ecosystem across verticals (payments, DePIN, trading, tokenization, etc.).
    • “Lock-In” (first floor): deep dives; more technical/institutional/developer-heavy content.
  • Three-day thematic breakdown:
    • Day 1: Institutional adoption of Solana (on both Absolute Cinema and Lock-In).
    • Day 2: Trading-related apps (priority-fee generators that subsidize low-cost USDC transfers and other use cases).
    • Day 3: Community + broader application layer (especially on the community stage at Lock-In).

Takeaway: The entire event is engineered to attract and coordinate both builders and capital allocators around profitable, scalable use cases on Solana, emphasizing sustainable business models and trading activity.


7. Product Launches & Keynotes to Watch

  • Format: no panels, mainly 5-minute product keynotes for focused, high-signal announcements.
  • Notable participants and launches called out:
    • Coinbase: building at the intersection of CEX and DEX on Solana—bridging centralized liquidity with on-chain execution.
    • DFlow: launching a new router, likely improving order routing/liquidity aggregation.
    • Arbore: a digital asset bank focused on “American innovation,” positioning for compliant custodial and banking services.
    • Ellipsis: “long-awaited” perps platform on Solana, another step in derivatives depth on-chain.
    • Sunrise: asset onboarding bridge to bring a broader range of assets onto Solana.
    • Metad: framed as “internet capital markets at its core,” suggesting a platform for on-chain markets or capital formation.

Takeaway: A pipeline of new trading, banking, and asset-onboarding products is coming online, signaling deeper liquidity, better infrastructure, and more institutional-grade tooling on Solana.


8. Debates and Fireside Chats: Governance, Valuation, and Market Structure

  • Debate format (introduced last year) returns, reflecting Solana culture of open, often adversarial debate.
  • Topics include:
    • “This house rejects political alignment as a growth strategy for crypto” (critique of overt political tactics, especially in the US).
    • “This house believes that L1s are overvalued” (directly addressing current valuation debates on X/social media).
    • Competing models of tokenized securities and which will win.
  • Format change: removal of moderators to avoid forced consensus, allowing more direct, sharper argument.
  • Fireside chats feature:
    • Raj & Toly (Solana founders) on the future of Solana.
    • Soulmate’s Victor & Marco discussing their merger and the integration of infra, asset management, and market making across $2B AUM.
    • A session with JP Morgan, pointing to ongoing dialogue with top-tier TradFi.

Takeaway: Solana is publicly grappling with key questions around L1 valuation, political strategy, tokenized securities models, and integrated trading/infra structures—offering investors insight into how leading participants think about the future market architecture.


9. Community, Culture, and Decentralized Programming

  • The Foundation increasingly decentralizes event programming by partnering with ecosystem organizations:
    • Day 1 institutional track co‑programmed with Bitwise and ExpaM (Raoul Pal mention) on Lock-In.
    • Day 3 community stage curated with Solflare (also a Breakpoint sponsor).
  • Breakpoint positioned not as a “conference” but as a “family reunion” and a proof that anyone can join, contribute, and rise (example: speaker went from first-time attendee to organizer over five Breakpoints).
  • Strong emphasis that Solana’s real edge is cultural:
    • “Proof-of-stake chain but a proof-of-work community.”
    • No central heroic figure; the community itself is the main character.
    • Culture of rooting for each other’s success, even among competitors.
  • Encouragement for attendees to network deliberately—“the people building the $100M and future $1B revenue startups are sitting here today.”
  • Historical context:
    • Solana’s journey through outages, the SBF/FTX collapse, memecoin waves (e.g., Bonk), Saga phone experiments, and IBRL initiatives.
    • Framing these cycles as necessary for infrastructure to become trusted by issuers and capital allocators.

Takeaway: Beyond technology and institutional deals, Solana is highlighting its open, meritocratic culture and decentralized governance of ecosystem initiatives as a durable competitive edge that can attract both builders and long-term capital.


10. Experiential + Media & Branding Strategy

  • Breakpoint 2025 is designed as an “experiential” event rather than a standard expo with static booths.
  • Key spaces:
    • Solana History Wall: timeline from 2017–2019 and beyond, plus merch customization tied to iconic moments—reinforces brand history and loyalty.
    • “Inverse Kramer” media zone: dedicated space for founders and teams to create content; everyone is encouraged to act as a “CMO of Solana,” amplifying authentic narratives.
    • “Baldpoint” barbershop at Solana Spaces: playful but on-brand cultural touch (the “official haircut” of Breakpoint).
    • Wellness area hosted by Cudis and U Moonwalk, showcasing fitness + crypto applications.
  • Practical logistics: venue maps and QR codes to navigate a complex layout, signaling an expectation of high engagement across multiple zones.

Takeaway: Solana is investing in brand, narrative, and community-owned media, aiming to turn every builder and investor into a distribution channel—useful for organic adoption and long-term mindshare.


11. Long-Term Vision: “Google of Finance” and Global Financial Rails

  • Founding story recap: Anatoly’s Eureka moment after “two coffees and a beer,” realizing he could build a permissionless time data structure (TDMA) enabling a very fast network.
  • Vision articulated as: becoming the “Google of finance,” the single place where all markets and financial activity could theoretically run—framed as a massive opportunity.
  • Reaffirmation of early crypto ideals:
    • Native financial infrastructure for the internet.
    • 5.5+ billion people with a basic smartphone can access global financial rails at the click of a button, regardless of geography.
  • Speaker’s personal arc: 11 years in crypto (since 2014), initially skeptical that this would be more than whitepapers—changed upon seeing Solana’s performance and ecosystem.
  • Return to core question: what makes Solana special beyond “fast and cheap”?
    • Answer: the culture and community that consistently “do the work” and build through multiple up/down cycles.

Takeaway: The long-term bet for investors is that Solana’s performance, institutional traction, and builder culture position it as a credible candidate for global financial infrastructure—an execution layer for internet-native capital markets at scale.

Breakpoint 2025 D2

68 talks

BP 2025: Kompass: Ensuring SPL-Token Stays Safe on Pinocchio Runtime Verification (Daniel Cumming)

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Breakpoint 2025 D2

Overview

  • Solana’s core token program is being upgraded from SPL-Token to the more efficient P-Token (Pinocchio-based), aiming for lower compute usage without changing observable behavior.
  • Equivalence between old and new token programs is checked via audits, fuzzing, and a formal verification stack, seeking mathematical guarantees rather than relying only on testing.
  • Kompass (built on the K framework) defines a single formal specification of “correct” token behavior and proves that both SPL-Token and P-Token implementations satisfy it.
  • Each token instruction (e.g., MintTo) is exhaustively verified over all possible inputs and states to ensure identical logic, error conditions, and state transitions across implementations.
  • For investors, this represents a low-risk, backwards-compatible performance upgrade to critical infrastructure, backed by industrial-scale formal verification that strengthens Solana’s scalability and security credibility.

Daniel Cumming

Runtime Verification — presenting “Kompass,” a formal verification framework used to mathematically prove that the new Solana P-Token program (Pinocchio-based) is behaviorally equivalent to the existing SPL-Token program, while being more efficient.


1. The SPL-Token → P-Token Upgrade on Solana

  • Solana’s token program is moving from using SPL-Token (built on the Solana SDK) to P-Token (built on the Pinocchio library).
  • The primary motivation is efficiency: Pinocchio is more efficient, so P-Token should reduce compute usage (CU) and improve performance.
  • Critically, the behavior of the token program (mint, transfer, burn, errors) is intended to remain unchanged; only efficiency should differ.
  • The “ideal” Solana token program is defined as the intersection of behavior between SPL-Token and P-Token — same logic, same error conditions, no new restrictions or new behaviors.

Takeaway: From an investor or ecosystem perspective, this is a low-risk, backwards-compatible performance upgrade to Solana’s core token program, not a behavioral change.


2. Assurance Stack: From Manual Review to Formal Verification

  • The equivalence of SPL-Token and P-Token is being checked at multiple levels with increasing confidence:
    • Manual review by audit firms Neodyme and Zellic.
    • Differential testing and fuzzing: run the same test suite against both implementations and compare outputs.
    • Integration and “mollis” test suites are used as specs are written.
  • Despite strong testing and audits, the team wants stronger guarantees, leading to full formal verification.
  • Formal verification aims to prove, using mathematics, that both programs always conform to the same intended behavior for all possible inputs and states.

Takeaway: Solana’s token upgrade is backed not just by audits and testing but by formal verification, significantly raising confidence in security and backward compatibility.


3. Kompass & the Formal Specification of the Token Program

  • Kompass is the proof engine (built using Runtime Verification’s K framework) used to verify correctness of the token program.
  • Each verification requires:
    • Implementation (yellow box): the actual Rust code that runs on-chain (P-Token or SPL-Token).
    • Specification: split into a precondition and a postcondition.
      • Preconditions: what must be true before calling the instruction (valid initial state).
      • Postconditions: what must be guaranteed after execution if the preconditions hold (effects, errors, state updates).
  • For the P-Token program:
    • Implementation is ANZA’s Rust P-Token code.
    • Specifications (pre/postconditions) are written by Runtime Verification.
    • Kompass checks whether the implementation satisfies the specification for all inputs.
  • The same specification is then used to verify the legacy SPL-Token implementation.

Takeaway: A single rigorous spec defines “what a Solana token program should do,” and both SPL-Token and P-Token are being mathematically proven against that spec to ensure they implement the exact same behavior.


4. Proving Equivalence Between SPL-Token and P-Token

  • The method for proving equivalence is indirect:
    • First, prove: “P-Token implementation satisfies the token program spec.”
    • Then, prove: “SPL-Token implementation satisfies the same spec.”
  • If both pass, they are both correct with respect to the same formal definition of the Solana token program.
  • By both being correct implementations of the same spec, they are considered behaviorally equivalent “modulo that specification.”
  • This approach ensures:
    • Same minting, transferring, burning logic.
    • Same error codes under the same conditions.
    • No unintended new restrictions or behaviors introduced by the upgrade.

Takeaway: Equivalence isn’t assumed; it is derived by proving both old and new token programs conform to the same mathematically defined behavior, providing strong assurance for the upgrade.


5. Example: Proving Correctness of the MintTo Instruction

  • The talk uses MintTo as a concrete example of how a proof is structured:
    • Precondition (blue box): encodes assumptions about initial state (accounts, authorities, etc.).
    • Implementation (yellow box): the Rust code for MintTo written by ANZA.
    • Postcondition: checks that:
      • The expected error is produced when preconditions are violated (including correct error codes).
      • On success, total supply increases correctly and the destination account receives the right amount of tokens.
  • Inputs are set up symbolically, not concretely:
    • Account info (is signer, is writable, executable, borrow state) are treated as symbolic variables with unknown true/false values.
    • Instruction data bytes are symbolic, representing all possible input values.
    • Mint and destination account fields (authority, supply, decimals, init state, freeze authority) are all symbolic as well.
  • The prover explores all branches of the state space:
    • Example branches: mint initialized vs uninitialized; destination account in valid/invalid states; frozen vs not frozen.
    • Each path’s conditions determine what the correct outcome (success or specific error) should be; the proof checks that the implementation matches this on every path.

Takeaway: Each instruction (like MintTo) is exhaustively analyzed over all possible input and state combinations to ensure its behavior and error conditions match the intended spec exactly.


6. Scale and Performance of the Verification Effort

  • The verification effort covers:
    • 27 single-instruction proofs.
    • 20 “multi-IX” (multi-instruction) proofs.
    • All of this must be done twice: once for P-Token and once for SPL-Token.
  • To do this reliably, the team had to define a sound semantic model of Rust so that Kompass can reason about the programs accurately.
  • Early versions of the proofs took over 5 hours each to run, which is impractical for development feedback cycles.
  • Performance optimizations have reduced typical proof time to around 10–20 minutes, with expectations of further improvements.

Takeaway: This is a large, industrial-scale formal verification effort on core Solana infrastructure, but proof performance has been optimized enough to be practical, signaling a mature and serious security process.


7. Investor- and Ecosystem-Relevant Implications

  • The token program is core infrastructure on Solana; any change risk is systemic. This project substantially reduces that risk.
  • The move to P-Token is expected to:
    • Lower compute usage and improve throughput/latency for token operations.
    • Maintain full behavioral and API compatibility, limiting migration friction and avoiding app-level breakage.
  • The involvement of multiple security layers (Neodyme, Zellic, fuzzing, Kompass formal proofs) is a strong signal of security culture and maturity for Solana and its core contributors.
  • The methodology (spec-first, prove-both-implementations) can be applied to future upgrades, making future performance improvements safer and more credible.

Takeaway: For Solana-focused investors, this upgrade combines performance gains with unusually strong correctness guarantees for a core protocol component, supporting both scalability and trust in the ecosystem’s technical governance.

BP 2025: When Thousands of Data Scientists Rewrite the Laws of Price Formation: Crunch(Jean Herelle)

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Breakpoint 2025 D2

Overview

  • CrunchDAO has grown a 10,000-strong, revenue-generating ML community focused on solving complex, high-value prediction problems for enterprises and institutions.
  • Its competitive “modeling markets” have already outperformed elite internal teams and top Web2 vendors across FX pricing, sovereign wealth fund research, and cancer/genomics.
  • The new Solana-based protocol turns CrunchDAO from a managed marketplace into open infrastructure, letting any business launch modeling markets and tap thousands of ML engineers.
  • For traders, funds, and data-rich businesses, CrunchDAO offers an outsourced engine for generating proprietary alpha and predictive edge by monetizing their datasets.
  • For Solana/crypto investors, CrunchDAO represents a real-cashflow, low-latency AI/finance primitive that could become core infra for price discovery and advanced modeling, reinforcing Solana’s positioning in high-performance DeFi and data markets.

Jean Herelle – CrunchDAO

Founder of CrunchDAO, a decentralized collective of machine learning engineers building advanced predictive models for enterprises and financial institutions.


1. CrunchDAO’s Core Thesis and Community Scale

  • CrunchDAO was founded around a single idea: aggregate enough brilliant data scientists and focus them on the hardest problems to create unmatched intelligence.
  • Over four years, the community has grown to 10,000 machine learning engineers, with ~50% year-over-year growth.
  • More than $1 million in direct cash (not tokens/emissions) has been redistributed to contributors, funded by customers buying models.
  • Around 40,000 models have been collected on the platform, creating a large, diverse model library.
  • CrunchDAO explicitly positions itself as solving the “hard stuff,” not simple LLM wrappers or light fine-tuning.

Takeaway: CrunchDAO has built a sizeable, economically active ML community that is already monetizing advanced models for demanding enterprise use cases.


2. High-Value Enterprise & Institutional Use Cases

  • CrunchDAO focuses on problems in extremely noisy systems and high-stakes decision-making, where superior models directly translate into financial or societal value.
  • Customers are described as spending millions per year trying to solve such problems; CrunchDAO aims to outperform their internal and traditional vendor solutions.

FX OTC Pricing (Major Financial Markets Use Case)

  • A large client engaged CrunchDAO to address pricing in the FX OTC market, one of the largest markets globally (country-level value exchange).
  • CrunchDAO opened a “modeling market” where hundreds of ML engineers submitted competing models.
  • These models are aggregated into a unified pricing engine providing a 50-microsecond price feed to banks.
  • The solution reportedly beats their best Web2 competitor on performance.

Sovereign Wealth Fund Research Lab (Alpha/Research Use Case)

  • CrunchDAO works with the research arm of one of the largest sovereign wealth funds, a relationship ongoing for three years.
  • The lab even commissioned a Nobel laureate to build a dataset used in the Crunch modeling market, indicating very high sophistication and stakes.
  • CrunchDAO’s models have improved the customer’s benchmark by double digits, despite the client already investing millions in solving the same problem.

Cancer Research & Genomics (MIT/Harvard Eric and Wendy Schmidt Center)

  • CrunchDAO collaborates with one of the largest cancer research labs in the US (Harvard/MIT Eric and Wendy Schmidt Center).
  • The lab uses computer vision algorithms to detect cancer from cell images; CrunchDAO’s modeling market improved their internal benchmarks by 30%.
  • A new modeling market was launched around predicting the effect of DNA perturbations, with thousands of ML engineers competing.
  • Results are pending, but the expectation is further material improvements to cutting-edge scientific models.

Takeaway: CrunchDAO has demonstrated that crowd-sourced, competitive modeling can outperform elite internal teams and top Web2 vendors across finance and life sciences, validating its model in highly valuable markets.


3. Launch of the CrunchDAO Protocol on Solana (Testnet)

  • CrunchDAO launched its testnet two weeks prior to the talk, built on Solana.
  • This marks a transition from a “managed” ML marketplace to a more open protocol: any business globally can now open a modeling market on Crunch.
  • The Solana-based protocol allows companies to expose data and problem definitions, then tap into thousands of ML engineers competing to build the best models.
  • Within two weeks, they received 300 applications from teams wanting to use CrunchDAO’s 10,000-strong talent pool; 77 teams have been approved.
  • They are offering five free spots for companies to build on Crunch as early adopters.

Takeaway: The move onto Solana as an open protocol significantly scales CrunchDAO’s addressable market and integrates it into the broader crypto ecosystem, creating new on-chain demand for advanced predictive models.


4. Opening Modeling Markets to Traders, Funds, and Data-Rich Businesses

  • Any entity “sitting on a pile of data” or a big unsolved problem—traders, hedge funds, enterprises—can now propose a modeling market.
  • The process is: submit a proposal at crunchdao.com/coordinator/proposal, define the problem and data, then CrunchDAO coordinates the competitive modeling process.
  • CrunchDAO positions itself as a way to build proprietary edge and alpha: they claim they can “build your edge, build your alpha, make you a leader in your industry” if you push data into the DAO.
  • The pitch is that this approach solves problems faster and better by mobilizing hundreds or thousands of data scientists simultaneously.

Takeaway: For investors and data-driven businesses, CrunchDAO offers an outsourced, hyper-competitive R&D engine for predictive models that can directly generate trading alpha or operational advantages.


5. Economic Model and Implications for Crypto/Solana Investors

  • Revenue comes from customers paying for models/feeds (e.g., 50-microsecond FX pricing feed to banks), which is then redistributed as cash to contributors.
  • Unlike many web3 projects, CrunchDAO emphasizes real, external cash flows rather than relying primarily on token emissions or grants.
  • By building on Solana, the protocol can potentially leverage low-latency, low-cost infrastructure ideal for financial and high-frequency data feeds.
  • The model suggests a potential flywheel: more high-value problems → more ML engineers → better models → more paying clients → more rewards → deeper network effects.
  • If widely adopted, such modeling markets could impact price formation in major asset classes (FX, possibly crypto), re-routing value from legacy data vendors to decentralized modeling markets.

Takeaway: CrunchDAO is positioning itself as a cashflow-generating, real-economy use case on Solana, with potential upside for crypto investors if it becomes a key infrastructure layer for price discovery and advanced modeling.

BP25:This House believes that over the next decade value will accrue to applications rather than L1s

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Breakpoint 2025 D2

Overview

  • Debate centers on whether long-term value accrues to Solana’s L1 or its apps: app-side argues block space is commoditized and user-facing apps with brands, UX, and IP will capture most economics.
  • App-side points to Solana data showing much higher aggregate app revenues than protocol fees today, plus historical internet patterns where open infrastructure (TCP/IP, Linux) captured little value vs. apps/SaaS.
  • L1-side counters that Solana, as base infrastructure, monetizes all on-chain activity (fees + monetary premium of SOL), will earn durable MEV/priority-fee revenue from bots/traders, and has a wider moat than any app.
  • Structural drivers like AI are expected to make app development cheaper and more competitive, fragmenting app value while concentrating value in a few dominant L1s with stable brands and shared state.
  • For Solana investors, the panel implies: while app tokens and fee businesses can be highly lucrative, the more durable, index-like way to capture ecosystem growth and future MEV/priority fees is likely via SOL and L1 exposure.

Panel: “This House believes that over the next decade value will accrue to applications rather than L1s”

Brian Rudick (Chief Strategy Officer, Upupexi) – arguing value accrues to applications
Mike (app-side debater, likely investor/operator) – supporting app-side
Cosmo (General Partner, Panta Capital; Director at Solana company HSDT) – arguing value accrues to L1s
Kyle Samani (Founder & Managing Partner, Multicoin Capital) – arguing value accrues to L1s, especially via MEV/priority fees


1. App-Side Argument: Block Space Is Commoditized, Apps Capture the Upside (Brian & Mike)

  • Brian states Upupexi chose Solana as “endgame winning high performance blockchain,” but still believes value will accrue mainly to applications, not the L1.
  • Core claim: blockchains and block space are already abundant and increasingly commoditized; it’s easy to spin up high-performance L1s, all racing to zero fees.
  • Additional forces reducing L1 power: interoperability protocols and successful apps spinning out their own chains, weakening any single L1’s pricing power.
  • Applications sit closest to users and can differentiate via UX/UI, content, user base, IP, and brand, giving them greater ability to monetize than a base protocol.
  • They highlight emerging designs like intent-based architectures and application-controlled execution (ACE) that push value capture (including priority/MEV-style value) up toward apps.
  • Brian emphasizes historical tech patterns: open-source/commodity infrastructure (TCP/IP, HTTP, Linux) captures little value, while application and SaaS layers capture trillions.
  • On Solana specifically, Brian cites recent data: over the last 30 days, Solana application revenue was about $115M, while the network’s own capture was “a small fraction,” indicating value is already accruing to apps.

Takeaway: From the app-side view, L1s will become cheap, interchangeable rails, while differentiated applications that own the user relationship will capture most of the economic upside, as is already visible in Solana’s app vs protocol revenue.


2. App-Side Analogy: Big Tech, Platforms, and Application Margins (Mike & Brian)

  • Mike disputes the idea that app-layer margins inevitably compress: pointing to “Magnificent 7” internet giants (Google, Meta, etc.) whose core businesses are now application-like, directly monetizing users in multiple verticals.
  • He notes Google began as more of a routing platform but has evolved into a set of integrated applications (search, maps, productivity, AI like Gemini) that capture large margins.
  • Facebook/Meta is cited as an example of app-layer dominance: it has effectively centralized distribution, attention, and data, monetizing via ads rather than any underlying protocol.
  • Apple is offered as a key analogy: Apple charges a ~30% take rate in the App Store, but ~70% of the revenue still flows to app developers—suggesting aggregate value to “apps” exceeds infrastructure/platform capture.
  • Brian also reinforces that if block space itself is valuable, then by implication the apps using that block space are generating even larger profits above it.
  • He notes that some of the fastest-growing businesses in crypto history (Axiom, Pump and similar fee-collecting apps) show application-layer fees and growth can be extremely strong.

Takeaway: The app-side uses big-tech history to argue that while platforms do extract some rent, the bulk of aggregate value still accrues to the diverse, high-margin applications and ecosystems built on top.


3. L1-Side Argument: L1s Monetize All Activity Plus Monetary Premium (Cosmo)

  • Cosmo agrees applications will create enormous value and some will be valuable businesses, but rejects the claim that app value will exceed L1 value capture over time.
  • He frames L1s as monetizing all on-chain activity via fees plus the monetary premium of the base asset, whereas each app only monetizes its own user base.
  • Uses a “mall” analogy: apps are like stores paying rent and benefiting from mall traffic; the L1 is the mall owner, more permanent and capturing rent from every store.
  • Clarifies “rent” as transaction fees—today often paid directly by users, but in the future apps may subsidize or internalize them.
  • Claims L1s have a stronger moat than apps: infrastructure is more durable, while the application layer faces intense competition and rapid turnover.
  • On high-performance chains like Solana, design explicitly maximizes shared state and minimizes “app-layer rent,” promoting a rich app ecosystem but channeling durable value to the base asset.
  • He expects app margins to compress over time due to competition and ease of entry, while L1 value capture (fees + base asset demand) remains structurally robust.

Takeaway: From the L1 side, the base chain is the enduring, rent-collecting infrastructure with a wide moat, monetizing all present and future activity, while individual apps remain competitive, replaceable, and less durable.


4. L1-Side Argument: Bots, MEV/Priority Fees, and Durable Revenue (Kyle)

  • Kyle reframes the debate away from web analogies, arguing crypto infrastructure primarily supports finance, where the dominant actors are algorithmic traders and bots.
  • He notes that in TradFi and crypto, the majority of financial “clicks” are not from humans but from bots (HFT firms, market makers); he expects the same in a mature Solana world.
  • At future scales (e.g., 1M TPS on Solana), Kyle expects 97–99% of traffic to come from bots interacting directly with contracts, not through application front ends.
  • He anticipates that base gas fees will trend effectively toward zero, but competitive bidding for priority access (MEV/priority fees) will be the enduring source of L1 value.
  • Already today, billions paid to Solana stakers come largely from traders paying for priority access, not from retail users paying simple transaction fees.
  • As more professional trading firms (from 20–25 now to potentially 1,000+) enter, he expects superlinear growth in MEV/priority fee revenue accruing to the L1 and its stakers.
  • Kyle argues app fees today are “egregious” (e.g., Coinbase ~150 bps, onchain apps like Axiom/Pump ~80–150 bps); he predicts heavy margin compression as crypto markets mature, making such take rates unsustainable.

Takeaway: Kyle’s core thesis is that in a bot-dominated, high-frequency world, L1s earn durable, competitive rents via MEV/priority fees from traders, while app-level fee businesses face severe margin compression.


5. Structural & Macro Drivers: AI, Competition, and Application Turnover (Cosmo & Kyle)

  • Cosmo highlights the timeframe “over the next decade” and stresses path dependence: AI will make code more commoditized and easier to write.
  • As AI lowers barriers to building applications, competition at the app layer should intensify, leading to more, thinner, niche apps and reduced per-app value capture.
  • He expects the set of leading apps to rotate frequently over the decade (winners changing hands many times), while leading L1s will remain relatively stable.
  • Infrastructure providers in other sectors (Nvidia, Broadcom, chip manufacturers) are cited as recent examples of outsized stock performance relative to many end-user apps.
  • Cosmo also notes questions around profitability of frontier AI model providers (OpenAI, Anthropic) versus clearer value capture by core infrastructure vendors, analogizing this to L1 vs apps.
  • Overall, they see a world where app fragmentation is high and user-facing experiences proliferate, but this fragmentation ultimately supports and strengthens the L1 value base.

Takeaway: Technological trends like AI will likely lower app-building costs and increase competition, fragmenting value at the application layer while reinforcing the relative durability and concentration of value in a few leading L1s.


6. Rebuttals and Closing: Where Is Value Accruing Today, and Will It Change?

Brian’s closing (apps side):

  • Reiterates four pillars:
    1. Blockchains/block space are being commoditized; race to zero fees.
    2. Apps closest to users => best positioned to monetize.
    3. Historical precedent: in commoditized/open-source stacks, value accrues to apps.
    4. On Solana today, the majority of value already accrues to applications, not the L1.
  • Challenges the Nvidia-style “infra wins” analogy: Nvidia is closer to a monopoly in GPUs, not representative of a commoditized infrastructure landscape.
  • Frames Google as more like an application layer built atop the internet (which itself captures little value), supporting the notion that open protocols tend not to be where value concentrates.
  • Emphasizes that Solana data (application revenues far exceeding protocol revenues recently) shows the current direction of value flow; he sees no strong reason for that to reverse.

Cosmo’s closing (L1 side):

  • Restates that the “platform” equivalent in crypto is the L1, not any single app; this is where durable brand, network effects, and shared state reside.
  • Points out that many mega-cap tech firms capture value via controlling infrastructure and distribution (e.g., app stores, data centers), not necessarily via any single consumer-facing app.
  • Argues that as applications proliferate and fragment (especially with AI lowering barriers), leading apps will cycle but the foundational L1 platform will remain consistent.
  • Concludes that, over the next decade, L1s will capture more value than any single application and have greater durability of value capture.

Outcome:

  • The debate ends with a live audience vote; the “pro” side (L1 value accrues more than apps) is declared the winner by a slim margin.

Takeaway: While current Solana data shows strong app-side revenue, the winning camp argues that over a decade, structural forces (bots, MEV/priority fees, AI-driven app commoditization, and L1 durability) will shift the balance of value capture toward the Solana L1 and its token holders relative to any individual application.

Breakpoint 2025: Anchor: Today and Tomorrow: OtterSec(Robert Chen), Solana Foundation(Jacob Creech)

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Breakpoint 2025 D2

Overview

  • Anchor 1.0 is now a stable, audited, actively maintained baseline with bug bounties and safer defaults, reducing framework risk and improving security for Solana programs.
  • Dependency upgrades (notably Borsh and SDK alignment) and the shift to a full Anchor toolchain cut build friction and version headaches, making it easier for teams to ship and maintain products.
  • Roadmap to Anchor 2.0 (via Pinocchio, zero‑copy, and modular traits) targets high performance and extensibility so large protocols can scale without leaving the framework, supporting long‑term ecosystem growth.
  • Built‑in security tooling (Anchor Fuzz, Anchor Lint) turns best‑practice auditing into automated checks and fuzzing, likely lowering the frequency and severity of exploits in Anchor‑based protocols.
  • Strategic goal is to consolidate around a single, well‑supported framework/toolchain (Anchor) backed by Solana Foundation and OtterSec, reducing fragmentation, audit costs, and technical risk for Solana investors.

Speakers

Jacob Creech, Solana Foundation – Developer Relations, responsible for developer tooling and experience on Solana.
Robert Chen, OtterSec – CEO and lead auditor, focused on smart contract security and framework design.


1. Anchor 1.0 Release: A Stable, Audited Baseline

  • Anchor 1.0 release candidate was announced live on stage; available immediately for developers to test.
  • Goal is to provide a stable version of Anchor that teams can safely standardize on “for now and for the foreseeable future.”
  • Anchor 1.0 is being fully audited (including prior versions), with public reports and an explicit security lifecycle.
  • A bug bounty program routes issues directly to Jacob and Robert, with a commitment to fast responses and iterative hardening.
  • The Foundation and OtterSec have cleaned up the repo, significantly reduced open PRs, and re‑established Anchor as an actively maintained project.

Takeaway: Anchor 1.0 is positioned as the reliable, audited default for building Solana programs, reducing framework risk for investors and teams betting on the ecosystem.


2. Eliminating Common Footguns: Safer Defaults by Design

  • Anchor 1.0 fixes the long‑standing “duplicate mutable accounts” issue where only the last instance of a duplicated account (same pubkey) would be persisted, a bug that has caused multiple critical vulnerabilities.
  • By default, Anchor will now prevent passing the same account twice; opting into duplicate mutables is possible but explicit.
  • This change directly targets one of the most common and subtle causes of serious protocol bugs auditors have seen on Solana.
  • Similar “good default” design choices aim to reduce the need for developers to understand nuanced internal behaviors just to stay safe.

Takeaway: Anchor 1.0 bakes in safer defaults that reduce the risk of catastrophic bugs from common mistakes, improving protocol security and ecosystem reliability.


3. Dependency Modernization & Borsh Upgrade

  • Anchor’s Borsh dependency was ~3 years out of date and incompatible with Solana SDK 3.0+.
  • Anchor 1.0 upgrades Borsh to v1, resolving incompatibilities and dependency conflicts that previously broke builds.
  • This modernization is necessary to keep Anchor viable long‑term alongside Solana core and SDK upgrades.

Takeaway: Modernizing core dependencies removes friction and future‑proofs Anchor against upcoming Solana and Rust ecosystem changes, reducing maintenance risk for teams.


4. Anchor as a Full Toolchain (Not Just a Framework)

  • Anchor 1.0 is repositioned as a toolchain: it bundles framework + build + testing + infra tools.
  • Tools like SurfPool (an improved Solana test validator), LightSVM, Mollusk, and verifiable builds are being packaged under the Anchor toolchain.
  • The toolchain works not only for Anchor programs but also for native programs and Pinocchio‑based programs.
  • The Solana CLI requirement is removed; Anchor versions now encapsulate the right platform tools version, eliminating version‑mismatch headaches.
  • Developers only need to care about the Anchor version, not juggling Solana CLI + platform tools + Anchor separately.

Takeaway: Consolidating key dev tools into the Anchor toolchain simplifies building and auditing Solana programs, lowering entry friction and operational complexity for new and existing teams.


5. Governance, Maintenance & Community Involvement

  • Jacob and Robert emphasized that Anchor is now in an actively maintained, clean state, with significantly fewer open issues/PRs.
  • They invite contributions and explicitly asked those who previously had trouble contributing to reach out and open issues.
  • Monthly community calls (next one on January 14) serve as the main forum to discuss roadmap, pain points, and feature ideas for Anchor 1.0 and 2.0.
  • Community input is intended to directly shape Anchor’s evolution so it better serves real protocol needs.

Takeaway: Anchor’s stewardship has become more organized and community‑driven, which is important for long‑term ecosystem stability and investor confidence.


6. Anchor 2.0 Vision: Performance & Extensibility via Pinocchio

  • A major roadmap item for Anchor v2 is swapping out internal Solana program handling with Pinocchio, a low‑level, highly optimized Solana framework.
  • This change dramatically reduces dependencies and improves ease of low‑level optimization while keeping Anchor’s strong developer ergonomics.
  • Zero‑copy will become a first‑class citizen in Anchor v2, simplifying high‑performance account loading/writing without manual boilerplate.
  • Key goal: make moving between Anchor and Pinocchio easy, avoiding multi‑month rewrites just to extract more on‑chain performance.

Takeaway: Anchor 2.0 aims to combine Pinocchio‑level performance with high‑level ergonomics, making it easier for serious protocols to scale without abandoning the framework.


7. Extensibility & Advanced Control for Power Users

  • Anchor v2 will introduce a more trait‑based, modular design allowing developers to override core parts of the framework.
  • Teams will be able to replace the default entrypoint, account parsing, and other internals to gain fine‑grained control where needed.
  • This is especially important for advanced use cases (e.g., AMMs, complex oracles) that require custom optimizations or unusual flows.
  • The intent is that developers can start simple with Anchor and stay on Anchor as they grow more sophisticated, instead of outgrowing it.

Takeaway: By making Anchor extensible, the framework can support both beginners and highly specialized protocols, reducing the incentive to fragment into many custom frameworks.


8. Anchor Fuzz: Built‑In Fuzz Testing for Programs

  • “Anchor Fuzz” is a new initiative to provide native fuzz testing integrated into the Anchor toolchain.
  • Developers will be able to create fuzz harnesses via CLI, run them, see coverage, inspect crashes, and treat fuzzing similarly to unit testing.
  • The feature is not limited to v2; it will be backported into the 1.x line (e.g., 1.1/1.2), reinforcing Anchor’s role as a comprehensive toolchain.
  • OtterSec is supporting this effort and will provide more details in a dedicated DevCave talk; a CTF with prizes (~30 SOL top prize) promotes security awareness.

Takeaway: Adding first‑class fuzzing makes robust security testing more accessible, which over time should reduce severe vulnerabilities in Anchor‑based protocols.


9. Anchor Lint: Static Analysis & Community Security Rules

  • “Anchor Lint” is a new, dlint‑based static analysis tool integrated into the Anchor toolchain.
  • It will ship with built‑in rules for common Solana/Anchor pitfalls, such as failing to reload accounts after CPI calls.
  • Teams are encouraged to run Anchor Lint before audits to catch obvious issues and speed up security review.
  • The lint framework is open and extensible: community members can define and share their own rules, or host their own rule sets, which others can pull and run.
  • This turns hard‑won security knowledge (from auditors and experienced teams) into reusable checks that benefit the entire ecosystem.

Takeaway: Anchor Lint operationalizes shared security knowledge into automated checks, raising baseline security for all Anchor projects and making audits more efficient.


10. Strategic Direction: One Framework to Consolidate the Ecosystem

  • OtterSec strongly dislikes “framework proliferation” because it increases complexity for both developers and auditors.
  • In the last 1–2 years, multiple custom frameworks emerged; Anchor’s roadmap explicitly aims to absorb their best ideas and unify them under one framework.
  • A single, powerful, extensible framework/toolchain reduces learning curves, audit overhead, and fragmentation risk across Solana.
  • This consolidation is supported by the Foundation (Jacob) and a leading security firm (OtterSec), suggesting durable institutional backing.

Takeaway: The long‑term bet is on Anchor as the “one framework to rule them all,” which, if successful, simplifies the mental and operational landscape for Solana builders and investors.

Breakpoint 2025: Anza Block (Brennan Watt)

Watch Video
Breakpoint 2025 D2

Overview

  • Agave’s near‑perfect uptime, continuous red‑team “invalidator” testing, and successful handling of extreme stress events show Solana’s core client is now highly resilient, reducing downtime and protocol risk for capital deployed on-chain.
  • Systematic performance work (IBRL, XDP kernel bypass, higher block and “hot account” limits) is unlocking substantial surplus capacity and a clear path to 100M CUs, letting Solana absorb bursty DeFi/ trading flow instead of shedding it.
  • Upgrades to ingestion TPS, connection policy, and the upcoming AlpenGlow consensus (targeting ~150 ms finality) aim to make Solana not just fast, but fair and low‑latency—key for market integrity and high‑frequency/ institutional strategies.
  • Roadmap items like Multiple Concurrent Proposers, cheaper state, larger transactions, and lower validator Opex directly improve market structure and app economics, making Solana a more attractive venue for complex, large‑scale protocols.
  • SIMD‑123’s in‑protocol revenue sharing strengthens validator and staking incentives, tying validator profitability more tightly to network usage and trading volume—supportive of a healthier, more competitive economic ecosystem for investors.

Brennan Watt

Brennan Watt, Anza (core Solana protocol contributor, lead team behind the Agave client)


1. Network Resiliency & Reliability

  • Anza’s Agave validator client has maintained nearly two years of uninterrupted “green” liveness across ~200B transactions, reinforcing Solana’s “it stays up” narrative.
  • October 10th was highlighted as a stress event that demonstrated the maturity of both Agave and the broader Solana ecosystem under extreme load.
  • Anza runs an internal “invalidator” red‑team on public testnet, continuously attacking the network with hourly scenarios to expose weaknesses.
  • Attack types focus on (1) network DoS to test load shedding and backpressure handling and (2) exotic, curated blocks stressing obscure corners of the SVM and replay execution.
  • This process has evolved from crashes, to disruptions, to now largely handling attacks “without a hitch,” giving Anza confidence to ship aggressive changes.

Takeaway: Solana’s core client has matured into a highly resilient system, with institutional‑grade stress testing that reduces downtime and systemic risk for users and investors.


2. Throughput, Resource Headroom & Block Limits

  • 2025 has been “the year of IBRL” on Solana, with systematic work across compute, disk, memory, and network to remove bottlenecks.
  • Currently ~4x headroom exists on compute, with similar slack on disk and network (10/25G NICs), and major memory optimizations completed this year.
  • These improvements translated into ~25% throughput gains on Solana mainnet, even if blocks are not always full—critical for handling bursts (e.g., market opens) without losing economic activity.
  • Overall block compute limits were raised from 48M to 60M CUs, with a pending jump to 100M CUs once supporting features are widely adopted.
  • Another major limit increase: throughput to “hottest accounts” (often popular assets or global volume accumulators) was doubled from 12M to 24M units, and utilization immediately surged.

Takeaway: Solana is creating substantial surplus capacity and lifting key block limits, improving its ability to capture high‑value, bursty trading and DeFi activity rather than shedding it.


3. XDP Kernel Bypass & 100M CU Path

  • Contrary to the common narrative, network bandwidth itself is not currently Solana’s main bottleneck; the real constraint is kernel overhead (sendmsg syscalls, memory allocation, context switches).
  • Anza integrated XDP (eXpress Data Path) to bypass the kernel and let the client interact with the NIC from user space, attacking the actual bottleneck.
  • XDP provides up to a ~200x improvement in this network performance bottleneck, with massive latency reductions vs. legacy Agave code (purple line vs. blue, log scale).
  • This XDP/zero‑copy implementation is already available in Agave 3.0, but requires validators to explicitly enable it; broad adoption is a prerequisite to safely raising block limits to 100M CUs.

Takeaway: A low‑level networking upgrade (XDP) is the key unlock for the next major throughput jump, and its validator adoption will directly determine how much more capacity Solana can safely bring online.


4. Ingestion TPS, Connection Policy & Fairness of Access

  • Solana has improved “ingestion TPS” to sustain ~100k TPS on mainnet—measuring how efficiently incoming transactions (bidders) are moved into the block “auction house.”
  • Historically, memory allocation for packets caused churn, motivating stake‑weighted QoS and stateful connections as heuristics to maintain quality flow.
  • New changes increase the global ingestion ceiling to 1M packets per second, widen unstaked connections from 500 to 4,000, and remove per‑connection throttles when global congestion is low.
  • These shifts make it easier for more participants (especially new or smaller ones) to get transactions seen by the network without being crowded out by large stakers.

Takeaway: Solana is scaling not just how many transactions it executes, but how fairly and efficiently it ingests them, which matters for market integrity and access for smaller players.


5. AlpenGlow Consensus (Tower Replacement) & Finality

  • “AlpenGlow” (Alvin + Glow) is the new consensus engine designed to replace Tower, with a focus on speed, safety, and anti‑lagging behavior.
  • It targets transaction finality around 150 ms—substantially faster than current norms—while increasing safety guarantees.
  • A 50‑node, globally distributed test cluster has been running under load for over four months with minimal issues, suggesting readiness for broader testing.
  • The plan is to get AlpenGlow feature‑complete and deployed to testnet early next year, making it a near‑term roadmap item rather than a distant concept.
  • AlpenGlow is also the foundational piece for improved market structure features (like fair ordering and better handling of “slot laggers”).

Takeaway: A next‑gen consensus engine with ~150 ms finality is nearing testnet, positioning Solana for even lower latency markets and stronger safety guarantees.


6. Multiple Concurrent Proposers (MCP) & Market Structure

  • Solana initially proved that blockchains can be fast and cheap; the next goal is to make them fair and highly efficient while staying trustless.
  • Multiple Concurrent Proposers (MCP) aims to eliminate the single‑builder monopoly by allowing multiple block proposers concurrently, all within the validator set (no external middlemen).
  • MCP is designed to give:
    • Users/dApps: more optionality and better regional latency access.
    • Traders: improved censorship resistance and more robust MEV conditions.
  • Anza is iteratively building toward MCP, shipping incremental features each release rather than waiting for a big‑bang launch.
  • Brennan emphasizes they are motivated to deliver faster than skeptics expect (“spite‑driven development”), implying an aggressive timeline.

Takeaway: MCP is a structural change to how Solana orders blocks, targeting more competitive, censorship‑resistant, and geographically efficient markets—a key differentiator for high‑frequency and institutional traders.


7. DevX, State Costs, Transaction Size & Validator Opex

  • The team acknowledges community pain: “rent is too damn high” and “transactions are too damn small.”
  • Current state bond costs are around ~$1M per GB on mainnet versus ~10¢ per GB for NVMe, a gap they consider “a little crazy”; they intend to significantly lower the cost of on‑chain state.
  • Reducing state costs will make it more feasible for projects to bootstrap large user bases and many accounts, supporting richer application designs.
  • Maximum transaction size is being increased to 4 KB, allowing transactions to touch more accounts without ALTs and enabling more complex atomic operations in a single tx.
  • On the operational side, they will:
    • Slow down incremental snapshot frequency.
    • Use rkyv/“wincode” instead of bincode for faster serialization.
    • Be more selective about what actually gets written to disk.
  • These changes reduce disk wear and speed up restarts, improving validator economics and reliability.

Takeaway: Lower state costs, larger transactions, and lower node Opex directly improve the economics and feasibility of building complex, large‑scale applications on Solana.


8. Revenue Sharing & SIMD‑123

  • SIMD‑123 (“Solana Improvement Proposal”) is finally shipping, focusing on in‑protocol revenue sharing for validators.
  • It will make it simpler for validators to share revenues—whether block rewards, fees, or other sources—with both stakers and infrastructure partners.
  • Since delegated stake directly raises the number of blocks a validator produces (and therefore potential MEV/trading revenue), a clear in‑protocol sharing mechanism is important.
  • With trading activity growing on Solana, this provides a fairer, more transparent way to distribute profits and could improve staking incentives and validator competition.

Takeaway: SIMD‑123 strengthens Solana’s economic layer by formalizing revenue sharing, potentially making staking and running validators more attractive and aligned with network growth.


Overall Takeaway: Anza’s roadmap for Agave and Solana core centers on higher throughput, ultra‑low latency finality, fairer and more competitive market structure, cheaper state, and better validator economics—collectively positioning Solana as a more scalable, capital‑efficient, and trader‑friendly base layer.

Breakpoint 2025: Anza Block: Alessandro Decina

Watch Video
Breakpoint 2025 D2

Overview

  • XDP/AF_XDP is being deeply integrated across Solana’s networking stack (Turbine, TPU, external shreds), massively boosting throughput, lowering latency, and increasing reliable blockspace.
  • Wingcode replaces slow bincode, cutting serialization CPU overhead and directly increasing effective TPS and validator hardware efficiency.
  • Core protocol changes (faster epoch transitions, huge disk I/O reductions, scheduler fixes) materially improve liveness, stability, and predictability of performance.
  • Validator restarts are dropping from tens of minutes to under a minute now and toward sub‑30 seconds in 4.x, reducing downtime and operational risk.
  • The 3.0 → 3.1 → 4.x roadmap shows compounding, low-level performance engineering that strengthens Solana’s long-term scalability, cost-efficiency, and competitiveness for high-volume applications—key positives for investors.

Alessandro Decina

Core engineer on Agave (Solana validator client), Anza. Talk focuses on performance upgrades in Agave 3.0/3.1 and roadmap toward 4.x, with emphasis on throughput, latency, stability, and validator/operator experience.


1. XDP / AF_XDP Adoption to Increase Blockspace

  • XDP (AF_XDP) integration is already present in Agave 3.0 and is key to increasing Solana blockspace by drastically improving network performance.
  • Internal testing on testnet and mainnet shows Turbine with XDP is up to 200x faster than the legacy Turbine implementation using sockets.
  • The team has been actively testing across different drivers and hardware, uncovering and fixing Linux kernel driver bugs (Intel already patched; Broadcom patch coming).
  • Anza is effectively the only blockchain team submitting performance-related patches directly to the Linux kernel, underscoring how deep the optimization effort goes.
  • XDP is implemented as a standalone, reusable Rust crate (not just hard‑wired into Agave), opening it up for use by other Rust projects and Solana ecosystem tools.

Takeaway: XDP integration meaningfully raises network capacity and reduces latency, directly supporting higher TPS and more reliable blockspace for Solana.


2. Expanding XDP Use: Transaction Ingestion (TPU) and Ecosystem Tools

  • Harsh from Tiny Dancer has contributed the receive-side implementation for the XDP Rust crate; the original code only handled transmission for Turbine.
  • Anza is planning to integrate XDP-based ingest into the TPU (transaction processing unit) starting in Q1 next year, so both transaction intake and propagation will benefit from XDP.
  • The “overclock” validator team released “shred caster,” a Jito shred stream–like crate for streaming shreds outside Turbine but with much lower latency and overhead thanks to XDP.
  • Shred caster is positioned as a more efficient alternative to existing Jito shred stream solutions for any external consumer that needs real-time block/shred data.

Takeaway: XDP is quickly becoming foundational across the Solana stack—from block propagation to transaction ingress and external data streams—improving performance and data access for validators and infrastructure providers.


3. Wingcode: High-Performance Serialization Replacing Slow Bincode

  • Solana currently relies heavily on bincode as the serialization format, both in protocol and in many on-chain applications; the wire format is acceptable, but the Rust implementation is extremely slow.
  • Bincode-related performance issues have been a chronic bottleneck in Agave, repeatedly requiring targeted fixes in various parts of the codebase.
  • Zach created “wingcode” to solve this systematically; in its first release it was already the second-fastest Rust serialization library.
  • After further optimization, the second wingcode release has become the fastest Rust serialization library available, significantly reducing serialization overhead.
  • The upgrade removes a recurring source of CPU waste and latency in core node operations and will naturally benefit any part of the stack that switches from bincode to wingcode.

Takeaway: Wingcode removes a major serialization bottleneck, translating into lower CPU overhead and faster node operations—directly supporting higher throughput and more efficient validator hardware usage.


4. Faster Epoch Boundary Crossing (Reduced Slot Skips)

  • Historically, crossing epoch boundaries on mainnet took more than 2 seconds due to heavy computations that must occur exactly at the boundary.
  • This long pause caused slot skips, impacting liveness and reliability metrics.
  • After targeted optimizations, current master code now crosses epoch boundaries in under 400 ms—a 5x+ improvement.
  • The system is now very close to eliminating slot skips completely; currently only occasional single-slot skips remain.
  • Mihal is working on a fix to fully eliminate block/slot skips at epoch boundaries, further stabilizing block production.

Takeaway: Dramatically faster epoch transitions improve chain liveness and reliability, which supports better UX and more predictable performance for applications and traders.


5. Massive Reduction in Disk I/O During Replay

  • A profiling snapshot of 10 seconds of replay under mainnet load previously showed over 1,100 disk operations, creating jitter in banking and replay.
  • High I/O frequency not only introduces latency variability but also accelerates disk wear, raising hardware costs and risk of node failures.
  • With current master (and largely backported to 3.1), the same 10-second profile shows fewer than 80 disk operations—over an order of magnitude reduction.
  • These gains come mainly from optimizations in the accounts database layer, which has seen the largest single-year improvement among Agave components.

Takeaway: Reducing disk I/O during replay stabilizes performance and extends hardware lifespan, making validator operations cheaper and more predictable.


6. Drastically Faster Validator Restarts Across Versions

  • When Alessandro started the performance push ~2 years ago, restarting a 1.x validator could take more than 30 minutes—painful for debugging and operations.
  • In the 2.x line, restart times dropped to under 10 minutes.
  • Agave 3.1 will restart in under 1 minute, a 10x improvement over 2.x.
  • Agave 4.x is targeted to restart in under 30 seconds, with even more improvements planned in replay and repair beyond just accounts DB changes.
  • Faster restart enables more agile upgrades, quicker recovery from issues, and lower operational risk for validators.

Takeaway: Validator restart time is collapsing from tens of minutes to seconds, making the network more maintainable and resilient while lowering downtime risk.


7. Scheduler and Banking Efficiency Fixes (Higher Leader Utilization)

  • Prior profiles of the scheduler showed a major bug: the scheduler was spending 61% of leader banking time in overhead (synchronization with pages) rather than executing transactions.
  • This wasted a majority of leader time and limited effective throughput, even when the network had capacity.
  • In Agave 3.1, this bug is fully fixed: workers are now processing transactions 91% of the time during leader banking.
  • The remaining ~9–10% idle is essentially “headroom” that can be filled if more transactions are submitted, indicating much more effective utilization of leader slots.

Takeaway: Fixing the scheduler has turned wasted leader time into real transaction processing capacity, increasing effective TPS and improving return on validator hardware.


8. Overall Performance Trajectory: 3.0 → 3.1 → 4.x

  • Alessandro describes Agave 3.0 as the fastest release ever shipped at that point, but emphasizes that 3.1 is already “so much better.”
  • Improvements include XDP in Turbine, reduced disk I/O, faster epoch boundaries, scheduler fixes, and major restart-time reductions, many of which are backported to 3.1.
  • The roadmap to 4.x adds even faster restarts (<30 seconds) and further replay/repair optimizations atop the accounts DB work already in place.
  • The clear direction is sustained, deep performance engineering that compounds over time across networking, serialization, storage, and execution.

Takeaway: Each Agave release line meaningfully increases Solana’s practical capacity, efficiency, and reliability, reinforcing the network’s position as a high-performance chain attractive to both users and investors.

Breakpoint 2025: Anza Block: Alexander Meißner

Watch Video
Breakpoint 2025 D2

Overview

  • Mandatory SVM safety restrictions are coming for all programs, so existing contracts must be tested and patched soon or risk partial execution failures on mainnet.
  • API V2 and lifted CPI limits will make cross-program calls cheaper, allow much larger and more complex state, and significantly boost composability for advanced DeFi and high-state dApps.
  • SPF v3 and loader v4 will shrink programs, simplify the protocol, and enable full reclamation of program accounts, improving both network efficiency and capital efficiency.
  • Major upgrades to debugging, coverage, and instruction handling reduce development risk and should lead to more reliable, secure, and maintainable Solana applications.
  • Moving core programs on-chain and ongoing performance experiments aim to further increase throughput, flexibility, and upgradeability, reinforcing Solana’s long‑term scalability for investors.

Alexander Meißner

Core SVM (Solana Virtual Machine) engineer, Anza / Solana core team, presenting upcoming SVM and protocol changes over the next ~6 months with focus on performance, simplicity, and developer usability.


1. Mandatory New Program Restrictions & Required Testing

  • The SVM team is rolling out new restrictions that will apply to all programs, including already-deployed ones.
  • These restrictions target unsafe or legacy patterns that “sane programs” should not be using, but some slipped in historically via older SDKs.
  • If affected, some instructions in your program may start failing, even if the program doesn’t fully break.
  • Developers are strongly urged to test against the latest test-validator with all feature gates enabled and watch for three specific new error messages.
  • Identified problematic instructions must be fixed before these changes hit mainnet to avoid runtime failures.

Takeaway: There is a non‑optional cleanup phase coming; programs must be tested and potentially patched soon to avoid execution failures as Solana hardens the SVM.


2. API V2: Cheaper CPI, Simpler Transaction Access, and Unlimited Resize

  • The upcoming API V2 will expose most transaction information (signers, all pubkeys) “basically for free” to programs at runtime.
  • Account metadata changes will move behind syscalls, requiring some program code adjustments.
  • In exchange, programs gain effectively unrestricted account resizing, removing the old ~10 KB limit—important for state-heavy or complex applications.
  • Entrypoints and CPIs (cross-program invocations) become significantly cheaper and simpler, improving both performance and dev ergonomics.
  • The current AccountInfo, Pubkey, and AccountMeta patterns will be removed in favor of index-based access, reducing overhead and complexity.

Takeaway: API V2 is a major step toward cheaper, more scalable program interaction with fewer data layout limits, which should increase Solana’s ability to support complex, high-state dApps.


3. SPF v3: New eBPF Format and Smaller, More Portable Programs

  • SPF v3 (new SVM program format) will be introduced and will generally require only a recompile with the latest toolchain—no source changes expected.
  • Program binaries will typically become smaller, reducing on-chain footprint and possibly deployment costs.
  • SPF v3 brings Solana’s eBPF closer to upstream LLVM and standard eBPF toolchains, enabling more diverse language and tooling options.
  • This improves compatibility and makes it easier for external ecosystems and compilers to target Solana.

Takeaway: SPF v3 makes Solana programs leaner and more compatible with mainstream compiler ecosystems, which improves tooling, language options, and long-term maintainability.


4. Loader v4 & Upgradeable Loader Overhaul (Including Full Program Reclamation)

  • The upgradeable loader is being overhauled (code name: loader v4) to reduce protocol complexity and unlock validator performance gains.
  • Changes will touch account layouts and allowed actions in the upgradeable loader.
  • Initially this will be opt-in, and later become mandatory once adopted and stabilized.
  • A key feature: developers will be able to fully close and reclaim program accounts, including:
    • The program address itself
    • All lamports/funds
    • The entire account, effectively deleting it
  • Existing workflows (e.g. “buffet redeployment”) will continue to work, preserving current deployment patterns while adding better cleanup capabilities.

Takeaway: The loader redesign gives protocol and validator efficiency benefits while finally allowing full reclamation of program accounts, improving capital efficiency and lifecycle management.


5. Developer Tooling: Debugging, Code Coverage, and UX Improvements

  • The SVM team has been working with partners to improve debugging and code coverage tooling, responding to strong recent demand.
  • They are close to enabling debuggers to step through CPI calls across the entire transaction stack, making multi-program debugging much more feasible.
  • Instruction handling is improved: in addition to passing all instruction accounts, the instruction data pointer is now passed as an argument.
  • This lets programs first parse the instruction discriminator and data, then decide which accounts to parse or even skip, improving clarity and flexibility.
  • These changes collectively aim at better developer UX and fewer foot-guns for Solana smart contract authors.

Takeaway: Better debugging, coverage, and instruction handling significantly lower the development and maintenance burden, encouraging higher-quality Solana programs.


6. Major CPI Limits Lifted: Deeper Call Stacks and Many More Accounts

  • The CPI nesting depth limit is being raised from 4 to 8, enabling more complex, composable program interactions within a single transaction.
  • The maximum number of instruction accounts per CPI will jump from 64 to 2,955.
  • This increase is large enough that you can CPI all accounts of the entire transaction at once, if desired.
  • These changes support more sophisticated protocols (DeFi, aggregation, orchestration contracts) that require large account sets and deeper composition.

Takeaway: Increasing CPI depth and account limits dramatically enhances composability and complexity potential for on-chain protocols, making Solana more flexible for advanced DeFi and application designs.


7. Longer-Term Direction: Core Programs On-Chain & Performance Experiments

  • The team continues its mission to migrate all built-in programs to core programs deployed on-chain as eBPF, rather than being hard-coded in the client.
  • This includes major system components like the loader, vote program, and proof program.
  • They are exploring alternative ISAs (instruction set architectures), more compiler options, and advanced performance optimizations.
  • While highly technical, these efforts target sustained throughput, stability, and maintainability improvements for the SVM.
  • Meißner invites the community to propose SVM feature requests—especially “dream features”—via Discord, discussion groups, or direct contact.

Takeaway: Solana is steadily moving more of its core logic into upgradable on-chain programs and exploring deeper performance optimizations, which should support long-term scalability and governance flexibility for the network.

Breakpoint 2025: Anza Block: Max Resnick

Watch Video
Breakpoint 2025 D2

Overview

  • MCP (“Multi‑Client Proposer”) replaces Solana’s single‑leader model with multiple proposers to remove leader information/power imbalances that currently distort oracle updates, trading, and auctions.
  • The protocol is explicitly designed around selective censorship resistance and pre‑trade privacy (hiding), reducing the leader’s ability to front‑run or selectively exclude transactions and thereby improving market fairness and price discovery.
  • Supernova Part 1 is a minimal, production‑ready MCP upgrade: relays attest to which proposer blocks they received, and a consensus leader aggregates these attestations into a censorship‑resistant block that validators vote on.
  • Clear relay/validator thresholds and fee‑based ordering preserve Solana’s high‑throughput, priority‑fee execution model while guaranteeing that well‑propagated transactions cannot be selectively censored in favor of competitors.
  • For investors, MCP/Supernova Part 1 signals near‑term, concrete improvements to DeFi integrity and trading efficiency on Solana, reducing MEV/oracle risk and strengthening Solana’s position as an execution layer optimized for fair, high‑volume markets.

Max Resnick

Researcher/engineer working on Solana core consensus and networking (Anza / core protocol team), presenting the first production-ready version of MCP (“Multi‑Client Proposer”) as part of the “Supernova Part 1” upgrade path from Alpenlow.


1. Why MCP Matters: Trading, Auctions, and Oracle Fairness

  • Positions Solana as fundamentally optimized for trading; early focus (e.g., Serum) and new “prop AMMs” make protocol‑level market fairness critical.
  • Highlights a concrete problem: the single current leader can:
    • See all order flow slightly earlier.
    • Insert their own transactions at the end of the block.
    • In extreme cases, effectively be the only party updating oracles.
  • Notes this is no longer a theoretical concern: “late packing” on mainnet is already causing oracle updates to be delayed or excluded for non‑technical reasons, which harms DeFi protocols.
  • From an auction theory perspective, the leader’s “later” information advantage makes auctions inefficient:
    • If price rises, their earlier bid gets outbid later.
    • If price falls, they end up overbidding.
    • This leads to “unraveling,” where markets become less efficient and participants change strategies in sub‑optimal ways.
  • Goal: redesign the protocol so leaders can’t censor updates and have reduced time/information advantage, stabilizing oracle behavior and improving market quality.

Takeaway: MCP is designed to remove the single‑leader power imbalance that currently distorts oracle updates and trading, directly addressing fairness and efficiency concerns in Solana’s DeFi markets.


2. Target Properties: Selective Censorship Resistance & Hiding

  • Introduces selective censorship resistance:
    • When a user submits a transaction, either it gets in, or nobody else’s conflicting transaction gets in instead.
    • This is a fairness constraint: leaders can’t allow competitors in while excluding you.
  • Defines “veilency” (veency):
    • Similar to finality, but defined as the last slot such that from that point onward, the log is guaranteed to be confirmed, even if no node yet knows it’s final.
    • Used to reason formally about what’s visible/decidable in the protocol.
  • Defines a hiding / pre‑trade privacy property:
    • Adversaries shouldn’t be able to guess what’s inside an honest leader’s block before the protocol becomes “veilent.”
    • Reducing the time window in which leaders see “more” than others lessens their auction advantage.
  • Explains that if oracle updates can be hidden from the leader, and censorship is prevented, the earlier‑acting party can use a mixed strategy that avoids full market “unraveling.”
  • Emphasizes that less leader time advantage → less strategic distortion in the mixed‑strategy model, improving efficiency and fairness.

Takeaway: MCP is framed around rigorous economic and cryptographic properties (censorship resistance + hiding) that directly support fairer price discovery and more efficient DeFi on Solana.


3. Supernova Part 1: From Single Leader (Alpenlow) to Multi‑Proposer MCP

  • Shows the evolution from Alpenlow (current protocol) to Supernova Part 1, described as the “minimal MCP” that delivers:
    • Multiple proposers (no more “leader monopoly” on proposals),
    • Censorship resistance,
    • Safety and liveness, while remaining practical to ship.
  • Current Alpenlow flow:
    • Clients send transactions to a single leader.
    • Leader creates a block, shreds it, sends shreds via Turbine (relays) to validators.
    • Validators vote using Alpenlow’s voter consensus.
  • Supernova Part 1 flow:
    • Clients send transactions to multiple proposers instead of a single leader.
    • Each proposer:
      • Builds its own block of transactions,
      • Shreds it (using erasure coding),
      • Sends shreds to relays/Turbine routes.
    • Relays:
      • Immediately forward shreds to validators (as today),
      • Also send signed attestations (“I have” messages) to a consensus leader indicating which shreds they received.
  • The consensus leader:
    • Aggregates these relay attestations into an aggregate block.
    • This aggregate is what consensus is actually reached on, not directly on individual proposer blocks.
  • Reiterates that the design aims to be the smallest possible change that:
    • Introduces multiple proposers,
    • Achieves censorship resistance,
    • Remains practical in terms of bandwidth/latency.

Takeaway: Supernova Part 1 refactors Solana’s block production so multiple proposers can compete fairly, with a consensus leader aggregating relay attestations into a censorship‑resistant aggregate block.


4. How Relay Attestations Work: Ensuring Delivery and Fair Inclusion

  • Recaps Turbine + erasure coding:
    • Blocks are shredded into erasure‑coded packets.
    • Turbine relays spread these shreds: some packet loss is tolerable because any validator can reconstruct with a fraction of shreds.
  • Under MCP:
    • Each proposer creates and shreds their own block.
    • Relays receive shreds and immediately broadcast them to validators as before (low latency).
    • In addition, relays send signed attestations to the consensus leader:
      • Essentially a dictionary: { proposer_id → block_digest }
      • They’re attesting: “I have shreds corresponding to this block digest from this proposer.”
  • The consensus leader:
    • Collects attestations from many relays.
    • Builds an attestation matrix: which relays saw which proposer blocks/shreds.
    • This matrix becomes the aggregate block that validators vote on.

Takeaway: Relay attestations give the consensus leader and validators cryptographic evidence about which proposer blocks actually propagated, which is critical to enforce fair inclusion and resist selective censorship.


5. Validator Rules in MCP: Thresholds, Reconstructing Blocks, and Execution

  • Validators follow a slightly different voter validation protocol than Alpenlow:
    • The leader’s aggregated attestation must include attestations from at least 60% of relays.
      • This ensures aggregate blocks are built from widely seen data, not from a small colluding subset.
    • Any proposer block that has at least 40% of its shreds present in the aggregation and they are valid is scheduled for inclusion.
      • Below 40%: the block is simply not included.
    • With at least 20% of shreds, validators can reconstruct the block using erasure coding.
      • Validators reconstruct proposer blocks locally and verify them before voting.
      • No extra delay is needed because shreds should have already been delivered via Turbine.
  • After determining which proposals are “in”:
    • Proposals are ordered by priority fee.
    • Transactions are deduplicated across proposals.
    • Transactions are then executed in that order, with:
      • Additional fee payer checks to protect against DoS or spam via duplicated or malicious transactions.
  • Economically, this:
    • Preserves Solana’s priority‑fee‑driven ordering,
    • Lets multiple proposers compete without one having a structural monopoly,
    • Gives users higher confidence that if their transaction reaches enough relays, it cannot be selectively dropped in favor of someone else’s.

Takeaway: MCP defines clear relay and validator thresholds for including and reconstructing proposer blocks, then preserves fee‑based ordering, delivering both fairness and predictable, economically rational execution.


6. Design Iterations: Why Previous Approaches Fell Short

  • Outlines the historical path of design attempts leading to Supernova Part 1:
    • Alpenlow:
      • Proven bandwidth and latency optimal,
      • But retains a single leader with the ability to censor or reorder, lacking censorship resistance.
    • Multiplicity (on Tendermint):
      • Early protocol with multiple proposal concepts,
      • Still left too much censorship power in the hands of the leader/proposer.
    • Braid:
      • Multiple “threads,” each with its own consensus.
      • Problem: if any consensus thread hangs, overall progress slows to the pace of the slowest; leads to a log(k) slowdown with k threads, sometimes severe.
    • “Send all blocks on Turbine and vote on an aggregate” (informal proposal):
      • Naive multi‑proposer idea.
      • Problem: multiplies the effective Byzantine failure rate by the number of proposers — unacceptable reliability/risk.
    • GNR (presented in Chicago Core Dev Day):
      • Very close to current MCP design.
      • Suffered minor liveness issues and some latency/bandwidth inefficiencies.
  • Supernova Part 1:
    • Fixes the liveness and performance issues seen in GNR.
    • Retains the desired censorship‑resistance properties.
    • Is framed as “minimal MCP” the team can confidently ship soon.

Takeaway: MCP/Supernova Part 1 emerges from several generations of designs that either lacked strong censorship resistance or were impractical; the current version is positioned as the first truly shippable, safe, and live multi‑proposer protocol for Solana.


7. Implementation & Rollout Signaling

  • Notes that every box in the diagrams (validators, relays, proposers, leader) is just a validator assigned different roles – this is a protocol‑level change, not a separate network.
  • Mentions optimizations like zero‑copy in Agave for faster retransmission, showing attention to practical performance details.
  • Frames MCP as “first steps to getting it into production”:
    • Supernova Part 1 is explicitly a production path from Alpenlow, not just research.
    • Designed to be as simple and minimal as possible while delivering censorship resistance quickly.
  • Lightly jokes about “collecting receipts” from skeptics who said MCP couldn’t be shipped quickly and posting them publicly, signaling strong internal confidence in delivery.

Takeaway: The team is explicitly positioning MCP/Supernova Part 1 as an imminent, production‑oriented upgrade, suggesting near‑term improvements to Solana’s fairness and reliability that may positively impact the ecosystem’s trading and DeFi dynamics.

Breakpoint 2025: Building Your Financial Life Onchain: Phantom (Brandon Millman)

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Breakpoint 2025 D2

Overview

  • Phantom is positioning Solana as the core infrastructure for an internet-native financial system, with the wallet as the primary “financial account” for mainstream users.
  • Phantom Cash, powered by Stripe and the Cash stablecoin, aims to make Solana a credible global payments and money-management rail, not just a trading venue.
  • Integrated pro trading (Terminal, mobile perps) and native prediction markets expand Solana’s onchain asset classes and trading activity directly from the wallet.
  • Phantom Connect’s embedded, global wallets reduce onboarding friction, unify user identity and liquidity, and help developers more easily acquire and retain users on Solana.
  • Overall, Phantom’s product suite creates a user–developer growth flywheel that can drive higher usage, liquidity, and fee generation on Solana, benefiting long-term SOL exposure.

Brandon Millman

Brandon Millman, co‑founder and CEO of Phantom, a leading self-custody wallet and consumer gateway for the Solana ecosystem.


1. Solana as the Foundation for an Internet-Native Financial System

  • Millman frames Solana as having evolved from “underdog to undisputed biggest blockchain ecosystem in the world” over the last five years.
  • Phantom’s core thesis: Solana is the best foundation for the “future of finance” because it enables an internet-native financial life—instant, global, programmable, and user-controlled.
  • Phantom positions itself as the “financial account” that sits on top of Solana, serving as the central hub where users manage money, identity, and onchain activity.
  • The team is explicitly targeting the “next generation of consumers” who will treat their wallets as the center of their financial lives, not just as a speculative tool.

Takeaway: Phantom is doubling down on Solana as the base layer for mainstream, internet-native finance, with the wallet as the primary gateway to that future.


2. Phantom Cash: Daily Money, Stablecoin, and Stripe Partnership

  • Phantom Cash is introduced as a “daily money utility belt” that lives in your pocket, designed for spending, saving, and earning globally with minimal friction.
  • Phantom has partnered closely with Stripe, leveraging Stripe’s “money movement expertise” to power the experience on Solana.
  • Together, they developed the “Cash” stablecoin to underpin Phantom Cash; this token has recently surpassed ~$100 million in market cap.
  • Cash is described as the largest stablecoin built on top of Stripe’s open issuance platform—an important signal of institutional-grade infrastructure behind a Solana-native asset.
  • Global rollout of Phantom Cash starts this week, with US users getting instant bank transfers, virtual accounts, and debit cards—critical rails for bridging traditional finance into onchain usage.

Takeaway: Phantom Cash plus the Cash stablecoin, backed by Stripe’s infrastructure, creates a credible onchain payments and money-management stack on Solana, strengthening its position as a serious fintech rail rather than just a trading chain.


3. Trading Enhancements: Phantom Terminal and Mobile Perps

  • Phantom is investing heavily in tools that make trading “safe and easy,” aiming to support users through their entire trading lifecycle.
  • The Phantom Terminal on web brings “pro-level trading” into the same interface as the wallet, unifying portfolio, execution, and analysis.
  • Users can “spot trends early” and “perform powerful automations,” indicating integrated charting, strategy tools, and possibly automated order or strategy execution.
  • Terminal is synced with mobile, so traders can stay updated and manage positions while on the go.
  • On mobile, Phantom has launched what Millman calls “the world’s easiest on-the-go perps,” positioning Phantom as a top destination for mobile perpetual futures trading since launch.

Takeaway: By embedding pro trading tools and mobile perps directly into the wallet, Phantom is turning Solana’s primary consumer wallet into a full trading workstation, potentially increasing onchain volume and trader retention on Solana.


4. Phantom Connect: Embedded Wallets and Global Accounts for Developers

  • Phantom Connect is introduced as a new, free developer SDK for embedded wallets, officially opening this week.
  • It brings Phantom’s “safety, simplicity, and ease of use” into third-party apps, allowing users to interact without separately downloading Phantom first.
  • The “killer feature” is the concept of “global wallets”: instead of fragmented wallets per app, users maintain a single Phantom account and identity that works across all integrated apps.
  • For builders, this means seamless onboarding—new users can start using an app with an embedded Phantom experience, minimizing friction to first transaction.
  • For existing Phantom users, they can sign into apps with their existing funds and identity, unifying liquidity and reputation across the Solana ecosystem.
  • The goal is a non-fragmented user experience: the same money, account, and identity follow users everywhere they go onchain, reducing drop-off and improving app conversion metrics.

Takeaway: Phantom Connect lowers onboarding friction and unifies user identity and funds across apps, making it easier for developers to tap Phantom’s user base and for users to engage more deeply across the Solana app ecosystem.


5. Native Prediction Markets in Phantom: Integration with Kashi and DFlow

  • Phantom is rolling out prediction markets natively inside the wallet next week via partnerships with Kashi (speaker says “Koshi,” likely Kashi) and DFlow.
  • Millman highlights three core innovations for prediction markets within Phantom:
    • Self-custodial, fully onchain trading of prediction markets.
    • Integrated live chat with other traders, emphasizing the social and community aspect—“a lot more fun when you’re trading with your friends.”
    • Ability to use any Solana token—SOL, USDC, Cash, or even “leftover fartcoin”—with no extra deposit flow, leveraging in-wallet balances directly.
  • This shows off “the power of onchain interop,” with any token in the wallet instantly usable for this new asset class.
  • John Wang, Head of Crypto at Kashi, frames prediction markets as a “net new asset class” at the frontier of finance, comparable in early-stage growth to crypto itself 10 years ago.
  • He notes that having “the largest crypto wallet, Phantom,” integrated with “the largest prediction market” (Kashi) will significantly expand the category’s reach to crypto-native users and push prediction markets further into the mainstream.

Takeaway: Native prediction markets in Phantom, powered by Kashi and DFlow, create a new onchain asset category directly accessible from the main Solana wallet, opening additional speculative and hedging demand on Solana with minimal user friction.


6. Phantom’s Growth Flywheel: Users, Use Cases, and Developers

  • Millman concludes by framing Phantom’s roadmap as a flywheel for ecosystem growth:
    • Lower the barrier to entry for new users (e.g., Phantom Cash, embedded wallets via Phantom Connect).
    • Provide safe and easy tools for discovering new onchain activities (e.g., trading tools, prediction markets).
    • Enable developers to tap into this user base with better infrastructure and identity (Phantom Connect’s global wallets).
  • The virtuous cycle: easier onboarding → more users → more activity and use cases → more developer interest → more apps that attract even more users.
  • He reiterates that Solana is the “internet’s financial infrastructure,” the community is building the cutting-edge apps, and Phantom is the internet-native financial account connecting users to everything.
  • Emphasis on community as the true driver of Solana’s past and future growth, with a call to “continue to accelerate” ecosystem development.

Takeaway: Phantom is positioning its products as interlocking components of a growth flywheel that reduces friction, increases use cases, and amplifies developer leverage, all aimed at driving more capital and activity onto Solana.

Breakpoint 2025: Digital Dollars for All: A Lifeline in Volatile Economies: Zepz (Nika Naghavi)

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Breakpoint 2025 D2

Overview

  • Highlights massive unmet demand in volatile, inflationary economies for fast, affordable access to stable-value money (USD) and better financial tools.
  • Zepz leverages its existing remittance scale and payout rails to launch the non-custodial Sendwave Wallet on Solana, using USDC for near-instant, low-cost global transfers.
  • The wallet converts one-way remittance flows into a two-way, full financial account (send, save, spend) with global USDC transfers and flexible local off-ramps.
  • Roadmap adds cards, QR payments, yield, and credit, turning the wallet into a comprehensive financial platform for emerging markets.
  • For Solana investors: this is a large, real-world payments use case that can drive sustained on-chain volume, deepen USDC-Solana integration, and open future DeFi and credit layers atop Solana.

Nika Naghavi

Head of Crypto Strategy, Zepz (global payments group behind Sendwave and WorldRemit), focused on using stablecoins and Solana to improve cross-border money movement and financial access, particularly in the Global South.


1. Problems with Money in Volatile Economies

  • Many customers operate in high-inflation, high-volatility environments where local currency loses value quickly.
  • Limited access to the global financial system means people struggle to protect the real value of their earnings.
  • Zepz frames access to stable currency as a basic financial empowerment tool, not a privilege.
  • Traditional cross-border money movement is described as slow, expensive, complex, and unreliable.

Takeaway: There is a large, structurally underserved demand for fast, affordable, and stable-value money movement and storage in emerging markets.


2. Zepz’s Existing Remittance Scale and Infrastructure

  • Zepz operates Sendwave and WorldRemit, already serving millions of users sending money home globally.
  • They’ve demonstrated that global transfers can be digital, near-instant, reliable, and trusted at scale.
  • Years of building payout networks across continents now create a strong foundation for new, crypto-enabled services.

Takeaway: Zepz brings an existing large user base and deep payout rails into the crypto/stablecoin space, which de-risks adoption and scaling.


3. The Sendwave Wallet: Breaking the One-Way Remittance Model

  • Traditional remittance is one-way: “Global North sends, Global South receives”; recipients have limited functionality.
  • The Sendwave Wallet allows users to be senders, spenders, and savers, with money flowing in all directions.
  • This is particularly new for customers in the Global South, providing access to financial tools often taken for granted in developed markets.
  • The product vision is not just moving money, but “helping people move forward” via richer financial services.

Takeaway: The wallet shifts remittance recipients into full financial participants, creating a broader usage and revenue base beyond simple one-way transfers.


4. Building on Solana with USDC and Global Payout Partners

  • The Sendwave Wallet is built on Solana in partnership with Circle (USDC) and Portal.
  • It leverages Zepz’s existing global payout network developed over many years.
  • The wallet is non-custodial and currently available in over 100 countries.
  • Solana is used as the infrastructure layer to power fast, low-cost, cross-border digital dollar transfers.

Takeaway: This is a significant real-world Solana use case that combines stablecoins and existing fiat rails, enhancing Solana’s position in global payments and remittances.


5. Current Wallet Capabilities: Digital Dollars and Global Off-Ramps

  • Users can receive digital dollars (USDC) instantly into the Sendwave Wallet.
  • They can transfer USDC to any other Sendwave Wallet user, e.g., from Kenya to Uganda, Tanzania, or India.
  • When local currency is needed, users can off-ramp via Zepz’s payout partners into local payment methods:
    • Mobile money: M-Pesa in Kenya, Wave in Senegal, MTN in Côte d’Ivoire.
    • Bank/payment rails like Pix in Brazil.
  • Users can time their off-ramp when FX rates are more favorable.
  • Customers can buy and hold USDC using local payment methods and store it until they choose to withdraw.

Takeaway: The wallet delivers a functional, global digital dollar account with cheap cross-border transfers and flexible cash-out, directly targeting inflation and FX risk.


6. Roadmap: Cards, QR Payments, and Yield/Credit

  • Stablecoin-backed cards:
    • Partnership with Bridge to launch a stablecoin-backed Visa card linked to the Sendwave Wallet.
    • Enables spending digital dollars across millions of Visa-accepting merchants worldwide.
  • QR-based payments:
    • Designed for markets with low card adoption.
    • Users will be able to spend their USDC balance via QR codes, improving merchant acceptance in cash-heavy regions.
  • Wealth and credit tools:
    • Future offerings aim to let users earn yield on their digital dollar holdings.
    • Plan to enable instant credit decisions and instant loan disbursements via the wallet.
  • The team views this as just the beginning, with more features to integrate deeper into customers’ daily financial lives.

Takeaway: The roadmap expands the wallet from a remittance and savings tool into a full financial platform (payments, yield, credit), increasing long-term user engagement and revenue potential.


7. Investor-Relevant Implications for Crypto and Solana

  • Demonstrates a concrete, large-scale, non-speculative use of stablecoins and Solana in real-world payments.
  • Extends Solana’s role as a high-throughput, low-fee backbone for global consumer financial products.
  • Integrates fiat and crypto rails, bridging millions of existing remittance users into the digital dollar economy.
  • Future yield and credit layers suggest potential DeFi integrations and additional on-chain activity.

Takeaway: Zepz’s Sendwave Wallet positions Solana and USDC at the core of a high-volume, emerging-market payments and financial-services stack, with strong adoption and monetization potential.

Breakpoint 2025: Fireside: Backpack's Armani Ferrante

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Breakpoint 2025 D2

Overview

  • Solana is positioned as the leading high‑throughput “world computer,” and its upside now hinges on aggressively proliferating the Solana Virtual Machine (SVM), especially into enterprise and corporate contexts to rival EVM mindshare.
  • Investors should anticipate parallel growth of Solana mainnet for censorship‑resistant use cases and SVM side environments for regulated, controlled applications, broadening Solana’s addressable market.
  • Backpack’s deep regulatory investment in Japan suggests a large, historically under‑tapped market—with improving tax and policy conditions—could become a major future driver of crypto and Solana adoption.
  • The UAE is emerging as a strategic operational and talent hub for Solana ecosystem companies, offering regulatory clarity, easy company setup, and global hiring advantages.
  • Solana’s long‑term edge is framed as a cultural one: an unusually intense, execution‑driven builder community that has already reversed negative narratives and is expected to keep compounding network value.

Armani Ferrante

CEO/founder of Backpack; long-time Solana builder (in the ecosystem since ~2020); operating a regulated exchange/wallet stack with footprints in UAE and Japan.


1. Why Solana Is Winning as a Scaled Execution Environment

  • Ferrante argues Solana is currently “the only decentralized execution environment at scale,” compared to dozens of L1s funded since 2017–2018 that failed to reach similar throughput and adoption.
  • He contrasts Solana’s “single world computer” shared state model versus Ethereum’s L2‑centric roadmap; frames them as opposite points in the design space.
  • Ethereum/EVM dominates as a virtual machine standard (the “Android/iOS” of smart contracts), while Solana dominates as the highest‑performance shared state world computer.
  • He emphasizes that virtual machine distribution (developer mindshare, tooling, corporate adoption) is as important as chain/state distribution.
  • For Solana to keep growing, he wants more proliferation of the Solana Virtual Machine (SVM), especially for corporate/enterprise use cases globally.

Takeaway: Solana has established itself as the leading high‑throughput “world computer,” but must aggressively expand SVM adoption to compete with the EVM’s dominance in enterprise and developer mindshare.


2. Mainnet vs. SVM Side Environments: Censorship Resistance vs. Control

  • Ferrante frames the key design question for builders as: “Do you want a server or a serverless platform?”—i.e., do you require strong censorship resistance or not.
  • Solana L1 is the default choice if you need full censorship resistance; that’s where its strength as a decentralized, shared state world computer matters most.
  • Many real‑world use cases actually want some level of “censorship” (moderation, permissions), e.g., moderating chat in an online game.
  • SVM proliferation (Solana‑style execution environments outside mainnet) lets builders choose the right trade‑off: performance and familiarity of SVM without full L1 censorship resistance when that’s not needed.
  • He sees this SVM expansion as a major future growth frontier for Solana, particularly for institutional and corporate deployments.

Takeaway: Investors should expect growing use of SVM-based environments alongside Solana mainnet, enabling a broader range of corporate and consumer use cases with different levels of control and compliance.


3. Strategic Expansion into Japan: Regulatory and Market Arbitrage

  • Backpack chose to establish its company in Japan and get licensed, taking on both engineering and regulatory “hard problems” to connect traditional finance and decentralized systems.
  • He highlights Japan’s forgotten crypto history: over 50% of Bitcoin trading volume in 2017 was from Japan, and Binance was originally started in Tokyo.
  • Japan is the 3rd–4th largest economy by GDP, and he expects it to become a key growth lever for crypto as a whole.
  • A key anticipated shift: broad expectation that Japan’s crypto tax rate will drop from ~55% to ~20%, which he believes will unlock much more domestic activity.
  • The government and regulators are increasingly viewing crypto as strategically important for the region, similar to the recent change in tone seen in the US.
  • Backpack saw Japan as an “open opportunity” where few others were building, with potential outsized impact for both the company and the industry.

Takeaway: Backpack’s bet on Japan signals that a large, historically under‑appreciated market with improving tax and regulatory conditions could become a major driver of future crypto and Solana growth.


4. Building in the UAE: Talent Hub and Regulatory Clarity

  • Ferrante praises the UAE for cutting “red tape” and making it straightforward to set up companies, obtain licenses, open offices, and hire globally.
  • Backpack uses the UAE as a default hub to fly in and relocate talent from around the world, enabled by relatively simple immigration and business formation processes.
  • He contrasts this with many countries where setting up operations and moving talent is “surprisingly difficult.”
  • For crypto specifically—where talent is globally distributed—he sees willingness to move to hubs like the UAE as a major “arbitrage” opportunity for founders.
  • The UAE’s clarity around regulation and licensing is positioned as a strong attractor for more founders and projects to build there.

Takeaway: The UAE is emerging as a strategic regulatory and talent hub for crypto companies like Backpack, enabling faster scaling and providing a favorable environment for Solana ecosystem growth.


5. Solana’s Cultural Edge and Long-Term Outlook

  • Ferrante places Solana alongside Bitcoin and Ethereum as one of the three largest decentralized networks, and believes it is “here to win, and probably to win it all.”
  • He cautions against complacency: just two years ago, Solana was widely assumed to be “dead,” showing how fast sentiment can swing in 1–2 years.
  • The core cultural value he wants preserved: relentless execution—“one more hard quarter every quarter from now until the end of time,” echoing Anatoly’s mantra.
  • He describes Solana’s builders as “borderline demented engineers” who pathologically solve problems day after day—there’s “no secret” beyond this sustained grind.
  • Maintaining this founder/engineer intensity and community work ethic over long periods is, in his view, the key to Solana’s continued dominance.

Takeaway: Solana’s investment case, in Ferrante’s view, rests not just on technical design but on a uniquely intense builder culture that has already pulled the network back from near‑obituaries and is expected to keep compounding execution over time.

Breakpoint 2025: Fireside: Bybit's Ben Zhou

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Breakpoint 2025 D2

Overview

  • Bybit is transforming from a trading-focused CEX into a regulated, bank-connected “crypto super-app” (cards, payments, yield) with aggressive expansion in emerging markets, creating stronger fiat on-ramps and new user flows that can reach Solana.
  • Solana Foundation is moving beyond developer support to court institutions, stablecoins, and RWAs, positioning Solana as core infrastructure for on-chain capital markets and large, durable liquidity.
  • Bybit’s Solana-based DEX, ByReal, uses Bybit’s liquidity and brand to bootstrap on-chain markets but aims for independent, product-driven DeFi credibility—an important bridge from CEX users to Solana DeFi.
  • Structural liquidity is gradually shifting on-chain (including derivatives), but fragmentation (multiple wrapped assets) and UX remain key risks and design challenges as Solana targets billions of users.
  • Both Bybit and Solana are heavily focused on scalability, resilience, and regulatory engagement, which are central to investor confidence that Solana can host high-volume, institutional-grade trading, RWAs, and DeFi at scale.

Speakers

  • Ben Zhou, co-founder & CEO of Bybit (centralized crypto exchange), discussing exchange strategy, regulation, and Bybit’s Solana-based DEX “ByReal.”
  • Solana Foundation representative (likely senior leadership), discussing ecosystem strategy, regulation/policy, and DeFi/infra trends on Solana.

1. Bybit’s Strategic Shift: Licensing, Compliance, and Global Expansion

  • Since launching in 2018, Bybit’s early years were product/innovation-focused; the last two years have shifted heavily to licensing and compliance.
  • Bybit obtained a UAE ESCA license and a MiCA license in Europe, and is expanding in Southeast Asia (Thailand, Vietnam, Indonesia) as more countries prepare to onboard users into crypto.
  • The exchange now sees its role as connecting to local banks and being the first on-ramp for mainstream users to get their first ~$100 into crypto.
  • Bybit is expanding hard into emerging markets, with major growth in Latin America, CIS, and Africa, backed by licenses in Brazil, Argentina, Turkey, and South Africa.
  • In many of these markets, especially among the unbanked, users treat the exchange like a bank (using crypto cards, earn products, and structured products).

Takeaway: Bybit is positioning itself as a regulated, bank-connected on-ramp in emerging markets, which is critical for real-world user growth and fiat-to-crypto liquidity flows.


2. Product Expansion: From Exchange to Payments and “Crypto Banking”

  • Bybit’s product scope is now broader than trading; payments and cards are key growth vectors.
  • The Bybit card has been a major success, letting users spend their crypto like a bank card, especially attractive in unbanked and inflationary markets.
  • Users can hold assets, earn yield, and access structured products all within Bybit, effectively treating it as a crypto-native financial super-app.
  • This financial stack is particularly attractive in countries with weak banking infrastructure or capital controls, making Bybit a substitute for traditional banks.

Takeaway: Bybit is evolving into a crypto-financial hub (payments, cards, yield products) that can capture large user bases where traditional banking is weak.


3. Solana Foundation’s Focus: From Developers to Institutions and RWAs

  • The Solana Foundation sees itself as a “human interface for a GitHub repo”—it doesn’t run businesses but facilitates the open network and its ecosystem.
  • Early priorities were: (1) build a functioning network, then (2) attract developers; these have been the core focus for the last 4–5 years.
  • In the last year, there has been a major broadening to:
    • Institutional investors,
    • Institutions issuing assets on-chain,
    • A strong push around stablecoins and real-world assets (RWAs).
  • The Foundation is now managing many more stakeholder groups (not just startups/developers), indicating a more mature, institutional Solana ecosystem.

Takeaway: Solana is transitioning from a purely developer-centric ecosystem to a broader institutional platform, especially for stablecoins and RWAs, which supports more durable, large-scale capital flows.


4. Regulation and Policy: Exchanges vs. Protocol Foundations

  • Ben spends a large part of his time with regulators globally (e.g., in Indonesia discussing licensing) as Bybit seeks exchange licenses.
  • Solana Foundation interacts with regulators differently because it is not an operating business and doesn’t seek licenses.
  • Solana created the Solana Policy Institute, with a 6-person team in Washington, DC, focused on U.S. regulatory policy as it has moved from hostile to more collaborative.
  • The Foundation’s regulatory priorities include:
    • Ensuring developers are not prosecuted for writing code.
    • Engaging with countries on policy and economic development, focusing on how blockchain supports capital formation, town formation, and “internet capital markets.”
  • Solana’s interactions are more about ecosystem growth and policy frameworks than about specific exchange-style regulatory licenses.

Takeaway: Regulatory engagement is bifurcating—exchanges fight for licenses and user access, while the Solana Foundation focuses on developer protection and macro policy shaping for on-chain capital markets.


5. Bybit’s Solana DEX “ByReal”: Incubation, Independence, and Liquidity

  • Bybit launched ByReal, a DEX on Solana, with the ByReal team present at the conference.
  • Ben notes it’s both a blessing and a curse when a big CEX incubates a project: market perception risk vs. brand and resource advantages.
  • The ByReal team wants to be seen as a real, independent DEX, not just a subproduct of Bybit; they try to attract projects in a fully decentralized way and avoid relying on Bybit’s resources as a requirement.
  • Solana’s representative says:
    • In the early phase, being incubated by Bybit is actually part of the appeal.
    • Over time, ByReal must succeed on its own product merit, especially around being a “good to very good” product with strong liquidity and UX.
    • There is a “half-life” to the incubator label; the DEX must outgrow its identity as “Bybit’s Solana DEX” by scaling and innovating faster than that perception decays.
  • Ben highlights liquidity as ByReal’s key strength so far; order flow is already being routed there because spreads and depth are competitive.

Takeaway: ByReal illustrates the CEX-to-DEX bridge model—leveraging Bybit’s backing to bootstrap liquidity on Solana, with a clear path toward product-led, independent DeFi credibility.


6. Strategy: Innovation vs. Copying, with a Focus on RWAs

  • Bybit is the second-largest exchange globally, but Ben emphasizes they cannot become number one by copying Binance.
  • He pushes the team to focus on client needs, innovating in:
    • Spot markets,
    • Earn programs,
    • Differentiated products rather than price wars (e.g., fee cuts).
  • The next big centralized-focus area for Bybit is RWAs (Real-World Assets), especially:
    • Tokenized stocks,
    • Other tokenized instruments that can bridge TradFi to crypto.
  • RWAs are seen as a shared theme across Bybit and ByReal, with both centralized and decentralized fronts expected to benefit from tokenized asset flows.

Takeaway: Bybit is betting heavily on RWAs and user-centric product innovation, aiming to differentiate on product quality rather than fee wars, with Solana-based DeFi (ByReal) as a complementary RWA venue.


7. CEX–DEX Relationship: User Journey and Infrastructure Layers

  • Ben sees DEXs as “pro products”: more suited to advanced, “crypto-native” users with higher knowledge and comfort.
  • Bybit invests heavily in UX and curation—every button and flow on the CEX is designed to guide beginners, whereas Web3/Solana dApps require more self-education and understanding of self-custody.
  • The envisioned user journey:
    1. New users onboard via Bybit (CEX), deposit local fiat via bank connections, and learn basics.
    2. As they gain confidence, they move into wallets, DEXs, and Solana projects.
    3. Bybit sees itself as the infrastructure layer for “crypto curious”, then “shipping them off” to the more advanced, open Web3 world (including Solana).
  • Bybit stopped a standalone wallet project because:
    • Competing on wallets is tough; users choose wallets for the ecosystem and opportunities (e.g., airdrops, specific dApp access) rather than pure wallet features.
    • There’s little stickiness; DEXs and trading are seen as more defensible, liquidity-driven businesses.
  • Ben stresses that DEX liquidity is fundamentally important, and CEX vs. DEX is not zero-sum; both are parts of the broader crypto infrastructure stack.

Takeaway: Bybit positions itself as the guided on-ramp and UX layer that trains users, while DEXs like ByReal on Solana serve as the advanced, permissionless layer where more sophisticated trading and asset management occur.


8. Liquidity Migration: CEX vs. DEX and the Role of Chains

  • Ben notes a significant liquidity shift over the last two years from CEXs to DEXs, not only for spot but also derivatives.
  • He references Hyperliquid and similar derivative DEXs as examples of where more trading is happening.
  • Drivers for DEX usage include:
    • More freedom,
    • More privacy,
    • More choice of assets and strategies.
  • Ben believes this trend will continue, but emphasizes the bigger untapped market is still the non-crypto public, which is Bybit’s focus.
  • Solana’s representative, when asked whether chains will host more important liquidity than CEXs, points to:
    • The open, permissionless nature of chains producing many assets and experiences.
    • Challenges like liquidity fragmentation, with multiple wrappers for the same asset (e.g., “5–10 different BTC forms” on-chain).

Takeaway: Structural liquidity is gradually moving on-chain (including derivatives), but CEXs still dominate the onboarding of new capital; chains like Solana are where long-term, composable liquidity infrastructure is being built.


9. Fragmentation vs. Coordination: On-Chain Liquidity and UX at Scale

  • Solana’s representative outlines a core design tension:
    • Permissionless asset issuance leads to many versions of the same asset (e.g., multiple wrapped BTCs), fragmenting liquidity.
    • Developers and “solvers” see fragmentation as an arbitrage and infrastructure opportunity (e.g., intent-based routing, solver networks).
    • Another view treats liquidity as a public good, arguing for mechanisms to unify liquidity through coordination, standards, or protocol design.
  • The core question: for billions of users, is it reasonable to expect them to understand subtle differences between wrappers? Likely not.
  • This becomes a UX and governance decision: how far to go toward coordination/unification versus preserving maximal permissionlessness.

Takeaway: As Solana aims for billions of users, solving on-chain liquidity fragmentation—while preserving permissionlessness—will be critical to deliver a mass-market UX and deep, unified markets.


10. Scalability, Throughput, and Infrastructure Resilience

  • Ben identifies the biggest long-term challenge as throughput and scalability:
    • If “real” mass users—billions or tens of billions of transactions—onboard to Solana, can the infrastructure handle it?
  • On Bybit’s side, the October 11th “big massive drop” event stress-tested centralized infrastructure:
    • A single cloud provider’s downtime can still disrupt many centralized exchanges.
    • Bybit is making multi-disaster recovery and high availability a core focus.
  • Solana’s representative notes that this kind of market event:
    • Shifted trade-off perceptions toward decentralized infra that can perform even under stress.
    • Highlighted the value of transparency throughout the stack, especially in oracles and data feeds.
    • Events like this can redefine how market participants assess CEX vs. DEX and centralized vs. decentralized infra.

Takeaway: Both centralized and decentralized players are racing to prove they can handle extreme market stress at scale; Solana’s performance and Bybit’s resiliency planning are central to investor confidence in using these venues during volatility.


11. Partnership and Ecosystem Synergies

  • The conversation closes with mutual acknowledgment of Bybit and Solana as partners, with a commitment to continued support.
  • Bybit sees itself as infrastructure plus distribution for bringing users and capital into ecosystems like Solana.
  • Solana benefits from:
    • CEX on-ramps,
    • DEXs like ByReal,
    • And institutional and policy outreach, all converging to deepen its role as a high-performance settlement and application layer.

Takeaway: The Bybit–Solana relationship exemplifies the CEX + L1 + DEX triad that can jointly drive user growth, liquidity depth, and institutional adoption on Solana.

Breakpoint 2025: Going Public on Internet Capital Markets: Metaplex Foundation (Stephen Hess)

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Breakpoint 2025 D2

Overview

  • Solana is emerging as a leading venue for “internet capital markets,” with rapidly growing onchain DEX volume and stablecoin liquidity that can support large-scale token trading.
  • Current token launch practices are structurally broken and mistrusted, creating systematic sell pressure, misaligned incentives, and higher risk for both founders and investors.
  • Metaplex’s Genesis protocol provides a fully onchain, verifiable framework for token launches on Solana, focusing on incentive alignment and programmatic liquidity rather than just “fairness.”
  • Multiple launch mechanisms (fixed price sale, launch pool, uniform price auction) allow projects to tailor capital formation to their audience—from retail/community to institutions—while preserving transparency and onchain liquidity.
  • The Genesis SDK positions Solana as the default infrastructure for new token markets, enabling many apps and exchanges to embed launchpads and potentially increasing both the quantity and quality of investable deals on Solana.

Stephen Hess

Founder of Metaplex; Director of the Metaplex Foundation. Metaplex is a leading tokenization protocol on Solana, powering millions of tokens and hundreds of millions of NFTs.


1. The Rise of Internet Capital Markets on Solana

  • Describes “internet capital markets” as a fundamental shift in global capital and market structure, not just a buzzword.
  • Notes over $3T in crypto assets and growing, with blockchains now used for large-scale trading, not just token holding.
  • Emphasizes that relying solely on centralized exchanges means failing the promise of open, borderless finance.
  • Highlights a major shift from centralized to decentralized trading venues, with Solana as the “clear breakout winner.”
  • Cites over $1T in DEX volume on Solana this year and more than $14B in stablecoins on Solana, fueling onchain liquidity.

Takeaway: Solana is positioning itself as a leading venue for onchain capital markets, with strong growth in DEX volume and stablecoin liquidity that underpins token trading and new launches.


2. The Problem: Broken Token Launches and Market Trust

  • Argues that despite onchain growth, token launches remain “a disaster” plagued by insider manipulation, extractive middlemen, and poor economics.
  • Most launches are structured offchain via paper deals with private investors, creating built‑in sell pressure when the token goes public.
  • Market trust is at an all-time low, with investors trained to expect rugs and scams; founders get no benefit of the doubt.
  • References Libra and other high-profile failures as catalysts for reconsidering how launches should be designed.

Takeaway: The current token launch status quo is broken and distrusted, creating significant risk and misalignment for both founders and investors.


3. Introducing Genesis: An Onchain Launch Protocol (Not Just a Launchpad)

  • Metaplex built the “Genesis protocol,” a fully onchain framework for effective and fair token launches on Solana.
  • Leverages Metaplex’s experience as one of the largest tokenization platforms globally (20M+ tokens, 800M+ NFTs on Solana).
  • Designed to provide verifiable token economics and programmatic liquidity graduation for team and stakeholder allocations.
  • Focus is on mechanism design that aligns incentives, boosts product usage, and grows fundamental value, not just “fairness.”
  • Positions Genesis as a base primitive that any app or exchange can use, rather than a single, centralized launchpad gatekeeper.

Takeaway: Genesis aims to become Solana’s foundational primitive for fair, transparent token launches, aligning incentives between projects and investors.


4. Launch Mechanism 1 – Fixed Price Sale (DeFi Tuna Case Study)

  • DeFi Tuna: an innovative AMM on Solana with support for limit orders and better monetization for LPs.
  • Used a fixed price sale with an allowlist, transaction caps, and cooldowns to prevent bots and whale domination.
  • 5% of token supply sold out in under 4 minutes, raising $2.5M for the project.
  • Genesis handled both the sale and the onchain economics around token distribution and liquidity schedules.
  • This model targets projects that need fast but fair capital formation with clear pricing.

Takeaway: For projects needing rapid, controlled capital raises with protection against bots and whales, Genesis’ fixed price sale model has already proven effective on Solana.


5. Launch Mechanism 2 – Launch Pool (Collector Crypt Case Study)

  • Collector Crypt: an onchain collectibles discovery and trading platform (e.g., “Pokémon card tokenization” narrative).
  • Deployed a 48-hour launch pool where anyone could deposit or withdraw, with 5% of supply allocated.
  • Final allocation cleared at the implied pool price after the window, raising around $3.4–3.4+M from over 600 backers.
  • Ensured broad, permissionless access so anyone who wanted an allocation could get one.
  • The launch catalyzed community buzz and user growth, with token holders becoming an active cohort onboarding the next wave.

Takeaway: Launch pools via Genesis are well-suited for community-driven projects that prioritize broad participation and organic user growth over fixed pricing precision.


6. Launch Mechanism 3 – Uniform Price Auction (Exotic Markets Case Study)

  • Exotic Markets: a structured products platform on Solana targeting more sophisticated traders and funds.
  • Used a 48-hour uniform price auction—described as a “better Dutch auction.”
  • Participants place bids; the entire allocation clears at the lowest successful bid (uniform clearing price).
  • Addresses a major issue with pools: institutions and large traders need certainty about where their bids will execute.
  • Ideal for launches where the buyer base includes funds and institutional-style participants needing clear execution guarantees.

Takeaway: Genesis’ uniform price auction design targets institutional and fund-driven launches, offering transparent price discovery and execution guarantees onchain.


7. No One-Size-Fits-All: Mechanism Choice as a Strategic Lever

  • Different projects require different capital formation and distribution strategies:
    • DeFi Tuna → fixed price sale (fast, fair raise).
    • Collector Crypt → launch pool (maximum participation, community building).
    • Exotic Markets → uniform price auction (institutional execution guarantees).
  • Genesis is built to support a variety of mechanisms, not enforce a single model.
  • Recognizes the diversity of asset types and user bases and treats launch strategy as core to product-market fit.

Takeaway: Genesis treats launch design as a configurable, strategic choice, enabling projects to match capital formation mechanisms to their target users and investor profiles.


8. The Genesis SDK: Infrastructure for a Multi-App Launch Ecosystem

  • Announces the first public launch of the Genesis SDK for developers.
  • The SDK is designed for:
    • Exchanges wanting to build specialized launchpads.
    • Aggregators and trading apps that monitor new launches and alert traders.
    • Pre-TGE projects looking to design novel launch experiences.
  • Any app can integrate and gain access to fair launch smart contracts; launches are not confined to a single UI or platform.
  • Tokens launched via Genesis can be immediately aggregated and distributed across wallets, exchanges, and trading terminals.
  • Vision: thousands of apps each with embedded launchpads, pricing in any Solana token, all backed by a common onchain primitive.

Takeaway: The Genesis SDK is an investable infrastructure layer enabling a broad ecosystem of launchpads and trading tools on Solana, potentially increasing launch quality and deal flow across the network.


9. Strategic Vision: Solana as the Default Platform for New Token Markets

  • Argues that “upstream of everything is fair launching tokens with real value.”
  • If fair, effective launches are solved, onchain markets can become the primary center of price discovery and global commerce.
  • Positions Solana to become the de facto platform for launching, discovering, and trading new tokens across many app surfaces.
  • Envisions open, borderless finance where launches, trading, and liquidity are natively onchain and composable.
  • Reinforces Metaplex’s trajectory from NFTs and collectibles to memecoins, DeFi, stablecoins, and now full internet capital markets.

Takeaway: By standardizing fair, composable token launches via Genesis, Metaplex aims to help Solana capture the role of core infrastructure for global, onchain capital markets.

Breakpoint 2025: Gold Capital Markets: Oro Labs (Usman Saleem)

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Breakpoint 2025 D2

Overview

  • Gold markets are structurally broken—fragmented, opaque, and yield-less—and Oro aims to rebuild them as a unified, on-chain capital market on Solana rather than issuing another simple gold token.
  • Oro’s “Staked Gold” introduces native, programmable yield (~3% to start) on top of gold exposure, with a fully composable token designed for Solana DeFi (swaps, lending, collateral).
  • The on-chain flow (stake gold → receive staked token → use across DeFi while yield accrues) turns gold into a money-like, productive asset and potential base collateral layer on Solana.
  • The Oro Redemption Network adds global, on-chain-coordinated physical redemption, targeting institutional-grade trust and bridging between tokenized and physical gold.
  • For Solana investors, Oro represents a full RWA gold stack—yield, settlement, and credit—being built natively on Solana, potentially driving TVL, institutional adoption, and new DeFi primitives around a blue-chip real-world asset.

Osman, Oro Labs

Founder of Oro Labs, presenting at Solana Breakpoint on building unified, on‑chain capital markets for gold, with a particular focus on yield-bearing gold and global redemption infrastructure.


1. The Problem: Fragmented, Opaque Gold Capital Markets

  • Gold is one of the largest, most established financial assets, trading and settling globally.
  • Despite its scale, gold capital markets are described as fragmented, opaque, and slow.
  • Osman frames this as a market structure problem, not a product problem.
  • Current tokenized gold largely replicates the same limitations as physical gold: no yield, no unified settlement, and no shared market primitives.
  • Oro Labs’ thesis: an asset as important as gold needs a unified on‑chain market to unlock new financial primitives and composability.

Takeaway: Oro Labs is targeting a structural overhaul of gold markets, not just another gold token, aiming to standardize and unify how gold is used in DeFi and finance.


2. Staked Gold: First Yield Primitive for Gold

  • Oro introduces “Staked Gold,” pitched as the first yield primitive for gold.
  • Today, yield on gold is only available via off‑chain, bespoke, often opaque institutional arrangements that most users cannot access.
  • Staked Gold combines:
    • Gold price exposure,
    • Real‑world return streams,
    • Programmable, on‑chain yield.
  • The staked gold token is fully composable in DeFi, intended for use in swaps, lending, and other protocols.
  • Yield starts at 3%, with expectations of growth as on‑chain markets and yield markets around the base gold token deepen.
  • The product is launching on Solana within the next few weeks, highlighting Solana as Oro’s core infrastructure.
  • Conceptually, “staked gold” makes yield a native property of gold within this system, similar to how staked assets in crypto accrue yield automatically.

Takeaway: Oro is turning gold from a passive store of value into an on‑chain, yield-bearing, DeFi‑composable asset on Solana, which could attract both traditional gold holders and crypto yield-seekers.


3. On‑Chain User Flow and Composability

  • Example flow: a user stakes gold, receives a staked gold token, can swap it on‑chain, and watch the position grow over time as yield accrues.
  • The staked gold token is designed to integrate seamlessly with DeFi primitives:
    • Swaps and liquidity pools,
    • Potential lending/borrowing,
    • Other programmable financial use cases.
  • This composability is positioned as a core feature: gold becomes “money‑like” within DeFi, not just a static asset.

Takeaway: By making staked gold a standard, composable token, Oro is positioning gold to act as collateral and liquidity in Solana DeFi rather than sitting idle.


4. Oro Redemption Network: Unified Global Settlement for Gold

  • A major pain point in gold markets is the lack of a unified settlement network for both physical and digital gold.
  • Oro launches the “Oro Redemption Network” to let token holders redeem physical gold across multiple global locations.
  • Initial rollout includes more than five redemption locations, with plans to expand to major institutional gold hubs worldwide.
  • Redemption flow:
    • Submit an on‑chain redemption request,
    • Choose desired physical redemption location,
    • All steps and transaction history recorded on‑chain and visible in user portfolios.
  • This network is aimed at solving trust and settlement fragmentation by making redemption transparent, standardized, and verifiable.

Takeaway: The Oro Redemption Network adds real-world settlement depth to tokenized gold, potentially making Oro’s tokens more credible to institutional and traditional gold market participants.


5. Oro’s Broader Vision: A Full Gold Capital Markets Stack

  • Oro positions itself not as a single-product company but as a builder of full market structure for gold on-chain.
  • Beyond staked gold and redemption, Oro plans to build:
    • Yield markets for gold,
    • Settlement markets,
    • Credit markets around gold collateral.
  • These markets are intended to plug into various “distribution products” so that the utility and use cases reach the “marginal user of gold” (i.e., end investors and users, not just institutions).
  • The end state is a unified, composable gold capital market stack on Solana, bridging traditional gold finance with crypto-native infrastructure.

Takeaway: Oro is aiming to create a comprehensive gold-based financial ecosystem on Solana—yield, settlement, and credit—rather than just a single token, which could be significant for investors looking at RWA (real‑world asset) and DeFi convergence.

Breakpoint 2025: How Hardware Wallets and Multi-Chain Swaps Power Internet Capital Markets

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Breakpoint 2025 D2

Overview

  • Ryder evolved from a Breakpoint prototype into a revenue-generating, globally shipped hardware wallet business in two years, showcasing strong execution and real market demand.
  • The company is tackling self-custody’s biggest adoption barrier—painful UX and fragile seed-phrase flows—with a beginner-focused, design-first hardware experience.
  • Ryder One differentiates via ultra-fast onboarding, physical transaction verification, and obsessive industrial design to make hardware security feel consumer-grade and approachable.
  • TapSafe recovery and flexible, paperless backups aim to de-risk self-custody for mainstream users and institutions by eliminating single-point seed-phrase failure.
  • For Solana investors, Ryder’s planned Wormhole-powered, on-device multi-chain swaps (2026) position it as security infrastructure that can channel cross-chain liquidity and capital flows into Solana’s internet-scale markets.

Louis, CEO & Co‑Founder, Ryder

Hardware wallet startup focused on radically improving self-custody UX; previously unveiled their first prototype at Breakpoint two years ago and now shipping globally with real revenue.


1. From Prototype to Global Hardware Wallet Business

  • Ryder unveiled its first Ryder One prototype and launched a crowdfunding campaign at Breakpoint two years ago; it was “just an idea” at that time.
  • Since then, the company has grown into a global operation shipping thousands of units and generating revenue.
  • The team credits Solana and ecosystem introductions (specifically via Austin Federa) with opening key opportunities that accelerated their trajectory.

Takeaway: Ryder has progressed from early prototype to a revenue-generating, globally shipped hardware product in two years, signaling execution capability and market traction.


2. Rebuilding Self-Custody UX for Mass Adoption

  • Louis frames the “bottleneck” in self-custody not as crypto itself, but as poor user experience: intimidating flows, too many steps, confusing jargon, and high error risk.
  • He notes that almost nobody actually “loves” their hardware wallet, including himself, despite having tried many.
  • Traditional seed phrase flows (12–24 words on paper) are presented as outdated and fragile, especially for 2025, with well-known loss/horror stories.
  • Ryder’s mission is to rebuild self-custody from scratch with “zero assumptions,” driven by obsessive user feedback and design iteration focused on beginners.

Takeaway: Ryder is betting that dramatically better UX around self-custody can unlock broader user and capital inflows into crypto by removing one of the biggest adoption barriers.


3. Ryder One: “Hardware Wallet Without the Hard Part”

  • Ryder One is positioned as a hardware wallet that makes it “impossible to lose your wallet,” emphasizing simplicity in onboarding, sending, and recovery.
  • Onboarding: users “tap to pair” and “tap to create and back up” their wallet, with a full setup process targeted at under 60 seconds.
  • Transaction flow: transactions initiated on mobile are verified on the Ryder One’s screen, with side LEDs (“infinity edge”) lighting up to signal secure operations.
  • Louis stresses the importance of a physical display for security (“don’t pay on a POS terminal with no screen”)—you don’t trust, you verify.
  • Internal product obsession is highlighted: multiple late-night fights over button placement and 23 mechanical design iterations to achieve a desirable, carry-friendly device.

Takeaway: Ryder One aims to differentiate in a crowded hardware wallet market by offering a highly streamlined, visually reassuring, consumer-grade UX.


4. Recovery Without Seed Phrases: “TapSafe” and Flexible Backups

  • Ryder has developed a recovery approach called “TapSafe Recovery” (built by their CTO, Marvin) designed to be simple, safer, and flexible rather than fragile.
  • Users can create backups at any time, either via “recovery tags” or “recovery contacts,” removing sole reliance on a single written seed phrase.
  • This architecture is pitched as making it effectively impossible to “lose your wallet,” directly addressing one of the main psychological and practical fears in self-custody.
  • Positive user testimonials (e.g., “Uncle Tim”) are referenced as validation that this recovery experience resonates in practice.

Takeaway: By abstracting away traditional paper seed phrases into more user-friendly recovery mechanisms, Ryder is trying to de-risk self-custody for mainstream users and institutions.


5. Multi-Chain Markets, Liquidity Fragmentation, and Risk

  • Louis connects Ryder’s work to the broader theme of “internet capital markets” and how institutions and serious users operate across multiple chains.
  • He highlights three key problems in current multi-chain markets: fragmented liquidity across chains, the difficulty of getting best execution safely, and the inherent risk of relying on software wallets.
  • Ryder’s thesis: to safely access multi-chain markets, you need both (1) a strong hardware layer to secure actions at the source and (2) an efficient, integrated multi-chain swap layer.

Takeaway: Ryder sees itself not only as a wallet vendor but as critical security infrastructure for capital flows in a fragmented multi-chain ecosystem.


6. Built-In Multi-Chain Swaps Powered by Wormhole (Coming 2026)

  • Ryder announces that multi-chain swaps will be built directly into the Ryder One device, enabling users to swap assets across chains from within a hardware-secured environment.
  • These swaps will be “fast, safe, and secure,” aiming to combine hardware-level protection with high-liquidity routing.
  • The swap functionality will be powered by Wormhole, leveraging its cross-chain infrastructure to tap “deep liquidity” across ecosystems, including Solana.
  • Launch timing is targeted for 2026, positioning Ryder One as both a secure wallet and a native multi-chain trading interface.

Takeaway: The planned Wormhole-powered multi-chain swap integration makes Ryder One a potential gateway for secure, cross-chain capital movement, which could be significant for investors active across multiple ecosystems, including Solana.


7. Strategic Positioning: Human, Paperless Self-Custody

  • Louis emphasizes that self-custody can be “beautiful, human, and powerful without being painful,” rejecting the notion that security must equal complexity.
  • Ryder’s value proposition is summarized as giving users control “without the complexity, without the fear, and of course without the paper.”
  • The explicit move away from pen-and-paper seed phrases is framed as both more modern and more aligned with how people actually live and secure their digital lives today.

Takeaway: Ryder is positioning itself as the next-generation self-custody standard—user-friendly, hardware-secured, paperless, and multi-chain—targeted at both retail and institutional participants in emerging internet capital markets.

Breakpoint 2025: Inside the Architecture of the Universal Exchange: Bitget (Gracy Chen)

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Breakpoint 2025 D2

Overview

  • Bitget’s Universal Exchange (UEX) model aims to merge DEX and CEX by making any Solana token instantly tradable on Bitget via contract address, bypassing traditional listings.
  • For Solana projects, UEX promises faster centralized liquidity, broader distribution, and improved price discovery as tokens move seamlessly from on-chain launch to CEX-style trading.
  • Bitget is building a single platform for crypto, DeFi, and tokenized RWAs (stocks, ETFs, commodities, FX), with Solana as a core execution layer for high-throughput tokenization and trading.
  • The exchange focuses on consolidating fragmented portfolios (CEX, DeFi wallets, and TradFi brokers) into one interface, which could attract broader capital into Solana-based assets.
  • A crypto-native AI assistant, “Get Agent,” is integrated to offer portfolio-aware analysis (including for Solana exposure), signaling a push toward more informed, AI-assisted investing on the platform.

Gracy Chen

Managing Director, Bitget (centralized exchange), speaking at Solana Breakpoint 2025 about Bitget’s “Universal Exchange” (UEX) model and its integration with Solana and RWAs.


1. Universal Exchange (UEX) Concept: Bridging DEX and CEX

  • Gracy frames today’s crypto market as fragmented: tokens launch and trade first on DEXs, while CEXs have the bulk of user volume and liquidity.
  • UEX is presented as a model that makes any Solana token “automatically tradable” on Bitget once it exists on-chain.
  • Users can simply input a contract address (CA) on Bitget and trade the token via an on-chain module inside the CEX interface, bypassing the traditional centralized listing process.
  • The goal is to erase the hard line between DEX and CEX, effectively turning Bitget into a front end for on-chain liquidity plus centralized liquidity.
  • This “universal supermarket” metaphor emphasizes global accessibility: niche on-chain assets (like a regional product) become easily available to the wider CEX user base.

Takeaway: Bitget’s UEX aims to unify DEX and CEX liquidity so that any Solana token can be instantly accessible and tradable through a centralized exchange interface without formal listings.


2. Impact on Solana Token Launches and Liquidity

  • The talk specifically targets builders launching tokens on Solana, highlighting that their tokens will likely first trade on DEXs.
  • Under UEX, Solana tokens launched on-chain become tradable on Bitget as soon as users supply the contract address, increasing their potential reach and liquidity.
  • This reduces friction and delay for token teams that would otherwise need to go through lengthy CEX listing evaluations and negotiations.
  • Increased liquidity and broader distribution are positioned as value-adds for Solana projects and investors, potentially improving price discovery and market depth.

Takeaway: For Solana projects and investors, UEX promises faster access to centralized liquidity and user bases for new tokens, potentially improving market efficiency and exposure.


3. Integrating Crypto, DeFi, and TradFi/RWA in One Platform

  • Gracy argues the “future” is the integration of DEX, CEX, and TradFi (especially RWAs) rather than them existing in separate silos.
  • On Bitget, users can already trade tokenized ETFs, tokenized U.S. stocks, tokenized commodities, and forex alongside crypto assets such as Bitcoin, Solana, and other altcoins.
  • This creates a single venue where a user can manage a cross-asset portfolio spanning both traditional and crypto markets.
  • For investors, this suggests a trend toward exchanges that function as full-spectrum brokerage platforms powered by crypto rails.

Takeaway: Bitget is positioning itself as a multi-asset “universal exchange” where crypto (including Solana tokens) and tokenized real-world assets coexist, signaling growing convergence between TradFi and crypto markets.


4. Portfolio Consolidation and User Experience

  • Gracy highlights the common problem of fragmented portfolios: users currently need separate apps for CEXes (e.g., Binance, Coinbase, Bitget), DeFi wallets (MetaMask, Phantom), and stock platforms (eToro, Robinhood).
  • Bitget aims to consolidate these functions—crypto trading, on-chain token access, and tokenized traditional assets—into a single interface.
  • For end users and investors, this reduces operational friction and allows a more holistic view and management of their total portfolio.

Takeaway: Bitget is betting that simplifying the user experience by aggregating multiple asset classes and wallet types in one app will be a competitive advantage and help onboard broader capital.


5. Bitget’s Crypto-Native AI: “Get Agent”

  • Gracy notes a key weakness of generic AI for investing: she asked ChatGPT (non-crypto-specialized) for low-risk tokens a year ago and it recommended Luna, illustrating risk from naïve AI models.
  • Bitget has developed its own crypto-specific AI assistant, “Get Agent,” embedded in the trading experience.
  • Users can interact with Get Agent in natural language—e.g., “What’s your thought on adding Solana to my portfolio?”—and receive analysis tailored to their holdings.
  • This AI is positioned as an advisory layer on top of the UEX trading environment, helping investors navigate token selection and risk more intelligently.

Takeaway: Bitget is adding a specialized AI assistant to provide portfolio-aware crypto analysis, targeting more informed investment decisions than generic AI models can deliver.


6. RWAs, Institutional Interest, and Solana’s Role

  • Gracy briefly references the growth of the Real World Asset (RWA) market since January 2023, noting it began booming even before spot ETF approvals.
  • She emphasizes that Wall Street and traditional finance players are now taking substantial positions in the crypto industry.
  • Within Bitget’s UEX architecture, Solana is described as a “core execution layer,” implying Solana is central to how this unified on-chain/off-chain trading system operates.
  • This positioning underscores Solana’s role as infrastructure for high-throughput tokenization and trading use cases within Bitget’s ecosystem.

Takeaway: The growth of RWAs and institutional participation is reinforcing Solana’s place as a core execution chain in Bitget’s universal exchange strategy, which may benefit Solana’s long-term demand and integration in financial products.


7. Call to Action for Solana Builders and Users

  • Gracy closes by directly inviting the audience to try the UEX product after the talk.
  • The implicit pitch: if you are launching or holding Solana tokens, Bitget’s UEX can give you immediate CEX-style access, liquidity, and AI-driven insights.

Takeaway: Bitget is actively courting the Solana builder and investor community to adopt UEX as a primary venue for trading and managing Solana-based assets.

Breakpoint 2025: Kamino: The Next Chapter: Kamino (Marius Ciubotariu)

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Breakpoint 2025 D2

Overview

  • Kamino is already the largest, risk-managed lending venue on Solana, with multibillion-dollar volumes and no user bad debt, giving it strong institutional credibility.
  • It is introducing fixed-rate, fixed-term borrowing to create an onchain yield curve, enabling predictable cost of capital and more sophisticated fixed-income strategies.
  • New institutional rails let firms borrow onchain against assets held with regulated custodians (via partners like Chainlink, Anchorage), solving a key compliance barrier.
  • Kamino is building infrastructure for RWAs and private credit, including an RWA-focused DEX tied to offchain pricing, to channel onchain capital into regulated, higher-yield credit markets.
  • With APIs/SDKs and a unified rebrand, Kamino is positioning as Solana’s full-stack credit backend for exchanges and fintechs, potentially driving significant growth in institutional and RWA-driven activity on Solana.

Marius Ciubotariu

Co-founder of Kamino, the largest borrowing platform on Solana by volume; presenting “the next chapter” of Kamino’s lending/borrowing stack with a focus on institutional needs, real-world assets (RWA), and new onchain market structure.


1. Kamino’s Current Scale and Risk Track Record

  • Kamino is described as the largest borrowing platform on Solana:
    • Over $10 billion in loans issued
    • Over $100 million in interest revenue generated
    • Over $4 billion in supplied assets
  • Marius emphasizes that throughout the last market cycle there has been no bad debt passed on to users, positioning risk management as a core differentiator.
  • This track record is framed as the foundation for expanding into more complex institutional and RWA use cases.

Takeaway: Kamino is already a large, battle-tested Solana lending venue, which is critical for institutional and risk-sensitive participants considering onchain credit markets.


2. Fixed-Rate, Fixed-Term Borrowing & Onchain Yield Curve

  • Kamino is launching fixed-rate, fixed-term borrowing, moving beyond the traditional variable-rate “utilization curve” model common in DeFi.
  • Borrowers will be able to place borrow intents, specifying both the desired interest rate and loan term, and get filled at that rate if market conditions allow.
  • Lenders similarly can place orders, enabling real price discovery for interest rates and the creation of an onchain yield curve.
  • This is particularly targeted at:
    • Institutions needing a guaranteed cost of capital
    • RWA loopers who need a predictable spread between borrowing costs and asset yields
  • Kamino has been working with FalconX, a major industry prime broker, to design and take this product to market.

Takeaway: Kamino is building a proper fixed-income market structure on Solana, enabling predictable borrowing costs and onchain rate discovery that are much more attractive to institutional and RWA strategies.


3. Institutional Borrowing with Off-Platform (Custodial) Collateral

  • A key institutional barrier has been regulations that prohibit moving collateral out of qualified custodians, limiting their ability to borrow directly onchain.
  • Kamino, together with Chainlink and Anchorage, has designed a setup that lets users:
    • Keep collateral in a regulated custodian
    • Still borrow on Kamino against that collateral
  • This unlocks onchain borrowing for institutions that must remain compliant with strict custody rules.
  • Kamino is going live with “the SA company,” described as one of the largest digital asset treasury firms on Solana.

Takeaway: By enabling borrowing against custodied assets without moving them onchain, Kamino significantly expands the addressable institutional market on Solana.


4. Onchain Access to Private Credit & Regulated Offchain Lending

  • Marius notes that a large portion of borrowing and lending still occurs offchain due to jurisdictional and regulatory constraints.
  • As a result, many users cannot access the yields from those offchain private credit markets.
  • Kamino is working with structurers and issuers to make private credit deals accessible onchain, effectively tokenizing or routing exposure to regulated credit products.
  • This aims to bridge the gap between regulated offchain credit markets and onchain investors seeking yield.

Takeaway: Kamino is positioning itself as a gateway for onchain capital to flow into higher-yield private credit opportunities that are currently locked in offchain markets.


5. A New RWA-Focused DEX for Offchain-Priced Assets

  • Issuers bringing RWA tokens or collateral tokens onchain have struggled with bootstrapping liquidity via standard AMMs.
  • Core issue: the true price is often determined offchain (e.g., via centralized exchanges or NAV calculations), not by onchain trading.
  • Kamino is launching a specialized decentralized exchange that:
    • Lets assets trade in line with their offchain reference price
    • Simplifies liquidity bootstrapping for issuers
    • Makes it easier to use such assets as collateral on Kamino
  • This DEX is explicitly aimed at improving market structure for RWA and offchain-priced tokens on Solana.

Takeaway: A dedicated DEX tied to offchain pricing should lower friction for RWA issuers, improve pricing integrity, and expand the collateral universe for Kamino’s lending markets.


6. APIs, SDKs, and Kamino as a Backend for Fintechs & Exchanges

  • Over the past year Kamino has worked with fintechs and exchanges that want to tap Kamino as an infrastructure backend.
  • These partners seek:
    • Access to onchain liquidity
    • Access to onchain yield opportunities
    • Access to onchain borrowing markets
  • Kamino is releasing a set of APIs and SDKs that expose its modular infrastructure for:
    • Yield generation
    • Borrowing and lending
  • This effectively turns Kamino into a DeFi credit and yield engine that can be embedded into external platforms and user interfaces.

Takeaway: By offering APIs/SDKs, Kamino can distribute its lending and yield products through other apps and exchanges, broadening its user base and increasing onchain credit penetration.


7. Unified Platform, Rearchitecture, and Rebrand

  • Marius summarizes the “new Kamino” as a coherent, upgraded platform combining:
    • Fixed-rate borrowing
    • Offchain (custodial) collateral support
    • Infrastructure “build kit” (APIs/SDKs)
    • A specialized RWA DEX for issuers
  • The platform is explicitly designed to meet institutional requirements and the needs of new asset types like RWA.
  • Kamino is introducing a new identity and brand to match this expanded scope.

Takeaway: Kamino is repositioning from a standard DeFi lending protocol to a full-stack, institution-ready credit and RWA platform on Solana, with products designed to attract larger, more regulated capital.

Breakpoint 2025: Keynote: DFlow (Nitesh Nath)

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Breakpoint 2025 D2

Overview

  • DFlow has become a core low‑latency routing and aggregation layer on Solana, driving >$33B volume and strong, growing app revenues in 2025.
  • Its spot trading API has rapidly emerged as standard infra for Solana apps and wallets, with dozens of integrations and highly attractive revenue share to front‑ends.
  • Microstructure advances like just‑in‑time routing and proprietary AMM support are tightening on‑chain spreads and improving execution, strengthening Solana DeFi vs centralized exchanges.
  • The new prediction markets API (via Kalshi) and concurrent liquidity program tokenize regulated off‑chain markets as SPL assets, introducing a new, composable asset class on Solana.
  • Early builder demand and a large 2026 integration pipeline around prediction tokens signal expanding use cases, liquidity, and fee opportunities for Solana DeFi participants and investors.

Nitesh Nath

Founder/leader at DFlow, a low‑latency trading infrastructure team on Solana. Talk covers DFlow’s 2025 growth, its DEX aggregation stack, and the launch of a new prediction markets API (powered by Kalshi) that tokenizes off‑chain prediction markets onto Solana.


1. DFlow’s Role on Solana and 2025 Growth

  • DFlow builds low-latency trading infrastructure and currently operates a Solana DEX aggregator that routes across essentially 100% of on-chain liquidity.
  • Their system constructs a large price graph and solves an optimization problem to find best execution routes between tokens.
  • Since April 2025, DFlow has facilitated over $33B in cumulative trading volume and serviced over 1M users globally.
  • Their routing and infrastructure have significantly contributed to application (app) revenue on Solana, with strong month‑over‑month growth.

Takeaway: DFlow has become a major routing and liquidity layer on Solana in 2025, with large and rapidly growing volumes and app revenues.


2. Spot Trading API and Integration Trajectory

  • January 2025: DFlow launches its spot trading API, giving apps and wallets programmatic access to aggregated spot liquidity on Solana.
  • By June 2025: 4 applications integrated, ~$4B in cumulative volume and ~$$2M in revenue paid out to applications.
  • Behind the scenes, they rolled out a new backend enabling streamlined, faster DEX integrations.
  • By September 2025: 26 applications integrated, ~$10B cumulative volume and ~$16M in app revenue paid out.
  • By November 2025: over 75 applications integrated, $33B in volume, and over $34M paid out in app revenue.

Takeaway: The spot API has rapidly become infrastructure standard for many Solana apps, with growing integration count and significant revenue share to front‑end applications.


3. Microstructure Innovations: Just‑in‑Time Routing & Prop AMM Support

  • September 2025: DFlow introduces “just in time routing,” which turns previously “frozen” transactions into dynamic, on‑chain-routed transactions at execution time.
  • This innovation improves execution quality, reduces slippage for users, and/or increases monetizable spread for applications.
  • October 2025: DFlow releases a new backend to integrate proprietary AMMs (prop AMMs) more smoothly into its routing.
  • Prop AMMs are positioned as key to achieving on‑chain spreads tighter than centralized exchanges like Binance.
  • The integration backend allows prop AMMs to access DFlow features (including JIT routing) that aren’t available elsewhere, giving them differentiated execution.

Takeaway: DFlow is not just aggregating liquidity; it is driving microstructure improvements (JIT routing, prop AMM integration) that directly impact execution quality and competitiveness of Solana DeFi versus CEXs.


4. Launch of DFlow Prediction Markets API (Powered by Kalshi)

  • Early December 2025: DFlow launches a prediction markets API, powered by Kalshi (a regulated off‑chain prediction market operator).
  • The API is positioned as the “connective tissue” between Solana’s active trader base and Kalshi’s off-chain prediction market liquidity.
  • Solana users gain access to one of the most liquid prediction market venues globally; Kalshi gains access to Solana’s “dgen” trader base.
  • A further “pretty exciting announcement” related to this is hinted at for later that day, suggesting imminent partnerships or product launches.

Takeaway: DFlow is bridging regulated off‑chain prediction markets into Solana, opening a new asset class and source of liquidity for Solana users and apps.


5. Concurrent Liquidity Program & Tokenization of Prediction Markets

  • DFlow introduces a “concurrent liquidity program” that glues off‑chain liquidity (like Kalshi) to Solana.
  • When users trade via this program, they receive an SPL token representing their position in a prediction market.
  • The flow is multi‑transaction:
    • First transaction: opens the order, increases the user’s position, and escrows funds.
    • Second transaction: performs the off‑chain fill, then mints the SPL token representing the position.
  • For redemption: a similar multi‑transaction flow burns the prediction token and returns stablecoins if the user’s prediction was correct.
  • This effectively tokenizes Kalshi’s markets, making them standard composable Solana assets.

Takeaway: By wrapping off‑chain prediction market positions as SPL tokens, DFlow makes them composable building blocks within the broader Solana DeFi ecosystem.


6. Strategic Bet on Tokenization & Composability

  • DFlow emphasizes that tokenizing prediction positions was a choice, not a necessity, but they opted for it to harness DeFi’s “serendipitous” composability.
  • They cite historical surprises in DeFi (e.g., “pump” style products, prop AMMs) as evidence that new token primitives can enable unforeseen mechanisms.
  • The tokenization is explicitly framed as a bet on the imagination of Solana builders and the emergent behavior of open financial systems.
  • Expected uses include:
    • Collateral in borrow‑lend protocols.
    • New liquidity formation mechanisms and structured products built around prediction tokens.

Takeaway: DFlow is positioning prediction tokens as first‑class DeFi assets on Solana, aiming to spark a wave of secondary products and integrations around them.


7. Early Builder Interest & 2026 Pipeline

  • Over 100 integrations are already “lined up” for the prediction markets API, many going live in the next quarter and some going live or being announced during Breakpoint.
  • Themes among interested builders include:
    • Social trading platforms.
    • Apps focused on niche segments of prediction markets.
    • Data vendors using prediction data and tokens.
    • Group trading and Telegram‑based experiences leveraging on‑chain prediction positions.
    • Yield products built on top of prediction tokens (e.g., yield‑bearing structures using prediction exposure).
  • DFlow invites developers to explore the API and offers hands‑on support to help them build new applications.

Takeaway: There is strong early demand from builders for prediction market primitives on Solana, suggesting a robust pipeline of new products and potential new revenue streams through 2026.

Breakpoint 2025: Keynote: Figure (Mike Cagney)

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Breakpoint 2025 D2

Overview

  • Figure has scaled to ~$22B in on‑chain loan originations and pioneering AAA‑rated securitizations, validating public blockchains for institutional‑grade lending and RWAs.
  • Its Yield product on Solana functions like a regulated, interest‑bearing stable asset, offering a compliant alternative to stablecoins and stabilizing fiat on/off‑ramp risk.
  • Hastra and the Prime token pipe mortgage‑backed and other real‑world yields into Solana DeFi, already showing strong early traction and institutional participation.
  • Figure’s on‑chain public equity and ATS aim to bypass DTCC/exchanges/brokers, enabling fully programmable equity that can plug directly into DeFi on Solana.
  • For Solana investors, these moves deepen the chain’s RWA, yield, and capital‑markets stack, strengthening its positioning as infrastructure for institutional‑scale finance and differentiated, regulated DeFi.

Mike Cagney

Co‑founder of Figure; Figure is a publicly traded fintech focused on on‑chain lending, real‑world assets (RWA), and capital markets infrastructure.


1. Figure’s Origin: On‑Chain Lending and Securitization

  • Founded in 2018 on the thesis that capital markets will be “massively transformed” by blockchain through native digital assets and replacing trust with verifiable on‑chain truth.
  • Initial strategy: originate consumer loans (starting with a home equity line of credit) natively on public blockchain, aggregate them, and securitize on chain.
  • Traditional banks liked the idea but refused to be first movers, which pushed Figure to build and operate its own lending platform.
  • Evolved from direct‑to‑consumer to B2B2C; now has 250+ partners using Figure’s tech to originate loans natively on chain, including 10 of the top 20 mortgage companies.
  • Scale to date: ~US$22B in on‑chain loan originations, currently running at about US$1.1B/month.
  • First to securitize loans on blockchain (2020) and to complete a AAA‑rated securitization (2023); Figure HELOC token is one of the larger RWA crypto assets by size.

Takeaway: Figure has proven large‑scale, institution‑grade lending and securitization on public blockchains, positioning itself as a key RWA player with real volumes and regulated structures.


2. “Yield” Security: A Regulated, Interest‑Bearing Stable Asset on Solana

  • Need: a way to settle transactions on chain with a “dollar” representation that regulators would accept; initial plan to tokenize bank deposits was blocked by banking regulators in 2023 over “safety and soundness” concerns.
  • Response: Figure pursued an S‑1 with the SEC to create a blockchain‑native public equity security with stable value that pays interest—effectively a security‑based alternative to a stablecoin.
  • Earlier in 2025, that S‑1 went effective: this is described as the first US public security native on public blockchain.
  • Initially minted on Provenance, now being minted natively on Solana as well.
  • Functionally: behaves like a stablecoin (freely transferable P2P, used for settlement), but it is a yield‑bearing regulated security, giving builders a “yielding version of stablecoin.”
  • Strategic angle: “future‑proofs” fiat on‑/off‑ramping risk because it’s a security product, not a bank‑deposit token—intended to remain usable even if banking rules or fiat access regimes change.

Takeaway: Figure’s Yield security on Solana offers a compliant, interest‑bearing stable asset that can power DeFi and payments while reducing regulatory and banking‑partner risk for the ecosystem.


3. Hastra: Bringing Figure’s Mortgage RWAs into Solana DeFi

  • Figure currently has about US$15B in mortgages and over US$1B in crypto‑backed loans and other yielding assets that it wants to port into DeFi.
  • To do this, it launched Hastra, a liquid‑staking‑style protocol (launched roughly one week before the talk).
  • Flow: users buy Yield (or wrapped Yield), pledge it into Hastra and receive a “Prime” token; Prime is then deployed into a DeFi marketplace backed by Figure’s on‑chain home equity lines of credit.
  • Prime can be used on Solana DeFi: e.g., on Kamino for “Multiply” products or on Raydium for trading.
  • Early traction (after ~1 week):
    • Over US$75M deployed across wrapped Yield and Prime.
    • Currently the 4th biggest market on Kamino.
    • Users earning over 24% on Kamino’s Multiply product via this structure.
  • Institutional signal: Gauntlet has announced it’s allocating a portion of its Cash Vault to Prime, indicating early institutional interest and perceived robustness.
  • Key value prop: the underlying yield comes from US mortgages—tangible, regulated assets—rather than opaque strategies or algorithmic carry trades.

Takeaway: Hastra and Prime bring sizable, mortgage‑backed real‑world yield onto Solana DeFi, giving users high yields backed by understandable US assets and deepening Solana’s RWA stack.


4. On‑Chain Public Equity and Disrupting the Traditional Equity Stack

  • Figure went public (traditional IPO) in September, becoming a listed public company.
  • About 1.5 weeks prior to the talk, it filed another S‑1 for a second IPO: a new version of Figure equity that is native on public blockchain.
  • This new equity:
    • Will not be held at DTCC.
    • Will not trade on NASDAQ/NYSE.
    • Will not route through retail brokers like Robinhood or primes like Goldman Sachs.
  • Instead, it trades on Figure’s own alternative trading system (ATS), described as effectively a decentralized exchange with:
    • Self‑custody.
    • Self‑settlement.
    • Self‑clearing.
  • Users connect via wallets rather than via introducing brokers, and can then take the on‑chain equity into DeFi (e.g., borrow against it, lend it, use it as collateral).
  • Strategic framing: Figure is attempting to “disrupt the entire equity stack,” moving issuance, trading, custody, and financing natively onto public chains.
  • Forward‑looking Solana angle: Figure aims not only to bridge its own equity into the Solana ecosystem but also to support native Solana equity issuance via this infrastructure.

Takeaway: Figure is launching fully on‑chain public equity and an ATS that bypasses traditional market infrastructure, opening the door for Solana‑native equity markets with integrated DeFi utility.


5. Strategic Implications for Solana and Crypto Investors

  • Yield on Solana provides a regulatory‑friendly, yield‑bearing “stable” asset that can be integrated into dApps, DeFi protocols, and payment flows, enhancing capital efficiency versus non‑yielding stablecoins.
  • Hastra and Prime convert Figure’s large RWA book (mortgages, crypto‑backed loans) into Solana DeFi collateral, growing total on‑chain credit and diversifying yield sources beyond pure crypto leverage.
  • Early traction (tens of millions in a week; Gauntlet allocation; 24%+ yields) signals demand for RWA‑backed yield products and positions Solana as a key RWA hub.
  • On‑chain equity and the ATS model could bring real equity issuance, trading, and margining onto Solana, potentially attracting issuers and investors who want programmable, composable securities.
  • Overall, Figure’s integrations deepen Solana’s RWA, payments/settlement, and capital‑markets layers, which can be material for long‑term value accrual and ecosystem differentiation.

Takeaway: For investors, Figure’s moves signal a maturing RWA and securities stack on Solana—spanning yield‑bearing “stable” assets, mortgage‑backed DeFi, and on‑chain equities—that could enhance Solana’s role as institutional capital markets infrastructure.

Breakpoint 2025: Keynote: Temporal (Ben Coverston)

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Breakpoint 2025 D2

Overview

  • Solana is evolving from a retail/memecoin chain into an institutional-grade “world’s exchange,” with surging TVL, revenues, and large ETF/structured-product inflows.
  • High-performance DeFi (e.g., Humidify’s prop AMMs) proves Solana DEXs can rival or beat CEX pricing, but also exposes centralization risks in today’s block-building.
  • Harmonic introduces a competitive, multi‑builder block market targeting >1M TPS, reducing monopoly power, improving inclusion speed, and unlocking higher on‑chain market capacity.
  • Validators gain configurable control over block preferences and MEV flows, aiming to raise and stabilize yields while aligning with app needs for low-latency, fair execution.
  • For investors, a transparent, competitive block-building layer strengthens Solana’s long-term moat as programmable exchange infrastructure, improves network economics, and reduces trust and regulatory risk around MEV and centralization.

Ben Coverston

Co-founder and CEO, Temporal and Harmonic (also co‑founder of Humidify DEX). Talk focuses on redesigning Solana’s block-building as an open market to support institutional-grade trading and DeFi.


1. From Centralized Market Monopolies to Open Market Structure on Solana

  • Argues that centralized markets “fail quietly” via opaque advantages, exclusive deals, and hidden decisions that erode trust.
  • Claims Solana’s current block-building infrastructure risks replicating this: fewer block builders, opaque off‑chain deals, and concentration of power.
  • Positioning: instead of “a better monopoly,” Temporal/Harmonic aims to create a competitive marketplace for block building.
  • Emphasizes that competition at the infrastructure layer is needed to keep validators, stakers, apps, and users aligned rather than captured.

Takeaway: The core thesis is that Solana must replace de facto block-building monopolies with a transparent, competitive marketplace to preserve trust and efficiency at scale.


2. Solana’s Maturation: From Memecoins to Institutional Capital & “World’s Exchange”

  • Notes that TVL on Solana is up multiples in 2024 and strong inflows continue into 2025.
  • Highlights exploding network and app revenues as usage and fees scale with activity.
  • Frames Solana as no longer “for degens and memecoins,” but now a serious chain for institutions.
  • Mentions the Bitwise Solana Spot ETF with over $600M in recent inflows, plus other Solana-focused products:
    • Forward Industries raising ~$1.65B for a Solana-based DAT.
    • Soulmate in the UAE and several other institutional vehicles.
  • Describes Solana as “becoming the world’s exchange”:
    • Tens of thousands of trades per second at near‑zero cost.
    • No seat licenses or membership tiers; open, permissionless access globally.

Takeaway: Institutional capital is flowing into Solana at scale, positioning it as a global, programmable “exchange layer” rather than a niche retail chain.


3. Humidify DEX and the Rise of Prop AMMs on Solana

  • Introduces Humidify, a new DEX built on Solana (with a separate dedicated talk later), as a showcase for new market structure.
  • Claims Humidify is quoting tighter spreads for retail traders than Binance:
    • Average fills are just a few “wips” (very small tick increments).
  • States Humidify currently accounts for ~60% of all spot volume on Solana and is “just getting started.”
  • Explains “prop AMMs” (proprietary AMMs):
    • They are smart contracts like traditional AMMs but with actively managed liquidity by sophisticated traders, instead of passive XY=K‑style liquidity.
    • Multiple prop AMMs (10–20+) can be stacked behind a router, which gets “last look” to route trades to the best price.
  • Market impact:
    • Enables institutional‑grade liquidity on‑chain.
    • Demonstrates that on‑chain DEXs can beat centralized exchanges on user pricing, at least for retail order sizes.

Takeaway: Humidify showcases that actively managed, prop‑style AMMs on Solana can deliver institutional-quality liquidity and spreads competitive with, or better than, major CEXs for retail users.


4. Infrastructure Demands of Next‑Gen On‑Chain Markets

  • Prop AMMs and high-performance DEXs have stringent infrastructure requirements:
    • Extremely fast transaction inclusion and block finalization.
    • Millions of transactions per second (TPS) capacity.
    • No rate limits that would hinder market makers or routing logic.
  • As volume and institutional activity grow:
    • Incentives naturally concentrate, enabling a small set of players to dominate block construction.
    • Quiet off‑chain deals can decide who gets the “fast lane.”
  • Risks identified:
    • Validators reduced to “dumb pipes” rather than economic decision-makers.
    • Stakers receive “table scraps” as value is captured off‑chain.
    • Applications suffer from unpredictable inclusion and latency, harming user experience.

Takeaway: High-performance DeFi structures like prop AMMs expose how current block-building designs can centralize power and degrade validator and app incentives unless re-architected.


5. Harmonic: Competitive Block-Building Marketplace for Solana

  • Harmonic is presented as a new block-building system designed for speed and competition:
    • Capable of sequencing and making inclusion decisions at over 1M TPS.
    • Upcoming “Harmonic Transport Layer 2.0” aims to bring the entire system (not just sequencing logic) up to that throughput.
  • Mainnet experiments:
    • They have produced real Solana mainnet blocks filled entirely with Humidify oracle updates.
    • Example: mainnet block 385921704 with ~10,000 oracle updates—about 25x the average mainnet block capacity today.
    • This demonstrates new capacity for high‑frequency oracle and market data updates on-chain.
  • Market design:
    • Validators are no longer locked to a single block builder.
    • Harmonic aggregates blocks from up to N independent builders in real time.
    • Validators choose the best block based on their own preferences, turning block building into an open market instead of a monopoly.

Takeaway: Harmonic aims to create a high-throughput, multi-builder block market on Solana, increasing capacity and decentralizing control over block construction.


6. Incentive Alignment: Validators, Apps, and Users

  • Validator side:
    • Validators can explicitly set their own preferences for how blocks should be constructed (e.g., latency vs. fee maximization, fairness, etc.).
    • This gives them more control over their role and rewards, rather than passively accepting a single builder’s output.
    • Expected outcome is increased validator income and more stable, predictable rewards.
  • Application & DEX side (e.g., Humidify):
    • Apps need extremely fast inclusion for trades and oracle updates.
    • They want fair execution (no hidden favoritism) and predictable latency.
    • Harmonic’s job is to align validator preferences with application needs to maximize user outcomes.
  • User outcomes:
    • Fair, deterministic execution and better pricing via improved liquidity and routing.
    • More transparent and reliable inclusion, reducing uncertainty and slippage for active traders.

Takeaway: By letting validators express preferences and matching them against app needs, Harmonic intends to align incentives across the stack and improve economic outcomes for validators, apps, and end users.


7. Transparent MEV and Tooling for Block-Building Visibility

  • Emphasizes that MEV (Maximal Extractable Value) must be:
    • Transparent, not hidden in private deals.
    • Controlled, so that it does not undermine user trust or validator economics.
  • Harmonic is building extensive tooling to:
    • Make block-building activity more visible and understandable to users and developers.
    • Provide dashboards and data to show how blocks are constructed, where MEV arises, and how it is allocated.
    • Increase overall transparency of Solana as a protocol, not just at the application layer.
  • Vision is to set competition—not opaque capture—as the default for base-layer infrastructure.

Takeaway: Harmonic’s transparency tooling is meant to de‑obfuscate MEV and block-building on Solana, mitigating trust issues and regulatory or reputational risks.


8. Solana vs. Traditional Exchanges: Competing at the Infrastructure Layer

  • Argues that block building in Solana should resemble high‑frequency market routing in traditional finance:
    • Compares to NASDAQ and NYSE, which are engineered for extremely high throughput (millions of TPS).
    • Notes that Solana must match this caliber of performance engineering at the base layer to compete.
  • Key advantage: Solana is a base-layer protocol, not a company with seats and membership barriers.
    • Markets on Solana are programmable, global, and permissionless.
    • Apps, borrow/lend protocols, routers, and clients already compete vigorously on Solana.
  • Harmonic extends that competition to infrastructure:
    • Infrastructure (block building) now competes alongside apps.
    • Reinforces the vision of Solana as capable of hosting “Wall Street scale” markets fully on-chain.
  • Humidify is highlighted as proof that these on-chain markets can beat centralized exchanges at least in certain segments, especially for retail order flow.

Takeaway: By bringing high-frequency, competitive block-building on-chain, Solana is positioned not just to mirror, but to structurally outperform traditional exchanges and CEXs at the infrastructure level.


Overall Investor-Relevant Takeaway:
Temporal and Harmonic are pushing a competitive, transparent block-building marketplace on Solana that materially increases throughput and capacity, supports sophisticated DeFi structures like prop AMMs, enhances validator and app economics, and strengthens Solana’s positioning as an institutional-grade “world’s exchange” capable of rivaling traditional and centralized crypto markets.

Breakpoint 2025: Legion and Solana: Positioned for Onchain IPOs: Legion (Matt O'Connor)

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Breakpoint 2025 D2

Overview

  • Legion has established itself as a top-tier ICO underwriter on Solana, delivering large, liquid launches like Yield Basis with strong and sustained post-listing performance.
  • Its underwriting and distribution model mirrors TradFi capital markets: coordinated CEX + onchain sales, curated buyer bases, and structured post-TGE support via market makers and funds.
  • The talk highlights how today’s dual equity–token structures systematically disadvantage retail token holders and argues this model is economically and politically unsustainable.
  • Legion’s core bet is “tokens as equity”: native, legally-enforceable onchain shares that merge IPOs and ICOs into a single global fundraising and listing event on Solana.
  • For investors, this points to Solana as a potential hub for regulated, fully onchain capital markets, with near-term pipeline (major ICOs + regulated equity) that could drive higher-quality deal flow and deeper onchain liquidity.

Matt O’Connor

Founder of Legion (ICO underwriter and token launch platform) speaking about Legion’s role in Solana’s ecosystem and the future of onchain IPOs.


1. Legion’s Track Record with High-Quality ICOs (e.g., Yield Basis)

  • Highlighted Yield Basis ICO as a flagship example: $200M deposited in 24 hours with 67,000+ unique applicants.
  • Tokens listed day one on Binance, Bybit, Kraken, and Coinbase, signaling strong exchange support and liquidity.
  • Yield Basis token represented an autonomous protocol with real revenue and a fee switch live from day one, not just “narrative” value.
  • ICO participants enjoyed fully unlocked tokens with a sustained ~2.5x return over months post-TGE, despite a volatile broader market.
  • Positioned Legion as the “world’s first ICO underwriter,” curating high-quality buyers and optimizing launch outcomes.

Takeaway: Legion has built a reputation for running large, liquid, and economically sound ICOs that have so far delivered strong post-launch performance for retail participants.


2. Legion’s Underwriting & Distribution Model

  • Legion co-hosts sales with centralized exchanges and onchain, letting users choose to participate either on or offchain.
  • Provides projects with access to top-tier centralized exchange listings and works closely with market makers to secure favorable terms and avoid predatory arrangements.
  • Supports teams with research, investor introductions, and road shows to liquid funds that will act as post-TGE buyers, not just presale speculators.
  • Positions itself as infrastructure that bridges quality projects, reputable market makers, and serious capital.

Takeaway: Legion functions like a traditional capital markets underwriter for tokens, aiming to professionalize ICO distribution and post-listing support.


3. The Equity–Token Split and Its Cost to Retail Investors

  • Most potential token projects today are Web2/Web2.5 companies, not fully autonomous protocols like Yield Basis.
  • In these structures, equity has priority: if a company is acquired, equity holders are made whole while token holders can be left with nothing (“rugged”).
  • VCs typically receive both equity and tokens; retail investors usually receive only tokens, creating a structurally unfair dual capital stack.
  • O’Connor claims this dual structure has destroyed ~$250B of value for token holders in 5 years—more than 60x Pump’s FDV at ICO—underscoring how misaligned designs systematically harm retail.
  • Critiques current “future of finance” as one where institutional capital gets real economic rights and exits, while token holders get residual, optional, or competing claims (e.g., optional fee switches).

Takeaway: The current split between equity and tokens heavily favors VCs and has led to massive value destruction for retail token holders, making today’s token models unsustainable and unattractive long term.


4. “Tokens as Equity”: Legion & Solana’s Onchain IPO Vision

  • Argues the future is not “tokens or equity” or even “tokens and equity,” but “tokens as equity” where the token itself represents the share.
  • Criticizes most current “tokenized equity” as little more than IOUs or derivatives referencing offchain private shares with unclear or weak rights.
  • Envisions native onchain equity: tokens that are legally and economically equivalent to shares, with full rights, direct cash flows, and onchain governance.
  • In this model, ICOs and IPOs converge into one onchain event—public fundraising and asset issuance collapse into a single, globally accessible token offering.
  • Positions Solana’s infrastructure and Legion’s platform as central to enabling this unified onchain capital markets stack.

Takeaway: Legion is betting that the winning model will be legally robust, native onchain equity tokens that turn IPOs and ICOs into the same onchain event, aligning retail with institutional investors.


5. Benefits of Native Onchain Equity for Founders, Investors, and Markets

  • Founders get a single, unified cap table onchain that can be managed “in minutes, not months,” reducing time and cost for updates and corporate actions.
  • Retail investors gain broader access to early-stage deals, higher liquidity, and better composability of their holdings across DeFi.
  • Example: some Legion users have already borrowed against their pre-listing token positions, showing how onchain-native assets can be immediately used as collateral.
  • Markets benefit from same-day settlement, 24/7 trading, and global distribution from day one, mirroring and improving on traditional capital markets infrastructure.
  • Overall, the design reduces friction and offers continuous, global secondary markets for startup equity from the outset.

Takeaway: Fully onchain equity improves cap table management, investor access, liquidity, and financial composability, potentially making Solana-based capital markets more efficient than traditional ones.


6. Upcoming Legion Launches and Regulatory Expansion

  • Within the next ~60 days, Legion plans to launch several “major Solana ICOs,” emphasizing tokens with real utility and underlying value.
  • Announced that regulated equity sales are coming to Legion, providing a compliant path from seed round through to a public token offering.
  • Targets Q1 for this regulated equity pipeline to go live, indicating near-term regulatory and product milestones.
  • Invites teams with real users, real revenue, and real use cases to work with Legion, implying a focus on fundamentally sound businesses rather than purely speculative tokens.

Takeaway: Legion is moving from ICO underwriting into fully regulated onchain equity offerings on Solana, creating an end-to-end compliant path from private rounds to public onchain IPO-style launches.

Breakpoint 2025: Leverage Without the Chaos: Introducing Turbo Tokens: Carrot (James Blair)

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Breakpoint 2025 D2

Overview

  • DeFi’s complexity is abstracted into simple, holdable tokens: CRT for passive auto-compounding yield and Turbo tokens for embedded leverage.
  • CRT offers stable, low-touch returns by automating yield strategies behind a single token, removing the need for active “second-job” DeFi management.
  • Turbo tokens provide dynamic, managed leverage that “feels like spot,” aiming to deliver amplified upside with lower liquidation risk and no active position management.
  • Carrot’s product suite encodes a barbell strategy: CRT as the “earn layer” (safe yield) and Turbo tokens as the “conviction layer” (leveraged bets on assets like SOL/BTC).
  • For Solana investors, this approach could increase capital efficiency and broaden user adoption on Solana by making yield and leverage accessible through straightforward token ownership.

James Blair

co-founder and CEO, Carrot (DeFi protocol focused on simplifying yield and leverage for end users)


1. CRT: Passive Yield Without “Second-Job” DeFi Management

  • Blair frames early DeFi as powerful but burdensome—users had to constantly rebalance, hunt new protocols, and “do homework” to optimize yield.
  • Carrot’s CRT token is positioned as a single asset that automates the “yield chasing work” behind the scenes.
  • Users simply hold CRT; yield is auto-compounded into the token so the price “goes up and to the right” without claims or manual compounding.
  • CRT’s success is used as proof that DeFi’s underlying complexity can be abstracted away into a simple, holdable asset.
  • The focus is on passive, stable, low-touch yield—described as “feels like holding really great assets, not managing a second job.”

Takeaway: CRT is Carrot’s core “earn” product—a passive, auto-compounding yield token that aims to make DeFi yield as simple as holding a single asset.


2. The Gap Between Spot Holding and High-Risk Leverage

  • Blair highlights a user problem: when you’re strongly bullish on assets like SOL or BTC, simple yield isn’t enough; you want more price exposure.
  • He contrasts two current choices:
    • “Full degen mode” via perps/margin, offering leverage but with liquidation risk and constant monitoring.
    • Plain spot holding, which is safe but doesn’t fully express high conviction.
  • He argues there is “no middle ground” today—no way to amplify exposure without active management, risk of liquidation, and screen time.
  • The missing product is defined as “leverage that feels like holding spot”—i.e., amplified upside but with an ownership-like UX.

Takeaway: Carrot identifies a market gap between safe spot and high-maintenance leverage, especially for long-term, conviction-driven investors.


3. Turbo Tokens: “Feels Like Spot, Performs Like Leverage”

  • Turbo tokens are introduced as single tokens that embed leveraged exposure to an underlying asset (e.g., SOL, BTC).
  • Users don’t manage a position; they just hold a token in their wallet, while the token itself behaves economically like a leveraged position.
  • Unlike fixed 2x/3x/4x tokens, Turbo tokens use a dynamic leverage range to better manage risk and performance over time.
  • Blair emphasizes built-in risk management and monitoring designed to protect against liquidation, reducing the stress usually associated with leverage.
  • The core promise: no babysitting, no complex position management—“conviction without chaos” and “feels like spot but performs like leverage.”

Takeaway: Turbo tokens package leveraged exposure into a simple, wallet-held token, aiming to deliver leveraged returns with significantly reduced user complexity and liquidation risk.


4. The “Barbell Strategy” as Product Design: Earn Layer vs. Conviction Layer

  • Blair maps Carrot’s products to a common “barbell” capital allocation strategy that many investors intuitively use.
  • He defines two mental buckets:
    • Safe bucket: capital to preserve and grow steadily.
    • Conviction bucket: capital deployed when there’s a strong thesis or opportunity.
  • CRT is framed as the “earn layer” / safe bucket—park capital, earn stable yield, low touch and high trust.
  • Turbo tokens are the “conviction layer”—amplifying exposure to assets users deeply believe in, without constantly trading or monitoring.
  • This product pairing is pitched as tokenized implementation of a barbell portfolio: passive yield plus simplified, controllable leverage.

Takeaway: Carrot positions CRT and Turbo as complementary tools that encode a barbell strategy into simple tokens: one for stable earning, one for amplified conviction bets.


5. Vision: Accessible, Token-Centric DeFi UX

  • Blair’s overarching vision is that DeFi should “feel like ownership, not operations”—users should hold assets, not manage complex workflows.
  • Carrot treats tokens as the fundamental UX primitive in crypto; if something can be done by “just holding a token,” it’s accessible to the broadest audience.
  • CRT made earning effortless; Turbo aims to make leverage effortless under the same UX principle.
  • Blair contrasts these products with memecoins—stressing they’re meant to be assets users feel comfortable sharing and recommending, not speculative zeros.
  • He closes with a pitch that Carrot’s products represent “the future of accessible DeFi,” and directs users to Carrot’s site to try “leverage that feels like spot.”

Takeaway: Carrot’s strategic bet is that abstracting away protocol complexity into simple, holdable tokens will drive broader DeFi adoption and create investable, shareable products for mainstream users.

Breakpoint 2025: Making Finance Invisible: Building the Killer App for the Tokenized Economy

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Breakpoint 2025 D2

Overview

  • Focus on making finance “invisible” by delivering 24/7, global, app-native access to equities that feel as simple as using crypto, with Solana as the core settlement layer.
  • Strong stance that tokenization must be permissionless and always-on; XStocks are standard SPL tokens, composable across DeFi, wallets, and consumer apps rather than locked in walled gardens.
  • Kraken’s acquisition of Backed and early traction ($12B volume, 80k users) signal a long-term bet on Solana-based tokenized equities as neutral infrastructure for both CeFi and DeFi.
  • Vision that tokenized stocks, ETFs, and stablecoins become default “money-like” primitives—spendable via cards, usable as collateral, and integrated into mainstream apps worldwide.
  • For Solana investors: upside is tied to Solana becoming the execution layer for global tokenized assets and 24/7 markets, potentially capturing a meaningful share (1–10%+) of global equity value within a few years.

Mark Greenberg

Global Head of Consumer at Kraken; speaking with moderator Jacqueline Melanick (Founder & CEO, Token Relations) about tokenized equities (“XStocks/XTOs”) on Solana, Kraken’s acquisition of Backed, and the broader vision for invisible finance and 24/7 markets.


1. Making Finance “Invisible” and Fixing Broken Banking UX

  • Greenberg frames his career as “trying to make banks suck less” — traditional banking and equities trading are overloaded with friction, steps, and time constraints.
  • The “killer apps” that are going mainstream hide the complexity: users don’t see rails, settlement layers, or market hours — they just click and it works.
  • XStocks/XTOs are designed to put equities on the same simple footing as crypto: instant, global, 24/7, with the tech abstracted away.
  • Example experience: buying stocks directly from an app like Telegram, without worrying about market hours, clearing, or excessive onboarding friction.

Takeaway: User experience, not raw technology, is central — the winning products make financial infrastructure effectively invisible to mainstream users.


2. Permissionless Tokenization vs. Permissioned “Walled Gardens”

  • Greenberg is explicitly against permissioned tokens that restrict when, where, and to whom assets can be traded.
  • He found many tokenization attempts in the market added rules like: “only tradable to whitelisted addresses,” “only certain days,” or “only specific counterparties,” which re‑introduce complexity and friction.
  • XStocks were designed as permissionless, 24/7, globally available, behaving like any other SPL token on Solana.
  • This structure lets equities trade like any crypto asset (or even meme coins), rather than mimicking legacy market gatekeeping.
  • Users can move tokenized stocks to non‑custodial wallets and interact with them onchain in DeFi and other apps without new constraints.

Takeaway: The investable upside of tokenized assets depends on them being truly permissionless and always‑on, not just “blockchain-wrapped” versions of legacy restrictions.


3. Kraken + Backed: Building Global Tokenized Equity Infrastructure (XStocks/XTOs)

  • Kraken announced XStocks on stage with Backed previously; the product has been co‑built “from day one.”
  • Kraken recently acquired Backed, turning the collaboration into a single, integrated organization.
  • Performance to date: around $12 billion in transactions and roughly 80,000 users in only 4–5 months — described as ahead of internal expectations.
  • The acquisition is aimed at scaling: “more markets, more opportunities, more companies and developers” using the infrastructure.
  • XStocks are just standard SPL tokens on Solana, positioning them as composable building blocks for apps, DeFi protocols, wallets, and neobanks globally.
  • Example of organic growth: a South African company independently launched a billboard in Johannesburg advertising “Buy stocks with XStocks” to its own users, with no Kraken branding.

Takeaway: Kraken is positioning XStocks/XTOs as neutral, composable infrastructure for tokenized equities, with meaningful early traction and a strategy focused on developer and partner-driven distribution.


4. Centralized vs. Decentralized: Dual-Track Market Access

  • Kraken recognizes distinct roles for centralized and decentralized channels:
    • Centralized rails (Kraken exchange, fiat on/off ramps in Europe) handle regulatory-heavy flows and fiat conversions.
    • Decentralized/onchain apps (e.g., Telegram bots, DeFi protocols, wallets) handle native crypto flows and global, permissionless access.
  • XStocks are intentionally usable in both worlds: they can be listed and traded on centralized platforms, or integrated directly into onchain experiences on Solana and other chains.
  • Kraken is “multi‑chain” at the infrastructure level and sees tokenized equities as something that should be accessible wherever users already are.
  • The Solana ecosystem is highlighted as ideal for XStocks due to the breadth of apps, DeFi protocols, and the strong culture of experimentation.

Takeaway: XStocks are being architected to live across both centralized and decentralized venues, increasing their potential liquidity, reach, and resilience.


5. Solana as a Platform for Non-Crypto-Native “Killer Apps”

  • Greenberg wants to see fewer apps targeted only at crypto natives and more that solve mainstream financial problems.
  • He sees a major opportunity in importing crypto’s UX and composability into historically “boring” areas like credit cards and retail investing.
  • The panel references builders on the same stage who are already doing this — using Solana’s speed and low cost to upgrade legacy financial products.
  • The vision: equities, stablecoins, and other tokenized assets appear in mainstream consumer apps by default, not just in trading platforms.

Takeaway: For investors, Solana’s growth potential lies not just in DeFi or speculation, but in powering mainstream financial applications that replace outdated banking and payment UX.


6. Call to Builders: Treat Stocks Like Just Another Token

  • Greenberg’s main ask to the developer audience: “Just think about stocks via XStocks the same way you think about any other token in your app.”
  • XStocks offer 24/7, SPL‑native representations of real-world stocks (including ETFs like the S&P 500 and single names like Tesla).
  • Kraken’s own Krakapp (neo-bank / money app) already allows users to:
    • Link credit cards directly to XStocks and other tokens.
    • Spend from BTC, SOL, stablecoins, or even an S&P 500 ETF backing an XStock.
  • He encourages builders to plug XStocks into:
    • Consumer apps (like Telegram experiences)
    • DeFi protocols (lending/borrowing, structured products, yield strategies)
    • Algorithms and trading tools.
  • Over time, he wants support for stocks to be “by default” in apps that aren’t even primarily financial.

Takeaway: There is a clear push to make tokenized equities a standard primitive in Solana apps, opening additional use cases (and fee/yield streams) for builders and investors.


7. Yield, Revenue Sharing, and Financialization of Tokenized Equities

  • Today, users get traditional dividends by default from XStocks, but Kraken wants to enable higher-yield opportunities on tokenized equities.
  • Future directions under consideration:
    • New yield strategies and DeFi integrations built atop XStocks.
    • Revenue‑sharing models where a portion of XStocks-generated revenue is returned to users, apps, and ecosystem partners.
  • Greenberg expects more non-financial apps to integrate stocks, especially in underserved markets where access to equities is difficult or impossible today.
  • Example: a user in Uzbekistan can buy $5–$100 worth of stock via Telegram using XStocks — no traditional brokerage account, no complex onboarding.

Takeaway: XStocks are likely to evolve from a simple access product into a yield-bearing, revenue-sharing asset layer that could be attractive for both users and app developers.


8. Institutional & Traditional Finance Adoption Trajectory

  • Traditional finance adoption is described as following a “slowly, then quickly” pattern, similar to broader crypto.
  • Current traction:
    • $12B in transaction volume over 4–5 months.
    • Early but growing engagement from neobanks, large traditional banks, and exchanges.
    • A newly launched partnership with Deutsche Börse in Germany to expand XTO integration.
  • Greenberg says these incumbents are at the “toe in the water” stage but sees strong momentum.
  • On market share: XStocks already represent 0.1% of all of a particular stock’s float (the transcript suggests “Circle stock” but contextually it’s “all the stock” of some underlying; the key point is measurable penetration).
  • Forecast: by end of 2026, XStocks could reach “tens of billions of dollars of value” and a much higher share of the underlying stock universe; he believes 1–10% penetration is coming “a lot sooner than folks think.”

Takeaway: Early institutional buy‑in and credible volume growth suggest tokenized equities could move from fringe to meaningful share of global equity markets within a few years.


9. 24/7 Markets and the Case for Tokenized Equities at Scale

  • Greenberg argues there’s no logical reason in a digital world for equity markets to be limited to business hours.
  • From a user standpoint:
    • Many people only have time to review portfolios at night or on weekends — when traditional markets are closed.
    • Time zone mismatches (e.g., trading US stocks from the Middle East or Asia) make traditional hours even more impractical.
  • XStocks address this by enabling true 24/7 trading, regardless of geography.
  • He believes that over time, it becomes a “no-brainer” to prefer a permissionless, 24/7 tokenized stock versus a restricted, time‑bounded legacy share.

Takeaway: Around-the-clock trading and global accessibility could become a key competitive advantage of tokenized equities, pressuring legacy market structures.


10. Redefining “Money”: Everything Liquid as Spendable Value

  • Greenberg’s long-term vision is a world where “everything can be money” if it is:
    • Liquid
    • Available 24/7
    • Fractionally accessible
  • He questions why a Canadian must hold mostly CAD: instead, he prefers to hold value in:
    • USD stablecoins
    • Tokenized ETFs (e.g., S&P 500) via XStocks
  • Kraken’s new cards already allow users to pay with 500+ different assets, including crypto, stablecoins, and tokenized ETFs.
  • The roadmap is to expand this to 1,000s or 100,000s of assets as spendable balance options.
  • Personally, he holds very little Canadian dollar; he primarily keeps wealth in stablecoins and XStocks/ETFs he can directly spend from.

Takeaway: Tokenization plus card/payment integration is blurring the line between “investment assets” and “spendable money,” potentially reshaping how individuals hold and deploy capital.


11. Five-Year Vision: Global, Permissionless Market Access

  • In Greenberg’s “perfect” five-year future:
    • Everyone, everywhere can access the same asset classes on the same terms, regardless of geography.
    • Access is 24/7 and permissionless — the crypto ethos extended beyond crypto to stocks and, eventually, many other asset types.
  • This includes:
    • Equities and ETFs (current focus with XStocks)
    • Over time, more asset classes (not fully specified, but implication: bonds, funds, possibly real-world assets).
  • The overarching ambition is to bring the best aspects of crypto markets — openness, composability, and always‑on access — to the entire financial system.

Takeaway: The strategic endgame is a unified, global capital market layer where Solana-native tokenized assets are standard rails for access, trading, payments, and yield across all asset classes.

Breakpoint 2025: Making Global Business Run on Solana: Squads (Stepan Simkin)

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Breakpoint 2025 D2

Overview

  • Squads has become core institutional infrastructure on Solana/SVM, effectively the canonical multisig and “business bank account” securing $15B+ in assets across major ecosystem teams.
  • Altitude extends Squads into a full-stack, yield-bearing global business banking product on stablecoin rails (USD/EUR), with CFO-style tooling built directly on Solana.
  • Building on Solana stablecoin rails gives structural advantages in global scalability, integration speed with DeFi/RWA yields, and programmable automation versus traditional fintech.
  • Squads’ smart accounts plus agent-based automation aim to unlock true autonomous finance on Solana, improving capital efficiency and reducing operating overhead for businesses.
  • With Grid APIs and a platform strategy (Altitude + Grid), Squads seeks to be foundational for the next wave of Solana-based financial services, broadening Solana’s appeal to non-crypto-native global businesses.

Stepan (Tan) Simkin

Tan Simkin, co‑founder and CEO of Squads, a leading smart account and multisig infrastructure provider on Solana/SVM, securing over $15B in value.


1. Squads as Core Financial Infrastructure on Solana

  • Squads has evolved into the leading smart account and multisig infrastructure on Solana and SVM, securing more than $15 billion in assets.
  • Their infrastructure powers Squads Multisig, now effectively the canonical multisig for the Solana ecosystem.
  • Squads Multisig secures treasuries, programs, tokens, and validators for a wide range of major Solana teams and projects.
  • Customers have been using Squads Multisig as a de facto “business bank account,” managing payroll and financial operations entirely in stablecoins on Solana.

Takeaway: Squads has become a core piece of Solana’s institutional and project-level security and treasury infrastructure, with clear product–market fit as a crypto-native business banking layer.


2. Altitude: Global Business Accounts on Stablecoin Rails

  • Observing customers using multisigs like bank accounts led Squads to build Altitude, a global business account product built natively on stablecoin rails.
  • Altitude lets businesses create both USD and EUR accounts and handle both fiat and stablecoin flows.
  • The product includes a full CFO suite: bill pay, invoicing, accounting tools, and integrated yield on idle capital held in the account.
  • The stack is built on Solana, positioning Altitude as a crypto-native alternative to traditional fintech banking platforms, but with direct DeFi and on-chain integrations.

Takeaway: Altitude extends Squads from infrastructure to a full-stack, yield-bearing, global business banking product on Solana stablecoins.


3. Strategic Advantages of Building on Stablecoin Rails

  • Reach: With self-custodial stablecoin accounts, Altitude can onboard global customers without the traditional sequence of local licenses and bank partnerships.
  • Instead of expanding country-by-country, they can “go global first,” then selectively add local fiat rails (pay-ins, payouts, cards) where it’s most strategic.
  • Speed: On Solana, integrations with DeFi and real-world asset (RWA) yield markets can be done quickly, turning months-long partnership negotiations in TradFi into straightforward technical integrations.
  • Autonomy: Stablecoin-based smart accounts allow for programmable, rule-based financial operations, enabling a higher degree of automation than typical fintech stacks.

Takeaway: Building on Solana stablecoin rails gives Altitude a structural advantage in global coverage, integration speed, and automation versus traditional fintech, which is relevant for both growth potential and defensibility.


4. Autonomous Finance via Agents + Smart Accounts

  • Tan highlights a gap in current “autonomous finance” narratives: existing implementations still require human checks due to trust issues with agents (compromise, hallucinations, mistakes).
  • Squads’ approach is to pair “probabilistic intelligence” (AI agents) with “deterministic execution” (smart accounts with strict, on-chain guardrails).
  • By giving agents keys with tightly defined permissions, businesses can safely grant agents significant autonomy over financial operations while limiting risk.
  • Practical examples:
    • Bill payments that verify and execute themselves.
    • Recurring payments fully automated with no manual approval.
    • Treasuries that auto-allocate and rebalance across yield sources.
    • FX operations that re-balance at the optimal time, not when a human remembers.
  • Tan argues that the primary bottleneck for autonomous finance is not intelligence but rails: you need programmable, deterministic settlement (like Solana smart accounts) to trust agent-driven flows.

Takeaway: Squads is positioning its smart account architecture as the enabler of true autonomous finance, which could meaningfully increase capital efficiency and reduce operating overhead for businesses using Solana.


5. Product Strategy, APIs, and Future Market Scope

  • Squads offers an API product called Grid, allowing others to build financial services and products on top of their smart account infrastructure “10x faster” than Squads built Altitude.
  • Grid is targeted at builders who want to create the next generation of financial services companies on Solana using Squads’ infrastructure rather than building from scratch.
  • Today, Altitude is focused on businesses that already hold stablecoins on their balance sheet, i.e., crypto-native or crypto-aware companies.
  • The long-term vision is that any global business—regardless of crypto familiarity—will run its financial operations entirely on stablecoins and on Solana via Altitude.
  • Tan explicitly encourages founders aiming to build large financial services businesses to do so on Solana, leveraging Squads’ stack as a foundation.

Takeaway: Squads is moving from a single product to a platform strategy (Altitude + Grid) aimed at powering a broader ecosystem of Solana-based financial services, expanding its addressable market beyond crypto-native teams to global businesses.

Breakpoint 2025: Product Keynote: Abra (Bill Barhydt)

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Breakpoint 2025 D2

Overview

  • Abrifi is a Solana‑native synthetic asset and tokenization platform (starting with synthetic dollars, later equities, commodities, prediction markets) being spun out as a DAO, with governance and revenue accruing to AFI token holders.
  • USDAF (synthetic dollar) and SUSDAF (yield‑bearing version) are designed to be highly decentralized, using Solana assets and DeFi hedging/strategy pools instead of banked fiat, aiming to rival centralized stablecoins and yield products.
  • Distribution targets deep integration with DeFi, wallets, exchanges, and especially neo‑banks in emerging markets and AI use cases, positioning USDAF/SUSDAF as core settlement and savings rails on Solana.
  • AFI governance token offers both protocol control and explicit revenue sharing, positioning Abrifi as a potentially attractive cash‑flow DeFi asset if it becomes a key settlement/savings layer on Solana.
  • Abrifi is already seeded with mid eight‑figure commitments, targeting nine figures by launch around January, with boosted AFI rewards for early capital; Abra’s possible IPO could add capital and regulatory credibility that support long‑term growth of Abrifi on Solana.

Bill Barhydt

Founder/CEO of Abra, a long‑time crypto entrepreneur. Presenting “Abrifi,” a new Solana‑native synthetic asset and tokenization platform being spun out as a DAO, alongside updates on Abra’s broader business and potential IPO.


1. Introduction to Abrifi: Solana-Native Synthetic Asset Platform

  • Abrifi is a synthetic asset tokenization platform designed to create tokenized synthetic versions of “pretty much anything,” starting with dollars.
  • The platform is built from the ground up to be Solana‑native, aimed at high performance and low fees.
  • Future products on Abrifi are planned to include synthetic equities, prediction market outcomes, commodities, and more.
  • Abrifi will be given to the public as a DAO rather than retained as a proprietary Abra Inc. product.
  • Governance token holders will control how products evolve and will accrue the majority of protocol revenue.

Takeaway: Abrifi is positioned as a decentralized, Solana‑based infrastructure layer for synthetic assets that extends far beyond a single stablecoin.


2. USDAF & SUSDAF: Decentralized Synthetic Dollar & Yield-Bearing Version

  • USDAF is the first Abrifi product: a fully backed, delta‑hedged synthetic digital dollar.
  • Unlike traditional stablecoins that park fiat in a bank, USDAF uses a mix of crypto assets (primarily Solana assets plus USDT/USDC) and DeFi primitives to maintain its peg.
  • The system uses multiple hedging and strategy pools in real time to manage exposure and minimize fees.
  • SUSDAF is the staked, yield‑bearing version of USDAF, generating yield from multiple DeFi-based strategies rather than a single funding/basis trade.
  • The design goal is to make USDAF/SUSDAF “as decentralized as a synthetic asset could possibly be today,” aligning with crypto’s core ethos.

Takeaway: USDAF and SUSDAF aim to become a decentralized, yield‑bearing dollar and savings instrument on Solana, competing with centralized stablecoins and yield products.


3. Distribution Strategy & Use Cases (Neo-banks, Emerging Markets, AI)

  • Initial distribution will be via DeFi protocols and, over time, integrations with wallets and exchanges.
  • A key strategic target is neo‑banks in emerging markets, where synthetic dollars and yield products can be embedded into banking apps.
  • Barhydt draws on prior experience in frontier banking and remittances; sees a synthetic, decentralized dollar as a breakthrough for future neo‑banking.
  • He highlights use in AI contexts, where tying agents to traditional bank accounts is seen as problematic; a decentralized dollar could be easier to integrate and automate.
  • The plan is to leverage the distribution footprint of USDAF to later distribute synthetic equities, prediction markets, and other tokenized assets.

Takeaway: The go‑to‑market focus is on deep integration into DeFi, wallets, and neo‑banks—especially in emerging markets—positioning USDAF/SUSDAF as core settlement and savings rails for both humans and AI agents.


4. Tokenomics & Governance: AFI Token and Revenue Sharing

  • AFI is the governance token for Abrifi; governance token holders will receive most of the protocol revenue.
  • Abra Inc. will hold some AFI, but governance and economic upside are intended to be broadly distributed to the public.
  • Barhydt argues now is the time for DeFi platforms to embrace revenue‑sharing governance models more explicitly.
  • The ambition is for USDAF to become the “de facto settlement layer” for Solana and SUSDAF to act as the primary savings layer.

Takeaway: AFI represents both control and a direct claim on protocol revenues, making Abrifi a potentially attractive DeFi governance and cash‑flow token for investors.


5. Seeding, Launch Timeline, and Early Incentives

  • Abrifi and USDAF have been quietly seeded for several weeks, already reaching mid eight‑figures in seeding commitments.
  • Target is to cross nine‑figure commitments by mid‑December.
  • Launch is planned “around January 1ish,” with marketing and information via the new @abrrifi / abrifi.org presence.
  • Early adopters in the seeding program receive incremental yield paid in AFI governance tokens, effectively nearly doubling yield for several months.
  • The incentive program may be extended beyond the initial period depending on traction and conditions.

Takeaway: Abrifi is already capitalized at substantial scale pre‑launch, and early participants are being incentivized with boosted AFI‑denominated yield, setting up a potentially strong initial liquidity and user base.


6. Strategic Fit with Abra’s Core Business & IPO Considerations

  • Abra is now one of the larger “wealth advisor” platforms in the crypto space, with strong growth in asset management, wealth, and bitcoin‑backed lending.
  • Their “vault‑based” model for client assets is seen internally as the future of banking, and tokenized assets via Abrifi extend this model to a wider asset universe.
  • The initial plan was to use tokenized assets primarily for Abra’s own clients, but they realized the larger opportunity in opening the infrastructure to the public as Abrifi.
  • Abra is “very, very strongly considering” going public in Q1, subject to legal constraints and market/regulatory readiness.
  • Barhydt frames an improving U.S. regulatory/political environment as a key enabling factor for a potential IPO after a difficult few years for the industry.

Takeaway: Abrifi both leverages and expands Abra’s existing wealth and lending business, while a potential IPO could provide additional capital, visibility, and credibility to support long‑term growth in tokenized assets on Solana.


Breakpoint 2025: Product Keynote: Birdeye (Kha Nguyen)

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Breakpoint 2025 D2

Overview

  • Birdeye is a leading Solana market data infrastructure provider with 4,000+ enterprise clients, already embedded in institutional workflows.
  • The company is moving up the value stack from raw data to institutional‑grade research, with flagship reports on stablecoins, RWAs, and a coming “State of Solana” in Q1 2026.
  • Birdeye highlights a major structural problem for investors: fragmented, unreliable crypto data underpinning large capital decisions.
  • Their new product, Birdeye Pick, targets this gap as a crypto‑native Bloomberg/FactSet—fast, unified, heavily cleaned data plus professional analytics and portfolio tools.
  • For Solana investors, Birdeye’s roadmap suggests a strengthening data and research layer that can improve due diligence, visibility into Solana’s growth (especially RWAs), and institutional capital’s confidence in the ecosystem.

Kha Nguyen

CEO and Co‑founder, Birdeye (crypto data provider; leading trading data platform on Solana, serving 4,000+ enterprise data clients)


1. Birdeye’s Position in the Solana & Crypto Data Ecosystem

  • Birdeye is currently the top crypto trading data provider on Solana and among the leading data providers across the broader crypto industry.
  • They serve over 4,000 enterprise data clients, including many institutional and professional users in the audience.
  • The company is positioning itself as a core market data infrastructure layer for Solana and beyond, focused on high‑quality, comprehensive trading data.

Takeaway: Birdeye has established itself as a critical data infrastructure provider on Solana, with strong institutional adoption already in place.


2. Existing Market Intelligence Products & Flagship Reports

  • Birdeye launched its market intelligence offering with a flagship “Stablecoin Report” produced in collaboration with partners like Pantera and Moon (names slightly unclear in transcript but clearly recognizable ecosystem players).
  • That report was well received and helped establish Birdeye as not only a data provider but also a source of institutional‑grade market research.
  • The company has now released a new flagship Real‑World Assets (RWA) report called “RWA Spectrum 2025,” created with R3, Centrifuge, Backed Finance, and XStocks.
  • The RWA sector is highlighted as fast‑growing, with Birdeye citing a 106x year‑on‑year growth in 2025 alone.
  • Reports are available at birdeye.so/research and via QR code, signaling a push to make institutional‑style research widely accessible across the ecosystem.

Takeaway: Birdeye is expanding from raw data into institutional‑grade research, with a strong focus on stablecoins and real‑world assets—two sectors with significant growth and regulatory relevance for investors.


3. Upcoming “State of Solana” Report

  • Birdeye is preparing a comprehensive “State of Solana” market report, scheduled for release in early Q1 2026.
  • The report aims to be a flagship overview of the Solana ecosystem’s health, activity, and growth, valuable for both investors and builders.
  • Projects and teams are invited to reach out to be featured, indicating the report will likely serve as a curated map of key players, trends, and metrics on Solana.

Takeaway: A forthcoming “State of Solana” report from Birdeye will likely become a key reference for investors assessing the maturity and opportunity set of the Solana ecosystem in 2026.


4. Problem: Fragmented, Unreliable Crypto Data for Professionals

  • Professionals (funds, family offices, project leaders) currently need to access many different sites, dashboards, and documents to research any single asset or team.
  • Market information is fragmented, slow to obtain, and often inaccurate; “wrong data” is more common than many realize.
  • Despite this, critical decisions involving millions or billions of dollars are being made on top of low‑quality or inconsistent data.
  • Birdeye discovered these issues firsthand while building its product stack and engaging with institutional users.

Takeaway: There is a systemic gap in reliable, unified, institutional‑grade crypto data, creating risk and inefficiency for serious investors and decision‑makers.


5. Solution: Birdeye Pick – an “Institutional Terminal” for Crypto

  • Birdeye is building “Birdeye Pick” (often pronounced “BirdEye Pic” in the talk), described as a complete visualization of the crypto world in a single platform.
  • The conceptual model is inspired by traditional finance tools like Bloomberg Terminal and FactSet: borrow their professional UX, but inject far richer, native crypto content.
  • The team studied professional workflows of investment bankers, family offices, fund managers, and project leaders—down to daily habits and even preferred keyboard behavior—to design the UX around how professionals actually work.
  • Key product elements:
    • Extremely fast navigation: access any needed data point in under 5 seconds.
    • “Noise reduction” through heavy data cleaning, including significant manual curation to improve quality and reliability.
    • Institutional‑grade tooling such as market indexes, portfolio management tools, and analytics designed for professional decision‑making.
  • Birdeye aims for Pick to become “the complete visualization of the crypto world” and the new golden standard for institutional crypto data.

Takeaway: Birdeye Pick is positioned as a crypto‑native equivalent to Bloomberg Terminal, aiming to centralize, clean, and professionalize crypto data for institutional investors and power users.


6. Launch Timeline & Access for Investors and Institutions

  • Birdeye announced that Birdeye Pick will go into closed beta in Q1 2026.
  • Access will be limited to a small, curated group of pre‑registered users, emphasizing an early focus on serious institutional and professional clients.
  • Interested users are encouraged to pre‑register via QR code to be considered for early access and to help co‑develop the product through feedback.
  • Birdeye explicitly aims to collaborate with users during the beta to refine Pick into the “golden standard” institutional crypto market tool.

Takeaway: With a Q1 2026 closed beta and targeted institutional onboarding, Birdeye is signaling a clear move up‑market toward becoming core infrastructure for professional crypto investing, particularly on Solana.

Breakpoint 2025: Product Keynote: CopperX (Tarun Mangukiya)

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Breakpoint 2025 D2

Overview

  • Global freelancers and SMEs, especially in emerging markets, face severe banking frictions, delays, and capital controls that limit their ability to earn and pay globally.
  • There is a clear product gap between internet-native, flexible global work and slow, high-fee legacy cross-border payment rails.
  • Kosh positions itself as a “global bank” for freelancers/SMEs, using Solana and stablecoins to offer fast, borderless, banking-like UX while abstracting crypto complexity.
  • Key features—instant US account access, stablecoin cards for global SaaS/tools, and SOL-backed “pay later” credit—translate Solana’s performance into concrete, everyday financial utility.
  • For Solana investors, Kosh represents a user-centric, high-TAM neobank play that can drive real stablecoin and SOL usage, signaling growing, application-driven demand on the Solana network.

Tarun Mangukiya

Founder of CopperX (building Kosh), previously founder of Iconscout, with deep experience working with global freelancers and designers across emerging markets.


1. Global Talent vs. Financial Exclusion

  • Tarun describes his background: starting as a freelancer in a small Indian city and later building Iconscout, a platform with 30,000+ designers and millions of users.
  • Iconscout’s community was concentrated in emerging markets (India, Indonesia, Vietnam, Nigeria, etc.), giving direct exposure to cross-border payment pain points.
  • Core insight: “talent is global but financial inclusivity is not” – skilled workers worldwide are blocked by banking frictions.
  • He highlights systemic issues: limited access to banking, multi-week payment delays, high fees, and even lost business because clients can’t pay them efficiently.
  • Real-world consequence illustrated: businesses can’t even pay for essential tools (e.g., AWS) due to card declines and capital controls.

Takeaway: There is a large, global, underserved market of freelancers and small businesses whose earning potential is constrained by outdated banking and payment rails.


2. Problem: Broken Cross-Border Payments for Freelancers and SMEs

  • Tarun shares a narrative from a freelancer: workflow is volatile (idle vs. overloaded periods), and payment infrastructure adds unnecessary stress.
  • Existing platforms charge high fees and are unreliable; outages and friction “break your momentum.”
  • Cross-border payments are “not terrible” but significantly slower and more complex than they should be for internet-native work.
  • The freelancer values autonomy and flexibility—choosing projects, clients, and work style—yet traditional finance undermines this by making getting paid hard.

Takeaway: The mismatch between flexible, global digital work and slow, high-fee legacy payments creates a clear demand for better financial tools tailored to freelancers.


3. Introducing Kosh: “Global Bank” for Freelancers and Small Businesses

  • CopperX’s product is “Kosh,” positioned as a global bank for freelancers and small businesses regardless of geography or profession.
  • Mission: use stablecoins and Solana to make receiving payments fast, borderless, and more inclusive, framing financial inclusion as a “fundamental human right.”
  • Analogy: Kosh aims to do for money what WhatsApp did for communication—removing borders and making global interactions simple and instant.
  • Kosh focuses on three pillars for users: earn, save, and spend anywhere in the world, using crypto rails under the hood but delivering a banking-like UX.
  • This positioning suggests a consumer-facing fintech layer built on Solana, targeting a very large TAM of global freelancers and SMEs.

Takeaway: Kosh is attempting to become a crypto-native, Solana-powered neobank for the global freelancer/SME segment, abstracting blockchain complexity into a familiar banking experience.


4. Product Features: US Accounts, Stablecoin Cards, and “Pay Later” on Solana

  • Onboarding: within ~5 minutes, a freelancer or small business can get a US bank account and start sharing those details with global clients.
  • This makes them functionally equivalent to a US business for payment purposes—no long waits, fewer intermediaries, and “no delays, no hidden fees.”
  • Kosh uses stablecoin-powered cards to let users pay for global tools and subscriptions (like AWS or SaaS products) that were previously blocked or unreliable due to capital controls or local card issues.
  • For the Solana community, they built a “pay later mode”: users can deposit SOL and keep spending, deciding when to pay back “today or later” – effectively a crypto-collateralized, flexible credit line.
  • Tarun hints at additional features: private sending, credit products, and “tons of other things,” implying a broader financial suite over time.

Takeaway: By combining US bank account access, stablecoin cards, and SOL-backed credit, Kosh turns Solana’s infrastructure into practical, everyday financial tools for global users.


5. Community, Backing, and Execution Confidence

  • Tarun emphasizes that Kosh was built with input from “hundreds of users,” indicating strong user discovery and product-market alignment efforts.
  • He acknowledges support from backers, believers, and friends, signaling investor and ecosystem confidence in CopperX’s direction.
  • The talk’s tone underscores a long-term vision: CopperX sees Kosh as an evolving platform, not a single product, aimed at fundamentally reshaping cross-border finance for small players.

Takeaway: Kosh already has early validation from users and backers, suggesting execution is underway and not just a conceptual pitch, which may be relevant for investors tracking real adoption on Solana.

Breakpoint 2025: Product Keynote: Drift (Cindy Leow)

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Breakpoint 2025 D2

Overview

  • Drift has evolved from a simple perps AMM (2021) into a full-stack DeFi suite (borrow/lend, spot, margin, structured products), positioning itself as core Solana trading infrastructure.
  • Drift V3 targets CEX-level performance and UX—10x faster execution, lower slippage, gasless trading, and a trader-centric interface—aiming to capture serious and professional volume on Solana.
  • Native multi-collateral support and deeper liquidity in V3 improve capital efficiency and make the venue more attractive for high-volume, sophisticated traders and LPs.
  • Near-term roadmap (mobile app, native liquidity provider) extends Drift beyond web to mobile and strengthens its liquidity engine, supporting both retail growth and institutional-style participation.
  • Longer-term plans for “community ownership” via a future token and more decentralized liquidity (prop AMMs) create potential value and governance upside for Solana ecosystem investors.

Cindy Leow

Co-founder of Drift, a leading perpetuals (perps) exchange on Solana; presenting the evolution of Drift and the launch of Drift V3, with a focus on trader experience, performance, and future roadmap.


1. Evolution of Drift: From Simple AMM to All-in-One DeFi Suite

  • Drift launched at the first Solana Breakpoint in 2021 with a simple dynamic virtual AMM for perpetuals.
  • In 2022 (V2), the team introduced new mechanisms to optimize onchain liquidity for perps.
  • In 2023, Drift expanded into borrow/lend markets, spot listings, and margin trading, moving beyond pure perps.
  • In 2024, they added pre-launch markets, Drift Earn, and structured products, evolving toward a comprehensive DeFi suite.
  • Over four years, Drift progressed from a single-product AMM to a broad, integrated DeFi platform on Solana.

Takeaway: Drift has steadily expanded from a niche perps AMM into a multi-product DeFi ecosystem, positioning itself as core infrastructure on Solana.


2. Thesis for Perpetuals on Solana: Fully Onchain, Fully Performant

  • Cindy emphasizes that the winning perps DEX on Solana must be both fully onchain and highly performant.
  • The goal is to deliver a trading experience that feels like a centralized exchange (CEX) while preserving onchain transparency and composability.
  • The team is heavily trader-centric: all product design is aimed at making it “not feel” like users are signing blockchain transactions.
  • Drift sees performance and UX, not just decentralization, as the key competitive edge for capturing volume from CEXs.

Takeaway: Drift’s strategy is to compete directly with centralized exchanges by matching their UX and speed while staying fully onchain.


3. Launch of Drift V3: Performance & Liquidity Breakthrough

  • Drift V3 launched “just last week” before this talk and is presented as “built to outperform” both Drift V2 and competing perps venues.
  • The focus is on performance metrics that matter to active traders:
    • 10x faster execution vs previous versions.
    • 5x tighter take-profit and stop-loss precision.
    • 10x reduction in slippage for market orders.
  • V3 is live at app.drift.trade and is positioned as a major generational upgrade rather than an incremental update.
  • High-performance architecture is meant to improve fills, reduce trading costs, and attract higher-volume and professional traders.

Takeaway: Drift V3 is a major performance upgrade designed to materially improve execution quality and capture more trader volume on Solana.


4. Multi-Collateral Support & Deep Liquidity

  • Drift V3 is described as the only perps exchange on Solana with native multi-collateral support.
  • Users can post multiple Solana-native assets as collateral, including:
    • SOL
    • Staked SOL
    • Other “beloved Solana assets” (not named, but implies expansion beyond a single collateral type).
  • Multi-collateral design improves capital efficiency and lets users deploy existing Solana positions more flexibly for leverage.
  • Deep liquidity is emphasized as being available “from day one” of V3, critical for competitive trading spreads and lower impact costs.

Takeaway: Multi-collateral and deeper liquidity in V3 enhance capital efficiency and make Drift more attractive for sophisticated and capital-heavy traders.


5. Gasless, CEX-Like Trading Experience

  • Drift V3 introduces gasless trading by default: users no longer need to repeatedly “sign transaction” for each trade.
  • Despite this UX layer, trades remain fully onchain, blending decentralization with CEX-style convenience.
  • Removing gas friction is framed as essential to onboarding CEX-native traders who expect a frictionless experience.
  • This move significantly narrows the UX gap between decentralized and centralized trading venues.

Takeaway: Gasless, signature-free trading is a major UX innovation intended to remove one of DeFi’s biggest adoption hurdles for active traders.


6. UX & Brand Overhaul: Trader-Centric Interface and Onboarding

  • Drift V3 includes the largest brand refresh since the project’s inception, with a modern visual identity.
  • A redesigned trading terminal prioritizes:
    • Trader-centric layout.
    • High responsiveness and snappy interactions.
    • Precise tracking tools to support active trading workflows.
  • Professional P&L tracking has been added:
    • GitHub-style calendar visualization of portfolio performance.
    • Clearer view of profit/loss over time to help traders analyze their edge and behavior.
  • Frictionless onboarding features:
    • Native integration with Privy (simplifies wallet/account handling).
    • Integration with Fund XYZ to allow deposits from any chain into Drift on Solana in one click.
  • The onboarding and UI are explicitly pitched as “just like a centralized exchange,” but on Solana.

Takeaway: Drift V3 significantly upgrades UI, analytics, and cross-chain onboarding, reducing friction for new and professional users migrating from CEXs.


7. Near-Term Roadmap: Mobile App & Native Liquidity Provider

  • Drift is launching a mobile app in Q1 next year:
    • Native Solana perps trading with multi-collateral support.
    • To be available on both the Apple App Store and Solana Mobile.
    • Positioned as the first of its kind for Solana-based multi-collateral perps.
  • A native liquidity provider product, “Drift Liquidity Provider,” is also planned:
    • Aimed at providing deeper liquidity and faster trade fills.
    • Likely to create new yield and market-making opportunities for LPs.
  • These developments extend Drift beyond browser-only use and strengthen the liquidity layer.

Takeaway: A mobile app and native liquidity provider will broaden Drift’s user base and deepen liquidity, supporting growth in both retail and professional segments.


8. Longer-Term Roadmap (2026): Liquidity, Prop AMMs, and Community Ownership

  • For 2026, Drift plans to focus heavily on increasing liquidity and decentralization of the protocol’s core components.
  • Planned initiatives include:
    • Bringing more liquidity via “prop AMMs” (proprietary automated market makers).
    • Launching a “fully onchain club” (implies more social/collective or community trading structures onchain).
  • Importantly for investors, Cindy mentions upcoming announcements to make Drift “fully owned by the community” via an ownership token.
  • This implies a more formalized token governance/ownership structure and potential value accrual mechanisms to token holders (though specifics are not discussed in the talk).

Takeaway: Drift is signaling a shift toward deeper decentralization and community ownership, including a future ownership token, which may be significant for governance and value capture.


9. Strategic Positioning: Built to Outperform

  • Cindy frames Drift V3 as the culmination of lessons learned building perps exchanges since 2021.
  • The phrase “built to outperform” is used repeatedly:
    • Outperform Drift’s previous versions.
    • Outperform other traders by giving superior tools.
    • Outperform competing exchanges in UX and performance.
  • The pitch closes with a call for traders to try Drift V3 and provide feedback, signaling ongoing iteration.

Takeaway: Drift is positioning itself as the flagship, performance-driven perps DEX on Solana, aiming to be the primary choice for serious traders moving from centralized to decentralized venues.

Breakpoint 2025: Product Keynote: Flash Trade (Anas Khader)

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Breakpoint 2025 D2

Overview

  • Flash Trade demonstrates strong organic traction on Solana ($18B+ volume, $15M+ total fees) and positions itself as the leading high-leverage on-chain perps venue.
  • Its LP design (e.g., FLP1 pool) shows positive returns even in weak SOL markets while maintaining very low trading fees, signaling robust capital efficiency and potential yield for liquidity providers.
  • Migration to Magic Block’s ephemeral roll-ups targets CEX-like latency and costs without sacrificing Solana composability, potentially enhancing user experience and competitiveness versus centralized exchanges.
  • A multi-asset, cross-market strategy (crypto, equities, FX, commodities, metals, RWAs) aims to smooth cyclic crypto drawdowns and create diversified, durable volume on Solana.
  • Upcoming permissionless, roll-up-powered order books broaden Flash into a full exchange primitive, which could deepen liquidity, attract more sophisticated/institutional users, and strengthen Solana’s overall DeFi stack.

Anas Abdul Khader

Co-founder and CEO, Flash Trade – a leading on-chain perpetuals exchange on Solana offering up to 500x leverage and multi-asset markets (crypto, equities, forex, commodities, metals).


1. Flash Trade’s Growth, Revenue, and Positioning

  • Flash Trade has been live for 32 months, fully bootstrapped (no external capital noted).
  • Processed over $18 billion in trading volume.
  • Generated $11+ million in fees for LPs and $4+ million in protocol revenues.
  • Positions itself as Solana’s leading perpetuals exchange with up to 500x leverage.
  • Claims lowest fees and highest leverage compared with other on-chain alternatives, aiming to rival centralized exchanges.

Takeaway: Flash Trade shows meaningful organic traction and fee generation on Solana, signaling a maturing on-chain derivatives venue with real revenue and LP yield.


2. User-Centric Philosophy & LP Performance

  • Core philosophy: “users win is our win” – focus on both traders and liquidity providers.
  • Highlights FLP1 liquidity pool (BTC, ETH, SOL as underlying assets).
  • Despite SOL being down ~26% YTD, FLP1 is up >20% over the same period.
  • Pool performance achieved while offering traders very low fees (~4 bps).
  • Example given: a $1,000 trade at 10x leverage demonstrates low effective trading cost.

Takeaway: Flash Trade emphasizes LP profitability and low trading costs, suggesting its AMM/LP design may be attractive for yield-seeking participants even in mixed market conditions.


3. Shift to Ephemeral Roll-ups via Magic Block

  • Next quarter, Flash Trade will be “fully powered by ephemeral roll-ups” built by Magic Block.
  • Goal: drastically lower latency and reduce costs when interacting with on-chain programs.
  • Design aims for no bridging and no liquidity fragmentation – users trade as if they are directly on Solana mainnet.
  • The roll-ups are fully permissionless and composable with Solana.
  • Marketed as delivering near-zero latency and minimal transaction costs for trading.

Takeaway: Integrating ephemeral roll-ups is intended to give Flash CEX-like speed and cost efficiency while remaining on-chain, which could materially improve user experience and trading competitiveness on Solana.


4. Expanding Beyond Crypto: Multi-Asset & Real-World Exposure

  • Argues DeFi must be more than just crypto trading to avoid cyclic slowdowns when crypto sells off (e.g., a 20% BTC crash).
  • Strategy: bring more asset classes on-chain to diversify activity and revenues.
  • Flash already offers equities, forex, commodities, and metals alongside crypto.
  • Vision: simultaneous bull markets across different sectors (e.g., metals, FX, equities) can keep volumes and user engagement high.
  • Ongoing effort to add more real-world assets (RWAs) to the platform.

Takeaway: Flash Trade is positioning itself as a cross-asset on-chain derivatives venue, which could diversify risk and volume beyond crypto cycles, appealing to investors looking for broader market exposure on Solana.


5. Launch of Permissionless Order Books (“Books”)

  • Announcing “books” – fully permissionless on-chain order books coming to Flash Trade.
  • These order books will be composable with Solana mainnet, enabling integration with other protocols.
  • Powered by the same ephemeral roll-up infrastructure for low-latency, low-cost trading.
  • Intended to support different collateral types and spot markets, broadening market structure beyond only perps/AMMs.
  • Positioned as a major product upgrade in the next few months, part of a packed roadmap.

Takeaway: Introducing permissionless, roll-up-powered order books expands Flash from a perp-focused venue into a more complete exchange primitive, potentially increasing liquidity, composability, and institutional appeal on Solana.

Breakpoint 2025: Product Keynote: HumidiFi (Kevin Pang)

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Breakpoint 2025 D2

Overview

  • Legacy AMM-based DeFi is framed as too capital-inefficient for Solana to become a global exchange, creating room for more advanced market-making.
  • HumidiFi introduces an HFT-style, fully deployed liquidity model that claims order-of-magnitude better capital efficiency than traditional AMMs.
  • The protocol has rapidly grown to dominate Solana DEX volume and even competes with major CeFi venues on spreads and liquidity depth.
  • Its edge comes from deep Solana-specific engineering plus market microstructure expertise, rather than novel math alone.
  • For investors, the thesis is that HumidiFi’s on-chain pricing stack and institutional-grade liquidity can help position Solana as a primary global trading venue across both retail and institutional flows.

Kevin Pang

Co-founder of HumidiFi (often pronounced “Humidify”), a leading decentralized exchange (DEX) on Solana.


1. From DeFi 1.0 AMMs to “DeFi 2.0” on Solana

  • Describes DeFi 1.0 as dominated by simple AMM (x*y = k) models, which are still useful for long-tail assets like memecoins.
  • Highlights major drawbacks of legacy AMMs: wide spreads, high slippage for most pairs, and large amounts of idle/inefficient capital.
  • Positions Solana as having “clear blockers” to becoming a global exchange under the old AMM paradigm.

Takeaway: The talk frames traditional AMMs as capital-inefficient and inadequate for Solana to become a true global trading venue, setting the stage for HumidiFi’s new model.


2. HumidiFi’s “DeFi 2.0” Market-Making Model

  • Describes a shift from basic AMMs to “world-class HFT pricing algorithms” plus sophisticated execution logic.
  • Claims HumidiFi can deploy 100% of its liquidity to quote custom prices per trade, generating tighter spreads and lower slippage.
  • States that HumidiFi can achieve with ~$10M of capital what other protocols need >$1B to match, emphasizing extreme capital efficiency.
  • Labels this approach “DeFi 2.0”: more active, algorithmic market making vs. passive AMM liquidity.

Takeaway: HumidiFi positions itself as a high-efficiency, HFT-style DEX that dramatically improves price quality and capital efficiency versus legacy AMMs.


3. Growth Traction and Market Share on Solana

  • Launched in early June and executed the first trade within weeks; within six months, it became the number one DEX on Solana by volume.
  • Currently processes over $1B in daily volume, representing more than half of all spot trading volume on Solana.
  • Has surpassed $100B in cumulative trading volume in just six months.
  • HumidiFi now powers almost half of all SOL–USD volume across all DEXes and centralized exchanges combined.
  • Claims to deliver “higher spreads than even Binance,” arguing that decentralized liquidity can outperform leading CeFi venues.

Takeaway: HumidiFi has rapidly become Solana’s dominant spot DEX by both daily and cumulative volume, with liquidity and pricing strong enough to compete directly with major centralized exchanges.


4. Competitive Edge: Market Microstructure + Deep Solana Integration

  • Attributes HumidiFi’s success not to secret algorithms, but to strong understanding of market microstructure and capital markets.
  • Emphasizes a “deep understanding of Solana tech,” enabling rapid iteration and on-chain optimization.
  • Actively updates trading programs as Solana protocol improvements roll out, using the chain’s performance to enhance user experience.
  • Positions HumidiFi as both a liquidity engine and a driver of broader innovation in Solana DeFi.

Takeaway: The core moat is execution and engineering quality on Solana—using chain-specific optimizations and market-structure expertise rather than purely novel math.


5. New “DEX-Only” On-Chain Price Model & Cross-Chain Listings

  • Piloting a DEX-only on-chain price model used internally as a price oracle; humorously referred to as “abstinence trading” (no CeXs involved).
  • Goal is to roll this model out across more token pairs so retail traders can access a broader universe of assets purely via on-chain price discovery.
  • This oracle/price approach supports day-one listings for tokens from other chains.
  • Cites a recent Monad token launch where Solana DEXes, including HumidiFi, executed more trading volume than Monad’s own native DEXes.

Takeaway: HumidiFi is building a fully on-chain price and listing stack that enables fast, deep liquidity for cross-chain token launches without reliance on centralized exchanges.


6. Institutional Liquidity & Scaling Trade Size

  • Notes that spreads have already compressed significantly: from ~30 bps to 15 bps to ~5 bps, and even tighter when trading directly on HumidiFi.
  • Focuses next on enabling very large trade sizes—targeting $10M to $100M trades with tight spreads and low slippage.
  • Strategic vision is to make Solana the trading home for both “degenerates” (retail/speculative traders) and “punchin funds” (institutional capital).
  • Implies that infrastructure is being built to make Solana viable for serious institutional flow alongside retail activity.

Takeaway: HumidiFi plans to scale from retail-focused liquidity to institutional-grade block trading, aiming to cement Solana as a primary venue for large capital allocators.

Breakpoint 2025: Product Keynote: KAST (Raagulan Pathy)

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Breakpoint 2025 D2

Overview

  • KAST is evolving from a prestige crypto card into a full-stack, dollar-based, crypto-native global bank, aiming to rival major banks by 2040.
  • The platform offers global USD virtual accounts with SWIFT access to 125+ countries and deep local payment integrations (Pix, UPI, GrabPay, etc.), positioning itself as a superior cross-border payments layer.
  • KAST Pay with Cast Tag delivers instant, Venmo-style P2P payments at a global scale, enhancing everyday usability and stickiness.
  • New yield (7% Savings Vault with Gauntlet) and crypto-backed credit products turn KAST into a DeFi-enabled neobank where deposits earn while remaining spendable.
  • Expansion into “KAST for Business” and a 150+ developer team signal strong execution capacity and diversified B2C/B2B growth, making it a potentially high-leverage Solana ecosystem play.

Raagulan Pathy

Founder of KAST (also referred to as “Cast” in the talk), a crypto-native banking platform built on stablecoins and crypto infrastructure, presenting an 18‑month product and vision update at Solana Breakpoint 2025.


1. Long-Term Vision: A Global Crypto-Native Bank by 2040

  • KAST’s core vision is to become one of the largest global banks in the world by 2040, built on stablecoins and crypto rails.
  • The product is designed around the needs of “crypto native” users: remote workers, frequent movers, and globally mobile professionals.
  • Traditional banking is described as outdated and geographically constrained, especially painful or impossible when opening accounts in new countries.
  • KAST aims to solve cross-border financial friction by default, rather than as an add-on to legacy banking.

Takeaway: KAST is positioning itself as a long-horizon, crypto-native global bank built on stablecoins, directly targeting the structural weaknesses of traditional international banking.


2. Current Product: From Prestige Card to Full Banking Stack

  • The product originated as a premium, high-status payment card (including a solid gold physical card for top-tier users).
  • KAST has evolved well beyond a card into a broader financial “super app” style offering over the past 18 months.
  • Users can obtain a US dollar virtual account directly in the app, regardless of where they live.
  • The expansion marks a shift from a niche, aspirational product to a general-purpose global banking alternative.

Takeaway: KAST has transitioned from a flashy crypto card into a more complete, global USD banking platform built on crypto infrastructure.


3. Global Payments: USD Accounts, SWIFT, and Local Rails

  • Every user can get a USD virtual account, anchoring KAST as a dollar-based global banking solution.
  • SWIFT pay-in and payout is supported to over 125 countries, enabling users to send and receive dollars via traditional bank rails.
  • SWIFT transfers above $5,000 currently carry no fees and no percentage charges, which is highly differentiated versus legacy banks.
  • Beyond SWIFT, KAST is rolling out support for local payment rails in 55 countries “over the next few weeks,” with plans to expand further.
  • Examples of local integrations: Pix in Brazil, GrabPay in Singapore, UPI in India, and other local methods so users can pay “like a local” wherever they travel or live.

Takeaway: KAST is aggressively building a hybrid global payment network combining USD virtual accounts, low-cost SWIFT access, and deep integration with local payment systems to function as a better-than-bank global money layer.


4. Instant Payments & KAST Tag: “Cash App/Venmo for the World”

  • KAST Pay with “Cast Tag” enables instant P2P transfers using a simple identifier (tag), phone, or email.
  • The demo shows a real transfer from Raagulan’s account to a team member using her Cast Tag, completed instantly with Face ID confirmation.
  • Cast Tag aims to replicate the user experience of Cash App or Venmo but in a globally accessible format, not limited to a single country.
  • The functionality is part of KAST’s push from card product into full-featured global banking and everyday payment app.

Takeaway: KAST Tag is designed to become a global, user-friendly instant payment layer, positioning KAST as a universal Venmo-style product for cross-border and domestic payments alike.


5. Yield & Credit: Savings Vault and Crypto-Backed Borrowing

  • A “Savings Vault” product is launching next week, enabling users to earn yield on their deposits.
  • KAST is partnering with Gauntlet, described as one of the biggest and oldest names in the space, to manage or optimize this yield.
  • Current advertised rate is around 7%, offering a meaningful return compared to traditional bank savings accounts.
  • Users will soon be able to “liquid spend” directly from the Savings Vault, effectively combining yield-bearing storage with instant spending capability.
  • Borrowing against crypto holdings will also be supported, enabling credit products collateralized by users’ digital assets.

Takeaway: KAST is adding yield-bearing savings and crypto-backed credit, moving toward a full DeFi-enabled neobank where deposits earn and remain immediately usable.


6. KAST for Business: Global Corporate Banking & Payroll

  • The waitlist for “Cast for Business” is now open, targeting companies rather than just individual users.
  • Businesses will be able to onboard to KAST, with employees each receiving KAST accounts/cards.
  • Employers can pay staff instantly through KAST, suggesting an integrated payroll and expense solution.
  • The product is positioned as a “global Ramp or Brex,” but with fully international reach rather than US-centric or region-specific.
  • For investors, this opens B2B revenue streams and enterprise stickiness beyond consumer payments.

Takeaway: KAST for Business aims to become a global, crypto-enabled alternative to Ramp/Brex, capturing corporate spend, payroll, and employee banking in one cross-border platform.


7. Scale and Execution: Team and Partnerships

  • KAST now has over 150 developers working on the platform, highlighting significant engineering investment and rapid feature rollout.
  • There is a “very large financial partnerships team,” focused on integrating rails like SWIFT, local payment systems, and partners like Gauntlet.
  • The company emphasizes speed of development and partnerships as a competitive edge in building this global financial network.

Takeaway: With a large engineering and partnerships footprint, KAST is signaling serious execution capacity to pursue its long-term ambition of becoming a major global crypto-native bank.

Breakpoint 2025: Product Keynote: Ledger (Ian Rogers)

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Breakpoint 2025 D2

Overview

  • Security is becoming a core structural risk as Solana asset values grow, making exchange/hot-wallet hacks and device vulnerabilities a direct threat to investors’ capital.
  • Ledger positions its secure-element hardware, secure OS, and trusted display as a higher-assurance alternative to phones/PCs for protecting meaningful Solana holdings.
  • New Solana Edition Ledger Flex and Ledger Recovery Key aim to make hardware self-custody and seed backup simpler, reducing friction for mainstream Solana investors.
  • Full SPL token and on-device swap support, plus Ledger Enterprise and multisig for SPL, make Ledger a serious custody and governance layer for both retail and institutional Solana capital.
  • Branded Solana and Bonk devices reflect Ledger’s long-term alignment with the Solana ecosystem, supporting greater hardware adoption and potentially more secure, larger allocations to Solana assets.

Ian Rogers

Ian Rogers, Chief Experience Officer at Ledger, presenting Ledger’s security products and Solana-focused launches.


1. The Growing Importance of Security in Crypto

  • Rogers notes that every coming year will likely be “the worst year for cyber crime” as more value flows into digital ecosystems.
  • Cites the recent $37M hack of Solana assets on Upbit, which forced the exchange to halt withdrawals, as a live example of systemic risk.
  • Emphasizes that phones and laptops are architected to share information, not to securely protect high-value assets.
  • Argues that trying to use general-purpose consumer devices for value protection is fundamentally flawed.

Takeaway: As asset values on Solana and across crypto grow, security failures (especially on exchanges and hot wallets) remain a major structural risk, increasing the relevance of dedicated hardware security.


2. Ledger’s Security Model and Competitive Positioning

  • Ledger has been operating for 11 years and positions itself as the first and still leading hardware wallet platform with its own secure operating system.
  • Explains three core requirements for real security:
    • A secure element to generate and store private keys (specialized chip with proper entropy).
    • All cryptographic operations executed within that secure element, not on a general-purpose chip.
    • A “secure screen” directly driven by the secure element so users can visually verify transactions without relying on compromised intermediaries.
  • Frames the key advantage as eliminating trust in the phone/computer screen, which has too many software layers to be trusted.
  • Describes Ledger devices as using the same secure chip class as credit cards and passports, highlighting institutional-grade security.

Takeaway: Ledger is emphasizing a hardware-anchored security stack as the only trustworthy way to protect meaningful crypto value, implicitly contrasting this with hot wallets and less secure hardware approaches.


3. New Solana Edition Ledger Flex and Ledger Recovery Key

  • Announces and highlights the Solana Edition Ledger Flex device, available at the conference booth and on ledger.com.
  • Introduces the Ledger Recovery Key: a second secure chip in a plastic NFC card, acting as an electronic, PIN-protected backup of the recovery phrase.
  • The Recovery Key allows users to back up and recover their seed phrase in a way designed to be both secure (secure chips on both sides) and simple for mainstream users.
  • The Solana Edition Flex is positioned as a tailored, branded entry point for Solana users into secure self-custody.

Takeaway: Ledger is launching Solana-branded hardware and a more user-friendly recovery solution, aimed at lowering friction for mainstream Solana users to adopt hardware self-custody.


4. Expanded Solana (SPL) Support and On-Device Swaps

  • Ledger has added full support for SPL tokens on Solana, allowing users to store and protect any Solana asset via Ledger.
  • Users can now perform SPL swaps and a range of Solana token operations from within the Ledger-secured environment.
  • Ledger is “constantly updating” its support as new SPL assets and capabilities emerge in the Solana ecosystem.
  • Emphasizes that Ledger’s OS can run arbitrary apps, enabling deep and ongoing integration with Solana protocols.

Takeaway: With full SPL and swap support, Ledger is positioning itself as a first-class security layer for the expanding Solana DeFi and token ecosystem, which is important for serious Solana investors managing diverse assets.


5. Ledger Enterprise & Multisig for Institutions on Solana

  • Highlights that security is not just for individuals: Ledger offers Ledger Enterprise for organizations, DAOs, projects, and exchanges.
  • Announces that Ledger Enterprise now supports SPL tokens, extending hardware-based security to institutional Solana holdings.
  • Promotes Ledger Multisig as part of its enterprise suite, bringing more robust governance and key-management structures to institutional users.
  • Positions Ledger as an infrastructure solution for professional Solana participants who need compliant, auditable, and secure custody setups.

Takeaway: By supporting SPL in its enterprise and multisig products, Ledger is targeting institutional and DAO-level Solana capital, potentially enabling larger, more risk-aware allocations to Solana-based assets.


6. Bonk-Branded Ledger Devices and Ecosystem Alignment

  • Announces new Bonk edition Ledger devices: a Bonk Flex and a Bonk S+.
  • These devices are available at the conference booth and on ledger.com, similar to the Solana edition devices.
  • The partnership taps into Bonk’s brand/meme traction within the Solana ecosystem to broaden Ledger’s appeal to that community.
  • Signals Ledger’s strategy of aligning with prominent Solana-native projects and communities.

Takeaway: Bonk-branded Ledger devices deepen Ledger’s cultural and commercial integration with the Solana ecosystem, potentially driving greater hardware wallet adoption among active Solana community members.


7. Investment in Security as a Baseline, Not an Option

  • Rogers rejects the notion that there’s a threshold at which users “should” start caring about security; he argues security must be considered from the beginning.
  • States that if a user’s crypto value exceeds the cost of a Ledger device, it’s rational to invest in hardware security.
  • Reiterates Ledger’s principle of never compromising on either security or self-custody.
  • Encourages attendees to visit the Ledger booth and adopt hardware wallets early in their crypto journey.

Takeaway: Ledger is pushing a mindset shift for both retail and institutional investors on Solana: hardware-based self-custody should be treated as a foundational cost of participating in crypto, not an optional upgrade.

Breakpoint 2025: Product Keynote: MetaDAO (Proph3t)

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Breakpoint 2025 D2

Overview

  • Internet capital markets on Solana will be driven by crypto-native assets (ICOs, NFTs, memecoins, “ownership coins”), not tokenized TradFi stocks.
  • Ownership coins that embed real economic rights can transform users into aligned growth agents and materially accelerate adoption and volume.
  • MetaDAO targets the core “rug” problem by combining on-chain governance with off-chain legal entities that tie IP and cash flows to token holders.
  • Early MetaDAO launches on Solana (e.g., Umbra, Avichi) show strong, oversubscribed demand for structured ownership tokens and post-token usage inflection.
  • For Solana investors, MetaDAO and its projects offer exposure to a curated pipeline of legally-anchored ownership coins that may command a premium versus non-economic governance tokens.

Proph3t (MetaDAO / Proph3t)

Founder/builder at MetaDAO (also referred to as Metadow), a Solana-based platform focused on “ownership coins” and internet-native capital markets for crypto businesses.


1. Internet Capital Markets as Crypto-Native, Not “Onchain Stocks”

  • Challenges the prevalent vision of “internet capital markets” as just tokenized stocks or ultra-efficient trading infrastructure.
  • Argues that the real growth drivers historically have been crypto-native assets that don’t exist in traditional brokerage accounts (ICOs, NFTs, memecoins).
  • Positions internet capital markets as being built primarily around new, crypto-native asset types issued by teams and communities, not ported-over TradFi assets.

Takeaway: The investable opportunity in “internet capital markets” is less about tokenized equities and more about new classes of crypto-native assets created on-chain.


2. Why Crypto Projects Should Launch a Coin (Especially an Ownership Coin)

  • Uses Hyperliquid (referred to as Hyperlid) and Avichi (crypto neobank/credit card) as examples where launching a token led to visible inflection in core business metrics.
  • Shows that after token launches, both projects experienced large “hockey stick” growth in usage/volume, implying strong alignment between users and token economics.
  • Emphasizes that users who own tokens have a direct incentive to promote, use, and “shill” the product, effectively turning them into an on-chain growth engine.
  • Argues founders should raise from their users via tokens rather than relying purely on private investors, to better align incentives and leverage crypto’s distribution channels.

Takeaway: For crypto-native businesses, launching a token—especially one tied to real ownership—can materially boost growth and align users as both customers and promoters.


3. The Problem of Rugs and Non-Participatory Token Models

  • Identifies two major categories of “rugs” that have damaged trust in crypto:
    • Teams taking investor/user funds and disappearing.
    • Successful businesses where none of the cash flows or value accretion return to token holders.
  • Highlights a prominent example: UniBot (built on Solana), which generated ~$200M in fees, with essentially none of that value accruing to token holders while the team kept control.
  • Notes that many tokens are effectively just “points” with no meaningful participation in business economics, leading to disillusionment among retail investors.

Takeaway: Investors are increasingly wary of tokens that don’t embed real economic rights or protections, creating demand for credible “ownership coins.”


4. MetaDAO as the “Home of Ownership Coins”

  • MetaDAO positions itself as a platform specifically designed for launching “ownership coins” that combine:
    • Market oversight/governance mechanisms.
    • Legal structures that tie the actual business/IP to the token.
  • Governance/market oversight:
    • Instead of traditional DAO voting, proposals (e.g., minting new tokens, raising capital via OTC) are surfaced a few times per year.
    • Rather than simple yes/no votes, these proposals involve market-based mechanisms where people trade against outcomes (details not fully covered due to time).
  • Legal structuring:
    • Founders assign their project’s IP into a legal entity that is linked to the on-chain ownership coin system.
    • This entity contractually connects IP and economic rights to token holders, making it harder for founders to exit with the business and leave token holders behind.
    • If the business is acquired or generates proceeds, the structure is designed so founders can’t simply divert all value away from the token ecosystem.

Takeaway: MetaDAO is trying to institutionalize “ownership coins” by combining on-chain governance with off-chain legal entities that credibly bind project value to token holders.


5. Early MetaDAO Projects and Capital Formation

  • MetaDAO focuses on crypto-native teams, with examples including:
    • Omnipair – a specialized borrow/lend protocol.
    • Solomon – an “Athena for Solana” (likely analytics/intelligence tooling).
    • Avichi – a crypto neobank/credit card product that saw >10x daily spending volume post-token.
    • Umbra – a privacy protocol.
    • Pstream, Loyal, zk – borrow/lend and privacy-focused protocols.
  • Umbra’s raise:
    • Target raise: $750K.
    • Actual raise: $3M via MetaDAO.
    • Used as evidence that demand exists for structured, ownership-style token raises.
  • Implicit message to investors: there is active deal flow of Solana-native and privacy/DeFi protocols raising capital through this framework, with notable oversubscription in at least one case.

Takeaway: MetaDAO is already facilitating oversubscribed raises for Solana-native projects, signaling investor appetite for more legally and economically robust token offerings.


6. Pitch to Founders and Market Implications

  • Explicit call to founders of “genuine teams” building interesting crypto-native products to raise via MetaDAO.
  • Offers direct founder onboarding via Telegram, hinting at a curated, semi-gated pipeline rather than fully permissionless spam.
  • Suggests that projects using MetaDAO’s model may trade at a premium versus traditional “governance-only” tokens due to better-aligned rights and anti-rug protections.
  • From an investor’s angle, MetaDAO is positioning itself as:
    • An early hub for higher-quality tokenized equity/ownership structures on Solana.
    • A potential index on the growth of crypto-native businesses that adopt ownership coins.

Takeaway: MetaDAO is pitching itself as the primary venue for serious crypto founders to tap internet capital markets with investor-aligned ownership tokens, potentially creating a differentiated asset class on Solana.

Breakpoint 2025: Product Keynote: Raise (George Bousis)

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Breakpoint 2025 D2

Overview

  • Gift cards are a massive, inefficient $1T+ global payments rail, with ~$240B in annual fees and legacy infrastructure that is well-suited to be rebuilt on-chain.
  • After early but uneconomical experiments on Ethereum, Raise is moving its decade of tokenized gift card work to Solana to leverage speed, scale, and low fees.
  • Raise’s “smart cards” are programmable Solana assets that let retailers embed rules and real-world data (weather, events, behavior) into gift cards, turning them into dynamic, fraud-resistant loyalty tools.
  • For retailers, this promises lower costs, reduced fraud and breakage, faster settlement, and data-rich, revenue-generating loyalty programs, compressing middlemen and improving unit economics.
  • For Solana investors, Raise represents an already-scaled payments business going Solana-native, with mainnet traction, brand pipelines, and a forthcoming Raise Network token (H1 next year) as a potential upside and ecosystem catalyst.

George Bousis

Founder & CEO, Raise — a 13+ year-old leader in the global gift card and payments space. Raise has raised $265M+, processed $5B+ in gift card volume, and serves 7M+ consumers plus a large B2B client base. Talk focuses on launching “smart cards” on Solana and the upcoming Raise Network token.


1. The Gift Card Market as a Multi‑Trillion Dollar On‑Chain Opportunity

  • Global gift card spend is ~$1.2T this year and projected to reach ~$2.3T by 2030, with over 1B people purchasing gift cards annually.
  • Despite this size, the industry has barely evolved: paper → plastic → email, with no fundamental change in infrastructure or security.
  • The current value chain is crowded (issuers, processors, distributors, activators, card printers, etc.), each taking a cut.
  • Retailers can end up paying up to 20% of gift card value in fees; on $1.2T in volume, this translates to roughly $240B in fees.
  • To offset those economics, retailers depend on “breakage” (unused balances), yield, and overspend, turning gift cards into a financial offset rather than a true customer benefit.

Takeaway: Gift cards represent an already‑adopted, multi‑trillion‑dollar payments rail that is economically inefficient and technologically outdated, and therefore ripe for blockchain disruption.


2. Raise’s Journey: From Ethereum Limitations to Solana Deployment

  • Raise began experimenting with blockchain a decade ago to solve fraud issues in the gift card space.
  • In 2015, they launched what they describe as the first tokenized gift card on Ethereum.
  • Commercialization failed at the time because Ethereum was too slow and too expensive to support real-world gift card scale and economics.
  • Instead of quitting, Raise spent the next decade iterating, filing dozens of patents, and building infrastructure to make blockchain-powered gift cards viable.
  • They’ve now chosen Solana as their primary chain, citing the need for speed, scale, and low cost to make tokenized gift cards commercially workable.

Takeaway: Raise has long technical and commercial experience in tokenized gift cards, and the move to Solana is framed as the inflection point where the economics and performance finally work at scale.


3. Introduction of “Smart Cards” on Solana

  • “Smart cards” are described as a new class of digital assets built on Solana, designed specifically for speed, scale, and configurability.
  • They are programmatic by design: inputs like weather, scores, events, and external data can feed into smart contract logic.
  • Retailers can embed business rules directly into the smart card contract — turning static gift cards into dynamic, event-driven instruments.
  • Smart cards aim to convert traditional gift cards into fraud-proof, brand-owned instruments that drive measurable engagement and loyalty.

Takeaway: Smart cards are essentially programmable gift cards on Solana, enabling retailers to move from static stored value to dynamic, data-driven incentives.


4. New Retail Capabilities & Use Cases (Dynamic Offers & Loyalty)

  • Example use case: AMC Theatres can automatically offer a 50% discount in a specific city when it starts raining, to fill otherwise underutilized capacity (the staff is paid, movies are running, popcorn is made regardless).
  • This highlights on-chain programmability tied to real-world data (e.g., weather), allowing highly targeted, real-time promotions.
  • Smart cards are pitched as a tool for:
    • Personalized offers
    • Flexible, multi-purpose utility
    • Transferability and easy sharing
    • Deeper loyalty and customer engagement tracking
  • The architecture is meant to help retailers see every on-chain interaction as measurable behavior, not just a one-off gift card redemption.

Takeaway: By tying gift card value to real-world events and data, smart cards turn underutilized retail capacity into programmable, targeted incentives that can directly drive incremental revenue and loyalty.


5. Economic & Operational Improvements for Retailers

  • Key problems in today’s gift card systems that smart cards target:
    • Fraud and theft
    • Breakage and abuse
    • Security vulnerabilities
    • Long-term threats like quantum security concerns
  • Smart cards aim to deliver:
    • Better data visibility for retailers
    • Significant cost savings vs. traditional intermediated gift card rails
    • Robust security via blockchain
    • Fast settlement, reducing working capital friction
    • Low issuance cost and cheaper distribution, as cards are natively digital and on-chain
  • Raise positions this as a shift from gift cards as cost centers / offsets to gift cards as strategic, revenue-driving, and loyalty-building instruments.

Takeaway: Smart cards are proposed as both more secure and materially cheaper to issue and manage, potentially compressing middlemen margins and improving retailer unit economics.


6. Traction, Mainnet Status, and Partner Pipeline

  • Raise Network is already live on Solana mainnet (Raise One).
  • As of “a couple weeks” post-launch, they’ve already issued ~50,000 smart cards on-chain.
  • That issuance number is expected to scale into the millions as more retailers onboard.
  • Raise names major brand relationships in or near the pipeline, including:
    • Best Buy
    • Darden Restaurant Group
    • CVS
  • On the existing business side, Raise has:
    • A consumer Raise Cashback app for earning cashback with fiat or crypto at millions of stores.
    • A B2B “Raise for Business” platform powering programs like Bilt Rewards and Citi, with reach to ~80M people.
    • A “Raise Network” blockchain gift card infrastructure and a Retail Alliance foundation to push industry innovation.

Takeaway: The project is not a greenfield startup but an extension of an established, scaled gift card business with live mainnet usage and recognizable retail partners.


7. Token & Roadmap: Investor‑Relevant Milestones

  • Raise is “building on Solana with strategic support from the foundation,” indicating ecosystem backing.
  • Raise One (their initial network phase) is live, with more product launches planned for 2026.
  • A Raise token is explicitly announced and scheduled for the first half of next year.
  • The token is positioned as part of the Raise Network, though detailed tokenomics were not discussed in this talk.
  • The team invites developers and partners to “build the future of gift cards and loyalty” on their infrastructure, pointing to potential ecosystem and network effects.

Takeaway: With a live network, existing volume, and a token planned for H1 next year, Raise is positioning itself as a Solana-native play on the multi-trillion-dollar gift card and loyalty market, with clear upcoming catalysts for ecosystem participants and investors.

Breakpoint 2025: Project 0: The Largest DeFi Prime Broker, Only Possible on Solana (MacBrennan Peet)

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Breakpoint 2025 D2

Overview

  • Project Zero is emerging as a Solana-native DeFi prime broker, already managing ~$300M AUM and preparing rapid TVL growth via deeper integrations (Kamino, Drift, Jupiter Lend, etc.).
  • Solana’s high-throughput, low-cost infrastructure plus a maturing venue ecosystem make cross‑margined, multi‑venue yield and basis strategies structurally viable, unlike on slower chains.
  • The core product focus is leveraged yield, carry, and basis trades across venues via a single risk engine and “one-click” strategy interface, targeting institutional-style returns for on-chain users.
  • New products—Project Zero Pay (borrow against on-chain portfolios for real-world fiat spending) and the Brutus dynamic risk engine—aim to blend TradFi usability with institutional-grade risk management.
  • A Project Zero token is planned for Q1, timed to launch once lending/strategy and Pay infrastructure are live but before a larger derivatives expansion, positioning early token exposure ahead of a potential growth inflection in protocol usage.

MacBrennan Peet

Founder of Project Zero, a Solana-based DeFi prime brokerage focused on yield, cross‑venue capital efficiency, and institutional-grade risk management.


1. Project Zero Overview and Growth to Date

  • Launched in September and already holds roughly $300M in assets, with ~$60M net growth over the last three months, normalized for a recent ~50% crypto market drawdown.
  • Currently integrated with two venues: Kamino and PZ (Project Zero) internal venue, with three live markets on Kamino.
  • Growth has come despite a very limited venue set; expansion to additional Solana DeFi venues (Drift, Jupiter Lend, Loop, Scale, etc.) is expected to significantly accelerate TVL and usage.
  • Positions itself as a “prime broker” for DeFi, specifically on Solana, targeting capital efficiency, unified risk, and cross‑venue strategies for users who already use multiple protocols.

Takeaway: Project Zero has shown early traction in a down market and expects substantial growth as it scales to more venues across the Solana DeFi ecosystem.


2. Why a DeFi Prime Broker Works Now – and Why on Solana

  • Peet argues previous attempts at crypto prime brokerage failed mainly due to infrastructure limitations and immature venue landscape.
  • Solana is highlighted as the only blockchain at scale today with the necessary properties: high speed, low cost, and strong execution layer, enabling truly cross‑margined, multi‑venue strategies.
  • On slower/more expensive chains (e.g., Ethereum), cross‑margining and real‑time risk across derivatives venues is described as structurally very difficult.
  • Mature, “sticky” venues on Solana (Kamino, Drift, Jupiter Lend, etc.) now have enough staying power and differentiated products that a unifying prime broker can safely integrate and route capital across them.

Takeaway: The combination of a performant Solana base layer and now-mature DeFi venues creates a window for a viable, scalable DeFi prime brokerage model.


3. Focus on Yield, Carry, and Basis Trades (Not Just Trading)

  • Project Zero targets the yield segment of DeFi (lending, carry trades, basis trades) rather than pure directional trading/speculation.
  • Users can already execute multi‑venue unified rate and carry trades: e.g., lend USDC into Kamino at ~7% while borrowing against that position on Project Zero at ~5%, capturing a ~2% yield spread.
  • These spreads can be levered through Project Zero’s capital efficiency and cross‑margining, enabling more sophisticated strategies with a single risk engine and user interface.
  • Future roadmap includes enabling derivatives-based basis trades: e.g., shorting perps on Drift while going long spot via Jupiter Lend, capturing funding/basis and levering it up through Project Zero.
  • The platform’s “Strategies” product (live as of last month) already lets users run multi‑venue carry strategies in one click, abstracting away complexity.

Takeaway: Project Zero is building a unified yield and basis‑trading hub on Solana, enabling institution‑style carry and basis strategies for on-chain users with high capital efficiency.


4. Announcement #1: Project Zero Pay – Yield + Real-World Spending

  • Project Zero Pay is introduced as a backend infrastructure product, not a consumer-facing credit card, bank account, or standalone DeFi venue.
  • The product lets users maintain yield‑earning, crypto‑exposed positions (e.g., lent stablecoins or long BTC/SOL exposure) while still accessing fiat liquidity to pay real-world obligations.
  • At month-end, users can borrow against their entire on‑chain portfolio via Project Zero, and those funds can be routed to the bank account that pays their existing credit cards.
  • This design allows users to continue earning existing rewards (e.g., Amex points, existing bank relationships) instead of replacing them with a new card or bank account.
  • Project Zero Pay signups are live now, and the service is scheduled to go live in January.

Takeaway: Project Zero Pay aims to bridge DeFi yield with traditional spending, enabling users to borrow against on-chain portfolios to fund real-world expenses without sacrificing yield or existing banking relationships.


5. Announcement #2: Brutus Risk Engine – Dynamic On-Chain Risk Management

  • Brutus is Project Zero’s proprietary risk engine, currently powering production risk parameters for spot assets (e.g., LTVs, rate settings, caps).
  • Version 1 is already live and governing on‑chain production variables, providing a centralized risk system across venues and asset types within the platform.
  • In the coming year, Brutus will become fully dynamic: real‑time updates of LTVs, interest rates, and caps on chain in direct response to market volatility and conditions.
  • Brutus v2 will expand to include derivatives risk management once derivatives support is integrated, combining spot and derivative risk into a unified system.
  • Dynamic, on-chain risk control is key to safely supporting leveraged carry and basis trades across multiple venues, particularly during stress events.

Takeaway: Brutus provides institutional-grade, dynamic risk management for Project Zero, enabling safer leverage and cross‑venue exposure as the platform adds derivatives.


6. Announcement #3: Project Zero Token and Preconditions for Launch

  • The Project Zero token is officially announced, with launch targeted for Q1 of next year.
  • Peet states three conditions for launch: (1) majority market share across Solana lending venues, (2) Pay product live, and (3) Strategies product live.
  • Strategies went live last month; Pay is set to go live in January; Kamino integration is in production; Drift integration is complete and goes live in January; Jupiter Lend integration is underway with a target in the first half of Q1.
  • The token is planned to launch before the derivatives rollout, which Peet expects to be Project Zero’s largest growth driver (including Drift perps and various interest rate products like exponent/RAEX, etc.).
  • This sequencing suggests the token will be live as the core yield and carry infrastructure is in place but before the major derivatives-driven growth phase begins.

Takeaway: The Project Zero token is slated for Q1, positioned to benefit from existing yield/strategy usage and ahead of a planned derivatives expansion that could materially increase protocol usage and value accrual.


7. Integration Strategy and Value Proposition for Active DeFi Users

  • Project Zero is targeting users who already use two or more Solana DeFi venues, offering a single interface with unified risk, better capital efficiency, and smoother UX.
  • As more venues (lending, perps, spot, interest rate products) are integrated, users should get improved rates, margining, and strategy construction compared to siloed usage.
  • The team is actively seeking integrations; users and protocol teams are invited to reach out if their preferred venues are not yet supported.
  • The overall thesis is that a cross‑venue prime broker layer can unlock scale and efficiency similar to TradFi prime brokerage, but native to Solana DeFi.

Takeaway: For active Solana DeFi participants, Project Zero aims to become the default cross‑venue hub, centralizing risk and capital to deliver better rates, leverage, and user experience.

Breakpoint 2025: Ranger: Building a Unified Market: Ranger Finance (FA2)

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Breakpoint 2025 D2

Overview

  • Ranger is building a “DeFi command center” on Solana, aggregating major trading venues and new integrations like Pacifica/Bul to become the primary execution and routing layer for traders.
  • RangerUSD (RGUSD) packages diversified lending and delta-neutral strategies into a single yield token, targeting passive stablecoin capital and potentially boosting on-chain yield flows.
  • The Volter acquisition turns Ranger into a vault infrastructure and distribution hub, enabling external managers (e.g., Vectis, Prime Number) to deploy institutional-grade strategies on Solana.
  • The Ranger token ICO on Metadao features a sizable raise, strong liquidity provisioning, and performance-linked team vesting, aiming for healthier post-ICO dynamics and long-term alignment.
  • Early users are rewarded via guaranteed sale allocation (with possible later airdrop), and the broader token design seeks to capture value from both trading volume and yield strategies as Ranger aspires to become core Solana DeFi infrastructure.

Fatu – Ranger Finance

Founder/operator at Ranger, a “DeFi command center” built on Solana, aggregating trading and yield products across multiple venues.


1. Ranger as “DeFi’s Command Center” on Solana

  • Ranger positions itself as a single interface to trade across major Solana venues instead of users “juggling tabs” and manually hunting for liquidity.
  • Currently integrated with Drift, Jupiter, Flash, and most recently Hyperliquid, all within one routing and execution layer.
  • Core value proposition: best possible execution for traders — lower slippage, lowest fees, and minimized price impact through smart routing.
  • Expanding venue coverage is a strategic priority to strengthen Ranger’s role as the main execution layer for DeFi traders on Solana.

Takeaway: Ranger is aiming to be the primary trading and execution hub on Solana by aggregating liquidity and routing across leading venues.


2. New Integrations: Pacifica and Bul

  • Ranger is “going back to its Solana DeFi roots” by integrating additional Solana-native venues, specifically Pacifica and Bul.
  • Routing trades through Ranger to Pacifica will earn users extra Pacifica points, adding an incentive layer on top of execution quality.
  • These integrations expand the market surface Ranger can access, improving price discovery and routing outcomes.
  • The platform is explicitly positioning integrations not just as “more markets” but as a way to deliver better net outcomes for end users (execution + incentives).

Takeaway: New Pacifica and Bul integrations deepen Ranger’s market coverage and add incentive-based benefits, strengthening its value to active traders.


3. Launch of RangerUSD (RGUSD) Yield Token

  • Ranger introduced RangerUSD (RGUSD), a yield-bearing stablecoin-like token for users “sitting in stables instead of chasing yield.”
  • Holding RGUSD allows users to outsource yield optimization to Ranger instead of manually moving between pools and strategies.
  • Under the hood, the product has two layers:
    • Base layer: diversifies deposits across lending markets on Solana.
    • Booster layer: runs delta-neutral funding rate strategies to enhance returns.
  • Over the last 30 days, RangerUSD reportedly outperformed the next best lending pool by 30%, signaling competitive yield performance.
  • Designed as a simple “one token” interface to sophisticated yield strategies, targeting both retail and more passive capital.

Takeaway: RangerUSD offers a packaged, actively managed yield solution on Solana, potentially capturing stablecoin capital seeking higher, automated returns.


4. Acquisition of Volter and Vault Manager Ecosystem

  • Ranger recently acquired Volter, a team that has spent three years building vault infrastructure.
  • Volter’s infrastructure has been fully integrated into Ranger, powering RangerUSD and forming the base for a broader “vault manager” ecosystem.
  • Ranger is not only operating its own vaults but onboarding external “vault commanders” or managers who can deploy institutional-grade strategies through Ranger.
  • Vectis Finance and Prime Number have recently joined as vault managers, bringing diversified, potentially more sophisticated strategy sets.
  • This positions Ranger as an infrastructure + distribution layer for strategy providers, not just an aggregator for end users.

Takeaway: By acquiring Volter and onboarding third-party vault managers, Ranger is building a structured yield and strategy marketplace atop its execution layer.


5. Ranger Token & ICO on Metadao Futario

  • Ranger is launching its own token and is using Metadao Futario as the launch platform, emphasizing a “do it right” approach to token distribution.
  • Planned raise: minimum of $6M through Metadao — stated as the largest minimum raise on the platform so far.
  • Token allocation: 40% of the raise supplied for the ICO, and 12% reserved for liquidity provision.
  • Team tokens are subject to an 18-month cliff plus performance-based unlocks that only start when the token trades at 2x the ICO price, aligning team upside with market performance.
  • Ranger’s ICO structure is framed as more “interesting” than a standard sale, with mechanisms aimed at healthier post-ICO dynamics.

Takeaway: The Ranger token launch via Metadao aims to combine sizable capital raise, strong liquidity, and performance-linked team vesting to appeal to long-term investors.


6. Point Holders, Allocation, and Market Structure Design

  • Instead of a typical “big day one airdrop,” Ranger will grant point holders guaranteed allocation in the sale, directly rewarding early usage and engagement.
  • An airdrop “might still happen,” but details will only be proposed post-ICO to avoid distorting the primary sale.
  • Metadao is also introducing a new buy mechanism designed specifically to support post-ICO market structure, signaling attention to price stability and secondary liquidity.
  • Fatu highlights Metadao’s “cleanest launch track record” this cycle, citing examples like Solo, Umbra, and Avichi, which all traded above their initial sale prices.
  • Narrative for investors: Ranger is a live, revenue-generating protocol with existing users and volume, and the token model is meant to align traders, vault managers, and the community.

Takeaway: Early users are rewarded with guaranteed allocation, and the launch is engineered to favor a healthier post-ICO market, which is attractive for participants concerned about launch quality and price performance.


7. Strategic Positioning & Investor-Relevant Narrative

  • Ranger frames itself as “the command center you want to own” — tying token ownership to owning the central routing and yield hub of Solana DeFi.
  • The protocol already has integrations, real trading volume, users, and revenue, reducing the “pure idea-stage” risk often present in token launches.
  • Token model is designed to connect:
    • Traders who route through Ranger (execution & incentives),
    • Vault managers building strategies on Ranger (infrastructure & distribution),
    • Community and early supporters (points, allocations, potential airdrops).
  • The goal is to make Ranger a core infrastructure piece of Solana DeFi, where upside from trading and yield aggregation accrues to token holders.

Takeaway: Ranger is positioning itself as central infrastructure for Solana DeFi, with a token designed to capture the economic value of both trading flow and yield strategies for aligned stakeholders.

Breakpoint 2025: Security Block: Almanax (Francesco Piccoli)

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Breakpoint 2025 D2

Overview

  • Solana is framed as emerging “critical infrastructure,” where growing on-chain real-world and institutional value makes security a systemic risk factor, not just per-project risk.
  • AI-driven development is massively increasing shipped smart contract code without proportional human review, widening the security gap and elevating protocol risk.
  • Offensive actors are beginning to weaponize AI for exploits, steepening the threat curve and making traditional, manual security practices insufficient for high-value Solana deployments.
  • Almanax provides an “AI security engineer” that continuously reviews, triages, and patches code (including Solana programs), aiming to industrialize and automate much of the auditing process.
  • A Solana Foundation–Almanax partnership offering one year of free AI audits lowers security barriers for builders, potentially improving protocol robustness and reducing tail-risk for Solana investors.

Francesco Piccoli – Almanax

Co-founder and CEO of Almanax, an AI + security research company based in New York, focused on automated security for on-chain applications and Solana programs.


1. The Coming Wave of On-Chain Value and Security as Critical Infrastructure

  • Francesco frames Solana and its protocols as “critical infrastructure” as trillions of dollars in life savings, real-world assets, and institutional flows move on-chain.
  • As capital concentration grows, the impact of security failures becomes systemic, not just isolated project risk.
  • He positions defensive security tooling as a necessary counterpart to this financial scaling, not an optional add-on.
  • Almanax’s mission is to provide “superhuman capabilities for security” to match or outpace the capabilities of emerging offensive tools and attackers.

Takeaway: As more real economic value migrates onto Solana, robust, scalable security becomes a core infrastructure requirement and a key risk factor for investors.


2. AI, “VIP Coding,” and the New Security Bottleneck

  • Large organizations like Coinbase and Google now see ~40–50% of accepted code generated by AI tools; some AI editors alone see ~1B lines of accepted code per day.
  • Teams are starting to ship entire AI-generated (“vibed”) applications and smart contracts, including on Solana.
  • This rapidly increases code volume without a proportional increase in human review capacity, widening the gap between what gets shipped and what gets properly audited.
  • Existing security stacks (static analysis, audits, bug bounties) create huge alert volumes, with ~90% often being false positives, overwhelming security and engineering teams.
  • In practice, not all flagged vulnerabilities are investigated or patched, leaving latent risk in production systems.

Takeaway: AI-accelerated coding is creating a massive scalability gap in security review, which directly elevates smart contract and protocol risk across the ecosystem.


3. Offensive Use of AI and the Rising Threat Landscape

  • Francesco highlights recent Anthropic reports showing state-sponsored actors using AI in cyber operations, and AI models successfully exploiting on-chain smart contracts.
  • Current AI capabilities are likened to a “junior security engineer” but are trending toward superhuman performance over time.
  • The $120M Balancer exploit is cited as a possible example where attackers may have used AI to identify or optimize the attack.
  • The core concern: as offensive actors weaponize AI, any protocol or project without equivalent defensive automation becomes disproportionately vulnerable.

Takeaway: The security risk curve is steepening as attackers adopt AI, making it increasingly dangerous for high-value Solana protocols to rely on traditional, manual-only defenses.


4. Almanax: An AI Security Engineer for Codebases and Smart Contracts

  • Almanax is presented as an “AI security engineer” that scales with a codebase, continuously reviews code, triages issues, and can help generate patches.
  • It operates during PR review, CI/CD, and full-repo scans, aiming to be a “24/7 auditor available via API.”
  • The system builds a threat model of the repository, including invariants, abstract syntax trees, and function call graphs to reason about behavior like a human security engineer.
  • For large organizations drowning in alerts, Almanax focuses on contextual triage: identifying real issues vs. false positives and prioritizing what actually needs fixing.
  • Beyond detection, Almanax can suggest or apply patches: directly in-line for simpler issues, or via draft PRs for more complex fixes.
  • The tool is used both pre-audit (to raise code quality before expensive human audits) and by auditors themselves during their review.

Takeaway: Almanax aims to industrialize and automate much of the security review and patching process, potentially reducing security costs and raising baseline safety for Solana projects.


5. Deep Solana Integration and Collaboration with Solana Foundation

  • Almanax has invested in making its agent “good at understanding Solana,” including:
    • Solana programs and protocol patterns
    • Anchor framework specifics
    • Other ecosystem-relevant context.
  • It is already working with various Solana protocols and wallet/infrastructure teams, including firms like Preview and multiple Solana-native programs.
  • Francesco announces a collaboration with the Solana Foundation to provide one year of free AI-driven audits for projects building on Solana.
  • Projects can access the tool via app.almanx.ai to run an “AI audit,” after which Almanax can also route them to human auditors (e.g., Runtime Verification) for deeper review.

Takeaway: The Solana Foundation–Almanax collaboration significantly lowers the cost and friction of getting robust security checks, which can improve protocol safety and de-risk the ecosystem for builders and investors.

Breakpoint 2025: Security Block: Asymmetric Research (Felix Wilhelm)

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Breakpoint 2025 D2

Overview

  • Solana program security is improving, but the attack surface is evolving toward subtle integration, regression, and infrastructure issues, especially in mature, high‑TVL protocols.
  • New developer influx (often from EVM) repeatedly hits Solana‑specific “insecure‑by‑default” pitfalls—signature verification, instruction introspection, PDAs, and framework quirks—creating critical bug risk.
  • Real incidents (e.g., Relay Link signature bug, MarginFi regression) show that misused crypto primitives and “minor” upgrades can endanger entire protocol TVL, even in audited, established systems.
  • Aggressive compute optimization (“CU golfing”) trades safety for speed, introducing serious vulnerabilities even in elite teams’ code; investors should discount projects that over‑optimize without deep security rigor.
  • Off‑chain oracle infrastructure is an emerging systemic risk; protocols need strong price‑sanity checks, circuit breakers, and oracle stress‑testing, making secure‑by‑default tooling and fuzzing key signals for investors.

Felix Wilhelm

Phelix (Felix) Wilhelm, co‑founder and CTO, Asymmetric Research – a Web3 security firm focusing on securing Solana infrastructure (validators, bridges, and on‑chain programs).


1. State of Solana Program Security in 2025

  • Overall security quality of Solana programs is improving as the ecosystem matures.
  • However, recurring bug classes and new complexity are creating fresh risks, especially for newer teams.
  • Mature protocols with large TVL are still proving brittle when touched by later code changes.
  • Security failures are shifting from obvious implementation bugs to more subtle integration, regression, and infrastructure issues.

Takeaway: Solana security is better than previous years, but the attack surface is evolving rather than shrinking, especially in mature, high‑value protocols.


2. Onboarding New Developers: Insecure‑by‑Default Pitfalls

  • Large wave of new teams (especially from EVM) shipped complex Solana programs in 2024–2025 but struggle with Solana‑specific pitfalls.
  • Experienced Solana teams know runtime quirks and common bug classes; newer teams repeatedly hit the same issues year after year.
  • Instruction introspection (reading and reasoning about prior/other instructions in a transaction, especially with CPI) is still very hard to get right.
  • Native signature verification programs (Secp256k1 and Ed25519) are powerful but easy to misuse, leading to catastrophic vulnerabilities.
  • Framework‑specific issues (e.g., duplicated mutable accounts in Anchor and other frameworks) can silently drop state changes.
  • Without frameworks, developers often mis-handle PDA bump seed canonicalization.

Takeaway: New developers on Solana face non‑obvious, insecure‑by‑default patterns that can lead to critical bugs, making tooling and safer abstractions strategically important.


3. Real‑World Example: Relay Link Signature Verification Bug

  • Asymmetric reported a public vulnerability in Relay Link, an intent‑based cross‑chain bridge using Solana.
  • On Solana, Relay Link used an Ed25519 instruction to protect fund withdrawals but parsed the instruction data incorrectly.
  • Instead of fully validating the instruction format, it pulled the signer public key and message hash from hard‑coded byte offsets.
  • This made it possible to bypass signature verification entirely and steal all protocol funds.
  • Full technical details were later published in an Asymmetric Research blog post after the patch.

Takeaway: Misusing Solana’s native crypto instructions can turn core security assumptions (like “signatures protect withdrawals”) into single‑point failure modes for entire protocols.


4. Regression & Upgrade Risk in Mature Protocols

  • As programs run on mainnet for years, “small” changes by new or less‑contextual developers can re‑open severe vulnerabilities.
  • Original devs and auditors understood critical invariants at launch, but that knowledge decays as people leave or move roles.
  • Later audits often focus only on diffs, not the full, large codebase, making system‑wide regressions hard to spot.
  • Example: MarginFi, a highly audited, mature protocol with large TVL, introduced a simple “transfer to new account” instruction.
  • In isolation, the function seemed safe: simple logic, correct signature checks, no obvious issues.
  • But it interacted poorly with MarginFi’s flash loan functionality, enabling a loan to be taken, moved, and never repaid—potentially risking ~$160M.

Takeaway: The biggest security risk for successful, long‑lived Solana protocols is often not the initial launch code, but later “minor” changes that break old invariants in subtle ways.


5. CU Golfing (Compute Optimization) vs. Security

  • There’s a strong trend toward aggressive compute unit optimization on Solana (“CU golfing”) in projects like Pinocchio, PToken, Humidify, Doppler, etc.
  • This reflects a maturing ecosystem—teams understand the runtime well enough to push hard for performance.
  • But optimization often removes safety belts: using unsafe Rust, low‑level assembly, skipping standard ownership checks, and re‑implementing SDK logic.
  • Battle‑tested SDK functions are being replaced with custom, faster code that hasn’t been hardened by time and audits.
  • Even elite teams working at the frontier of CU optimization are still shipping serious bugs:
    • In Pinocchio: an integer underflow in an unsafe block led to an out‑of‑bounds write in logging code.
    • In PToken: a missing ownership check in batch processing could enable loss of funds.
  • If top experts struggle to do this safely, average DeFi protocols are at significant risk when they strip protections for speed.

Takeaway: Performance‑driven CU optimizations can materially increase security risk; only the most sophisticated teams should push to these extremes, and even they must expect bugs.


6. Oracle Risk & Off‑Chain Attack Surface

  • DeFi depends heavily on oracles for pricing, but off‑chain oracle risk is underappreciated by many protocols.
  • Projects typically lack visibility into how oracle node operators source prices and how hard (or easy) it is to compromise them.
  • Attackers will shift to weakest links; as on‑chain code hardens, off‑chain oracle infrastructure becomes more attractive to exploit.
  • Developers should explicitly model how corrupted or malfunctioning price feeds could impact protocol solvency and user funds.
  • Defense‑in‑depth mechanisms are recommended:
    • Price limits / sanity bounds on updates.
    • Emergency halt or circuit‑breaker mechanisms for suspicious price moves.
  • Example: Moonwell (EVM DeFi protocol) lost >$1M due to a malfunctioning, unsupported Chainlink price feed quoting inflated prices, enabling abuse.
  • Expect more such incidents as on‑chain surfaces harden but oracle configurations and integrations remain relatively brittle.

Takeaway: Oracle integrity is a systemic risk; robust protocol‑level safeguards against bad price feeds are becoming as important as on‑chain code audits.


7. Paths Forward: Secure‑by‑Default Tooling and Testing

  • Secure‑by‑default frameworks and libraries are a key lever for improving ecosystem‑wide security.
  • Anchor’s ongoing work (Robert and Jacob’s efforts) aims to:
    • Fix pitfalls around duplicated mutable accounts.
    • Provide safe helper APIs for signature verification that are hard to misuse.
  • Asymmetric Research is investing in improved tooling:
    • Static analysis to automatically find common bug classes.
    • Anchor fuzzing frameworks to catch regressions and unexpected behaviors before mainnet.
  • They are also building stress‑testing for oracle compromises/misconfigurations:
    • The goal is to simulate oracle failures against real mainnet deployments to understand worst‑case damage.
  • Community education and hands‑on practice are encouraged:
    • Asymmetric runs a Solana security CTF and dev cave sessions on fuzzing and binary decompilation of Solana on‑chain contracts.
    • Technical writeups on their blog share post‑mortems and exploit details for broader learning.

Takeaway: The most effective ecosystem‑level improvements will come from secure‑by‑default frameworks, automated testing/fuzzing, and realistic stress‑testing of off‑chain dependencies like oracles.

Breakpoint 2025: Security Block: Certora (Pamina Georgiev)

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Breakpoint 2025 D2

Overview

  • Formal verification offers mathematical guarantees on critical DeFi properties (like solvency and share value) that testing and fuzzing cannot, making it a key differentiator for capital‑managing protocols.
  • A real-world style vault bug—missed by 100,000+ randomized tests—shows how subtle rounding/logic issues can silently create insolvency risk for users and late liquidity providers.
  • Certora’s Solana/Rust prover lets teams specify economic invariants (e.g., “share value never decreases”) and exhaustively check all reachable states, catching bugs and proving fixes beyond sampled testing.
  • Major Solana projects (Jito, Kamino, Squads, Manifest) and the Solana Foundation already use Certora, so investor due diligence can treat such partnerships as a positive signal of serious risk management.
  • A Solana-backed security subsidy (up to ~$1M of funded work) lowers the cost for teams to get audits and formal verification, likely improving ecosystem-wide security and reducing tail‑risk for investors.

Pamina Georgiev

Formal Verification Team Lead, Certora (Web3 security company focused on formal verification, audits, and broader security services for DeFi and Solana projects)


1. Why Formal Verification Matters for DeFi Security

  • DeFi teams typically rely on internal reviews, external audits, testing, and fuzz testing as their “security stack,” but these are still probabilistic and can miss critical bugs.
  • Fuzzing and property-based tests can cover many inputs, but finding bugs remains “a game of chance”—even very large test campaigns (e.g., 100,000 test cases) may not hit the failing scenario.
  • In DeFi, real money is at stake and loss of funds directly erodes user trust and protocol viability.
  • Formal verification is presented as “the only way to guarantee” that certain critical properties always hold, because it checks all possible inputs and reachable program states (within the chosen model).
  • This approach is particularly important for protocols that manage pooled liquidity, vaults, and other shared assets where subtle arithmetic or state bugs can accumulate into large losses.

Takeaway: For investors, the use of formal verification is a strong signal that a protocol is taking non-probabilistic, mathematically rigorous steps to prevent catastrophic security failures involving user funds.


2. Example: A Subtle Vault Rounding Bug Missed by Testing

  • The example program is a simple vault: users deposit assets and receive shares; they withdraw by redeeming shares for their proportional claim on the vault.
  • Core logic depends on multiplication and division over integers, which introduces rounding; if implemented incorrectly, some users can be overpaid on withdrawal.
  • Pamina shows a deliberate bug: using “ceiling” behavior on a division in the withdraw function, which overpays withdrawals by roughly one token in specific states.
  • Over time, this overpayment means the last withdrawers cannot fully redeem their share of the vault—effectively a hidden insolvency that may not show up until late.
  • A property-based testing harness randomly generates 1–200-step sequences of deposits and withdrawals, running 100,000 test cases, yet fails to detect the bug.
  • This illustrates that even significant testing effort can miss real-money bugs that only appear under very particular sequences and states.

Takeaway: Investors should be cautious of protocols that rely solely on conventional testing, as economically significant bugs—especially in vaults and AMMs—can remain undetected despite extensive test coverage.


3. How Certora’s Formal Verification Works on Solana/Rust

  • Certora introduces a verification language for Rust that lets developers write formal specifications that “look almost like tests” but are interpreted as mathematical properties to be proven.
  • In the example, the formal property is: “The value of one share (assets/shares) cannot decrease after any user operation,” i.e., no user operation should dilute existing share value.
  • Formal verification checks:
    • All possible inputs to the function (e.g., any u64 value for shares to withdraw), and
    • All possible reachable program states, constrained by previously proven invariants (e.g., the vault is solvent: assets ≥ shares).
  • The spec sets up:
    • A valid starting state (solvent vault),
    • Nondeterministic inputs (any possible shares amount),
    • A call to the target function (withdraw), and
    • An assertion encoding the share-value non-decrease property.
  • Certora’s Solana prover (open source, CLI-based) runs these rules and either proves the property or gives a counterexample.
  • In this case, the prover quickly (≈30 seconds including cloud run) finds a counterexample: starting with 19 assets and 10 shares, a withdrawal of 6 shares yields 12 assets instead of the fair 11, decreasing share value.
  • The bug is then fixed by changing the division behavior (flooring the “mul-div” operation), and the spec can be re-run to confirm the fix across all states and inputs, not just sampled tests.

Takeaway: Tools like Certora’s Solana prover provide protocol teams with machine-checked guarantees on key economic invariants, significantly strengthening the security posture of on-chain logic that manages capital.


4. Certora’s Role in the Solana Ecosystem and Client Base

  • The example shown is intentionally small, but Certora emphasizes that they have applied formal verification to “big names” in the ecosystem:
    • Jito (JTO)
    • Kamino
    • Squads
    • Manifest
    • Direct work with the Solana Foundation as well
  • Beyond formal verification, Certora positions itself as a full Web3 security company:
    • Smart contract audits
    • Design reviews
    • Operational security
    • General security consulting for Web3 teams
  • Their workflows typically include rules and reports similar to the example, which can be shared with teams and stakeholders to demonstrate verified properties.
  • For investors, association with Certora and similar high-end security providers can be taken as a positive indicator that the project is investing in rigorous, professional security processes.

Takeaway: Protocols on Solana that work with Certora and similar firms may be better positioned from a risk-management standpoint, reducing protocol failure risk that could impact token value and user trust.


5. Funding and Subsidies for Solana Security Work

  • Pamina highlights a security subsidy program run by “Arita” (likely a Solana-aligned security funding initiative), aimed at supporting Solana builders.
  • The program is funding up to $1 million in security work for Solana projects.
  • Certora is part of this subsidy initiative, meaning eligible Solana teams can obtain:
    • Audits
    • Formal verification
    • Other security services
      with partial or full cost coverage from the program.
  • This lowers the financial barrier for early-stage or capital-constrained teams to adopt high-end security practices.
  • For the broader ecosystem, subsidized security can reduce systemic risk of exploits, which is important for maintaining investor confidence in Solana DeFi.

Takeaway: The presence of a dedicated, funded security subsidy program on Solana makes it more likely that projects will adopt rigorous security practices, potentially improving overall ecosystem reliability and investment attractiveness.

Breakpoint 2025: Security Block: Neodyme (Sebastian Fritsch)

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Breakpoint 2025 D2

Overview

  • A tiny set of Solana programs (top ~7) controls ~80% of on-chain capital, meaning risk is highly concentrated and security focus on these few is critical.
  • Control over funds is determined by which PDAs own token accounts; program logic, not user wallets, effectively custodies a large share of assets.
  • Neodyme built a live, public PDA→program mapping by patching the runtime, enabling trustless identification of which protocols control which addresses and vaults.
  • Surprising result: Squads (multisig infrastructure) is the largest controller of funds on Solana, often underrepresented in traditional DeFi dashboards and risk views.
  • For investors, accurate TVL/risk assessment now depends on PDA-level analysis: understanding which programs custody token supply, their security posture, and governance/upgrade risks.

Sebastian Fritsch

Co-founder of Neodyme, a leading Solana-focused security firm. Talk centers on who actually controls funds on Solana by analyzing program-derived addresses (PDAs) and token account ownership on-chain.


1. Concentration of Funds on Solana

  • Neodyme started from an efficiency question: if the top protocols by TVL are secure, most user funds are secure.
  • They observed a strong 80/20-style distribution: ~80% of all funds on Solana are locked in just the top 7 programs.
  • Identifying which protocols truly control the most funds is non-trivial, and common DeFi analytics sites may not be fully accurate.
  • This has direct implications for where security efforts, audits, and monitoring should be focused.

Takeaway: A very small set of programs on Solana control the overwhelming majority of capital, so security and due diligence for those few is disproportionately important for investors.


2. How Smart Contracts Control Funds: Token Accounts & PDAs

  • All fungible tokens live in SPL token accounts, each defined by: mint (e.g., USDC, WIF), amount, and an owner public key.
  • Token account owners can be:
    • A normal keypair (like a user’s wallet),
    • A “seeded” address (keypair-based derivation),
    • Or a PDA (Program Derived Address).
  • If a token account is owned by a PDA, the corresponding smart contract effectively controls those funds.
  • PDAs were introduced so programs can “sign” for addresses without having a private key on-chain, enabling cross-program interactions and complex DeFi behavior.
  • On a high level, a PDA is derived from:
    • Seeds (arbitrary bytes),
    • The program ID,
    • A fixed marker string (“program derived address”),
    • Hashed together and required not to lie on the Ed25519 curve (to guarantee there’s no associated private key).

Takeaway: On Solana, the real power over funds is determined by which PDAs own which token accounts, meaning program logic—not user wallets—controls a significant share of the capital.


3. The Missing Piece: No Public PDA–Program Mapping

  • On-chain explorers only show public keys and can tell if a key is a PDA (off-curve), but:
    • They do not show which program can sign for that PDA.
    • They do not show the seeds used to derive it.
  • PDA derivation happens at runtime via system calls, so this mapping is not stored in the ledger itself.
  • Before Neodyme’s work, there was no public database mapping: PDA → (owning program, seeds).
  • This lack of transparency makes it hard to:
    • Determine which protocol truly controls particular token accounts.
    • Analyze protocol risk and capital flows in a fully trustless manner.

Takeaway: Despite Solana’s transparency, a critical link—knowing which program controls each PDA—was missing, limiting accurate, trustless analysis of protocol TVL and risk.


4. Neodyme’s PDA Database: Runtime Patching and Data Collection

  • Most programs derive PDAs via two Solana syscalls: try_find_program_address and create_program_address.
  • Neodyme patched the Solana validator/runtime to intercept these syscalls and capture:
    • The seeds,
    • The program ID,
    • The resulting PDA.
  • They already had an emulation infrastructure for all live Solana transactions as the backend for Riverguard:
    • Riverguard mutates live transactions based on known attack rules and checks for common security issues (owner checks, signer checks, self-transfers, etc.).
    • This infrastructure made it easy to extend the runtime to also log PDA derivations.
  • All observed PDAs and their derivations are pushed into a database that’s updated live.
  • Neodyme has launched this database publicly:
    • Users can input a PDA and see which program derives it and with what seeds.
    • Code can be inspected, and the service is free to use.

Takeaway: Neodyme has effectively “indexed” Solana’s runtime PDA derivations, creating a public, live registry that finally makes it possible to see which programs control which addresses.


5. Who Actually Controls the Most Funds? Surprising Findings

  • Using token account data, PDA mappings, and token prices, Neodyme computed which programs control the most value.
  • Key finding: Squads (multisig/coordination tooling) is the top program by funds controlled on Solana.
    • Many DeFi dashboards underweight or ignore Squads because it doesn’t directly generate trading fees, but it holds enormous value.
  • Ranking mentioned:
    • #1: Squads,
    • Followed by: Lend (lending protocol), Jupiter Perpetuals, Squads V3, etc.
  • On Neodyme’s website, clicking a program shows:
    • In which tokens its controlled funds are denominated.
    • For a selected token (e.g., USDC), the exact token accounts owned by PDAs of that program, and the seeds used to derive those PDAs.
  • By inspecting the seeds, one can infer structure:
    • Example: Seeds indicating “multisig” + “vault” show it’s a multisig vault system, even without access to the source code.

Takeaway: The largest controller of funds on Solana is not a trading DEX or yield aggregator but a multisig infrastructure protocol (Squads), which many dashboards underrepresent—critical context for evaluating where real custody and governance risks lie.


6. On-Chain Token Supply Distribution: Contracts vs Wallets

  • Neodyme examined how much of each token’s supply is held by PDAs (smart contracts) versus normal wallets.
  • Key numbers:
    • USDC: ~14.6% of the total supply is locked in PDAs (i.e., in contracts).
    • PUMP: ~50% of the supply is locked in contracts.
    • REPP (example token): ~73% of the supply is held by smart contracts.
  • In aggregate:
    • ~25 million different token accounts are owned by PDAs.
    • The database currently holds ~104 million unique PDAs.
  • The top program by number of distinct PDAs:
    • The TTOT tip distribution program, with ~27 million PDAs.
  • Caveats:
    • The database is not historically complete; it primarily covers recent and frequently used PDAs.
    • It is still growing rapidly as more runtime data is collected.

Takeaway: A substantial and, for some tokens, dominant share of supply is contract-controlled, emphasizing protocol risk and smart contract governance as primary drivers of token liquidity and safety.


7. Implications for Security, Analytics, and Investors

  • Security research:
    • Efforts can now be prioritized toward the relatively few programs that actually control most capital.
    • Fine-grained analysis of vaults, multisigs, and protocol-owned liquidity becomes easier thanks to seed-level PDA transparency.
  • Analytics and TVL tracking:
    • Legacy DeFi aggregators may misclassify or undercount key protocols (like Squads) because they don’t resolve PDAs correctly.
    • Neodyme’s PDA database enables more accurate, trustless TVL and risk mapping across the ecosystem.
  • Investor perspective:
    • Understanding which protocol actually has custody of assets (through PDAs) is crucial for evaluating risk, beyond surface-level TVL dashboards.
    • High contract ownership of token supply magnifies the impact of any security flaw, governance failure, or upgrade risk in those protocols.
  • Ecosystem transparency:
    • Public, free access to PDA–program mappings increases transparency and can support better compliance, risk management, and due diligence.

Takeaway: By exposing who truly controls funds on Solana at the PDA level, Neodyme’s work significantly improves the ability of investors, analysts, and security teams to assess protocol risk, real TVL distribution, and systemic concentration of capital.

Breakpoint 2025: Sharpening Your Trading Edge: Titan (Chris Chung)

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Breakpoint 2025 D2

Overview

  • Titan has rapidly scaled into a core Solana trading venue in 2025, with $8B+ volume, 100k+ traders, and deep API integrations, signaling strong real usage and infra adoption.
  • New institution-backed “real” limit orders aim to fix Solana’s unreliable order behavior, offering cheaper, more reliable execution that could attract serious and institutional flow.
  • Titan Forge targets scam tokens and rent recovery, improving wallet hygiene and victim restitution—key for user trust and institutional comfort with Solana DeFi.
  • Private swaps via Vanish bring compliant privacy plus high-performance execution, aligning Titan with a likely future demand from sophisticated and regulated traders.
  • The Titan Prime API, distributed through Triton and QuickNode, positions Titan as default execution plumbing for many Solana dApps, potentially boosting network-wide trading volume and fee streams.

Chris Chung

Chris Chung, representing Titan, a Solana-based trading infrastructure and execution platform focused on providing best prices, advanced routing, and institutional-grade tooling for traders and DeFi protocols.


1. Titan’s Growth and Performance in 2025

  • Titan only launched publicly two months ago but has already become known for highly advanced trading algorithms and price execution on Solana.
  • Delivered over $6.5 million in “trading edge” (better prices + fee savings) to users on its front-end app alone.
  • Processed $8+ billion in trading volume with 100,000+ unique traders.
  • Completed 100+ integrations and API partner integrations in 2025, positioning Titan as core infrastructure for Solana trading.
  • Plans to continue scaling these fundamentals into 2026, reinforcing Titan as a key liquidity and execution layer on Solana.

Takeaway: Titan has rapidly emerged as a high-volume execution venue on Solana, delivering measurable price improvements and integrating deeply across the ecosystem, which is notable for investors tracking real usage and infrastructure adoption.


2. Launch of “Real” Limit Orders on Solana

  • Identifies a major gap in Solana markets: current “limit orders” often behave like periodic trigger orders, failing during high volatility or large wicks.
  • On events like October 10th volatility, many orders failed to fill, undermining trader confidence and capital efficiency.
  • Titan is launching “real” limit orders that are designed to be reliably filled when price conditions are met, improving execution certainty.
  • These limit orders will be powered by top trading firms Oros and Galaxy, who will stand behind the order flow and provide liquidity.
  • Titan claims these orders are up to 17% cheaper versus alternative solutions, improving trading costs.
  • Initial rollout will be limited to a selected set of token pairs, with incentives in partnership with “World Liberty” to bootstrap liquidity and usage.

Takeaway: Titan’s institution-backed, cheaper, and more reliable limit order system could materially improve trading quality on Solana and make Titan a preferred venue for serious traders and integrated protocols.


3. Titan Forge: Handling Scam Tokens and Rent Recovery

  • Addresses a widespread UX and security problem: airdrop scam tokens cluttering wallets (e.g., fake “geo SOL” tokens) that can trick users into harmful swaps.
  • Titan Forge, powered on the backend by Scam Incinerator, enables users to:
    • Reclaim rent from empty token accounts.
    • Recover rent that scammers effectively pay to create malicious token accounts.
  • These reclaimed balances are routed into a recovery vault:
    • If a user is scammed, the vault is designed to intercept and return as many funds as possible to victims.
    • Contributors to this system are rewarded, aligning incentives for scam mitigation.
  • Aims to improve wallet hygiene, reduce scam losses, and strengthen trust and safety across the Solana ecosystem.

Takeaway: Titan Forge directly tackles the growing problem of scam tokens and account clutter, improving safety and user trust—key factors for mainstream and institutional adoption of Solana DeFi.


4. Private Swaps Powered by Vanish

  • Titan is introducing private swaps to bring privacy-preserving trading to Solana users.
  • These swaps will be powered by Vanish, which:
    • Already powers private swaps on Axiom.
    • Runs Titan’s trading infrastructure on the backend for execution.
  • Vanish is positioned as offering best-in-class real-time execution while maintaining built-in compliance features, balancing privacy with regulatory needs.
  • Titan sees privacy as a core, future-defining feature for Solana capital markets, not a niche add-on.

Takeaway: By integrating Vanish-powered private swaps, Titan aligns itself with a future where compliant privacy and high-performance trading coexist, which may appeal strongly to sophisticated and institutional traders.


5. Titan Prime API Distribution via Triton and QuickNode

  • Responding to strong demand, Titan is launching the Titan Prime API, focused on high-performance, programmatic access to Titan’s execution.
  • Distribution will be handled by Triton and QuickNode, leveraging their:
    • Infrastructure expertise.
    • Distribution and go-to-market reach with developers and protocols.
  • The API is websocket-based, enabling:
    • Faster, more “snappy” UX similar to centralized exchanges.
    • Access to Titan’s best pricing and advanced routing for integrated apps and protocols.
  • Designed to let third-party platforms inherit Titan’s performance benefits, improving execution quality across the broader Solana ecosystem.

Takeaway: The Titan Prime API, distributed via major infra providers, could make Titan’s execution layer a default standard for many Solana dApps, deepening its role as core trading infrastructure and potentially increasing volumes and fee revenue.


6. Ecosystem Positioning and Closing Remarks

  • Chris emphasizes gratitude to Titan’s users, partners, and the broader Solana community.
  • Reinforces a vision of Titan as core trading infrastructure on Solana:
    • Better execution (trading edge).
    • Safer environment (scam mitigation & recovery).
    • Advanced order types and private swaps.
    • High-performance APIs for partners.
  • Slogan-style close: “Titan mode on”, signaling ongoing expansion and product delivery.

Takeaway: Titan is positioning itself not just as a DEX front-end but as an integrated, institutional-grade trading backbone for Solana, with multiple new features that can enhance liquidity, safety, and execution quality across the network.

Breakpoint 2025: Solana Founders: What We Care About Now

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Breakpoint 2025 D2

Overview

  • Solana has evolved from a “ghost chain” into a broad, multi-use platform with increasingly decentralized leadership and a resilient, compounding community.
  • Entertainment use cases (memes/NFTs) and institutional products (like ETFs) are both core to Solana’s strategy, with “fun” onboarding flows feeding into serious on-chain finance.
  • The main constraint is no longer throughput but UX and user understanding; anything that gets users into wallets and on-chain activity is strategically important.
  • FireDancer, IBRL upgrades, and growing revenue-generating dApps (plus Seeker/Solana Mobile as distribution) mark a shift from “beta” to a mature, cashflow-backed ecosystem.
  • Over the next decade, founders aim for Solana to capture a meaningful share of global on-chain finance, with London and other hubs supporting continued institutional and developer expansion.

Panel: Solana Founders – What We Care About Now

Anatoly Yakovenko (co-founder, Solana Labs)
Raj Gokal (co-founder, Solana Labs / Solana ecosystem)
Moderator: (unidentified in transcript, Solana ecosystem aligned)


1. Five Years of Solana’s Evolution & Community Maturity

  • Solana’s narrative shifted repeatedly: “ghost chain” → DeFi chain → “FTX chain” → NFT chain → memecoin chain → now a general‑purpose platform “used for absolutely everything.”
  • Founders highlight the compounding effect of these cycles: each wave (DeFi, NFTs, memes) brought users, tooling, and devs that now reinforce each other.
  • Raj frames the core strength as resilience through reinvention—the community stayed because of performance, ease of use, and mutual commitment.
  • Anatoly points to decentralization as “abundance of leadership”: leadership has diffused beyond Labs and the Foundation to independent builders, protocol teams, and community members.
  • He underlines that he no longer has GitHub commit privileges and has very limited stage time as a positive sign of network maturity.

Takeaway: Solana has transitioned from a narrative‑driven “ghost chain” to a robust, multi‑use ecosystem with decentralized leadership and durable community resilience.


2. Memes, Entertainment Use Cases & Institutionalization (ETFs)

  • The founders see no conflict between memes/NFTs and institutional finance; they’re framed as two natural sides of the internet.
  • Memes and NFTs are likened to “cats on the internet” or early viral content (e.g., “dancing baby” GIF driving email adoption) — they are often the first reason people create a wallet.
  • These entertainment and speculative use cases are viewed as onboarding wedges that later expand into more serious financial activity.
  • Simultaneously, Solana is seeing institutional adoption, including ETFs and broader “institutionalization” of SOL exposure.
  • The founders explicitly connect the “fun” side to serious infrastructure: meme/NFT demand helps justify and finance building tech that can support global finance “as cheap as physics allow.”

Takeaway: Solana’s leadership embraces both speculative/entertainment use cases and institutional products like ETFs, viewing memes as a powerful user-acquisition funnel into serious on‑chain finance.


3. Strategic Constraints: Human Understanding, UX & Non‑Technical Challenges

  • When asked about non‑technical constraints, Anatoly points to human understanding as the biggest bottleneck: it’s hard to explain private keys, seed phrases, and crypto abstractions to normal users.
  • Any route that gets users to install a wallet and interact—even via memecoins or NFTs—is considered a net positive.
  • Crypto is framed as “the next iteration of the internet,” implying that user education and UX simplification matter more than purely technical gains for widespread adoption.
  • His “explanation” of crypto to non‑technical adults falls back on personal history (leaving the Soviet Union, the value of portable assets), underscoring the difficulty of mainstream translation.

Takeaway: The key strategic constraint for Solana isn’t throughput but user comprehension and UX; any product that lowers cognitive barriers and gets people using wallets is strongly valued.


4. Major Technical Milestones: FireDancer & End of “Beta”

  • “FireDancer full client is here” and going through final audits; this is highlighted as a major milestone.
  • Having two independent implementations of the Solana protocol (current client + FireDancer) is seen as eliminating the “bus factor” and providing a “true interpretation” of valid state transitions.
  • Anatoly explicitly says this is the moment where he no longer thinks Solana needs the “beta” tag.
  • Additional improvements via IBRL (the roadmap), specifically Alpenlow and MCP, are expected to go live “relatively soon next year,” further enhancing performance and scalability.

Takeaway: The arrival of FireDancer and upcoming IBRL upgrades are treated as the technical maturity threshold—supporting the narrative that Solana can finally drop its “beta” label.


5. Revenue Focus, On‑Chain Businesses & Key Metrics

  • Raj emphasizes that revenue-generating businesses on-chain are the closest thing to a “source of truth” for value creation and team focus.
  • He cites data that among the last ~20 companies to reach $100M in revenue, the majority are crypto businesses, and most of those are on Solana—framed as a validation of the strategy.
  • The goal is a large diversity (“entropy”) of entrepreneurs exploring every way to use blockspace; Coliseum hackathons now see ~1,700 teams at a time, illustrating that pipeline.
  • On metrics beyond revenue, they still watch DeFi‑style KPIs: volumes, TVL, and other usage signals at the L1 and protocol level.
  • Over the long run, Anatoly believes crypto market cap growth will increasingly be split and justified by revenue—projects with real earnings will capture more of the pie.

Takeaway: Solana’s founders are strongly emphasizing revenue-generating dApps and protocols, with Solana already hosting many of crypto’s fastest-growing businesses and expecting value to gravitate toward projects with real cash flow.


6. Seeker & Solana Mobile as a Revenue and Distribution Platform

  • Raj calls developer revenue on Seeker and the Solana Mobile Stack (SMS) a “pleasant surprise” in how quickly teams have started earning.
  • Examples of apps finding initial traction and their first ~10,000 users via Seeker include: CFL, Pir, Moonwalk Fitness, Or/“Miner.”
  • Seeker is positioned as a crypto‑native distribution channel: smaller than Apple’s footprint but very concentrated in users who want to try new crypto apps.
  • For builders, Seeker offers a “small pond where you can be a big fish,” enabling fast iteration and early revenue with a highly targeted audience.
  • The team is seeing increasing inbound requests from projects (e.g., Loop, Scale) to integrate with Seeker, leading to prioritization of mobile support.

Takeaway: Seeker and Solana Mobile are evolving into meaningful, high-intent distribution channels that help crypto apps quickly reach initial users and revenue, reinforcing Solana’s app ecosystem.


7. Founder “What Would You Build?” & Emerging Opportunity Areas

  • Raj says any idea he has is usually already being built on Solana, which he sees as a healthy sign of ecosystem vibrancy.
  • His current interest: gamified trading interfaces for options and other financial products, making finance more fun and less intimidating.
  • He mentions “Banana Zone,” a Coliseum hackathon project, as an example of the type of experience he finds exciting.
  • Anatoly would experiment with proof‑of‑work based networks like “Or/ Miner” but reimagined with “superconductor search” for the PoW component (conceptual/experimental).
  • He likes “weird crypto loops” that don’t work elsewhere—systems that incentivize real‑world or network behaviors via PoW‑like mechanisms, sometimes spawning whole new categories (e.g., “walk‑to‑earn”).

Takeaway: Founders see big open space in making complex finance fun and in novel incentive loops (PoW‑style mechanisms and “earn” paradigms), where Solana’s performance and ecosystem can enable new product categories.


8. Advice for Crypto Founders: Speed & Iteration

  • Anatoly’s main advice: ship fast and iterate.
  • Get a product out quickly, observe how it fails, and then find the small group of users doing something interesting with it.
  • Re‑shape the product around real usage rather than theoretical needs.
  • This iterative process is presented as especially critical in crypto, where novel incentive loops and use cases are often discovered post‑launch.

Takeaway: Execution speed and tight iteration cycles around actual user behavior are presented as the key edge for crypto founders building on Solana.


9. Ten‑Year Vision: Share of Global Finance On‑Chain

  • Historically, Solana’s internal metric for the long‑term vision has been “what percent of global finance could be on‑chain?”
  • Raj now believes crypto adoption—and regulatory clarity—are progressing faster than expected (e.g., ETFs, bank and government engagement).
  • He suggests upgrading the target to 25% of global finance on‑chain within ten years, with Solana targeting at least 10% of that share.
  • He leaves room for competition (“maybe all 25%,” but acknowledges multiple winners and sees competition as healthy).
  • Anatoly notes he struggles to plan more than “eight weeks ahead,” underscoring a focus on near‑term execution over long‑range central planning.

Takeaway: Strategically, Solana’s founders now talk openly about capturing a meaningful share of global finance on-chain—double‑digit percentages of a 25% on‑chain world—reflecting increased confidence in crypto’s mainstream trajectory.


10. Ecosystem Logistics: Breakpoint Location & Strategic Positioning

  • The founders announce the next Breakpoint conference will be held in London.
  • Location choice is portrayed as non‑trivial: they must optimize for visa accessibility, look a year ahead, and consider strategic positioning for the ecosystem.
  • Abu Dhabi is praised as an excellent host for the current year; London is positioned as the next strong hub for builders and the community.
  • They thank attendees, particularly those traveling long distances (e.g., from California, 16‑hour flights).

Takeaway: Moving Breakpoint to London underscores Solana’s focus on strategically important global hubs and regulatory-accessible venues, signaling continued global expansion and institutional outreach.

Breakpoint 2025: Sorare x Solana: Transforming Sports, Crypto and Collecting: Sorare (Nicolas Julia)

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Breakpoint 2025 D2

Overview

  • Sorare is evolving into the primary on-chain hub for premium global sports IP, combining licensed digital collectibles, fantasy gaming, and experiential rewards.
  • Its full migration of 17M assets from Ethereum/Starknet to Solana signals institutional-level confidence in Solana’s performance, scalability, and long-term viability.
  • Deep integration of SOL for deposits, payouts, and in-game rewards makes SOL a core asset in Sorare’s economy, potentially driving sustained transactional demand.
  • Opening Sorare cards to trade on external Solana NFT marketplaces (e.g., Magic Eden) should increase liquidity, price discovery, and integration with the broader Solana NFT ecosystem.
  • The Sorare builder program on Solana turns its sports IP into an open platform, creating surface area for DeFi, gaming, and financialization use cases that can grow overall Solana activity and value capture.

Nicolas Julia

CEO & Co-founder, Sorare – fantasy sports and digital collectibles platform bringing major sports IP (NBA, Premier League, La Liga, Bundesliga, etc.) on-chain; leagues and star athletes (e.g., Zidane, Mbappé) are investors and shareholders.


1. Sorare’s Core Product and Sports IP Strategy

  • Sorare issues officially licensed digital player cards that function both as collectibles and as in-game assets for fantasy sports.
  • Users scout and collect cards of the athletes they love, then use them in fantasy lineups; card performance is tied to real-world player stats.
  • Rewards include “money-can’t-buy” experiences (e.g., meeting Zidane or Mbappé) and crypto prizes (thousands of SOL weekly).
  • Sorare has partnerships and equity relationships with top sports leagues: NBA, Premier League, La Liga, Bundesliga, and others—these leagues are shareholders and aligned with the long-term on-chain vision.
  • Top athletes, including Zidane and Mbappé, are investors, reinforcing brand legitimacy and fan-access angle.

Takeaway: Sorare is positioning itself as the on-chain home for premium global sports IP, combining fantasy gaming, high-profile licensing, and experiential rewards.


2. Migration from Ethereum/Starknet to Solana

  • Sorare spent its first five years in the Ethereum ecosystem, moving from L2, then mainnet, then StarkEx/Starknet for scaling.
  • The team reassessed its infrastructure a few months prior, analyzing performance, distribution, community, and ecosystem fit.
  • All analysis “pointed in one direction,” leading to a full migration to Solana.
  • Two weeks before the talk, Sorare completed the migration of 17 million cards to Solana.
  • The move is described as a first technical step, with more product and ecosystem changes to follow.

Takeaway: Sorare’s full-scale migration of 17M assets to Solana is a strong validation of Solana’s performance and ecosystem from a major consumer-facing Web3 brand.


3. User Experience on Solana: Wallets, Payments, and Liquidity

  • Users can now come with their preferred Solana wallet and interact seamlessly with Sorare assets as compressed NFTs (cNFTs).
  • Deposits and payouts are in SOL: users can deposit SOL, buy cards at fixed price, or bid on cards in the marketplace.
  • Winnings from weekly and now daily fantasy contests are paid in SOL, making SOL central to Sorare’s in-game economy.
  • Cards are visible in standard Solana wallets as cNFTs, integrating Sorare into the broader Solana UX instead of a closed system.

Takeaway: The integration of Sorare’s economy directly with SOL and standard Solana wallets strengthens Solana’s role as the settlement and liquidity layer for a major consumer gaming application.


4. Opening Up Marketplaces and Liquidity

  • Historically, Sorare cards were only tradable on Sorare’s own in-house marketplace, limiting liquidity and price discovery.
  • With the Solana migration, cards will now be tradable across multiple marketplaces, with Magic Eden highlighted as a key venue.
  • This shift enables broader price discovery, more liquidity, and potentially more active secondary markets for Sorare assets.
  • For investors, this means Sorare assets become more integrated with the wider Solana NFT market structure and participants.

Takeaway: Moving Sorare cards from a closed marketplace to the broader Solana NFT marketplace ecosystem should increase liquidity, trading volume, and interoperability of these sports assets.


5. Launch of the Sorare Builder Program on Solana

  • Sorare announced a new “builder program” to encourage third parties to build DeFi and gaming experiences on top of Sorare’s on-chain sports IP.
  • The vision is to extend beyond collecting and fantasy gaming into a broader ecosystem of composable sports applications.
  • Builders are invited to create new use cases for Sorare cards—potentially lending, staking, derivatives, alternative games, or other DeFi primitives.
  • Interested developers can apply or contact Sorare via solana.sorare.com (URL as stated) to participate.
  • This positions Sorare as a platform layer for sports assets, not just a single game.

Takeaway: By opening a builder program, Sorare is turning its licensed sports IP and asset base into an open platform, creating potential new demand, utility, and financialization opportunities for Sorare cards on Solana.

Breakpoint 2025: Tech Talk: Arcium (Nico Schapeler)

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Breakpoint 2025 D2

Overview

  • Arcium enables fully encrypted execution on Solana (inputs, state, and outputs), allowing sensitive data and logic to move on‑chain without leakage, unlike current superficial obfuscation.
  • It is natively integrated: Arcium programs are standard Solana programs with state in normal accounts, minimizing migration and integration costs for existing apps.
  • Key value drivers for investors: institutional‑grade data privacy, wealth and payments privacy, and meaningful mitigation of common MEV vectors, broadening Solana’s addressable capital base.
  • Technically, Arcium uses an MPC network (Cberus) with malicious security and a dishonest‑majority model, plus a Rust‑to‑MPC compiler (Archis) to make encrypted apps easy to build.
  • Strategic upside: if Arcium’s vision of making encrypted TPS the majority on Solana materializes, Solana’s core narrative could shift toward being the default privacy‑preserving high‑throughput chain, potentially increasing institutional adoption and fee revenue.

Nico Schapeler

Lead at Arcium (sometimes referred to as “the encrypted supercomputer”) presenting new privacy and encrypted execution capabilities directly on Solana.


1. Fully Encrypted Execution on Solana

  • Arcium enables “fully encrypted” execution: inputs, intermediate values, and outputs are all hidden, not just selected fields.
  • Today, anything on Solana is transparent via block explorers; existing techniques (not uploading IDLs, code obfuscation) are only superficial obfuscation.
  • Many institutions are forced to keep sensitive data off‑chain and only use Solana for select operations; Arcium aims to bring that data and logic on‑chain privately.
  • The system is designed with “zero information leakage” in mind, unlike mixers where timing/amount correlations can still reveal user behavior.
  • Arcium aims to make private state and private computation a first‑class feature on Solana without changing the core chain.

Takeaway: Arcium is positioning itself as the way to run truly private smart contracts and state directly on Solana, potentially opening new institutional and privacy‑sensitive use cases.


2. Direct, Native Compatibility with Solana

  • Any operation you can execute on Solana today is intended to be executable in encrypted form through Arcium, not a restricted subset.
  • Developers do not need a separate chain or off‑chain infrastructure: Arcium programs live on Solana as normal programs, with state held in standard Solana accounts.
  • From an end‑user and application perspective, it remains a “pure Solana” flow; privacy is provided as a network extension rather than a separate L2 ecosystem.
  • This design lowers integration friction for existing Solana projects that want to add privacy without migrating or rebuilding their stack on a different network.

Takeaway: Arcium is built as a native extension to Solana’s existing execution model, which should reduce adoption friction and support broad compatibility with today’s Solana apps.


3. Why Investors and Builders Should Care: Core Use Cases

  • Wealth and payments privacy: hides user balances and transfers so attackers cannot easily identify high‑value targets based on on‑chain holdings.
  • Private data management: enables sectors like traditional finance and other data‑sensitive industries to use Solana without exposing client or proprietary data on‑chain.
  • MEV mitigation: if state changes and transaction data are encrypted, common MEV strategies like sandwich attacks become much harder or impossible because validators can’t see the exploitable details.
  • While it won’t solve all MEV forms, it substantially improves privacy around the most common and damaging patterns.
  • These capabilities could expand Solana’s addressable market to privacy‑sensitive institutional flows that previously required off‑chain or permissioned solutions.

Takeaway: By addressing wealth privacy, institutional data privacy, and parts of MEV, Arcium could materially increase the types and volume of capital that can safely transact on Solana.


4. How Arcium Works: MPC-Based Encrypted Computation

  • Arcium is described as a “network extension for private state and private execution,” powered by secure multi‑party computation (MPC).
  • Flow:
    • Data is encrypted client‑side and stored in a Solana account as ciphertext.
    • When computation is needed, the ciphertext is split into MPC secret shares.
    • Each share is sent to a different Arcium node, which runs a secure computation over the shares.
    • The result is re‑encrypted into a single ciphertext and written back to Solana.
  • Key property: individual nodes only ever see shares (which reveal nothing), and on‑chain observers only see ciphertext, so no one sees the raw data at any point.
  • This enables arbitrary computations (e.g., DeFi logic, voting, signatures) over encrypted data without revealing that data to validators, nodes, or observers.

Takeaway: Arcium uses MPC to compute directly on encrypted Solana state, ensuring neither the network nor Arcium nodes ever see users’ plaintext data.


5. Security Model: Dishonest Majority & Malicious Security

  • Arcium uses a custom general‑purpose MPC backend called Cberus, built by in‑house cryptographers.
  • Unlike many MPC or consensus schemes that require 51%+ honest, Cberus is secure under a dishonest majority: only one node in the cluster needs to be honest.
  • It is maliciously secure: adversarial nodes may go offline, send incorrect data, or arbitrarily deviate from the protocol, and still cannot reveal private data or force incorrect outputs.
  • This creates a strong guarantee: as long as a single honest node participates, private data is not leaked and computations are correct.
  • Users and institutions can strengthen their trust assumptions by running their own Arcium node, thereby ensuring at least one honest participant in the MPC cluster.

Takeaway: The security model is designed to be robust even if most nodes are compromised, which is attractive for high‑value, privacy‑sensitive capital and institutional users.


6. Developer Experience: Rust-to-MPC via Archis

  • Arcium provides Archis, described as the first Rust‑to‑MPC bytecode compiler.
  • Developers write regular Rust code; Archis compiles it down to Cberus MPC bytecode used by the Arcium network.
  • You do not need a cryptography background: the compiler abstracts away MPC details and translates ordinary Rust logic into secure multi‑party computations.
  • Example: an encrypted voting program where inputs and outputs are strongly typed as encrypted data, but the internal logic is standard Rust.
  • The encrypted program is then deployed to Solana; from there, it functions like any Solana program but operates over encrypted state.

Takeaway: By letting developers write privacy‑preserving programs in plain Rust, Arcium significantly lowers the barrier to building encrypted applications on Solana.


7. Adoption, Docs, and Roadmap Vision

  • Nico highlights documentation for developers, including examples and integration guidance, accessible via a QR code (docs) and social channels (Twitter).
  • The project’s stated mission: by the next Breakpoint, they want the majority of Solana TPS to be encrypted using Arcium.
  • This target signals an aggressive push to make encrypted execution a default or standard practice on Solana rather than a niche feature.
  • If achieved, such adoption would represent a structural shift in Solana’s usage profile toward privacy‑preserving applications.

Takeaway: Arcium is not positioning privacy as a niche add‑on but as a core network behavior, with an explicit goal to make encrypted transactions dominate Solana’s throughput in the near term.

Breakpoint 2025: Tech Talk: BULK (Junaid Peer)

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Breakpoint 2025 D2

Overview

  • BULK is a next‑gen, Solana-native perps DEX designed to offer Binance‑level execution (∼20 ms latency) and UX for professional traders and HFTs while remaining fully on-chain and non‑custodial.
  • It uses a leaderless, dual‑phase, MiniSketch‑based consensus and a custom “Bulk Agave” sidecar validator client to achieve fast, censorship‑resistant matching with BFT finality in 20–40 ms.
  • A CEX‑grade, regime‑aware portfolio margin engine enables adaptive, cross‑asset risk management and will eventually treat users’ broader Solana DeFi positions as unified perps collateral.
  • 12.5% of exchange fees are shared with validators running Bulk Agave, directly tying BULK’s growth to higher validator revenues, stronger SOL staking economics, and greater security reuse.
  • For Solana investors, BULK can deepen derivatives liquidity, attract professional flow, boost validator profitability and TVL across DeFi, and help Solana compete head‑on with centralized exchanges in perps trading.

Junaid Peer (Jun)

Founder of BULK (Valk); ex-Solana market maker building a next‑gen decentralized perpetuals (perps) exchange on Solana with a custom validator client (“Bulk Agave”) and sidecar consensus network.


1. Why Build BULK: Solana Needs a “Serious” Perps Trading Venue

  • Team started as market makers on Solana across spot and perps venues; saw strong asset inflows, communities, and products on Solana but weak “professional” trading experience.
  • Identifies three core gaps: latency, robust risk engines, and user experience for serious traders/HFTs.
  • Goal is to offer “execution worth quoting into” — i.e., conditions where market makers and HFTs can quote size profitably vs CEXs like Binance.
  • BULK’s design focus: blend CEX-level performance with on-chain decentralization and non-custodial guarantees.

Takeaway: BULK is targeting the professional trading/perps market on Solana, aiming to make on-chain trading competitive with Binance-level execution quality.


2. Ultra‑Low Latency Design (Ticks, Pipelining, and Performance Targets)

  • BULK introduces “ticks” as ultra-fast, pipelined batches of activity, targeting ~20 ms execution latency.
  • Within a tick, three logical “buckets”:
    • (1) Data transactions (oracles, risk signals, other updates)
    • (2) Cancel & post priority orders (for latency-sensitive/HFT/market makers)
    • (3) All other market transactions (limits, conditionals, etc.)
  • Buckets 2 and 3 are arranged in a pseudo-random order to mitigate last‑look/MEV-style attacks while still giving priority to cancels and reposts for liquidity providers.
  • Two-phase asynchronous pipeline:
    • Phase 1: Collect orders, distribute to validators, construct “mini sketches,” and push to matching engine without waiting for full state confirmation.
    • Phase 2: Within 20–40 ms, finalize and commit the resulting state digest into a BFT chain with hard finality.
  • Simulation-based motivation: every 1 second of latency can cost up to 1 pip in price movement; Solana’s ~400 ms block times imply ~0.06 pips slippage vs off-chain; BULK aims to close that gap with ~20 ms latency.

Takeaway: BULK’s pipelined tick design seeks to bring on-chain perps latency to near‑CEX levels, crucial for attracting HFT and deep liquidity.


3. Leaderless, Dual‑Phase Consensus with MiniSketch (BFT + Inclusion Guarantees)

  • BULK is running a testnet in Europe with ~5% of Solana stake, currently using an all‑to‑all broadcast model; version 2 aims for a global, region-based topology (e.g., tree/ST-based) with 5–20 ms localized latencies.
  • New “state-of-the-art” consensus is:
    • Dual-phase (Phase 1: agree on order set; Phase 2: agree on execution result/state),
    • Leaderless (no single sequencer/leader to censor or reorder),
    • Separates state agreement from execution.
  • Core primitive: set reconciliation via MiniSketch (a BCH-based, bandwidth-efficient set reconciliation library originally used in Bitcoin Core).
    • Each honest node encodes its order set into a MiniSketch.
    • As long as the difference between sets is below capacity C, nodes can reconcile missing orders with ~12x bandwidth efficiency over naive encodings.
    • 2F+1 MiniSketch signatures required to proceed; if missing, nodes request from others until threshold is met.
  • Phase 2: validators compute a state digest after matching, sign (e.g., with BLS), and again require 2F+1 signatures to finalize and update Solana program state within ~40 ms.
  • Security model:
    • Requires 3F+1 operators overall; tolerates up to F Byzantine faults.
    • Each of Phase 1 and Phase 2 independently needs 2F+1 votes, preserving BFT guarantees while still achieving low latency.
  • MiniSketch also functions as an inclusion proof:
    • Can detect censoring or out-of-sync operators early.
    • Enables robust slashing/jailing systems and better RPC/node selection (detect and skip bad nodes).

Takeaway: BULK introduces a leaderless, two-phase, MiniSketch-based consensus that preserves BFT security while enabling very fast, censorship-resistant matching and execution.


4. Economic Alignment with Solana Validators: Bulk Agave Client

  • BULK ships a custom validator client, “Bulk Agave,” that validators can run alongside standard Solana software.
  • Design: a “sidecar network”:
    • Standard Solana client (same upstream as Gito/Agave) remains untouched.
    • BULK sidecar (“BulkNet”) handles BULK-specific consensus, broadcast, database, and external APIs.
  • Fee model: 12.5% of BULK exchange fees are shared with validators running Bulk Agave.
    • This extra revenue can flow down to SOL stakers, enhancing Solana’s economic security.
    • The more valuable and used BULK becomes, the more fees accrue to the Solana validator/staker set.
  • Security benefits:
    • Sidecar is economically secured by Solana stake that already exists, effectively bootstrapping “billions” in security for BULK’s network without needing a separate validator set.
    • As BULK grows, the economic incentive for validators to participate increases, reinforcing both BULK and Solana.
  • Operational advantage: deep integration in the Solana stack allows BULK to read Solana state extremely quickly (especially when a validator is leader), improving reactive risk and margin management.

Takeaway: Bulk Agave ties BULK’s success directly to Solana validator economics, giving validators extra fee revenue and reusing SOL stake to secure a high-performance trading sidecar.


5. Real‑Time, Portfolio‑Aware Risk Engine and Margining

  • BULK treats the risk engine as the “secret sauce” of any exchange; design goals:
    • Prevent insolvency: no account can take positions that can’t be covered under stress scenarios.
    • Preserve latency: all risk checks must fit within the 20 ms performance budget.
    • Determinism: every operator with the same inputs must reach the same risk conclusions.
  • Supports portfolio margin:
    • Margin is computed at the portfolio level (across positions and collaterals), not per-market static requirements.
    • Good hedges (e.g., offsetting positions) receive better margin credit; tail risk gets penalized.
    • Capable of accepting “any and every collateral” from Solana and other ecosystems.
  • Uses a “regime-based” risk model:
    • Identifies current market regime: volatile, dislocated, sidelined, etc.
    • Margin requirements are a function of both: your portfolio composition and the active regime.
    • Moves away from static config values like “BTC IM = 5% always”; instead, requirements update as markets change.
  • Maintains determinism and speed by carefully structuring calculations so multiple operators worldwide can reach identical outputs under tight latency constraints.

Takeaway: BULK’s risk engine aims to offer CEX-grade, adaptive portfolio margin that responds to market regimes while remaining deterministic and fast enough for HFT.


6. Unified Margin Accounts Leveraging On‑Chain Positions

  • Thanks to tight integration with Solana state, BULK’s long-term vision is “unified margin accounts.”
  • Users will be able to:
    • Connect their existing Solana wallet.
    • Use positions in other Solana protocols (e.g., USDC Prime on Kamino, loop vaults on Luloopscale) directly as collateral.
    • Trade perps by signing a single message—no need to tokenize, bridge, move, or manually rebalance assets.
  • The risk engine:
    • Reads Solana state quickly via the Bulk Agave sidecar.
    • Continuously rebalances and evaluates cross-protocol exposures.
    • Keeps the user and BULK solvent and safe in real time.
  • Conceptually, BULK becomes the “F1 circuit” on Solana’s “highway” — a specialized, high-speed trading layer that leverages the rest of the DeFi ecosystem as collateral and liquidity.

Takeaway: BULK plans to turn existing Solana DeFi positions into seamless perps collateral, offering a powerful, capital-efficient cross‑protocol margin experience.


7. Network Architecture and Deployment Roadmap

  • Architecture: sidecar network (“BulkNet”) running in parallel to Solana:
    • Uses Solana stake for security.
    • Reads and writes to Solana programs for final state updates.
    • Keeps consensus/execution, risk, and matching decoupled so consensus isn’t a latency bottleneck.
  • Latency commitments:
    • ~0–20 ms: “soft” acceptance for latency-focused traders (order seen and pipelined).
    • ~20–40 ms: “hard” BFT finality on state digests (fills and balance changes).
  • Current status:
    • Live on a local cluster.
    • “Genesis testnet” launching in the next few weeks.
    • Open participation: users can test up to 50x leverage, three markets, and portfolio margin mechanics.
    • Bulk Agave client is undergoing audits and will be made widely available.
  • Adoption progress:
    • ~5% of Solana’s stake is already running Bulk Agave on testnet; this is visible in Solana’s gossip table.
    • Resources will be shared for validators and traders to join the testnet ecosystem.

Takeaway: BULK is moving from local testing to an open testnet with real leverage and markets, while already beginning validator adoption, signaling practical near-term go‑live potential.


8. Investor‑Relevant Implications for Solana and Perps Markets

  • If BULK succeeds, Solana could host a perps exchange with:
    • Latency and UX competitive with top CEXs.
    • Deep liquidity from HFTs and market makers that were previously constrained by on-chain latency.
  • For SOL ecosystem investors:
    • Bulk Agave’s 12.5% fee share could make running a Solana validator more profitable, potentially attracting more stake and hardware.
    • Unified margin accounts may drive more TVL into Solana DeFi, as productive positions double as perps collateral.
    • BULK leverages Solana’s existing validator set and stake, making Solana’s economic security a core moat for this new trading infrastructure.
  • For broader crypto/perps markets:
    • A truly decentralized, low-latency, high-capacity perps venue could meaningfully compete with CEXs on execution quality, not just custody/ethos.
    • Regime-based portfolio margining and broad collateral support create a differentiated risk profile versus simpler DEX perps models.

Takeaway: BULK positions Solana as a serious contender in professional derivatives trading, aligning validator incentives and DeFi collateral with a CEX-level perps experience.

Breakpoint 2025: Tech Talk: Blueshift (Claire Fan)

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Breakpoint 2025 D2

Overview

  • Solana’s current custom Rust/LLVM fork and dynamic syscall model create technical debt, worse developer experience, and a lag behind upstream performance and safety improvements.
  • Solana programs are standard ELF/BPF binaries; much of today’s size and complexity comes from dynamic relocation and extra sections to support dynamic syscalls.
  • Moving to static syscalls would simplify binaries, remove relocation overhead, reduce size, and likely improve runtime efficiency and fees.
  • Blueshift’s SPF assembler/linker lets Solana use the upstream Rust/eBPF toolchain while still emitting SVM‑compatible programs, reducing dependence on Solana’s bespoke compiler.
  • For investors, aligning with upstream and contributing back lowers maintenance risk, improves performance and developer experience, and strengthens Solana’s long‑term technical durability and ecosystem growth potential.

Claire Fan

Claire Fan, founder/engineer at Blueshift (often spelled “BlueShift” or “Blueshift”), presenting work on improving Solana’s compiler and linker toolchain, specifically the “spf-linker” and better alignment with upstream eBPF/Rust/LVVM.


1. Problems with the Existing Solana Developer Toolchain

  • Claire argues that the Solana developer experience is “pretty terrible” largely because of the tooling stack, not just the language or framework choices.
  • Solana currently uses a custom “SPF” BPF backend and maintains a fork of the Rust compiler, diverging from upstream Rust/eBPF.
  • Every upstream Rust or LLVM improvement requires manual backporting; over time, the fork drifts so far that upgrading becomes extremely difficult or impossible.
  • Claire’s view: there is no strong technical justification for Solana to maintain this divergence, because LLVM can already target constrained environments like eBPF when configured correctly.

Takeaway: The current Solana-specific compiler fork is a long‑term liability for developer experience, maintainability, and access to upstream performance and safety improvements.


2. Demystifying Compilers and ELF/BPF for Solana Programs

  • Claire emphasizes that compilers are “just software”: they take source code, perform a series of transforms, and emit machine code plus metadata.
  • The portability of Rust programs (running on Windows, macOS, Raspberry Pi, etc.) comes from the same compilation pipeline targeting different backends.
  • For BPF targets (including Solana), the output is packaged as an ELF (Executable and Linkable Format) file with headers and sections.
  • In a Solana program ELF:
    • The ELF header defines architecture and entry point (first instruction).
    • Program headers (for dynamic programs) support relocation and syscalls.
    • .text holds code; read‑only sections store strings (e.g., “hello Solana”).
    • Symbol tables and relocation sections enable SVM to process dynamic syscalls.
  • Understanding this layout means that, in principle, one could hand‑craft Solana ELF binaries (though Claire warns against actually doing this in practice).

Takeaway: Solana programs are just structured ELF/BPF binaries, and understanding their layout reveals where Solana’s dynamic syscalls and extra overhead come from.


3. Static vs Dynamic Syscalls and Program Headers (Size/Overhead Optimization)

  • Currently, Solana’s SVM uses dynamic relocation for syscalls: when the program uses a syscall, SVM consults relocation sections/tables to resolve it at runtime.
  • This dynamic model forces inclusion of program headers and multiple relocation-related sections, increasing binary size.
  • For “static programs” (no dynamic syscalls), Claire notes that program headers are not needed at all.
  • The “only” thing that makes a program dynamic today is the syscalls; if syscalls were made static (encoded directly in the instructions), many sections and tables could be removed.
  • Moving to static syscalls (encoding the function hash directly into the call instruction) would:
    • Eliminate the need for dynamic relocation.
    • Remove program headers and several relocation-related sections.
    • Reduce binary size and complexity of deployment.

Takeaway: Shifting Solana from dynamic to static syscalls would materially simplify program binaries and reduce overhead, improving efficiency and potentially fees and performance.


4. Upstream eBPF, Rust BPF Target, and the BPF Linker

  • About five years ago, support for a BPF target was added to the Rust compiler, allowing kernel developers to write Rust and compile to eBPF.
  • Due to Rust’s compilation model (each crate compiled separately), a BPF linker was introduced to merge all compiled crates into a single object file.
  • Claire inspects the bytecode generated by the upstream BPF linker and compares it to Solana’s custom path:
    • Upstream eBPF performs relocation of read-only data; Solana tooling has to “reverse” that relocation to recover which symbol an instruction is loading.
    • Upstream eBPF uses static syscalls, while Solana converts them into dynamic, relocation-based syscalls by generating extra sections and tables.
  • If Solana adopted static syscalls (as upstream does), these extra transformation steps could be dropped, simplifying the build pipeline.
  • Overall, she argues it’s now relatively straightforward to generate valid Solana programs from upstream eBPF output with the right linking and repackaging tools.

Takeaway: The upstream Rust/eBPF toolchain already solves many of Solana’s needs; aligning Solana with upstream (especially static syscalls) would reduce complexity and reliance on a custom compiler fork.


5. Blueshift’s SPF Linker and Assembler: A Bridge from Upstream to Solana

  • Blueshift has built an “SPF assembler” that:
    • Parses assembly into an abstract syntax tree (AST).
    • Calculates offsets and sizes for instructions and sections.
    • Generates section headers and encodes instructions.
    • Produces relocation data for syscalls and outputs Solana-compatible bytecode directly, independent of LLVM.
  • The SPF linker is essentially a wrapper that:
    1. Invokes the upstream BPF linker to produce a single object file from Rust crates.
    2. Parses that object file with the same logic as the assembler’s AST engine.
    3. Repackages it into a Solana ELF/BPF binary that SVM understands.
  • The difference between the assembler and linker is only the input format (string assembly vs. object file); the backend logic is shared and battle-tested.
  • This design enables Solana developers to leverage upstream Rust/eBPF toolchains while still emitting binaries compatible with Solana’s SVM.

Takeaway: Blueshift’s SPF linker and assembler form a practical bridge that lets Solana developers use upstream Rust/eBPF toolchains, reducing dependence on Solana’s custom compiler fork.


6. From “Bad Consumer” to “Good Contributor” of Upstream Tech

  • Claire argues Solana should stop being a “bad consumer” of LLVM/Rust/eBPF, i.e., stop maintaining a heavily customized fork that doesn’t contribute back.
  • When Solana-specific optimizations or improvements are discovered, they should be upstreamed so all BPF users (not just Solana) benefit.
  • This is not just about optics or credibility:
    • Shared optimizations get more usage and testing.
    • Broader adoption helps surface more edge cases and hardens the code.
  • By aligning Solana programs with upstream eBPF and Rust tooling via SPF linker, Solana devs can:
    • Benefit from continuous upstream improvements.
    • More easily contribute Solana-driven enhancements back to the ecosystem.
  • Claire frames SPF linker as opening the path for Solana to integrate with and strengthen the wider Rust/eBPF community.

Takeaway: Integrating with upstream Rust/eBPF and contributing optimizations back will improve reliability, performance, and long-term sustainability of Solana’s tooling.


7. Investor-Relevant Implications

  • Developer Experience & Ecosystem Growth:
    • Less friction and more standard tooling (using upstream Rust/eBPF) should attract more developers to Solana, aiding ecosystem expansion.
  • Performance & Cost:
    • Static syscalls and reduced binary overhead can translate into more efficient execution, potentially lower fees, and better resource utilization on Solana.
  • Risk & Maintenance:
    • Reduced reliance on a bespoke Rust fork lowers technical debt and upgrade risk, making Solana’s core stack more maintainable over time.
  • Ecosystem Positioning:
    • Being a strong contributor (not just consumer) to Rust/eBPF positions Solana as a serious, cooperative player in the broader open-source infrastructure space.

Takeaway: The moves Claire describes—SPF linker, static syscalls, and upstream alignment—are structurally positive for Solana’s developer ecosystem, long-term maintainability, and performance profile, which are relevant supports for an investment thesis around Solana’s tech durability.

Breakpoint 2025: Tech Talk: Chorus One (Brian Crain)

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Breakpoint 2025 D2

Overview

  • Solana has reached its target 400ms block times with improved stability and high real usage, but MEV/fee revenues are cyclically depressed, pressuring validator economics.
  • Custom transaction schedulers and emerging builder markets (BAM, Harmonic) are turning block production into a competitive, MEV-driven arena, trading off validator revenue versus execution predictability and centralization risk.
  • Albun Glow and the 00 network layer aim to cut finality and network latency, lower validator fixed costs (via removal of vote fees), and strengthen decentralization and Solana’s competitiveness for latency-sensitive DeFi and trading.
  • Longer-term changes like proposal‑builder separation and especially multiple concurrent leaders could structurally reduce MEV, alter validator business models, and re-balance power between validators, builders, and apps.
  • For SOL investors, the roadmap targets Solana as an “internet capital markets” platform: if successfully delivered, higher throughput, better UX, and fairer economics could drive sustained on‑chain volume and value accrual, albeit with execution and governance risks.

Brian Crain

CEO & Co-founder, Chorus One; early Solana investor, Genesis validator, past liquid staking builder on Solana, and active in MEV research and validator performance experimentation.


1. Current State of Solana Performance & Network Health

  • Solana has finally achieved its original 400ms block time target consistently in 2025, after years of operating closer to 500–600ms.
  • Skip rate and network instability (including block skips and downtime) have improved significantly; skipped blocks are now rare.
  • Solana sees high real economic activity, with ~400 user transactions per block and likely the highest usage among blockchains by that metric.
  • Despite this, current economic activity (MEV and priority fees) is at a two‑year low, following a massive spike from meme coins and “Trump” trading earlier in the year.
  • The drop in MEV/fees creates pressure on validator earnings and may affect validator sustainability and incentives.

Takeaway: Solana has made major technical strides in performance and stability, but current on-chain economic intensity and MEV-derived revenues are in a cyclical low, impacting validator economics.


2. Rise of Custom Schedulers and Their Market Implications

  • Validators now experiment with custom transaction schedulers rather than just using the default client, creating differentiated approaches to block construction.
  • The default client processes transactions as fast as possible at the start of the block and then tapers off.
  • Alternative schedulers:
    • Some delay processing to the end of the block to maximize revenue from ordering and inclusion.
    • Gito’s BAM scheduler aims for a steady cadence, processing in small “ticks” throughout the block.
  • These strategies can increase validator APY and create competitive differentiation between validators.
  • However, they introduce unpredictability for application and DeFi developers who depend on consistent execution behavior and latency.

Takeaway: Custom schedulers are turning block production into a competitive, revenue-optimized space for validators, but at the cost of execution predictability for apps.


3. Albon Glow: New Consensus & Economic Changes

  • Albun Glow is a complete rewrite of Solana’s consensus algorithm aimed at dramatically reducing time to finality.
  • The new consensus design should support shorter slot times, which can:
    • Further lower latency.
    • Reduce MEV as a percentage of overall trading activity by shrinking the window for MEV games.
  • A major economic change: validator vote transactions will no longer carry transaction fees.
    • Today, validators pay roughly ~1 SOL/day in fixed costs for voting.
    • Large validators effectively receive fees from smaller ones via the current mechanism, a dynamic viewed as unfair and distortionary.
    • Removing vote fees eliminates this small-to-large subsidy and lowers the fixed cost of running a validator.
  • This structural shift could improve decentralization by lowering economic barriers to smaller validators.

Takeaway: Albun Glow is poised to boost speed and fairness by cutting finality times and removing vote fees, which may improve validator economics and decentralization.


4. “00” (Double Zero): High-Performance Network Layer

  • “00” is an attempt to create a high-performance fiber-style network overlay to partially replace standard internet routing for Solana.
  • Chorus One’s experiments show:
    • Latency improvements for geographically distant peers.
    • Less improvement so far on short-distance peers, though further optimizations are ongoing.
  • The main impact is expected to be faster access to blockspace and better network quality for RPCs:
    • Quicker reads and writes to the blockchain for users and infrastructure providers.
  • This could strengthen Solana’s positioning for trading, DeFi, and any latency-sensitive applications that rely on fast state access.

Takeaway: 00 aims to give Solana a purpose-built, low-latency network backbone, improving access to blockspace and making Solana more competitive for high-frequency, latency-sensitive use cases.


5. Proposal-Builder Separation: BAM vs. Harmonic

  • Traditionally on Solana, validators both:
    • Receive transactions and build blocks.
    • Participate in consensus to finalize the chain.
  • In Ethereum-style designs, block building and validation are separated: specialized “builders” construct blocks and validators choose among them, often by who pays the most.
  • On Solana, two emerging approaches attempt something similar:

Gito’s BAM (Builder-Agnostic Module)

  • BAM defines a specific scheduling policy that runs inside a trusted execution environment (TEE), so its behavior can be verified.
  • Validators using BAM would simply receive prepared blocks from BAM nodes, which:
    • Standardizes block behavior and execution pattern for apps (especially DEXs and financial protocols).
    • Potentially makes trading and MEV dynamics more predictable on-chain.
  • Risks/downsides:
    • Reduces competition in block construction if widely adopted.
    • Shrinks the economic/control role of validators, shifting power to a few BAM nodes.
    • Introduces a new form of centralization if only a small set of BAM operators dominate block production.
  • The network impact depends on adoption: at 10% validator usage, BAM has little effect; benefits only materialize at high network penetration.

Harmonic (Ethereum-like Builder Market)

  • Harmonic is less publicly described, but appears closer to Ethereum’s MEV-Boost model:
    • Multiple independent builders compete to propose blocks.
    • Validators choose among blocks from different builders, e.g., on revenue or other criteria.
  • Advantages:
    • More diversity and innovation in building strategies.
    • No single, standardized scheduler—builders can experiment with profit-maximizing algorithms.
  • Trade-offs:
    • Less predictability for application developers.
    • Likely dominance of aggressive, profit-maximizing schedulers, possibly increasing MEV intensity.

Takeaway: Proposal-builder separation on Solana, whether via BAM or Harmonic, could restructure who captures MEV and how predictable execution is—shifting power between validators, builders, and app developers, with significant implications for centralization and fee dynamics.


6. Multiple Concurrent Proposals: A Radical Architectural Shift

  • The largest planned change is moving from a single leader per slot to multiple concurrent leaders proposing in parallel.
  • Instead of one validator building the full block, many (e.g., 15–100) leaders simultaneously create partial blocks that together form the final block.
  • This fundamentally disrupts current MEV and scheduling games:
    • Existing strategies rely on time—waiting inside a slot, observing order flow, then selectively including or reordering transactions.
    • With many leaders processing the same mempool concurrently, whoever includes a transaction first wins the reward, making sophisticated delay-based MEV strategies much harder.
    • Approaches like BAM or Harmonic would not work in the same way under this model and may require redesign.
  • Potential benefits:
    • Large reduction in exploitable MEV and rent-seeking from ordering.
    • More “fair” or neutral inclusion behavior by design, due to concurrency.
    • Lower end-to-end latency for users: with many leaders worldwide, a user can send a transaction to a nearby leader and get fast confirmations.
  • Timeline is long-term: earliest estimate mentioned is around 2027.
  • The second-order effects on incentives, infrastructure design, and validator business models are still unclear but expected to be profound.

Takeaway: Concurrent proposals could transform Solana’s economics and execution fairness by breaking current MEV models and enabling lower-latency, globally parallel block construction—if successfully implemented.


7. Alignment with the “Internet Capital Markets” Vision

  • Solana’s long-term vision is an “internet capital market” where global users and apps transact at scale on a shared, high-throughput ledger.
  • Many of the roadmap items discussed (Albun Glow, 00, builder separation, concurrent proposals) are not incremental tweaks but deep architectural shifts.
  • If successful, these changes could:
    • Make Solana capable of supporting far higher volumes of economic activity and more advanced trading/exchange infrastructure entirely on-chain.
    • Improve UX via lower latency, more predictable confirmations, and higher throughput.
    • Reshape value accrual to SOL holders by enabling more usage and fee generation, assuming the design balances MEV suppression with sustainable validator economics.
  • The network of a few years from now may look fundamentally different from today’s Solana, in both technical architecture and economic structure.

Takeaway: The upcoming architectural overhauls aim to evolve Solana into a truly global, high-speed capital market platform, potentially increasing its long-term attractiveness to users, builders, and SOL investors if the ambitious roadmap is executed well.

Breakpoint 2025: Tech Talk: Ghost (Chris Chang)

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Breakpoint 2025 D2

Overview

  • Prop AMMs now dominate Solana DEX liquidity (~90% of volume), behaving like proprietary, oracle-anchored market makers with sophisticated inventory/flow controls and non-linear, lane-based pricing.
  • Their closed, context-sensitive logic makes quoting and routing complex; Ghost reverses this via simulators, SVM tracing, static analysis, and AI to reconstruct human-readable swap functions.
  • Prop AMMs increasingly discriminate by caller and transaction structure to manage toxic flow and MEV, penalizing non-whitelisted routers and multi-prop-arb bundles, shifting MEV revenue toward AMM operators.
  • Ghost’s forthcoming “execution gap” analytics will compare actual vs ideal routing across prop venues, exposing where users overpay and which AMMs/routers capture or leak value.
  • For Solana investors, edge lies in understanding prop AMM behavior, MEV defenses, and router–AMM relationships to identify winners in fee/MEV capture, execution quality, and data/infra moats.

Chris Chang

Co-founder of Ghost, the team behind the Solana MEV (MF) Data Hub. Talk focuses on how “prop AMMs” work on Solana, how Ghost reverse‑engineers them, and the competitive/tactical dynamics around toxic flow and MEV—highly relevant for DeFi investors and protocol builders on Solana.


1. What Are “Prop AMMs” and Why They Matter

  • “Prop AMMs” (proprietary AMMs) now account for ~90% of aggregated swap volume on Solana.
  • From a user’s perspective, they look like normal AMMs, but under the hood they behave more like proprietary market-makers with active quoting strategies.
  • They are closed-source, have private strategies, are actively inventory-managed, don’t usually take deposits, and often lack a public front-end.
  • Most users access them only through aggregators; different aggregators lean on prop AMMs to varying degrees but generally depend on them for best prices.
  • Strong advantages: permissionless swaps, very tight quotes, very cheap and fast quote updates—making them hyper-competitive market makers on Solana.
  • Market structure is concentrated: typically 2–4 prop AMMs dominate at any time, but leadership can change quickly.

Takeaway: Prop AMMs are now the core liquidity infrastructure on Solana DEXes, heavily influencing pricing, execution quality, and who captures trading and MEV revenue.


2. Challenges in Understanding and Quoting Prop AMMs

  • Prop AMMs do not expose a clean, decoded “quote” interface; to see outputs you typically must simulate or actually execute swaps on-chain.
  • The Ghost team’s goal is to build a human-readable Rust “port” of each AMM’s swap logic, avoiding the need for heavy on-chain simulation for every query.
  • A key gotcha: there is no universal quote—different signers and transaction compositions can lead to different swap outputs for the same nominal trade.
  • Closed, obfuscated code raises the skill bar but is not “impossible” to understand; Ghost positions its work as educational and transparency-enhancing.

Takeaway: Because prop AMMs are opaque and context-sensitive, understanding their behavior and pricing logic is a non-trivial but crucial edge for routing, trading, and MEV analysis.


3. Case Study: How a Popular Prop AMM (Skunk.fi) Works

  • The example AMM (Skunk.fi) can be viewed as an oracle-anchored market maker with explicit controls on inventory and flow.
  • Inventory control: keeps reserves near a target, adjusting price around a desired reserve level.
  • Flow control: caps how much can be traded per price “tier” per slot, limiting per-slot exposure.
  • Explicit oracle protection: if quoted price diverges too far from the oracle, the AMM simply refuses to quote.
  • Multi-layer pricing:
    • Layer 1: start from the oracle price.
    • Layer 2: adjust based on current vs desired reserve.
    • Layer 3: penalize quotes as the oracle becomes stale.
    • Layer 4: execute across up to 10 “lanes” (tranches) of liquidity per side, each with its own spread and capacity.
  • Lanes fill sequentially: the pool fills from base lane upwards, skipping lanes that are exhausted or disallowed, leading to piecewise pricing.
  • Refill logic: after a lane is consumed, the next slot refills half its capacity; if not consumed again, the following slot refills fully—creating discrete, non-smooth liquidity steps.

Takeaway: Leading prop AMMs use sophisticated, oracle-anchored, lane-based liquidity and risk controls, creating dynamic, non-linear pricing that impacts slippage, quote stability, and arbitrage opportunities.


4. Ghost’s Reverse-Engineering Pipeline: Simulator, Trace, Static Analysis

  • Ghost uses three pillars to reverse engineer prop AMMs:
    • Simulator: Executes transactions on a known state to answer “what would this swap output?” without mainnet simulation overhead.
    • Trace: A modified Solana VM (Ghost SVM fork) emits a structured log (trace) of every meaningful action—function calls, returns, account writes, etc.
    • Static analysis: Decompile on-chain programs using Binary Ninja’s HLIL (high-level IR) to inspect logic.
  • The Ghost SVM fork is instrumented so any swap transaction produces a “trace packet” that can be analyzed offline.
  • Example: for “Tessera vX” swap, they build a code summary showing which functions are called, how often, and how they read/write stack, heap, and account data.
  • Decompilation process:
    • Dump the on-chain program with autotask/plugin, select Solana target in Binary Ninja.
    • Example program: 415 functions total, but swaps touch only 68—identified via trace+summary.
  • They then construct a repeatable “prop pipeline”: one script simulates a swap, records a full bundle of reports, creating a “case file” per swap.
  • These case files are then fed to an AI agent which:
    • Gets traces, metadata, and decompiled code.
    • Traverses the call graph bottom‑up (topological sort) to translate and reconstruct a readable swap function.

Takeaway: Ghost has built a robust tooling and AI-driven workflow to systematically de-obfuscate prop AMMs, enabling independent price models and deeper market-structure insight.


5. Toxic Flow, MEV, and Discriminatory Pricing by Prop AMMs

  • “Toxic flow” (adverse selection / informed or arbitrage trades) is a top concern for prop AMMs and a key driver of their logic evolution.
  • Atomic arbitrages that only touch prop AMMs account for about 5–10% of atomic arbitrage revenue, highlighting their centrality in MEV extraction.
  • Many prop AMMs now adjust outputs based on who calls them and how swaps are structured at the transaction level.
  • They use Solana’s instruction inspection capabilities to:
    • Analyze the entire transaction.
    • Check which program is calling them (aggregator/router).
    • Check whether other prop swaps are present and their ordering.
  • Examples of discriminatory behavior:
    • If the transaction is not called by a whitelisted router/program, apply a penalty to the quote (e.g., ~2 bps).
    • If another prop AMM swap appears in the same transaction, some AMMs may apply larger penalties (e.g., Humifi ~25 bps; SoFi v2 ~3.6 bps).
  • This creates a “cat-and-mouse” dynamic:
    • Arbitrage bots and MEV searchers respond by moving from single-transaction strategies to multi-transaction “bundles”.
    • Prop AMMs update discrimination and penalty logic to defend against increasingly sophisticated toxic flow and routing strategies.
  • Result: atomic arbitrage volumes have grown and now make up the majority of MEV activity observed, particularly in top pools over short intervals (e.g., last 30 seconds snapshots).

Takeaway: Prop AMMs on Solana are actively discriminating by caller and transaction structure to defend against MEV and toxic flow, which directly affects realized prices, routing economics, and the distribution of MEV revenue between LPs/AMMs and searchers.


6. Upcoming Ghost Data Products and Market Insight

  • Ghost is preparing a “Unique Data” product focused on detailed execution analysis.
  • The system will:
    • Simulate every on-chain swap transaction against other prop AMMs.
    • Compare actual execution with “ideal” achievable execution across all prop venues.
  • This allows estimation of the “execution gap”:
    • Difference between what users got vs what was theoretically achievable.
    • Quantifies missed price improvement and value captured by specific routers/AMMs/MEV actors.
  • For investors and protocol teams, such data:
    • Reveals which AMMs and routers consistently provide best or worst execution.
    • Highlights where MEV and rent extraction are concentrated.
    • Helps design better routing, fee, and incentive models.

Takeaway: Ghost is building granular execution-quality analytics that will let market participants measure the real efficiency of Solana’s DEX ecosystem and identify where value is being leaked or captured.


7. Investor- and Market-Relevant Implications

  • Prop AMMs are now the central liquidity and MEV battleground on Solana; their strategies heavily shape user pricing, MEV distribution, and aggregator competitiveness.
  • Their closed nature creates informational asymmetry—traders, aggregators, and protocols with better reverse-engineering and analytics have a significant edge.
  • The increased use of caller-based penalties means that:
    • Route choice (which aggregator you use) can materially affect your net execution.
    • Router partnerships and whitelisting relationships may become key economic moats.
  • The cat-and-mouse escalation around toxic flow suggests:
    • Ongoing innovation in AMM logic and MEV defenses.
    • Potential for regulatory or reputational scrutiny if discrimination becomes aggressive.
  • Tools like Ghost’s simulator, traces, and upcoming data products can:
    • Improve transparency.
    • Inform better trading strategies and router design.
    • Help investors evaluate which AMMs/aggregators are best positioned to capture or share value in this evolving market structure.

Takeaway: For Solana-focused investors and builders, understanding prop AMMs, their anti-MEV tactics, and Ghost’s transparency tools is increasingly central to assessing where trading volume, fee revenue, and MEV profits will accrue.

Breakpoint 2025: Tech Talk: Kinetic (Grant Stenger)

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Breakpoint 2025 D2

Overview

  • Kinetic has evolved from Solana NFT infra into a verticalized trading platform with a live DEX aggregator and public APIs, aiming to be a core routing layer for on-chain liquidity.
  • A feature-rich, gamified trading interface (discovery, advanced UI, analytics, social/leaderboards) is designed to concentrate and retain active trading flow on Solana.
  • By integrating broadly with wallets, terminals, and DEXes, Kinetic is pursuing network effects and durable volume capture as default swap infrastructure.
  • The new SUPA protocol introduces an auction-based AMM market structure intended to reduce MEV, improve execution fairness, and enhance LP economics versus standard continuous AMMs.
  • SUPA is already live on Solana, giving investors and builders immediate access to experiment, integrate, and potentially front-run adoption of a differentiated liquidity venue.

Grant Stenger

Founder & CEO of Kinetic; background in crypto + quantitative trading with experience at Polychain and Jane Street. Kinetic has been building on Solana since 2021, evolving from NFT trading infra into a broader trading platform and now launching its own DEX/market structure.


1. Kinetic’s Evolution on Solana and Current Product Suite

  • Started in 2021 building NFT trading infrastructure on Solana, then expanded into NFT aggregation across the ecosystem.
  • Naturally progressed into broader DEX aggregation; Kinetic now runs a live DEX aggregator on kinetic.xyz with public trading APIs.
  • Recently integrated with Titan and has more integrations “in the pipeline,” targeting wallets, trading terminals, and meta-aggregators.
  • Open to integrating both new “prop AMMs” and established DEXes, positioning itself as a routing layer across Solana liquidity.
  • Kinetic now describes itself as a verticalized trading platform, not just an aggregator, aiming to “accelerate internet capital markets on Solana.”

Takeaway: Kinetic has grown from a niche NFT infra player into a full-stack Solana trading platform and aggregation layer, positioned to sit in the flow of large volumes of on-chain trading.


2. User-Facing Platform: Community and Trading Interface

  • Community is described as the “beating heart” of Kinetic, about 10,000 strong across Discord, X, and Telegram, with ongoing trading competitions and engagement.
  • Offers both mobile and desktop browser experiences with a strong emphasis on UX and design, suggesting a consumer- and trader-friendly front end.
  • Core UI features include:
    • Discover page with screening, filtering, and search for sourcing new trades.
    • “Trench” trading interface (advanced trading UI).
    • Analytics on pools and tokens, wallet tracking, and portfolio management.
    • Ability to view other users’ portfolios, plus points programs, leaderboards, and contests.
  • The platform is designed to be the main interaction layer for users, sitting on top of the DEX aggregator and underlying liquidity.

Takeaway: Kinetic is building a feature-rich and gamified trading interface intended to attract and retain active traders on Solana, potentially driving sticky user flow to its underlying protocols.


3. DEX Aggregation as a Core Infrastructure Layer

  • Kinetic operates a DEX aggregator that sources best execution across multiple Solana DEXes, aiming to provide “some of the tightest spreads on Solana.”
  • Public trading APIs allow integrators (wallets, terminals, meta-aggregators) to tap into their routing and pricing engine.
  • Active push for integrations with both newer protocol AMMs and “OG” DEXes suggests a strategy to become a default route for Solana swaps.
  • Their experience with routing and aggregation informed how they designed the new DEX/market structure they are launching.

Takeaway: By entrenching itself as a routing layer for other products, Kinetic is positioning for network effects and durable volume capture in Solana’s trading stack.


4. Launch of SUPA: A New DEX & Market Structure on Solana

  • Kinetic is launching its own DEX/market structure on Solana: the SUPA protocol (Solana Uniform Price Auction).
  • SUPA is inspired by frequent batch auctions in traditional markets (similar to opening/closing auctions in equities, but run repeatedly).
  • It starts from a familiar constant product market maker (CPMM) base, then layers in frequent auctions that determine a uniform clearing price for all trades in each batch.
  • Pool creators can configure auction durations (e.g., one-slot auctions ~400ms on Solana, once per minute, once per day), potentially creating natural “shelling points” like top-of-the-hour or end-of-day auctions.
  • The protocol is already live on Solana; users can experiment with pools at kinetic.xyz, and Kinetic seeks feedback and integrations with major aggregators.

Takeaway: SUPA is Kinetic’s move into owning core market structure on Solana, aiming to differentiate via auction-based pricing rather than just another continuous AMM clone.


5. Economic & Market-Structure Implications: Anti-MEV and Better LP Outcomes

  • SUPA leverages the discrete-time nature of blockchains (blocks/slots) as a feature, not a bug, aligning it with the theory behind frequent batch auctions.
  • By clearing all orders in a batch at a single uniform price, the design:
    • Eliminates economic incentives for transaction-specific sandwich attacks (MEV where a trader is front-run and back-run).
    • Makes ultra-low-latency advantages (microsecond-level HFT infra) largely irrelevant, since all orders in the batch share the same clearing price.
  • This structure is pitched as:
    • More fair for traders (less MEV extraction and slippage from sandwiches).
    • Potentially better for LPs, via mechanisms described in the white paper:
      • Running an auction right before batch close can route certain profits directly to LPs.
      • Acts as a potential LVR (loss-versus-rebalancing) reduction mechanism, meaning LPs could suffer less impermanent-loss-type leakage.
  • Overall goal is a “tidier and nicer” market structure where both traders and LPs see improved outcomes compared to standard continuous AMMs.

Takeaway: If SUPA’s auction design works in practice, it could meaningfully reduce MEV and improve LP returns, making Solana liquidity deeper, fairer, and more attractive for capital.


6. Immediate Status and Integration Opportunities

  • SUPA protocol has been deployed and is live now; this is not just a roadmap announcement.
  • Kinetic invites:
    • Users to try the pools directly on kinetic.xyz.
    • Protocols, aggregators, and large flow providers to explore integration.
  • A white paper has been released with detailed mechanics and modeling, and Kinetic is explicitly seeking community and technical feedback.

Takeaway: Investors and builders on Solana can already test and integrate SUPA, with early movers potentially benefiting from novel trading and LP opportunities if this market structure gains traction.

Breakpoint 2025: Tech Talk: Light Protocol (Swen Schaeferjohann)

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Breakpoint 2025 D2

Overview

  • Solana’s current account/rent model makes token and market creation ~100x more expensive than some L2s, limiting its viability as an “everything exchange” for billions of assets.
  • Light Protocol introduces the Light token program, a new token standard using ZK compression to cut mint/account costs by ~200x and undercut Base-level pricing.
  • The standard is rent‑free, high‑performance, and SPL‑like in UX, making it suitable for real DeFi and payments without sacrificing speed or integration simplicity.
  • A unified token interface SDK lets existing SPL/Token‑22 DeFi apps (DEXes, launchpads, payments) support Light tokens with minimal code changes, demonstrated live with cheaper on‑chain operations.
  • For investors, a full rent‑free stack (accounts, metadata, SPL interop) plus compression of “cold” state positions Solana to host far more assets and long‑tail markets, improving its competitiveness for mass tokenization and fee‑sensitive DeFi at internet scale.

Swen Schaeferjohann

Co‑founder, Light Protocol. Presenting at Solana Breakpoint 2025 about a new token standard built on top of Light Protocol’s ZK compression to drastically reduce Solana account/rent costs for DeFi and payments.


1. The Rent Problem on Solana vs. Competing Chains

  • Current cost to “coin something” (create a token/market with metadata, mint, token accounts, PDAs) on Solana is roughly $5.
  • These accounts are effectively permanent and cannot realistically be closed, so this becomes a one‑time “tax” per market/asset.
  • Competing environments like Base are ~100x cheaper (around $0.05 to create similar assets/markets).
  • For Solana to be the “everything exchange” for billions of users and assets, rent and account creation costs must come down drastically.
  • Target is not just to match Base but to undercut it, aiming for something like $0.02 per asset/market.

Takeaway: High, effectively permanent rent makes Solana uncompetitive for mass tokenization and needs to be structurally fixed to support internet‑scale finance.


2. Introduction of the Light Token Program (New Token Standard)

  • Light Protocol is introducing the “Light token program,” a high‑performance token standard designed for rent‑free “internet capital markets.”
  • Conceptually similar to the SPL token program (it “feels like SPL token”), but engineered to make mint and token account creation ~200x cheaper.
  • Built on top of Light Protocol’s ZK compression primitives launched the previous year with Helius Labs.
  • The cost reduction brings Solana L1 below Base L2 pricing for token/account creation, addressing Solana’s competitiveness on cost.

Takeaway: The Light token program is a new Solana token standard focused on slashing account creation costs by about 200x, making Solana more attractive for launching tokens and markets.


3. Core Requirements for a DeFi‑Usable Token Standard

  • Rent‑free by design:
    • Fixed, dramatically lower allocation cost is the primary value proposition versus traditional SPL token accounts.
    • Achieves Solana‑level performance while being cheaper than L2 competitors on account creation.
  • High performance:
    • Token program must match or beat SPL token’s compute usage on transfers and trades to be viable for DeFi.
    • Light token program is described as “pretty competitive” with SPL token and with the upcoming P‑token in important hot paths.
  • Great UX and easy integration:
    • Designed explicitly with DeFi teams, DEXes, Launchpads, and payments providers in mind.
    • Heavy focus on SDK design to make migration from existing token standards straightforward.

Takeaway: The Light token program is engineered to keep performance and UX on par with SPL token while drastically cutting rent, making it practical for real DeFi and payments usage.


4. Token Interface SDK & Seamless Integration with Existing DeFi

  • Light Protocol built a “token interface SDK” that abstracts over multiple token standards.
  • If a project already supports Token-22 via token interfaces, it’s conceptually already aligned with this model.
  • The SDK presents unified interfaces so the same code can support SPL Token, Token-22, and Light tokens.
  • Example: a fork of Raydium was made “rent free” by using Anchor’s existing interface account feature and the new SDK, with minimal code changes.
  • Call signatures and interfaces are intentionally made very similar to SPL token SDK to lower migration friction.

Takeaway: A unified token interface SDK enables existing DeFi protocols (like DEXes and Launchpads) to add Light tokens with minimal changes, reducing integration risk and cost.


5. Cost & Performance Demo (Defnet)

  • Live demo on devnet shows a typical transaction flow:
    • Instruction 1: compute budget.
    • Instruction 2: create an associated token account (ATA) using Light’s rent‑free ATA implementation.
    • Instruction 3: transfer from one Light token account to another.
  • Using a streaming tool (Laser stream) they show:
    • The ATA creation via Light’s program is significantly cheaper than via the standard SPL ATA program.
    • The actual fee paid to allocate a Light token account is far lower than the fee to allocate a standard SPL token account.
  • Demonstrates real on‑chain evidence that Light token operations are both compute‑efficient and cheaper in lamports.

Takeaway: On-chain measurements validate that Light token account creation and transfers are materially cheaper than standard SPL token flows while remaining efficient.


6. Full Rent‑Free Stack: Accounts, Metadata, and SPL Interop

  • Light’s rent‑free stack includes:
    • Rent‑free ATAs (associated token accounts).
    • Rent‑free mint accounts.
    • Rent‑free program‑owned token accounts.
    • Rent‑free token metadata accounts.
  • Light token program supports wrapping with SPL, enabling interoperability rather than forcing an isolated ecosystem.
  • Macros and SDK helpers make it “very simple” to create new mints with metadata using the Light stack (focus on developer ergonomics).
  • Overall vision is a fully rent‑free asset layer for DeFi, Launchpads, and payment apps on Solana.

Takeaway: Light Protocol is not just a token primitive but a full rent‑free account and metadata stack, designed to integrate with existing SPL workflows.


7. How It Works: Hot vs. Cold State & ZK Compression

  • Core design insight: distinguish between “hot” and “cold” state in DeFi markets.
    • Hot state: actively used accounts such as live DeFi pools.
    • Cold state: dormant or inactive accounts (e.g., old memecoin pools and markets).
  • When accounts become dormant, Light miners can compress these accounts into Merkle trees using ZK compression.
  • Compressed accounts drastically reduce on-chain storage footprint while retaining verifiability.
  • To preserve UX, Light introduces a “load instruction” helper:
    • It dynamically checks if a transaction touches a cold (compressed) account.
    • If so, it atomically loads the compressed account into the transaction, then executes the intended operation.
    • Example: an entire cold Raydium market can be loaded and traded against in a single transaction.
  • This architecture allows the chain to keep high‑activity state hot and cheap, and push long‑tail assets into compressed storage without breaking app UX.

Takeaway: By compressing dormant accounts and lazily loading them via a helper instruction, Light enables rent‑free markets at scale without sacrificing user experience or DeFi composability.


8. Launch Status and Call to Builders

  • The Light token program is currently live on devnet; mainnet launch is “very soon.”
  • SDKs are already available and open source, with documentation accessible via their Twitter and docs links.
  • Target users:
    • DeFi teams (DEXes, lending, derivatives).
    • Launchpads (especially those spinning up many markets/memecoins).
    • Payments companies wanting to reduce ATA/metadata storage costs.
  • Swen encourages teams to reach out at the conference or via Twitter DMs to start building with the new standard.

Takeaway: Light’s rent‑free token stack is available for experimentation now and is positioned to be a key cost‑reduction tool for Solana DeFi and payments once on mainnet.

Breakpoint 2025: Tech Talk: MagicBlock Labs (Andrea Fortugno)

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Breakpoint 2025 D2

Overview

  • MagicBlock introduces a Solana-native “decentralized co-processing layer” using ephemeral rollups to add elastic, multi-threaded compute while preserving SVM composability, enabling fully onchain, real-time apps.
  • The stack targets high-value verticals—trading, gaming, prediction markets, and institutional finance—by combining low-latency execution (~10ms), atomic bundles, TEEs for privacy, VRF for fairness, and real-time oracles.
  • New infra upgrades (50k TPS multi-scheduler, native account compression, faster cloning/streaming) aim to deliver CEX-like performance and Web2-like storage costs, making state-heavy and volume-intensive apps economically viable.
  • A decentralized, staked node-operator model with slashing, hardened TE nodes, and open-source development positions MagicBlock as a potential core infra primitive for secure, censorship-resistant Solana compute.
  • For Solana investors, broader fully onchain app feasibility, improved UX, and institutional-grade infra can drive more usage, fees, and liquidity to the Solana ecosystem, potentially reinforcing its positioning as the leading high-performance L1.

Andrea Fortugno

CEO and co-founder, MagicBlock Labs (Magblo); presenting MagicBlock’s vision as a Solana-native “decentralized co-processing layer” enabling fully onchain, real-time applications.


1. Vision: Real-Time Elastic Compute for Fully Onchain Apps

  • MagicBlock’s mission is to bring “real-time elastic compute” to Solana so that entire applications can run on-chain, not just settlement or parts of the logic.
  • The team of 16 has backgrounds in AI research and low-level systems engineering, positioning the project at the intersection of infra, performance, and crypto.
  • The Canary network “Magnet” was launched as an experimentation net, but is already being used for production-grade applications on Solana mainnet.
  • Current traction: over 1 billion transactions processed, 250,000 ephemeral sessions, and 11,000 unique active addresses.
  • Use cases span consumer apps (e.g., Banana, highlighted by Raj), trading UIs, games, prediction markets, and replacements for opaque real-money gaming platforms.

Takeaway: MagicBlock is positioning itself as a key infra layer to make high-performance, fully onchain consumer and financial apps feasible on Solana at scale.


2. Why Fully Onchain Apps Are Economically and Strategically Attractive

  • Fully onchain logic (just smart contracts) gives verifiability: users and counterparties can audit application behavior, which is critical for financialized and gaming platforms.
  • Composability with DeFi on Solana allows apps to plug into lending, liquidity, and yield primitives (e.g., Kamino), enabling new monetization models.
  • Onchain apps are “unstoppable” and permissionless—harder to censor, shut down, or selectively deny service compared to server-based Web2 platforms.
  • New revenue opportunities: developers can capture fees on volume, spreads on trades, or yield spreads from lending idle balances, in ways not typically available in traditional server-based apps.
  • For real-money gaming and prediction markets, onchain operation reduces counterparty and platform risk (no more relying on slow or untrustworthy custodial operators).

Takeaway: Moving entire apps onchain isn’t just philosophical; it opens more transparent, composable, and potentially higher-margin business models for builders and, by extension, investors.


3. Core Tech: Ephemeral Rollups as “Multithreading” for Solana

  • MagicBlock introduced “ephemeral rollups”: Solana programs can add a delegation instruction to move arbitrary accounts into temporary, high-performance SVM instances.
  • A router pings globally distributed nodes, clones the required state on demand, runs the state transitions at “light speed,” then commits the state diff back to Solana.
  • These ephemeral rollups can optionally CPI (cross-program invoke) into other programs and operate in “bundles” that are atomic—all execute or none execute.
  • After computation, accounts can be “undelegated” and folded back into Solana, effectively providing a multi-threaded execution model on a single global chain.
  • This design keeps applications SVM-native and composable with existing Solana programs while massively boosting throughput and lowering latency.

Takeaway: Ephemeral rollups effectively add parallelism and compute elasticity to Solana without sacrificing SVM compatibility or composability, which can support much more complex and high-volume apps.


4. Custom Runtimes, Privacy, and Advanced Plugins

  • MagicBlock supports different “plugins” so applications can run on custom runtimes suited to their needs rather than being confined to a single execution environment.
  • Privacy plugin: execution inside Intel TDX trusted execution environments (TEEs) enables private state transitions for sensitive financial and user data.
  • Real-time Oracle support: enables high-frequency price feeds without incurring a transaction fee for every onchain account update, important for low-latency trading and derivatives.
  • VRF (verifiable random function) support: allows high-throughput apps, particularly games and gambling, to achieve provably fair randomness at scale.
  • Fine-grained programmable access control: onchain-defined rules for who can read/write delegated state, with features like IP geo-fencing (e.g., excluding sanctioned jurisdictions).

Takeaway: By layering privacy, oracles, VRF, and access control on top of SVM, MagicBlock is targeting key missing pieces for institutional, trading, gaming, and compliance-aware use cases.


5. High-Performance Trading and Market Infrastructure

  • Latency-sensitive trading use cases (e.g., Flash Trade, Archer, Max Speed) benefit from ~10ms latency, enabling more volume and therefore more fees.
  • Market makers operating in first-come-first-serve environments can quote tighter spreads due to the ability to rapidly adjust quotes under volatility.
  • Co-location with infra nodes ensures best-possible latency for sophisticated players that care about microsecond-level edge.
  • Bundles with atomic execution allow complex, multi-leg strategies or cross-program interactions to either fully execute or revert, reducing risk.
  • TEEs enable encrypted orderflow designs (e.g., private auctions, sealed-bid mechanisms) that can minimize MEV and information leakage while maintaining onchain settlement.

Takeaway: MagicBlock aims to make Solana more attractive to professional traders and market makers by bringing CEX-like speed and advanced orderflow designs into an onchain, composable environment.


6. Gaming, Consumer UX, and Fairness

  • MagicBlock enables “feeless” experiences for end users, making games feel like Web2 while still granting access to native USDC/USDT and other onchain assets.
  • High-throughput VRF is emphasized as critical for provably fair games and gambling applications, improving trust and regulatory posture.
  • The architecture allows fully onchain game logic without sacrificing responsiveness, which is typically a limiting factor for blockchain games.
  • Real-money gaming platforms can migrate from opaque, custodial systems to verifiable, non-custodial onchain models where users don’t need to sue operators to get paid.

Takeaway: Solana-based games and consumer apps can deliver Web2-quality UX with onchain fairness and asset ownership, expanding the realistic addressable market for onchain gaming.


7. New Protocol Upgrades: Scaling, Storage, and Security

7.1 Lightweight FCFS Multi-Scheduler (50k TPS Sidecar)

  • MagicBlock is launching a lightweight first-come-first-serve multi-scheduler capable of up to 50,000 TPS on commodity hardware.
  • It can run as a sidecar to existing Solana validators due to relatively low node requirements, avoiding heavy infra overhead.
  • This scheduler opens up new types of high-throughput, low-latency use cases that are not practical directly on Solana L1 today.

Takeaway: The multi-scheduler dramatically increases effective throughput available to apps, making latency- and volume-intensive protocols more feasible on Solana.

7.2 Native Account Compression Integration (with Light Protocol)

  • MagicBlock is integrating account compression natively and transparently into its ephemeral rollups, in collaboration with Light Protocol.
  • This yields up to ~200x reduction in storage/rent costs, directly tackling the widely-cited problem of high onchain storage expenses.
  • Compressed accounts can be decompressed within the ephemeral rollup to be operated on efficiently, then re-committed to Solana.
  • This combination provides Web2-like storage cost profiles while preserving onchain verifiability and composability.

Takeaway: Native account compression slashes storage costs, making state-heavy, user-intensive apps (social, gaming, NFTs, etc.) far more economically viable on Solana.

7.3 Faster Cloning Pipeline & Transaction Streaming

  • The “cloning pipeline” is the validator module that keeps ephemeral rollups in sync with Solana; it has been rewritten to be much faster and more reliable.
  • Support for streaming allows users and validators to continuously validate the state transitions within specific ephemeral rollups.
  • Streaming and improved sync add redundancy and integrity checks, reducing the risk of incorrect or malicious execution off the main chain.

Takeaway: A more robust cloning and streaming pipeline improves reliability and trust in offloaded computation, which is essential for institutional and high-value use cases.

7.4 TE Nodes in Military-Grade Data Centers

  • Some TEE nodes will be deployed in military-grade, underground data centers with 24/7 armed security and stringent operational security.
  • This adds a physical security layer on top of the hardware enclave’s cryptographic guarantees.
  • The move is targeted at users who demand hardened, enterprise-grade security profiles for confidential or high-value workloads.

Takeaway: Combining TEEs with hardened physical infrastructure positions MagicBlock as a serious option for highly regulated or security-sensitive financial institutions.


8. Decentralization, Incentives, and Mainnet Path

  • MagicBlock’s long-term vision is to be a decentralized co-processing layer, fully replacing centralized AWS-style servers currently used by many “web3” apps.
  • Applications can choose to run their own nodes or rely on third-party node operators.
  • Node operators will be staked and subject to slashing if they misbehave or fail to process state transitions correctly, aligning incentives with correct execution.
  • The system keeps Solana-native development workflows, aiming to offer Web2-like cost and performance but with onchain security, privacy, and composability.
  • All development is open source, with active invites to developers and operators to join via Discord, GitHub, and X.

Takeaway: MagicBlock is evolving toward a decentralized, economically-incentivized compute layer for Solana, with staking and slashing to secure offloaded execution, which could become a foundational infra primitive if adoption continues.

Breakpoint 2025: Tech Talk: Malbec Labs (Ben Marx)

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Breakpoint 2025 D2

Overview

  • double0ero is a decentralized, high‑performance private network acting as a shared backbone, with Solana as its first major tenant (serving validators, RPCs, and block engines).
  • The protocol logs detailed on‑chain telemetry and uses Shapley value–based rewards to incentivize contributors to maximize network quality rather than minimize cost.
  • Measured results show significantly lower and more predictable tail latencies (P95/P99) versus the public internet, which is crucial for trading, MEV, and block production on Solana.
  • Multicast support—unavailable on the public internet at scale—enables near‑simultaneous global data distribution, improving fairness and efficiency in Solana’s Turbine, shred stream, and block propagation.
  • For Solana investors, double0ero represents institutional‑grade networking (HFT‑style performance with decentralized incentives) that can enhance Solana’s reliability, competitiveness, and attractiveness for latency‑sensitive capital and applications.

Ben Marx

Ben Marx, founder of Malbec Labs, presenting on “double0ero” (also pronounced “double zero”), a high‑performance, decentralized network protocol currently serving Solana validators and block engines.


1. Overview of the double0ero Protocol & Vision

  • double0ero is a protocol and private network built by Malbec Labs, live as a “high performance decentralized global network.”
  • The project is rooted in a strong decentralization ethos, explicitly positioned against 20–30 years of tech consolidation and monopolization.
  • The protocol is designed to let many independent contributors collectively build and operate a network that no single entity could build alone.
  • Solana is the first “tenant” on the network, with validators and related infrastructure as primary users.

Takeaway: double0ero aims to be a decentralized, shared high‑performance network backbone, with Solana as its first major customer, positioning itself as critical performance infrastructure rather than a centralized service.


2. Network Architecture, On‑Chain Telemetry & Reward System

  • Core architectural components highlighted are serviceability and telemetry:
    • Serviceability defines the network’s structure: locations, exchanges, links, latency, jitter, bandwidth, etc.
    • Telemetry continuously pulls performance and health data from the private network and compares it to the public internet.
  • All telemetry and performance data are written to an on‑chain “DZ ledger,” making network performance observable and auditable.
  • Rewards to network contributors are computed using Shapley values, a cooperative game‑theory method:
    • Measures each contributor’s marginal impact: “If you’re not part of the network, how much worse is the network?”
    • Designed to create a “race to the top” in quality, versus the typical ISP “race to the bottom” on cost.
  • Around 40% of Solana validators are already on the network, indicating meaningful early adoption in a key ecosystem segment.

Takeaway: double0ero builds transparent, on‑chain performance telemetry and uses Shapley‑based rewards to economically incentivize continuous quality improvement from network contributors.


3. Measured Performance Gains vs. Public Internet

  • double0ero launched a mainnet beta in October and is sharing real data from an RPC provider as an example.
  • On public internet routes, median latency (P50) is fairly stable, but P95 and P99 latencies are highly volatile, creating uncertainty for time‑sensitive operations.
  • When traffic is routed through double0ero (“the 0ero difference”), jitter and tail latencies (P95, P99) are significantly reduced:
    • Users can generally land a transaction in ~500ms worst case on double0ero vs. >1–1.5 seconds on the public internet.
  • The economic value is framed as being in the margins (high‑percentile latency), where lower and more predictable tails enable better decision‑making and execution for users (e.g., trading, MEV, block production).
  • Even when the public internet may be occasionally faster for some packets, the consistent behavior and better tail performance on double0ero are argued to be more valuable.

Takeaway: the network delivers materially better and more predictable latency tails than the public internet, which can translate into significant economic advantages for performance‑sensitive Solana participants.


4. Network Health Monitoring & Operational Tooling

  • A global decentralized network is “rarely if ever fully healthy”; links are constantly fluctuating due to real‑world factors like fiber cuts and routing changes.
  • double0ero provides visibility into:
    • Link overviews and status.
    • Healthy telemetry vs. “drift” (performance deviation) vs. missing telemetry.
  • Example: 16 network links are flagged with “drift,” which is positioned as positive because:
    • The network now has the granular data to identify where problems are.
    • Malbec and contributors can use this data to resolve issues and improve tooling.
  • Continuous tooling development is aimed at making it easier to understand and fix issues, improving operational robustness over time.

Takeaway: beyond raw performance, double0ero is investing in sophisticated monitoring and health telemetry that should improve reliability and resilience, key for institutional and high‑stakes Solana infrastructure.


5. Multicast Capabilities: A Differentiator vs. Public Internet

  • Multicast—simultaneously sending a packet to many destinations—“does not exist and cannot exist on the public internet” at scale in the way double0ero enables.
  • double0ero has implemented multicast and run case studies with Geolabs and Anza:
    • Tested both “shred over multicast” and “turbine over 0ero multicast.”
  • Visual comparisons:
    • Unicast turbine: Frankfurt (leader) → Amsterdam → London → US and back, with data bouncing across multiple hops.
    • Multicast via double0ero: a single packet goes out and is replicated “all over the world” nearly simultaneously, subject only to physical distance (speed‑of‑light limits).
  • This is presented as offering a more “equitable view of the world” since everyone receives data as quickly as geographically feasible, rather than through long, sequential unicast fan‑outs.

Takeaway: double0ero’s multicast unlocks a network primitive that the public internet cannot practically offer, enabling much more efficient and fair global data distribution for protocols like Solana.


6. Application to Solana: Turbine, Shred Stream & Block Engines

  • The talk focuses on concrete integration with Solana’s networking stack:
    • Shred stream / GoTo architecture: GoTo sends shreds to Turbine, then to an Amsterdam block engine, with workers approximating multicast over unicast.
  • With double0ero multicast:
    • Multicast is “just a different destination IP” inside the 0ero network.
    • A single packet is sent into the 0ero private network, which intelligently replicates it and delivers it to all relevant block engines and shred proxies globally.
  • High‑level view shows many block engines worldwide, all fed by a single multicast packet instead of many unicast copies.
  • This is positioned as:
    • Simple for existing Solana infra to adopt (minimal code changes).
    • A direct performance boost for block propagation, potentially affecting consensus speed, validator fairness, and MEV/arb dynamics.

Takeaway: by plugging multicast into Solana’s Turbine and shred stream paths, double0ero can materially speed up and smooth block/shred distribution globally with minimal integration friction for existing infrastructure providers.


7. Latency Benchmarks: Unicast vs. double0ero Multicast

  • Tests compared unicast vs. 0ero multicast for shreds, using packet capture timestamps as the measurement method.
  • Scenarios included:
    • Tokyo ↔ Frankfurt on both unicast and multicast paths.
  • Results:
    • “Substantial” millisecond improvements in both Tokyo and Frankfurt under 0ero multicast.
    • Frankfurt saw improvements exceeding 60ms in some cases.
    • Even where the public internet occasionally outperforms, 0ero generally wins on P75, P95, P99—again emphasizing tail latency gains.
  • Charts showed the percentage of “wins” (lower latency) for 0ero multicast vs. unicast, with multicast winning a large majority of the time in both regions.

Takeaway: measured benchmarks confirm that double0ero multicast meaningfully reduces latency and improves consistency over unicast, especially in the high‑percentile tails most relevant to competitive trading and block production.


8. Use of Proven Technologies & Strategic Positioning

  • double0ero leans on technologies used for decades in high‑frequency trading (HFT) and by large tech firms:
    • Multicast networking.
    • Established network engineering best practices.
  • The pitch is not about novel science, but about:
    • Taking time‑tested, battle‑hardened infrastructure techniques.
    • Making them accessible in a decentralized, on‑chain rewarded network for crypto participants.
  • The network is framed as “shrinking the world”: physics can’t be beaten, but effective routing, multicast, and private optimized paths can minimize real‑world distances’ impact on competition.

Takeaway: by packaging mature HFT‑grade networking techniques into a decentralized, on‑chain‑incentivized system, double0ero positions itself as a foundational performance layer for Solana and potentially other high‑throughput chains.

Breakpoint 2025: Tech Talk: Neon (Ivan Bjelajac)

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Breakpoint 2025 D2

Overview

  • Neon Labs is led by deeply EVM-native talent that “converted” to Solana, focusing on how to bring EVM developers, tooling, and capital into the Solana ecosystem.
  • The original “lift-and-shift” EVM-on-Solana vision proved structurally limited; Neon is pivoting toward solving execution, performance, and UX constraints rather than generic Solidity portability.
  • Neon’s core strategy is Solana-native “network extensions” with trustless off-chain compute secured by novel, stacked ZK proofs and GPU acceleration—keeping users, wallets, and consensus fully on Solana.
  • They are productizing this into a specialized ZK VM for perpetuals and high-performance trading, aiming to capture latency-sensitive, high-value perps order flow on Solana.
  • Parasol, Neon’s ZK engine, starts as infra for perps but targets becoming a general ZK layer for Solana, creating new upside for investors in Solana-native derivatives venues and ZK-secured off-chain compute projects.

Ivan Bjelajac

CEO, Neon Labs (Neon EVM / Parasol); previously led Polygon Edge (Polygon’s EVM client) and strategy at Tenderly, with deep background in EVM tooling and infrastructure.


1. From Ethereum Native to Solana Builder

  • Ivan has been active in Ethereum since early 2016, led Polygon Edge (Polygon’s EVM client), and helped deploy ~300 blockchain use cases there.
  • At Tenderly, he oversaw strategy and brought infrastructure/tooling to 100+ EVM-based networks.
  • He first encountered Neon EVM via Tenderly’s work, became interested, and later took over as CEO of Neon Labs.
  • Positions himself as someone “converted” from Ethereum to Solana specifically through Neon EVM and Solana’s capabilities.

Takeaway: Neon’s leadership comes from a deeply EVM-native background, giving it strong insight into what it takes to attract EVM developers and capital to Solana.


2. Why the Original “Lift-and-Shift” Neon EVM Vision Fell Short

  • Neon EVM’s initial 2021 goal: let Solidity/EVM developers move existing apps to Solana without rewriting them.
  • In practice, the main blocker wasn’t learning Rust, but Solana’s architectural constraints forcing changes to DeFi app business logic.
  • Solana’s design for speed and “internet-scale capital markets” introduces execution and state model differences that break naive EVM portability.
  • Even teams rewriting in Rust face logic changes to fit Solana’s model, especially for complex DeFi logic.
  • Neon tried to solve this via “network extensions” (an EVM inside the SVM), but Solana’s constraints limited fully faithful EVM behavior.

Takeaway: Simply porting EVM apps to Solana is structurally hard, and Neon is pivoting from generic EVM compatibility toward solving higher-value execution and performance problems.


3. Network Extensions and Off-Chain Compute as a Core Solana Strategy

  • Neon frames “network extensions” as a way to keep:
    • Solana wallets, blockspace, and consensus,
    • while offloading heavy computation off-chain.
  • This model targets apps that:
    • Are too complex or compute-heavy for Solana’s on-chain constraints, or
    • Want ultra-low-latency (10–20 ms) execution for trading and DeFi.
  • The big opportunity is application-controlled execution and more complex logic, available today via off-chain compute instead of waiting for core protocol upgrades.
  • Neon aims to make Solana attractive for sophisticated DeFi/trading use cases that currently go to specialized venues (e.g., Hyperliquid) or stay EVM-native.

Takeaway: Neon sees network extensions + off-chain compute as the path for Solana to capture complex, latency-sensitive DeFi flows without sacrificing its core performance model.


4. ZK Proofs as the Trustless Bridge — and Why It’s Hard on Solana

  • To keep off-chain execution trustless, Neon concluded zero-knowledge proofs are the only acceptable mechanism.
  • On Ethereum, ZK is easier to integrate because base-layer throughput is lower; large, slow proofs fit the environment better.
  • On Solana, ZK is technically harder due to:
    • High throughput requirements,
    • Limited tolerance for large, slow verification workloads,
    • ZK systems still being compute-heavy and proof-size-heavy.
  • Neon studied Ethereum ZK-EVMs/ZK-VMs and saw they also have significant challenges; direct copying doesn’t work well on Solana.

Takeaway: Using ZK to secure off-chain computation on a high-throughput chain like Solana is non-trivial, pushing Neon to innovate beyond existing Ethereum-style ZK solutions.


5. Neon’s ZK Breakthrough: “Proving the Proof” and GPU Acceleration

  • Neon’s key insight: treat ZK circuits as mathematical programs and stack proving systems:
    • First, a custom circuit proves a specific program, generating a large (but smaller than raw compute) proof.
    • Then, a second proving system proves that proof, compressing and optimizing verification.
  • By chaining two different proving systems, they can make proofs small and, in some cases, faster to generate and verify on Solana.
  • They validated this approach using PlonK-like (Plon) proving systems and claim they can provide “real ZK” on Solana without a separate L2 or side-chain.
  • All user interaction remains on Solana:
    • Same wallet,
    • Same consensus,
    • Only the computation is offloaded and then proven back.
  • With GPU acceleration, they see 10x faster proving already and are targeting “nearly instant” proving as an end goal.

Takeaway: Neon is developing a novel, stacked ZK-proof pipeline (plus GPU acceleration) tailored to Solana’s performance envelope, enabling trustless off-chain compute while staying on Solana.


6. Strategic Focus on Perpetuals and Trading: A Specialized ZK VM

  • After realizing each program class needs custom ZK circuits, Neon chose to focus on the most in-demand use case at Breakpoint 2025: perpetuals (perps).
  • They are building a specialized VM for trading on Solana, designed specifically to:
    • Run a perps-focused CLOB (central limit order book) DEX,
    • Deliver very low-latency and high-performance trading flows.
  • Each trading use case (e.g., a specific DEX design) may require its own tailored ZK circuits, which Neon is willing to build.
  • The trading VM is meant not just as infra, but as a reference product to prove out the network extension model and attract liquidity and builders.
  • This directly targets current market reality where perps are the dominant DeFi narrative and key liquidity driver.

Takeaway: Neon is productizing its ZK and off-chain compute work into a trading-specialized VM for perps, positioning Solana as a venue for ultra-fast, trust-minimized derivatives DEXs.


7. Parasol: Neon’s ZK Engine and Builder Platform

  • The ZK engine Neon built is called Parasol.
  • Parasol is envisioned as:
    • The core engine behind Neon’s trading VM and future network extensions,
    • A potential general-purpose ZK solution for Solana (analogous to SNARK/STARK stacks in Ethereum).
  • Near-term focus:
    • Specialized ZK circuits for trading/perps,
    • Beta access for builders wanting to build a perps DEX or add DEX functionality to existing applications.
  • Long-term vision:
    • Evolve Parasol into a more open, general-purpose ZK platform on Solana,
    • Invite community contributions to broaden supported use cases beyond trading.
  • Neon explicitly invites:
    • DEX builders,
    • Existing apps that want to bolt on a DEX,
    • ZK researchers and engineers interested in building open-source ZK infra on Solana,
    • Teams looking to migrate from EVM or other ecosystems to Solana using Parasol.

Takeaway: Parasol is Neon’s cornerstone product—a ZK engine for Solana that starts with perps/trading but aims to become a general ZK infrastructure layer, creating new opportunities for DeFi builders and investors on Solana.


8. Implications for Solana & Crypto Investors

  • Neon’s pivot suggests that:
    • The biggest growth may come not from generic EVM compatibility, but from high-performance, specialized DeFi primitives on Solana.
  • If successful, Parasol and the trading VM could:
    • Attract order flow currently going to centralized exchanges or off-Solana perps venues,
    • Increase Solana’s role as a derivatives and HFT-friendly chain.
  • For EVM builders, this provides:
    • A credible path to leverage Solana’s speed without rewriting entire business logic into Rust,
    • A trust-minimized off-chain compute layer backed by ZK.
  • For ecosystem investors, Neon’s work hints at:
    • A new category of “on-Solana, off-chain compute” projects,
    • Potential consolidation of perps liquidity around specialized Solana-native, ZK-secured venues.

Takeaway: Neon is betting that specialized, ZK-secured off-chain execution—starting with perps—will be a major driver of high-value DeFi and liquidity on Solana, creating both infra and application-level investment opportunities.

Breakpoint 2025: Tech Talk: R3 Labs (Richard Brown)

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Breakpoint 2025 D2

Overview

  • R3, a major TradFi infrastructure player, has decisively chosen Solana over EVM chains, citing its single-shard, high-throughput architecture as uniquely suited for institutional capital markets.
  • R3 plans to converge existing private Corda networks onto Solana, using a Rust program on mainnet as a shared settlement/consensus layer and bridge for institutional assets.
  • Solana’s unified, composable L1 is framed as the foundation for “internet capital markets,” where all financial primitives co-exist and interact without L2 fragmentation.
  • The key bottleneck for RWAs is not tokenization but structuring: DeFi yield vaults on Solana can function as mutual-fund-like wrappers that make off-chain assets attractive to on-chain investors.
  • R3 Labs is launching an RWA marketplace on Solana that connects TradFi issuers to curated yield vaults, reinforcing the investment thesis of Solana as a primary hub for institutional RWAs and capital markets activity.

Richard Brown

CEO, R3 Labs. Previously CTO leading R3’s transition from private/permissioned Corda networks toward public chains. Represents a consortium strongly rooted in TradFi (many large financial institutions are R3 shareholders and Corda users).


1. Why R3 (TradFi infrastructure) Chose Solana

  • R3 built dozens of private, permissioned Corda networks over 10 years, with tens of billions of dollars of assets and many of the world’s largest financial institutions as users and shareholders.
  • Brown argues private networks have hit their ceiling: they work, but there’s “only so far you can take this model.”
  • When regulation allowed, R3 systematically evaluated public chains and “wholeheartedly and decisively” chose Solana as their target for convergence.
  • The architectural reason: Solana’s parallel transaction processing (each transaction commits only to the part of state it touches) enables true high‑throughput, low‑latency, single-shard performance; he argues “the EVM can’t do that.”
  • He frames Solana’s architecture as a non-replicable advantage versus EVM ecosystems and a key reason Wall Street can credibly move activity onto it.

Takeaway: R3 views Solana’s single, high-performance L1 architecture as uniquely suited to institutional capital markets and has strategically aligned its long-standing TradFi infrastructure business with Solana.


2. Converging Private Corda Networks onto Solana

  • R3 is actively working to bring existing live Corda networks onto Solana rather than operating them as isolated private systems indefinitely.
  • Starting next year, R3 will deploy a live Rust program on Solana mainnet capable of processing Corda transactions on-chain.
  • This program will provide consensus for any existing private Corda networks that opt in, effectively using Solana as a shared settlement and consensus layer.
  • It will also enable those networks to bridge their existing assets onto Solana, moving real value from permissioned environments into the public ecosystem.

Takeaway: R3 plans to use Solana as a core settlement and consensus layer for Corda, creating a pipeline for institutional assets and activity to migrate from private networks onto Solana.


3. “Internet Capital Markets” and Solana’s Composability Edge

  • Brown introduces the idea of “internet capital markets” on Solana—acknowledging it sounds like a marketing phrase but asserting there is a real technical and structural basis.
  • Traditional finance participants hear “capital markets” and think of complex webs of CSDs, brokers, custodians, and intermediaries; in contrast, DeFi terms like AMMs, looping, or decentralized lending feel alien to them.
  • He notes that many DeFi features already exist conceptually in TradFi:
    • Collateralized lending pools ≈ repo markets
    • Yield boosting / looping ≈ securities lending
  • What’s new is not any one primitive, but that on Solana “they’re all in one place, endlessly composable” thanks to:
    • A single, shared, high‑throughput, low‑latency L1
    • No fragmentation into multiple L2s or separate sidechains.
  • He positions this composability and shared state as Solana’s “killer feature” that enables a true internet-native capital market to form.

Takeaway: The “internet capital markets” thesis is that Solana’s unified, composable DeFi environment can replicate and surpass TradFi capital markets because all financial primitives co-exist and interact on a single, high-performance chain.


4. The Missing Piece: Real-World Assets and the “Impedance Mismatch”

  • Brown argues current on-chain DeFi is powerful but largely self-referential: most yield is generated from on-chain activities rather than real-world cash flows.
  • To unlock full “capital markets” on-chain, a substantial volume of real-world assets (RWAs)—bonds, equities, funds, etc.—and their cash flows must be brought to Solana.
  • Today, he sees an “impedance mismatch”:
    • Many off-chain assets could be tokenized.
    • But on-chain investors often do not want to buy them as-is because they’re used to:
      • Global access, any ticket size
      • Instant or near-instant liquidity, even for illiquid underlyings
      • Yield commensurate with risk.
  • He likens this to a problem TradFi solved with mutual funds: wrapping undesirable raw assets into portfolio structures that better fit investor needs.
  • However, mutual funds are slow, clunky, expensive, and legally heavy—century-old technology poorly suited for internet-scale markets.

Takeaway: The constraint on RWA growth isn’t tokenization technology but financial engineering—transforming off-chain assets into structures that match on-chain investors’ expectations for access, liquidity, and yield.


5. DeFi Yield Vaults as the On-chain Analog to Mutual Funds

  • Brown identifies DeFi “yield vaults” as the direct on-chain analog to mutual funds.
  • A yield vault is:
    • A cheap, fast, permissionless on-chain contract.
    • Able to own and manage underlying assets.
    • Curated (like a fund manager) to blend assets and structures into products with the right liquidity and liquidation profile for end investors.
  • This approach can:
    • Transform raw RWAs into on-chain products that investors actually want.
    • Do so far more efficiently than mutual funds (no heavy legal wrapper per fund, operational automation, on-chain transparency).
  • He emphasizes the problem and solution are primarily financial engineering, not technical: the key is designing vault strategies that align off-chain supply with on-chain demand.

Takeaway: Properly designed yield vaults on Solana can function as next-generation, permissionless “funds,” solving the mismatch between off-chain asset supply and on-chain demand and enabling scalable RWA distribution.


6. R3 Labs’ New Launch: A Real-World Asset Marketplace on Solana

  • R3 Labs will launch a dedicated real-world asset marketplace on Solana at the start of next year.
  • Core features:
    • A single unified platform where off-chain traditional issuers can list and issue their assets.
    • Built-in distribution into on-chain yield vaults curated by high-quality curators (analogous to fund managers).
    • Curators transform these issuances into investable vault products with:
      • Appropriate risk/return characteristics.
      • Liquidity profiles that make sense for on-chain users.
      • Access properties (ticket size, geography, etc.) aligned with DeFi norms.
  • This marketplace aims to:
    • Give issuers what they want: distribution into a global, on-chain investor base in a form that’s marketable.
    • Give on-chain investors what they want: RWA exposure that fits DeFi-native expectations for usability, liquidity, and yield.
    • Plug these vaults directly into the broader Solana DeFi ecosystem (DEXs, money markets, composable protocols).
  • Brown insists this model “can only be done on Solana” because it relies on Solana’s single, massively performant L1 rather than a patchwork of L2s and private systems.
  • He invites early adopters to register at recorder.xyz or via a Soulflare quest code to be among the first users.

Takeaway: R3 Labs is launching an RWA marketplace on Solana that connects TradFi issuers to curated on-chain yield vaults, aiming to become the primary gateway for institutional real-world assets into Solana DeFi.


7. Strategic Implications for Solana and Crypto Investors

  • R3’s move signals strong institutional validation: a major TradFi-focused infrastructure provider is now actively building core infrastructure and marketplaces on Solana.
  • The planned migration path from private Corda networks to Solana may significantly increase Solana’s on-chain volume and the diversity of assets (e.g., bonds, funds, etc.).
  • If the marketplace succeeds, Solana could become a central hub for RWA-based yield products, potentially differentiating it from EVM ecosystems fragmented across many L2s.
  • Brown repeatedly emphasizes he has not “regretted that choice once,” underlining R3’s long-term commitment to Solana as its public-chain home.

Takeaway: For investors, R3’s alignment and forthcoming RWA marketplace strengthen the thesis that Solana could emerge as a core settlement and asset layer for institutional-grade, real-world capital markets.

Breakpoint 2025: Tech Talk: Reilabs (Marcin Kostrzewa)

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Breakpoint 2025 D2

Overview

  • Sunspot introduces a Noir-based ZK toolchain with a Groth16-style proof system (GNAR) tailored to make proof verification cheap and practical on Solana.
  • It enables privacy-preserving, compliant apps (e.g., ZK-based KYC, identity gating, institutional DeFi, game “fog of war”) with realistic costs and latency.
  • The system overcomes Barretenberg’s prohibitive on-chain costs by generating compact proofs (~388 bytes) and efficient verifiers (<500k compute units).
  • Standardizing on Noir aligns Solana with a broader, multi-chain ZK ecosystem, lowering dev friction and accelerating ZK app development.
  • For investors, this strengthens Solana’s position as a high-throughput, privacy-capable base layer, particularly attractive for institutional DeFi, tokenization, and data-rich Web2→Web3 integrations.

Marcin Kostrzewa

Marcin Kostrzewa, Reilabs — presenting “Sunspot,” a new zero-knowledge (ZK) toolchain for deploying ZK applications on Solana using the Noir language and a custom proof system optimized for Solana verification.


1. Why Zero-Knowledge (ZK) Matters for Solana Applications

  • ZK enables private transactions and state while still enforcing rules on-chain, which is critical for:
    • Institutional users who don’t want full portfolio transparency to analytics firms.
    • On-chain games that need “fog of war” (hidden map or secret moves) while proving players follow the rules.
  • Identity / compliance use cases:
    • “Soft KYC” via tools like ZK Passport: prove you’re 18+ and not sanctioned without revealing full identity details.
  • Web2 data attestations:
    • Protocols like ZK Email and ZK TLS Notary let users prove they received specific data (e.g., PayPal transaction, Uber ride) without leaking credentials or full content.
  • Scaling and cost efficiency:
    • ZK is behind concepts like “ZK compression” (e.g., Light Protocol), reducing on-chain storage and rent costs on Solana by compressing state using proofs.

Takeaway: ZK is becoming a foundational primitive for privacy, compliance, Web2 integration, and scaling on Solana, broadening the range of viable on-chain business models.


2. Noir as the Core ZK Programming Language

  • Sunspot is built around Noir, a Rust-like language for describing ZK circuits and logic.
  • Noir is gaining adoption across multiple ZK projects, with a growing ecosystem of libraries and reusable components.
  • Benefits for developers:
    • Familiar, Rust-style syntax and strong DX (developer experience), lowering the learning curve for ZK.
    • Access to existing modules like ZK Email and ZK Passport to integrate complex ZK flows quickly.
  • This positions Noir as a common ZK layer that multiple chains and tools can standardize around.

Takeaway: By standardizing on Noir, Sunspot taps into a growing ecosystem and makes it significantly easier for Solana devs to adopt ZK without reinventing low-level cryptography.


3. The Core Problem: Existing Noir Proofs Are Too Expensive on Solana

  • Noir’s default backend uses the Barretenberg proof system (often used with PLONK-style schemes).
  • Barretenberg proofs are:
    • Acceptable in many ZK contexts, but too large and expensive to verify directly on Solana.
    • A previous on-chain verifier implementation on Solana incurred roughly $30 in rent cost just to verify one proof.
  • For high-throughput, low-fee environments like Solana, this cost profile is not viable for real-world apps.

Takeaway: Directly using Noir’s default proof system on Solana is economically prohibitive, blocking mainstream ZK adoption on the network.


4. Sunspot: A New Toolchain Optimized for Solana

  • Sunspot lets developers:
    • Write ZK circuits in Noir.
    • Prove them using a different proof system that is far more efficient to verify on Solana.
  • The alternative system is called GNAR:
    • Based on Groth16 (“GR16”) but extended with additional capabilities, informally dubbed “GR16++”.
    • Supports lookup arguments, making it efficient to handle:
      • Bitwise operations.
      • Memory checks.
      • Common cryptographic primitives.
  • Sunspot then auto-generates a Solana verifier program:
    • The verifier is deployed on-chain like any other Solana program.
    • Users submit proofs generated off-chain, which the program validates on-chain.

Takeaway: Sunspot bridges Noir and Solana with a Groth16-like proof system and auto-generated verifiers, making ZK verification cheap enough to be practical on Solana.


5. Performance, Costs, and Demo Use Case

  • Demo application: an SPL token mint gated by ZK Passport:
    • User taps an NFC passport.
    • A ZK proof is generated attesting: “I am not from a sanctioned country.”
    • If valid, the user can mint the SPL token — no traditional KYC provider needed.
  • Performance benchmarks:
    • Proof generation: ~5 seconds on a MacBook Pro for the passport check, which is competitive with (and often better than) manual KYC workflows.
    • Proof size: 388 bytes.
      • Fits comfortably under Solana’s ~1 KB transaction size limit.
      • Leaves substantial room for additional transaction/business logic.
    • On-chain verification cost: < 500,000 compute units.
      • High vs. trivial operations, but very efficient for a full KYC-style check embedded on-chain.
  • This cost profile makes on-chain, ZK-based KYC and identity gating economically feasible on Solana.

Takeaway: Sunspot’s concrete benchmarks show that full ZK-based identity checks can be done on Solana within realistic compute limits and transaction sizes, opening viable paths for compliant, privacy-preserving apps.


6. Investment & Ecosystem Implications

  • ZK support that is practical on Solana expands:
    • Institutional DeFi and tokenization (private positions + on-chain compliance).
    • GameFi and complex apps that require hidden state with provable correctness.
    • Web2-to-Web3 bridges that rely on off-chain data attestations (payments, rides, credentials).
  • By reducing dependence on off-chain or centralized KYC providers, projects can:
    • Improve user experience (faster, passport-tap flows).
    • Potentially reduce operational and compliance overhead via automated proofs.
  • The combination of Noir + GNAR + Solana signals:
    • A maturation of ZK tooling around Solana.
    • A potential moat for Solana-based apps that can offer low-cost, high-throughput, privacy-preserving features.

Takeaway: Sunspot materially enhances Solana’s ZK capabilities, making it an increasingly attractive platform for privacy-focused, compliance-sensitive, and data-rich applications that may appeal to institutional and advanced DeFi investors.

Breakpoint 2025: Tech Talk: SevenLabs (Kellian Vitré)

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Breakpoint 2025 D2

Overview

  • Carbon is a modular Rust framework that standardizes Solana indexing (real-time + historical), replacing custom ingestion/decoding code with a configurable pipeline.
  • It unifies multiple high-throughput data sources (gRPC streams, archival tools, vendor RPC) and auto-generates instruction/account decoders from IDLs, lowering time-to-market for new protocols and analytics.
  • Built-in processors and optional Postgres/soon ClickHouse/Kafka integrations take decoded data straight into production-grade databases with minimal code, ideal for trading, DeFi, and analytics infra.
  • The v1 release delivers stable APIs, >5x performance, ~100k TPS backfills, and robust metrics, making Carbon a credible, “investable” core infra primitive for serious Solana deployments.
  • Roadmap features (version-aware decoding, speed-optimized SPL decoders, multi-language gRPC streams) plus growing OSS adoption position Carbon as a likely default indexing layer, benefiting investors in Solana data, infra, and analytics plays.

Kellian Vitré

Co-founder, SevenLabs; presenting Carbon, a Rust-based indexing and data pipeline framework for Solana, targeting teams that need fast, flexible historical and real-time data indexing.


1. Carbon Overview: A Modular Data Pipeline for Solana

  • Carbon is a Rust framework to build indexers on Solana, designed to avoid teams repeatedly writing the same data ingestion/decoding/processing code.
  • It provides a single, modular pipeline where you plug in data sources, decoders, and processors, then run end-to-end.
  • The design goal is to make it simple to source data (real-time & historical), decode via IDLs, and process it (e.g. store in databases, trigger workflows).
  • A builder pattern lets developers configure pipelines declaratively: choose source → add instruction/account pipes → add processors.

Takeaway: Carbon aims to standardize Solana indexing infrastructure, reducing custom boilerplate and making it easier and faster to build robust indexers.


2. Data Sources: Unified Access to Real-Time and Historical Solana Data

  • Data sources are modular traits that feed accounts and transactions into the pipeline; custom sources (e.g., proprietary infra, local dumps) can be implemented by teams if needed.
  • Out-of-the-box, Carbon integrates most “standard” methods of accessing Solana data:
    • Real-time: gRPC-based data streaming from infra providers.
    • Historical: integration with ecosystem archival tools like Triton/Anza’s Old Faithful and Jetstreamer.
  • This allows high-speed streaming of historical transactions “for free” into Carbon, a key capability for fast backfills.
  • Vendor integrations include Helios’s getTransactionsForAddress RPC endpoint, which can be plugged in as a data source.
  • Configuration is done via simple Rust code where you select slot ranges, filters, and the data source crate you want to use.

Takeaway: Carbon unifies multiple real-time and historical data feeds, making high-throughput, flexible data ingestion straightforward—an important building block for analytics, DeFi dashboards, and trading infra.


3. Decoding via IDLs: Automatic Instruction & Account Decoders

  • After raw data ingestion, Carbon focuses on decoding updates into usable, typed structures.
  • It supports separate traits for instruction decoders and account decoders, but most users won’t need to hand-roll them.
  • A CLI tool generates decoder implementations from IDLs (supports Anchor and Coral IDLs).
  • Generated decoders can then be imported and plugged in as instruction or account “pipes” in the pipeline.
  • Once in place, all decoded account and instruction updates for a given program flow through as strongly typed data.

Takeaway: Automatic decoder generation from IDLs greatly lowers the friction to build reliable program-specific indexers and analytics, enabling faster iteration on new Solana protocols.


4. Processors & Storage: From Decoded Data to Indexed Databases

  • The “processor” stage is where teams implement their own logic—this is typically where most custom code is written.
  • Processors receive decoded account/instruction updates plus rich transaction metadata, enabling arbitrary business logic (e.g., logging, event triggers, aggregations).
  • Example processor shown: a logger that reads decoded updates and transaction metadata for inspection or monitoring.
  • The CLI-generated decoder crates include an optional Postgres feature:
    • When enabled, developers can use built-in Postgres processors for accounts and instructions.
    • With a few lines of code, you can get a full index of all accounts and instructions for a program into Postgres.
    • The generated crate also includes SQL migrations to create the necessary tables.

Takeaway: Carbon dramatically shortens the path from raw chain data to production-grade indexed databases, which is critical for dashboards, quant research, and on-chain analytics products.


5. Carbon v1: Stability, Performance, and Metrics

  • After a year iterating on the API, Carbon is moving to a v1 release with:
    • Stable APIs across all core crates.
    • Semantic versioning to give projects reliability and upgrade clarity.
  • v1 includes a major performance update:
    • 5x improvement in raw pipeline throughput.

    • Enables historical backfills using Jetstreamer at ~100k TPS through the pipeline for fast decoding and indexing.
  • Metrics system has been reworked:
    • Still fully extensible (record any custom metric).
    • Supports Prometheus integration or simple logging.
    • Now significantly faster, reducing overhead during high-throughput indexing.
  • A full documentation site is being released:
    • Guides, examples, best practices, and full reference documentation.
    • Intended to lower onboarding friction and standardize usage patterns.

Takeaway: The v1 release makes Carbon a more investable piece of infra—stable, high-performance, and observable—suitable for serious production deployments in trading, DeFi, and analytics.


6. Roadmap: Expanded Processors, Optimized Decoders, and Multi-Language Support

  • New processors on the way:
    • ClickHouse and Kafka processors generated from the CLI, enabling more advanced analytics and streaming architectures.
    • These are feature-gated so users can keep dependencies lean or plug in custom logic instead.
  • Speed-optimized decoders are planned for major Solana programs:
    • SPL Token and likely most SPL and Solana Program Library (SPL) programs.
    • This will benefit teams indexing widely-used token and DeFi primitives, improving latency and throughput.
  • Version-aware decoding:
    • Ability to decode based on IDL version and slot ranges.
    • Critical for long-lived protocols that evolve over time, allowing correct decoding across upgrades.
  • Language-agnostic gRPC streams:
    • Planned to support teams indexing in languages other than Rust.
    • Carbon would serve as a high-performance Rust backend that streams decoded data via gRPC to services in other ecosystems (e.g., TypeScript, Python, Go).
  • The project recently crossed 500+ GitHub stars; maintainers encourage issue reports and PRs during the final v1 push.

Takeaway: The roadmap pushes Carbon toward being a central piece of Solana indexing infrastructure, with broader ecosystem reach (multi-language) and richer integrations (ClickHouse/Kafka), positioning it well for institutional and high-volume users.


7. Developer Experience & Adoption Signals

  • CLI includes a “scaffold” command to generate a full project skeleton, encouraging experimentation and rapid prototyping.
  • Emphasis is on making it “really simple to use” so teams can stand up indexers quickly without deep infra expertise.
  • Feature-gating for advanced components prevents bloat while offering flexibility for power users.
  • Growing open-source traction (500+ GitHub stars, active contributors) suggests early community validation and adoption momentum.

Takeaway: Carbon’s developer-friendly tooling, combined with visible OSS traction, increases the likelihood it becomes a default choice for new Solana indexers and data products.

Breakpoint 2025: Tech Talk: Solana Mobile / Solana Labs (Mike Mobiledev.skr)

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Breakpoint 2025 D2

Overview

  • Solana Mobile targets the Apple/Google mobile bottleneck with Seeker, an Android crypto-native phone featuring integrated secure signing and a dedicated Solana dApp Store.
  • Seed Vault provides hardware-level key management and seamless in-app signing, enabling safer, smoother on-chain UX that can drive higher conversion and usage.
  • The Solana dApp Store offers crypto-friendly distribution (no 30% tax, no anti-crypto rules) with a concentrated audience of “spendy” power users, already generating 200+ apps, 1M+ installs, and $100M+ in activity.
  • Early case studies (Moonwalk Fitness, Piña) show that listing on the dApp Store can translate quickly into real users and capital flows, suggesting Solana Mobile can become a meaningful demand and liquidity channel.
  • Low-friction dev tooling, grants, and a 2026 mobile hackathon aim to accelerate app supply and innovation, which, if successful, could strengthen Solana’s network effects, usage, and long-term value for SOL holders.

Mike (Mobiledev.skr)

Developer advocate for Solana Mobile (Solana Labs), presenting Solana Mobile’s ecosystem, the Solana “dApp Store,” and programs to attract developers and apps to the Solana-native phone, Saga/“Seeker.”


1. Why Solana Mobile Exists: Fixing Crypto on Mobile

  • Mobile dominates usage (63% of web traffic, 73% of e‑commerce), but most crypto products are still desktop-first.
  • Apple and Google act as gatekeepers with policies that are often hostile to crypto apps, blocking or chilling innovation.
  • Many teams have abandoned or never shipped mobile apps because they can’t justify the risk of rejection or policy changes.
  • This environment has slowed experimentation and limited the growth of crypto-native mobile experiences.

Takeaway: Solana Mobile is explicitly targeting the mobile distribution bottleneck caused by Apple/Google, aiming to unlock new crypto user growth and app innovation.


2. Seeker: A Crypto-Native Mobile Phone

  • In August, Solana Mobile launched “Seeker,” an Android-based crypto-native phone designed as an open platform where crypto apps can thrive.
  • The device is built from the ground up with crypto use cases in mind (secure signing, integrated wallet, crypto-friendly distribution).
  • Positioning is not just hardware, but an ecosystem play: a dedicated user base of crypto power users plus an aligned app marketplace.

Takeaway: Seeker is Solana’s hardware wedge into owning the crypto mobile experience end-to-end, from wallet to distribution.


3. Seed Vault: Built-In Hardware Wallet & Signing UX

  • Every Seeker includes Seed Vault, a built-in hardware wallet used for secure key storage and transaction signing.
  • Any app on the device can connect to Seed Vault and request signatures with explicit user approval.
  • The signing experience is in-app: a bottom sheet appears, the user double-taps and confirms with fingerprint, then it dismisses—no app switching.
  • Compared to typical mobile wallet flows (switching apps, in-app browsers), this is presented as one of the smoothest crypto signing UX options on mobile today.
  • For developers, Seed Vault functions like an “Apple Pay for crypto” API: always available, unified, and secure.

Takeaway: Seed Vault materially improves security and UX for on-chain actions, making it easier for developers to ship polished crypto flows on mobile.


4. Solana dApp Store: Distribution Without Hostile Policies

  • Every Seeker ships with the Solana dApp Store, an alternative app store designed as a friendly home for crypto apps.
  • No 30% platform tax, and no anti-crypto restrictions that would otherwise discourage adding on-chain or token features.
  • Current traction:
    • 100,000+ Seekers activated in multiple countries
    • 200+ apps listed
    • 1,000,000+ app installs
    • Over $100M in economic activity through the Solana mobile ecosystem.
  • The user base is described as “spendy crypto power users” actively installing apps, signing transactions, playing games, and making purchases.
  • Compared to Apple/Google Play, discoverability is higher because you compete against far fewer apps but reach a more targeted, high-intent audience.

Takeaway: The Solana dApp Store is positioned as high-value distribution for crypto apps—especially early-stage products—without the fee and policy burdens of mainstream app stores.


5. Early Success Stories from the dApp Store

  • Moonwalk Fitness (gamified daily fitness app):
    • 12,000 new user signups in the first week on the dApp Store.
    • Achieved all-time highs for daily active users after launch there.
  • Piña (DeFi yield app for stablecoins):
    • 4,000+ user deposits from Seeker users.
    • Over $13M deposited across Seeker users.
  • These examples are used to show that the Solana Mobile user base converts into active users and real economic activity, not just downloads.
  • Developer feedback: the dApp Store is seen as a strong growth channel to reach direct, high-value crypto users.

Takeaway: Early dApp Store launches demonstrate that Solana Mobile can drive meaningful user growth and on-chain volume, signaling a potentially attractive channel for both app and protocol teams.


6. How to Build and Ship an App on the Solana dApp Store

  • Platform: Seeker is Android-based; the dApp Store accepts standard Android apps (APKs).
  • You can build using common stacks like Kotlin, React Native, or Flutter—no special OS or proprietary framework required.
  • You don’t need a Seeker device to develop: apps can be built and tested on any Android phone or emulator.
  • Solana Mobile provides dev tools including a “mock wallet” to simulate the Seed Vault bottom-sheet signing flow.
  • This lowers friction for existing Android teams to enter the Solana Mobile ecosystem and experiment with crypto-native features.

Takeaway: Technical entry barriers are intentionally low; standard Android workflows and tools are enough to reach Solana’s mobile user base.


7. Using Web Apps (PWA) via Bubblewrap

  • The dApp Store supports web apps by wrapping PWAs (Progressive Web Apps) into Android apps.
  • An open-source Google tool, Bubblewrap, converts a PWA into an Android APK with just a couple of CLI commands.
  • This route allows teams to quickly ship to the dApp Store without building a full native app from scratch.
  • Example: Crypto Fantasy League uses Bubblewrap; its PWA is so optimized for mobile that it’s indistinguishable from many native apps in practice.
  • This is positioned as a fast “go-to-market” path for teams with existing web products.

Takeaway: Teams with strong mobile web experiences can rapidly access Solana Mobile’s user base by wrapping their PWA, reducing time-to-launch and development cost.


8. Publishing Process: Developer Portal and App Review

  • Solana Mobile launched a Publishing Portal— a web interface for end-to-end app submission and management.
  • Developers can:
    • Create a developer account.
    • Enter app metadata and descriptions.
    • Upload screenshots and media.
    • Upload the Android APK and submit for review.
  • App review is described as:
    • Focused on metadata correctness and light QA.
    • Designed to be simple and fast while keeping a basic quality bar.
  • The intent is to offer a frictionless process compared to major app stores but still protect users from low-quality or broken apps.

Takeaway: The dApp Store submission and review pipeline is streamlined to attract developers, balancing ease of listing with minimal quality control.


9. Grants Program: Funding to Grow the Solana Mobile Ecosystem

  • Solana Mobile is launching a grants program aimed at:
    • Developer tooling and SDKs.
    • Public goods for the ecosystem.
    • End-user apps.
  • Interested teams can apply at solanamobile.com/grants (URL as spoken), where they can:
    • Access full program details.
    • Submit grant applications.
    • Browse existing RFPs (requests for proposals).
  • Grants are meant to catalyze new apps and infrastructure that enhance the Seeker/dApp Store ecosystem and overall Solana mobile experience.

Takeaway: Direct grant funding increases the incentive for builders to target Solana Mobile, potentially accelerating app volume, tooling, and ecosystem depth.


10. Upcoming Mobile Hackathon (Q1 2026)

  • Solana Mobile plans to host its second mobile-focused hackathon in Q1 2026.
  • Developers will build apps specifically targeting the Solana Mobile stack and ecosystem.
  • Prizes include:
    • Cash rewards.
    • Featured placements on the dApp Store for winning apps, boosting visibility and user acquisition.
  • This event is framed as a key opportunity to break into the Solana Mobile ecosystem and gain high-profile exposure.

Takeaway: The Q1 2026 mobile hackathon is a timed catalyst for new app launches and experimentation on Solana Mobile, with potential upside in visibility and user growth.


11. Resources and Community Engagement

  • All documentation for:
    • Wallet SDKs and Seed Vault integration.
    • dApp Store publishing.
    • Developer tools and guides is available at docs.solanamobile.com (as referenced verbally).
  • Mike encourages:
    • Developers with or without existing apps to explore Solana Mobile.
    • Web-only projects to consider the Bubblewrap path.
    • Existing Play Store apps to cross-list on the dApp Store.
  • At the conference, Solana Mobile is giving away free Seeker devices to developers who visit their booth and engage with the team.
  • Strong emphasis on hands-on support: team members are available to help projects publish and integrate.

Takeaway: Solana Mobile is coupling documentation, in-person support, and hardware giveaways to reduce friction for new developers and quickly expand its app and user ecosystem.

Breakpoint 2025: Tech Talk: Switchboard (Mitchell Gildenberg)

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Breakpoint 2025 D2

Overview

  • Oracles on Solana are evolving from always-on “push” models to pull, on-demand, and just-in-time designs, drastically cutting costs and enabling more complex, latency-sensitive DeFi.
  • Switchboard positions itself as a permissionless oracle platform, letting anyone build customized data pipelines (NAV, prediction markets, bespoke DeFi feeds) rather than relying on static, centralized price feeds.
  • Faster, ultra-cheap oracle updates underpin high-fidelity DeFi (perps, margin, prop AMMs) and begin shifting real price discovery on-chain, but introduce scalability, MEV, and ordering challenges.
  • Jito BAM’s auction-based intra-slot ordering plus Switchboard’s integration aims to solve MEV/ordering issues, enabling fair, high-frequency oracle updates that move Solana closer to traditional exchange performance.
  • For investors, this stack (Solana + BAM + Switchboard) strengthens Solana’s bid to become a primary venue for institutional-grade, high-frequency on-chain trading—potentially increasing network usage, fee revenue, and systemic importance in crypto markets.

Dr. Bloxs

CTO, Switchboard – a long‑running oracle provider on Solana (operating ~5 years), focused on building a permissionless oracle platform rather than a single oracle feed.


1. Evolution of Oracle Models: Push → Pull → On‑Demand → Just‑In‑Time

  • Early model (2017–2022) was push oracles: data constantly pushed on‑chain at fixed intervals, regardless of usage.
  • On Ethereum, this meant very high gas costs; oracles like Chainlink often had 30‑minute “heartbeat” updates, acceptable for over‑collateralized lending, but limiting for more complex DeFi (e.g., derivatives).
  • On Solana, even cheap blockspace became strained: some oracle platforms were paying up to $500k/month just to keep feeds updated, even when unused.
  • Switchboard introduced pull oracles: users trigger updates only when they need the data, cutting waste and making operating oracles more sustainable.
  • Next step was on‑demand oracles: oracles fetch and compute the data at the moment of user request, not just pull from an off-chain cache.
  • Current direction is just‑in‑time oracles: an execution environment where data is only brought on-chain exactly when it’s already being used in a transaction, optimizing both cost and latency.

Takeaway: Oracle design is moving from always‑on, wasteful updates to on‑demand, just‑in‑time data delivery that dramatically reduces costs and enables more sophisticated DeFi use cases.


2. Oracles as a Permissionless Platform (Switchboard’s Differentiation)

  • Switchboard is positioned not just as a data feed, but as a platform to build custom oracles and information workflows.
  • Developers can define how data is sourced and transformed—supporting internet data, first‑party providers, and bespoke logic.
  • This flexibility allows projects to build their own “NAV oracles”, prediction market feeds, and specialized DeFi data flows.
  • Being permissionless, anyone can deploy and manage their own oracle logic without going through a centralized oracle provider.

Takeaway: Switchboard aims to be a generalized, customizable oracle layer for Solana, which can support a wide variety of financial and data products beyond generic price feeds.


3. High-Fidelity DeFi: From Slow Feeds to Competitive Perps & Margin

  • The constraints of 30‑minute (or even 1‑minute) oracles worked for over‑collateralized lending but were a bottleneck for derivatives and more dynamic products.
  • With pull and on‑demand oracles, Switchboard enabled perps and margin products with update cycles under ~5 seconds—good, but still behind centralized exchanges.
  • This latency gap remains a core challenge if DeFi on Solana wants to compete with centralized perps and spot markets in terms of execution quality and slippage.
  • The oracle improvements are laying the groundwork for more complex products (perpetuals, margin trading, sophisticated AMMs), but further latency and ordering improvements are required.

Takeaway: Faster and more flexible oracles have opened the door to more advanced DeFi on Solana, but closing the latency gap with centralized markets is still a central focus.


4. Prop AMMs and On-Chain Price Discovery

  • Traditional AMMs use algorithmic curves with two liquidity pools; they provide liquidity but not true market-making quotes based on trader intent.
  • Liquidity and real price discovery still largely happened off‑chain, with AMMs tracking rather than leading markets.
  • Prop AMMs (proprietary AMMs) change this: active market makers constantly quote what they are willing to trade at, pushing their own oracle updates frequently (even every slot).
  • Switchboard has made oracle updates extremely cheap—about 20 compute units per update—allowing high-frequency pricing for prop AMMs.
  • However, with many prop AMMs and per-asset updates per slot, this can lead to millions of compute units per epoch, raising questions about long‑term scalability and fairness of network usage.
  • A major implication: for the first time, meaningful price discovery is moving on‑chain, and market participants may look at Solana prices before centralized exchanges.

Takeaway: Prop AMMs plus ultra‑cheap oracle updates are moving real price discovery on‑chain, which could structurally increase Solana’s importance in global crypto price formation—but introduces scaling and fairness challenges in how updates are handled.


5. Oracle Update Limits, MEV, and the “One-Slot Problem”

  • Solana blocks (slots) are ~200ms, which is still far slower than traditional exchanges (tens of microseconds), but faster than most blockchains.
  • Within a single slot, a validator (block leader) can see multiple oracle updates; they might be economically incentivized to drop some updates and keep only the “best” one favorable to their own trades.
  • This creates the one‑slot problem: it’s not economically rational for market makers to publish multiple updates per slot if leaders can censor or reorder them opportunistically.
  • As a result, there’s a natural cap on how “tight” (high-frequency) on-chain pricing can be without a better transaction ordering solution.
  • Without transparent, verifiable ordering, high-frequency oracle updates face MEV and censorship risks, which weakens DeFi’s ability to compete with traditional markets.

Takeaway: To support high-frequency, fair on-chain pricing, Solana needs credible mechanisms to control transaction ordering and mitigate MEV around oracle updates.


6. Jito BAM and Intra-Slot Price Updates

  • Jet ToBAM (BAM – block auction mechanism) is described as an upcoming marketplace for transaction ordering on Solana, being finalized by Jet.
  • BAM will allow verifiable, auction-based ordering of transactions inside a block, reducing sandwich attacks and enabling fairer inclusion of multiple oracle updates per slot.
  • With BAM, intra‑slot price updates become possible: multiple oracle updates can be inserted at precise points in the block, not just once per slot.
  • Combined with networking optimizations like D0ero, Solana can get closer to microsecond-level effective pricing responsiveness, even if slot times remain ~200ms.
  • Switchboard is building a dedicated BAM plugin so oracle updates can be placed right before relevant trades, minimizing spam and cost while maximizing price freshness.
  • This creates a new economic layer where the value of transaction ordering and data freshness is priced via the block auction.

Takeaway: Jito BAM plus Switchboard’s integration enables high-frequency, intra-slot oracle updates with verifiable ordering, significantly improving fairness and competitiveness of on-chain trading on Solana.


7. Concrete Use Cases: Funds, Prediction Markets, and Prop AMMs

  • Switchboard is already used to compute NAV (net asset value) pricing for large funds, e.g., a $2.5B Maker-related fund on Solana using Switchboard for treasury valuation.
  • Prediction markets: Jupiter is using Switchboard with “Cauchy” data on Solana to support prediction-market style applications.
  • Prop AMMs: Switchboard now powers high-frequency price feeds for prop AMM designs, key to Solana’s emerging on-chain market-making ecosystem.
  • With BAM integration, oracle transactions can be inserted in an optimized way—only just before trades—reducing spam and aligning costs with value.
  • This suggests a maturing ecosystem where oracles are deeply integrated with trading infrastructure, funds, and prediction markets rather than being simple price tickers.

Takeaway: Switchboard is already embedded in sizable financial use cases on Solana—fund NAVs, prediction markets, and prop AMMs—positioning it as critical infrastructure for the next wave of on-chain finance.


8. Strategic and Investment Implications for Solana and DeFi

  • Cost-efficient, customizable oracles make Solana more attractive for building capital‑intensive products like perps, margin, and large on-chain funds.
  • Moving price discovery on-chain can increase Solana’s relevance as a primary venue for liquidity and pricing, potentially feeding back into higher usage and fees.
  • The combination of BAM, networking optimizations, and Switchboard’s platform suggests Solana is aiming directly at traditional exchange performance benchmarks.
  • A robust, fair transaction ordering market (via BAM) could reduce MEV-driven rent extraction and create more predictable conditions for liquidity providers and prop trading firms.
  • Over time, as market makers and funds rely on on-chain prices first, Solana-based infra like Switchboard may become systemically important within the crypto trading stack.

Takeaway: If successful, this stack—Solana + BAM + Switchboard—could turn Solana into a primary venue for high-frequency, on-chain price discovery and sophisticated DeFi, which is highly relevant for long-term Solana ecosystem investors.

Breakpoint 2025: The China Opportunity: Solana Company (Joseph Chee)

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Breakpoint 2025 D2

Overview

  • Large, under-served Mandarin-speaking crypto community presents a significant “white space” for Solana user and developer growth.
  • China’s massive technical talent pool and startup density mean even a small shift (e.g., 5%) toward Solana could be structurally transformative for the ecosystem.
  • Regulatory risk in China is real but manageable if builders avoid exploiting retail users and facilitating capital flight; fears are often overstated.
  • Hong Kong serves as a compliant, capital-rich offshore hub and gateway to Chinese talent, enabling dual-structure models (onshore tech, offshore regulated ops).
  • Joseph and his team act as a bridge for Solana projects and investors entering APAC/China, offering on-the-ground guidance on capital, talent, and regulation.

Joseph Chee

Solana ecosystem contributor; ex-banker (deal-making background, extensive China/Hong Kong/Beijing experience, active in crypto since 2017). Positioned as a bridge for Solana builders and investors looking at China and broader APAC.


1. The “China Opportunity” for Solana

  • Mandarin-speaking communities have historically been a major force in Web3, but much of that energy has centered on Ethereum rather than Solana.
  • Joseph sees this as a “white space” for Solana: a large, under-tapped user and builder base that’s aware of crypto but not yet engaged with Solana.
  • He argues Solana’s characteristics (fast, cheap, scalable, user-friendly, vibrant) are well aligned with how Chinese tech companies build products (mobile, logistics, EVs, internet apps focused on scale and UX).
  • A recent multi-city trip (Beijing, Shanghai, Hangzhou, Shenzhen, Hong Kong) saw overflowing events without active promotion, signaling strong organic interest from young, entrepreneurial attendees.

Takeaway: There is substantial, largely untapped potential for Solana adoption and development within the Chinese-speaking crypto community.


2. Talent Scale and Startup Density in China

  • China produces roughly 5 million “technical-able” graduates per year from universities and colleges.
  • More than 500,000 tech startups are formed annually, highlighting a massive entrepreneurial and technical pipeline.
  • Joseph contrasts this with global blockchain developer estimates (~30–40k programmers total), pointing out that a single top-10/20 Chinese tech company can employ more engineers than that.
  • His thesis: if even 5% of this talent base started building on Solana, it would be transformational for the ecosystem.
  • China offers “cheap, low-cost, hardworking, smart technical talents” particularly suited for fast-scaling Web3 products on Solana.

Takeaway: The scale of available technical talent and startup formation in China represents a major growth lever for the Solana ecosystem if properly engaged.


3. Regulatory Reality & Risk Perceptions Around China

  • Foreign founders and investors often fear extreme scenarios (e.g., being detained, blocked at the border, or “disappearing”) if they engage with crypto in China.
  • Joseph, a Malaysian who’s spent 25 years between Beijing and Hong Kong and is a shareholder/board member of major crypto companies, states he travels in and out freely.
  • His core message: it’s not that hard to stay out of trouble if you understand a small set of clear red lines.
  • He positions himself and his team as a point of contact for those unsure about what’s allowed, encouraging potential entrants to seek legal and local advice rather than rely on fear narratives.

Takeaway: While there are meaningful regulatory constraints, the high-end risk perceptions many foreigners hold about operating around China are overstated if you avoid obvious red lines.


4. What You Must Not Do in China (Key Regulatory Red Lines)

  • Protecting retail (“mums and pops”): Authorities strongly oppose schemes that rip off ordinary people (taxi drivers, retail speculators, unsophisticated users).
  • Builders should focus on real-world impact and useful products—“build shits that people would use that work” (quoting Mike Novogratz)—rather than purely speculative products targeting unsophisticated retail.
  • Capital controls: Like India, Vietnam, and others, China is highly sensitive to capital flight and illegal outbound flows.
  • Do not engage in, or build tools to facilitate, moving money out of the country illegally (on/off-ramp structures that circumvent capital controls are especially sensitive).
  • Beyond that, Joseph jokingly notes that as long as you’re not trying to “liberate Taiwan” or glorify historical enemies, you’re generally fine if you respect those economic and social boundaries.

Takeaway: The main lines you cannot cross are exploiting retail users and facilitating capital flight; builders who avoid those areas and focus on utility can operate much more safely.


5. Policy Continuity: China’s Stance on Crypto & Stablecoins

  • Recent headlines claim that “China has changed its mind on crypto again” and is now “beating up the whole sector,” but Joseph emphasizes that nothing material has changed.
  • The official position remains consistent:
    • Stablecoins are not fiat and lack sovereign backing.
    • Some stablecoins are viewed as higher AML/KYC risk.
    • Crypto business is not allowed onshore in mainland China—this framework has been in place for years.
  • He stresses that the new commentary is more clarification than policy reversal; the risk profile is similar to what it has been.

Takeaway: Despite news noise, China’s regulatory posture toward onshore crypto and stablecoins has stayed consistent; investors should not overreact to headlines.


6. Hong Kong as a Strategic Offshore Hub

  • Joseph highlights Hong Kong as “the place you want to be” for most crypto and blockchain businesses serving the region.
  • HashKey, one of his portfolio companies, is going public in Hong Kong, underscoring that regulated, sizable crypto businesses can exist under the current framework.
  • HashKey operates with its core tech and support team onshore in mainland China while running regulated operations out of Hong Kong, suggesting a viable dual-structure model.
  • He notes that capital has returned to Hong Kong in 2025 and that it is on track to be the largest IPO market globally that year.
  • For Solana builders/investors, this positions Hong Kong as a regulated, capital-rich gateway to Chinese talent and markets without operating directly in a banned onshore crypto environment.

Takeaway: Hong Kong offers a practical, regulation-aligned base for crypto businesses tapping Chinese talent and capital, making it a key strategic hub for Solana-aligned projects.


7. Solana Company’s Role and Support Structure

  • Joseph briefly introduces “who we are” as a team supported by liquidity and presence across both East and West (US and Asia).
  • They position themselves as connectors and facilitators for projects looking to enter Asia/APAC, particularly around China/Hong Kong.
  • His offer is practical: “Whenever you want to come to Asia to do business, you need someone to call, I’m here to help.”
  • The organization is aimed at helping projects navigate capital, talent, and regulatory realities in the region rather than launching a specific consumer product.

Takeaway: Joseph and his group function as a cross-border bridge for Solana ecosystem participants, helping channel Western projects and capital into Asian (especially Chinese) talent and markets in a compliant way.

Breakpoint 2025: The Future Is Borderless — and It Starts on Solana: deBridge (Alex Smirnov)

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Breakpoint 2025 D2

Overview

  • Solana is emerging as the primary execution and onboarding layer for DeFi, with deBridge data showing ~40% of 1M new users starting on Solana.
  • The core growth thesis is a Solana-first, “one-click to do anything onchain” UX that can onboard the next billion users into DeFi.
  • deBridge Bundles introduce a new execution primitive that turns complex multi-chain actions into a single, atomic, gasless transaction with MEV/revert protection.
  • This primitive abstracts RPC, gas, and chain fragmentation, effectively making other chains feel like extensions of Solana’s UX and liquidity.
  • deBridge’s partner- and API-led rollout positions Solana as the central execution hub in a borderless, multi-chain DeFi stack, potentially reinforcing Solana’s role in future volume, liquidity, and user growth.

Alex Smirnov

Co-founder, deBridge – a protocol focused on cross-chain interoperability and execution for onchain traders, with a strong focus on Solana as a primary execution and onboarding environment.


1. Solana as the Primary Onboarding Engine for DeFi

  • deBridge has operated through “some of the craziest days” in onchain markets since its mainnet launch in mid‑2023, highlighting real-world stress testing.
  • Among 1 million new traders using deBridge to seize onchain opportunities, 40% started on Solana, indicating Solana’s growing role as the first touchpoint for DeFi users.
  • Alex positions Solana as the chain where “onchain markets begin,” driven by its superior apps and user experience.
  • The core thesis: Solana has outperformed other chains by putting user experience first, while others treat UX as a lower priority.
  • The strategic vision is for Solana to become “the execution engine of DeFi” and “the main onboarding funnel for onchain markets.”

Takeaway: Solana is emerging as the dominant entry point and execution layer for DeFi activity, with strong user acquisition metrics seen directly through deBridge.


2. The “Next Billion Users” and One-Click Onchain Experience

  • The central question posed: what’s stopping Solana from becoming home to the next billion users?
  • Alex frames the opportunity as enabling “one click to do anything onchain,” starting from Solana.
  • The target experience: trade anything (across chains) with instant finality, best execution, and strong UX – all powered by Solana.
  • deBridge’s role is to extend Solana’s UX philosophy to the broader onchain market, making other chains feel as seamless as using Solana itself.

Takeaway: The growth bet is that radically simplified, one‑click, Solana-first UX will be the main driver to onboard massive new user cohorts into DeFi.


3. Introduction of deBridge Bundles: A New Execution Primitive

  • Alex announces “deBridge bundles,” described as a new execution primitive that reimagines what it means to trade onchain.
  • Bundles let users and apps construct “unlimited anychain interactions in a single click,” abstracting away multi-step and multi-chain complexity.
  • Core benefits highlighted:
    • RPCless flows – users don’t need to manage or understand RPC infrastructure.
    • Unified balance logic – users see and act on a single logical balance across chains instead of fragmented assets.
    • Default MEV and revert protection – attempts to protect users from value extraction and failed multi-step transactions.
    • Fully gasless execution path – users can interact without directly handling gas on each chain.
  • Technically, bundles compress multiple same-chain and cross-chain trades into a single signed data structure and execute them atomically (“all or none”), reducing risk and friction.
  • Bundles are positioned as “the backbone of everything we are rolling out next” and “the biggest evolution of deBridge protocol” to date.

Takeaway: deBridge bundles aim to make complex cross-chain DeFi actions feel like a single, safe, gasless Solana transaction, significantly improving UX and potentially driving more volume and users to Solana-centered workflows.


4. Early Access, Partner Strategy, and Borderless Vision

  • deBridge is beginning to share early access to the bundles API with select partners, signaling an ecosystem‑driven rollout rather than a consumer‑only product.
  • The model targets apps and protocols that want to offer seamless any‑chain execution while keeping their users anchored in a Solana-first experience.
  • The closing message, “The future is borderless,” reinforces deBridge’s thesis that chain boundaries should be invisible to users, with Solana as the core execution hub underneath.

Takeaway: By enabling partners to integrate bundles via API, deBridge is positioning itself as core infrastructure for a borderless, multi-chain DeFi ecosystem with Solana at its center.

Breakpoint 2025: The Metrics Gap: Uncovering Net-New Metrics in Solana’s Ledger

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Breakpoint 2025 D2

Overview

  • Current crypto metrics (TVL, price, tx count) are immature, easy to game, and often decoupled from durable value, echoing Web1 “eyeballs” mistakes.
  • Web2’s evolution toward standardized non-GAAP and behavior-based metrics (ARPU, retention, GMV, CAC) offers a template for crypto to design its own net-new metrics.
  • Solana’s open, high-throughput ledger enables rich, real-time ecosystem analytics, but investors need AI-driven, user-centric tools to interpret this data meaningfully.
  • Solana’s narrative has already progressed from TPS to reliability to revenue and economic opportunity, and leading apps are similarly shifting from price/L1 stats to bespoke, ecosystem-integrated KPIs.
  • For investors, edge will come from backing teams that define and track Solana-native metrics (composability, ecosystem engagement depth, cross-protocol value flows) rather than chasing vanity on-chain numbers or token price.

Alejandra Martinez

Investor at Foundation Capital, early-stage VC fund in Silicon Valley; long-time Solana ecosystem investor (since 2018), speaking about how crypto/ Solana metrics need to evolve beyond simplistic “number-go-up” narratives.


1. Why Today’s Crypto Metrics Are Misleading

  • In crypto, the “most important” metric is often just the one currently going up (TVL, price, transactions), driven by momentum and narrative.
  • Large top-line numbers (e.g., transactions, dev counts) are used to signal opportunity but are not necessarily predictive of sustainable scale.
  • The situation echoes the early internet era, when dubious metrics like “eyeballs” were heavily used despite being inconsistent, unverifiable, and weakly tied to business outcomes.
  • Over-reliance on such shallow metrics risks misallocation of capital and misreading the true health of networks and applications.

Takeaway: Crypto is still relying on immature, often gameable metrics that don’t yet map cleanly to durable value creation.


2. Lessons from Web2: The Evolution from “Eyeballs” to Net-New Metrics

  • In the late 1990s, metrics like “number of eyeballs” drove valuations; the NASDAQ rose 500% before the dot-com crash wiped out $5T in value.
  • Early web metrics lacked standardization, verification, and a clear link to monetization or cost structures.
  • Later, marketplace and platform outliers (Facebook, Uber, Airbnb) couldn’t use traditional metrics like revenue and EBITDA to show early potential.
  • They introduced net-new metrics—registered users, daily interactions, GMV-like equivalents—to demonstrate network effects and early monetization potential.
  • As data matured, focus shifted toward behavior-based metrics such as retention, customer acquisition cost (CAC), and other user-quality indicators.

Takeaway: Transformative businesses often need to invent new, context-appropriate metrics rather than retrofit legacy financial or vanity metrics.


3. Non-GAAP Metrics as a Model for Activity-Based Valuation

  • Traditional GAAP metrics emerged in the industrial era and were well-suited to physical goods businesses, not to software or marketplaces with delayed revenues.
  • A dual narrative evolved: GAAP for comparability/compliance, and non-GAAP metrics for understanding growth and underlying business dynamics.
  • External stakeholders began to value companies on metrics like average revenue per user (ARPU) and contracted ARR, not just revenue and EBITDA.
  • By 2015, ~90% of companies reported non-GAAP metrics, normalizing the idea of valuing businesses on activity and user health before mature profitability.

Takeaway: There is a clear precedent for building credible, standardized, non-traditional metrics that investors can use to value high-growth, non-linear businesses—crypto can follow a similar path.


4. Why Crypto Needs Its Own Net-New Metrics

  • Crypto is still in its “early internet” phase for metrics: same superficial metrics are applied across many protocols regardless of differing business models.
  • Lack of standardization produces misinformation and endless social-media disputes over definitions, obscuring real progress.
  • External dashboards dominate the narrative but don’t reveal how founding teams internally understand their businesses.
  • The structural differences between Web2 and crypto (open networks, composability, pseudonymity) mean legacy Web2 metrics don’t map cleanly.

Takeaway: Crypto networks and Solana-based projects will need bespoke, system-aware metrics that reflect on-chain behavior, composability, and economic design—not just recycled Web2 or generic on-chain stats.


5. Structural Data Differences: Closed Web2 vs Open Crypto

  • In Web2, companies fully control their data, selectively disclose it, and update investors periodically (no real-time ecosystem view).
  • In crypto, no single party controls the full data picture; wallets are not 1:1 with users, and anonymity/P2P flows complicate interpretation.
  • However, open architecture allows far deeper, real-time querying across the entire ecosystem, not just a single app or company.
  • Interactions between protocols (e.g., a buyback flowing across multiple Solana programs and AMMs) embed rich cross-app data in seconds.
  • The problem is interpretability: relatively few can “read the chain,” and for most people the raw data is like the Matrix before Neo’s vision.

Takeaway: Open ledgers like Solana provide far richer data than Web2 systems, but the challenge is standardizing how to interpret and narrate that data for investors and operators.


6. From Raw Ledger Data to User-Centric Insight (and the Role of AI)

  • Solana has processed over 450B transactions since genesis—over 400 TB of data—yet most explorers reduce this to low-context transaction/hodler views.
  • Current views can’t easily tell whether multiple “top holders” are the same entity, a market maker, a fund, or a retail cluster.
  • With forensic rigor, wallets can be mapped and tagged, enabling better understanding of user behavior, capital flows, and inter-protocol activity.
  • There is a large opportunity to build “Chainalysis/TRM for users”—deep user and relationship analytics, not just compliance and risk analytics.
  • AI is becoming critical: the data volume on high-throughput chains is impossible to interpret manually.
  • Example: Orb (from portfolio company Helas) is a Solana block explorer that translates transactions into natural language, giving non-technical team members access to meaningful on-chain insights.

Takeaway: AI-driven, user-centric analytics on top of Solana’s ledger can transform raw chain data into actionable business and investment intelligence.


7. How Solana’s Own Metrics Have Evolved Over Time

  • Early Solana investment thesis (circa 2018) focused almost entirely on TPS—proving the network could scale.
  • The next phase of focus moved to reliability and performance stability once basic throughput was established.
  • With performance more stable, attention shifted to revenue at both the protocol and application layers.
  • The narrative now is about economic opportunity: demonstrating that Solana is a platform where others are already making money—and new builders can too.
  • Curated base-layer metrics have enabled Solana to “tell its own story” more effectively to markets and developers.

Takeaway: Solana’s metric evolution—from TPS to reliability to revenue—illustrates how network narratives mature from technical capability to economic viability.


8. Why App-Level Metrics on Solana Must Diverge from L1 Metrics

  • Base-layer metrics (throughput, uptime, protocol revenue) are not sufficient or appropriate for many applications built on Solana.
  • Just as Facebook/Uber did not shove their models into old industrial metrics, new Solana protocols should not blindly adopt legacy or L1-style metrics.
  • Each new business model (DeFi, memes, infra, consumer apps) is surfacing its own net-new metrics that better capture its network effects and value creation.
  • Investors want to understand how founders themselves define and track success, not just a thin layer of public, generic KPIs.

Takeaway: Successful Solana apps will define metrics that capture their unique network effects and usage patterns rather than relying on one-size-fits-all chain or Web2 metrics.


9. Concrete Examples of Emerging Net-New Metrics on Solana

  • A staking-related portfolio company initially measured adoption as a percentage of stake on Solana.
  • As its go-to-market expanded multichain, its primary adoption metric evolved to “total connected value” across chains—more aligned with its actual opportunity set.
  • Bonk, originally a Solana-native meme coin, was tracked mainly by price, partnerships, and burn events as price drivers.
  • As Bonk has become an operating company, the relevant metrics have shifted away from pure token price toward operational and ecosystem metrics.
  • Bonk is integrated with over 350 Solana protocols, making composability central to its story.
  • Example of potential Solana-native metrics:
    • “Ecosystem engagement depth”—how deeply a token or protocol is embedded across the ecosystem.
    • Fee generation relative to programmatic incentives, dynamically updated as on-chain behavior changes.

Takeaway: Projects like staking infrastructure providers and Bonk show how metrics can evolve from narrow, chain-specific or price-centric views to richer, ecosystem-integrated measures of adoption and value.


10. Implications for Builders, Investors, and the Solana Ecosystem

  • Net-new metrics will highlight how Solana-native companies are fundamentally different from Web2 and from other chains’ projects.
  • With more ledger data than most chains, Solana is uniquely positioned to become the birthplace of new data standards in crypto.
  • Better, customized metrics will reward founders who do superior storytelling and build better products, not just those who optimize for vanity stats.
  • Expect more A/B testing and rigorous, data-driven strategic decisions within Solana projects as analytics sophistication grows.
  • There is an open question and opportunity: Will founders proactively define and own their metric narratives, or let external dashboards and Twitter shape them?
  • Foundation Capital is actively investing in early-stage teams that are building in this direction and invites founders to reach out.

Takeaway: The coming explosion of Solana-native metrics will create a richer investment and product landscape, favoring teams and investors who can interpret and leverage on-chain data to tell a compelling, truth-grounded growth story.

Breakpoint 2025: The Solana Constitution: Multicoin Capital (Tushar Jain), Jito (Nick Almond)

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Breakpoint 2025 D2

Overview

  • Governance is framed as a primary value driver for Solana, with internet‑native, democratic mechanisms positioned as a key long‑term competitive advantage.
  • A messy but massive SIMD‑228 vote exposed ambiguity and process gaps, leading to a proposed Solana Constitution and new on‑chain voting app.
  • The new model enshrines stake sovereignty and per‑proposal staker override, tightening alignment between token holders and validators while preserving validator stewardship roles.
  • Technical changes (SIMDs) proceed quickly without votes, while systemic changes (SGPs) require stake‑escalated, formal on‑chain votes using clear thresholds and timelines.
  • For investors, this roadmap aims to reduce governance risk and capture, increase legitimacy of major decisions, and maintain high development velocity—potentially enhancing Solana’s long‑term resilience and investment appeal.

Speakers

Tushar Jain, Multicoin Capital – investor, proposer/sponsor of past Solana governance changes (e.g., SIMD‑228), co‑author of the proposed Solana Constitution.

Nick Almond, Jito – governance researcher/builder, co‑designer of the new Solana voting mechanism and app.


1. Why Governance Matters for Solana (and the Internet)

  • Nick argues that major leaps in human achievement (pyramids, Roman infrastructure, cathedrals, industrial revolution, joint‑stock companies) were enabled by advances in governance, not just technology.
  • He frames governance as “how you organize people at scale,” which is necessary to turn technological capability into durable value.
  • Current internet governance is described as “feudal” (centralized platforms and gatekeepers), and he suggests blockchains can pioneer new, internet‑native governance models.
  • He believes the “next great leap in governance” will come from decentralized systems, with experiments in radical new forms of democracy.
  • The proposed Solana system (delegation + voter override) is presented as one such new democratic model that could be broadly applicable beyond crypto.

Takeaway: Governance is positioned as a core driver of long‑term value creation on Solana, not a side issue, and as a potential frontier for broader societal innovation.


2. Lessons from SIMD‑228 and the Need for a Solana Constitution

  • Tushar notes that Solana governance today is “ambiguous”: unclear what requires a vote, who votes, how votes run, and how long discussions should last.
  • SIMD‑228 (inflation reduction) became the largest governance event in crypto history by value, with tens of billions of dollars in SOL voting.
  • Despite losing that vote, he emphasizes it exposed critical process gaps: inconsistent voting, confusion over what is “governance‑worthy,” and ad‑hoc procedures.
  • Following SIMD‑228, they ran wide consultations with validators, core devs, and key stakeholders (including a notable meeting at Accelerate) to design a better governance framework.
  • The outcome is a proposed “Solana Constitution” and a new on‑chain voting app to formalize governance processes.

Takeaway: A messy but highly engaged inflation vote revealed structural weaknesses in Solana governance, motivating a formal constitution and upgraded mechanisms.


3. The Solana Constitution: Scope and Objectives

  • The Constitution is a written framework intended to answer basic but previously ambiguous questions: what must be voted on, who votes, and when/how votes occur.
  • It aims to reduce confusion, prevent governance deadlock, and provide predictable processes for network‑level decisions.
  • The document distinguishes between types of proposals and clarifies when community‑wide voting is appropriate vs. when core devs can proceed without a vote.
  • It is meant to be an “information‑age native” governance system, more suited to a global, always‑online, high‑frequency environment than legacy, 18th‑century‑style political structures.
  • SGP‑1 (the first Solana Governance Proposal) will itself be the ratification vote for this Constitution.

Takeaway: The Constitution is designed to make Solana’s high‑stakes decisions more predictable and legitimate by clearly defining process and roles.


4. Stake Sovereignty and Staker Override: New Power Dynamics

  • The core principle introduced is stake sovereignty: ultimately, stakers (token holders who stake SOL) control the network.
  • Stakers already choose which validators to delegate to, but the new system adds staker override, letting stakers directly override their validator’s vote on any proposal.
  • If a validator votes “yes” and a particular staker wants “no” (or vice versa), the staker can cast their own vote and have their share of stake counted independently.
  • This is framed as “representative democracy with voter override,” designed to sharply mitigate the principal–agent problem where validators may not reflect their delegators’ preferences.
  • Validators retain critical roles:
    • Running the network code honestly.
    • Acting as “stewards” who surface and escalate controversial or systemic proposals to the wider network.

Takeaway: Voting power is being rebalanced toward individual stakers, making delegation reversible at the proposal level and tightly aligning validator behavior with delegator interests.


5. SGPs vs. SIMDs: Separating Governance from Technical Implementation

  • Historically, Solana Improvement Documents (SIMDs) covered network updates but were fuzzy on when they required governance votes.
  • Under the new model:
    • SIMDs remain as technical specifications for network updates, handled through core dev peer review and normal shipping processes, with no direct on‑chain vote.
    • SGPs (Solana Governance Proposals) are for systemic changes to the network (e.g., major economic changes like MCP, Alpine, or consensus‑breaking upgrades).
  • SGPs must be detailed, formatted documents that define the systemic change and are always voted on with the new governance system.
  • This separation aims to avoid slowing down developers while still giving stakers control over big, directional shifts.

Takeaway: Routine technical changes continue to move fast via SIMDs, while SGPs create a dedicated, formal path for stakers to decide on high‑impact, systemic issues.


6. Defining “Systemic” by Stake Escalation, Not Rules

  • The team found it practically impossible to pre‑define “systemic” in a rigid, objective way.
  • Instead, systemic status is determined socially: a proposal is “systemic” if enough stake believes it is.
  • Mechanism:
    • Any staker or validator can attempt to escalate a given change and label it systemic.
    • If 15% of total stake supports that escalation, the proposal is upgraded into an SGP and must go to a formal vote.
  • Only proposals labeled systemic in this way become SGPs and are voted on; others remain in the SIMD track.
  • This threshold and process are intended to:
    • Prevent voter fatigue and constant voting.
    • Ensure only issues that a meaningful fraction of economic stake cares about become network‑wide referenda.

Takeaway: “Systemic” is defined by a 15% stake escalation threshold, giving the community a clear, stake‑weighted way to force a vote when an issue truly matters.


7. The New On‑Chain Voting Flow and Signal Interpretation

  • Proposals start in a GitHub + forum environment for open discussion and drafting, then follow one of two tracks: SIMD (technical) or SGP (governance).
  • Once a proposal is escalated to SGP (via the 15% stake criterion), it triggers an on‑chain process using a newly built voting program (replacing previous “proposal token” hacks).
  • Discussion period:
    • 10 epochs of on‑chain discussion after the proposal becomes an SGP, giving time for debate and signaling.
  • Snapshot mechanism:
    • At the end of discussion, a snapshot of stake distribution is taken using a decentralized snapshot mechanism (NCN), agreeing on stake at a specific slot.
  • Voting window:
    • After the snapshot, there is a formal voting period of 3 epochs, with epoch‑by‑epoch tallying.
    • During this period, both validators and stakers can vote, with staker override active throughout.
  • Governance is framed primarily as a veto mechanism:
    • The strongest possible signal is when ≥33% of stake (quorum) participates and a supermajority emerges.
    • If the proposal fails to reach quorum, it’s treated as “indifference”—the network did not care enough to strongly endorse or reject it.
  • The goal is to let uncontroversial changes “sail through” and reserve the heavy governance machinery for moments requiring clear, strong mandates.

Takeaway: A structured on‑chain process (discussion → snapshot → vote, with override) provides clear, stake‑weighted signaling, where high‑quorum outcomes constitute powerful mandates and low participation is interpreted as indifference.


8. Implementation Timeline and Early Governance Roadmap

  • A new voting app implementing these mechanisms is planned for release in Q1.
  • SGP‑1 (the first governance proposal) will be ratification of the Solana Constitution itself, using the new system.
  • The team is still taking community input on:
    • Numerical parameters (e.g., epochs for discussion/voting, thresholds).
    • Structural elements and wording of the Constitution.
  • SGP‑2 is tentatively expected to be governance changes hinted at by Mert on Twitter, suggesting rapid follow‑up use of the new framework.
  • Community feedback is actively solicited, with Twitter highlighted as a key venue for discussion and iteration.

Takeaway: The system is scheduled to go live soon, with the Constitution ratification and follow‑on proposals serving as immediate tests of the new governance framework.


9. Strategic and Investor‑Relevant Implications

  • If successful, this could make Solana one of the largest decentralized governance systems in the world by economic weight and participation.
  • Stake sovereignty and override make governance more aligned with economic stakeholders, potentially improving long‑term credibility and reducing capture risks by any single group of validators or institutions.
  • The design balances developer velocity (unvoted SIMDs) with strong, clear control over systemic changes (SGPs), which may reassure both builders and long‑term investors.
  • A clear, formalized governance process may reduce future uncertainty around major changes (e.g., tokenomics, consensus changes), which is often a key risk factor for investors.
  • The speakers frame this as a foundational experiment; if it works, it could set a template for governance innovation across crypto and possibly influence broader digital governance models.

Takeaway: For Solana investors, the new governance design aims to increase legitimacy, resilience, and alignment between stakers and network evolution, while maintaining high development speed.

Breakpoint 2025: The True Price: How Pyth Is Rebuilding the $50B Industry You've Never Heard Of

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Breakpoint 2025 D2

Overview

  • The talk frames financial market data as a massive, high-margin $50B+ “picks-and-shovels” industry historically dominated by a few expensive incumbents (Bloomberg, LSEG, FactSet).
  • It explains why accurate, real-time prices are critical to fair markets and positions Pyth as an open, blockchain-based “true price” layer that reduces opaque pricing and rent extraction.
  • Pyth’s on-chain architecture aggregates data from exchanges and trading firms into a single, unified stream, simplifying institutional integration and undercutting legacy vendors on cost.
  • Pyth Pro, described as “Spotify for market data,” is already showing strong product–market fit with 80+ subscribers and $1M+ ARR within a month, at prices up to 10x cheaper than incumbents.
  • For Solana investors, Pyth’s new tokenomics (Pyth Reserve) tightly link growing real-world revenue to systematic PYTH token buybacks, creating a direct, scalable value accrual path in a large, recurring-revenue market.

Mike Cahill

CEO of Duro Labs, core contributor to the Pyth Network (institutional-grade market data oracle and data platform)


1. The Traditional Market Data Industry and Its Scale

  • Highlights that incumbent data providers like Bloomberg, LSEG (Refinitiv), and FactSet together are worth over $180B, despite being largely invisible to non-finance audiences.
  • Notes that financial market data is a massive business, generating over $50B in annual revenue in 2024.
  • Over the last 25 years, the cost of market data has increased more than 15x, making it one of the most lucrative and enduring “picks-and-shovels” segments in finance.
  • Shows that investing in financial market data businesses 25 years ago would have outperformed major benchmarks: 2x gold, 7x the S&P 500, and 18x oil.
  • Emphasizes that the core product is “data quality” – accurate prices that prevent users from being overcharged or mispriced.

Takeaway: The market data industry is a huge, high-margin, and growing $50B+ niche, historically controlled by a few entrenched providers with rapidly rising prices.


2. Why High-Quality Price Data Matters (and the “Cauliflower” Analogy)

  • Uses an ad-style “cauliflower” skit to illustrate confusion and opacity around pricing: identical-looking goods with wildly different prices and unclear pricing logic.
  • Connects this to financial markets, where poor data or opaque pricing leads to people “getting ripped off” in trades and transactions.
  • Frames the central question: why aren’t prices for assets like Bitcoin, Nvidia, or gold simply public and freely available, if they’re so fundamental?
  • Answers that high-quality market data (true, reliable prices) is costly to produce and aggregate, and this is what incumbents monetize.
  • Positions Pyth’s mission as “capturing the true price of everything and delivering it across the finance industry in real time so no one gets ripped off.”

Takeaway: Reliable, real-time market data is critical to fair pricing in finance, and Pyth is positioning itself as the open “true price” layer to fix this.


3. How Pyth Rebuilds the Market Data Stack Using Blockchain

  • Describes the legacy stack: trading firms and banks trade across many exchanges, aggregated by distributors (Bloomberg, LSEG, FactSet), then re-aggregated by institutions themselves — a complex, fragmented, and expensive chain.
  • Compares data distributors to late-90s cable companies: bundled products, premium add-ons, and lock-in.
  • Shows the “new” architecture with Pyth: one aggregated data stream on-chain, directly consumable by institutions, drastically simplifying integration.
  • Pyth’s model aggregates not just exchange data but also data directly from trading firms, increasing the number of sources and competition.
  • Combining more sources (quantity), better curation (quality), and on-chain aggregation enables much lower cost than legacy vendors while preserving or improving data quality.

Takeaway: Pyth replaces a multi-layer, rent-seeking data stack with an on-chain, unified price layer that is simpler for institutions and cheaper to consume.


4. Launch and Traction of Pyth Pro: “Spotify for Market Data”

  • Introduces Pyth Pro, launched two months prior, as “the ultimate market data subscription built for and by institutions.”
  • Single subscription, single fee, access to every asset class, with data updated every millisecond — a streaming model similar to Spotify.
  • Price structure: starts at $0 for crypto app builders, scaling up to $10,000 per month for large enterprises, explicitly undercutting legacy providers.
  • Claims Pyth Pro is 10x less expensive than competing institutional data offerings.
  • Early traction:
    • ~10 institutional inbound requests per week for new market data.
    • Over 80 active subscribers already.
    • Surpassed $1M in annual recurring revenue (ARR) within the first month, something fewer than 5% of SaaS companies achieve in their first year.

Takeaway: Pyth Pro is already demonstrating strong product–market fit, with rapid revenue growth and institutional interest at significantly lower price points than legacy providers.


5. Tokenomics Update: The Pyth Reserve and Systematic Value Accrual

  • Introduces the “Pyth Reserve,” a new tokenomics design meant to create systematic value accrual to the Pyth ecosystem.
  • Mechanism (now live as of this week’s DAO vote):
    1. Subscription revenue (e.g., from Pyth Pro) flows into the Pyth DAO.
    2. The Pyth DAO uses that revenue to buy PYTH tokens on the open market.
    3. The purchased PYTH tokens are placed into the Pyth Reserve.
  • All revenue streams – including subscriptions, entropy fees, on-chain fees, and listing fees – are directed into the DAO and ultimately into reserve accumulation.
  • This aligns product adoption with token demand: the more institutions pay for data, the more tokens the DAO systematically buys and holds.
  • Frames the potential: capturing just 1% of the $50B annual market data industry would equate to $50M/year in revenue for the network, all feeding this value-accrual loop.

Takeaway: Pyth has implemented a direct link between real-world revenue growth and PYTH token demand via DAO-controlled buybacks and reserves, creating a clear, investor-relevant value accrual mechanism.


6. Strategic Positioning for Crypto and Solana Investors

  • Pyth is targeting a massive, mature, and recurrent-revenue industry rather than a speculative niche, giving it a more “infrastructure-like” investment profile.
  • By offering orders-of-magnitude cheaper data, it can attract both crypto-native builders (via $0 tiers) and large traditional institutions (via Pro tiers).
  • The on-chain aggregation model fits naturally with DeFi, Solana, and other crypto ecosystems that need low-latency, high-quality price feeds.
  • The new tokenomics ensure that growth in off-chain SaaS-style revenues (Pyth Pro, institutional data sales) directly benefits on-chain token economics.

Takeaway: For crypto and Solana-focused investors, Pyth combines a large TAM (market data), real revenue traction, institutional demand, and explicit token value capture via the Pyth Reserve.

Breakpoint 2025: This House believes that token buybacks are a net-negative value accrual mechanism.

Watch Video
Breakpoint 2025 D2

Overview

  • The panel debated whether token buybacks are structurally harmful in crypto or a valid, narrow tool for returning surplus value, contrasting them with Solana-style on-chain staking distributions.
  • Critics argued most current buybacks are opaque, procyclical, discretion-based, and crowd out growth, making them inferior to automatic, rules-based value accrual for token holders.
  • Supporters framed “good” buybacks as transparent, on-chain, revenue-funded, post-PMF distributions that are tax-efficient and less exploitable than staking rewards or airdrops.
  • Case studies (Hyperliquid, Pump.fun, Jupiter, LayerZero) showed that large or reactive buybacks don’t guarantee durable value and often signal governance, alignment, or capital allocation problems.
  • For Solana and broader crypto investors, the key is to favor protocols with clear token–equity value paths and to treat buybacks as positive only when they are small vs treasury, funded by real revenue, transparently executed, and clearly secondary to growth.

Panel: “This House believes that token buybacks are a net-negative value accrual mechanism.”

Max (proposition side – against buybacks), Victor & Barto + others (opposition side – defending “good” buybacks). Companies repeatedly referenced: Hyperliquid, Pump.fun, Jupiter, LayerZero, and Solana itself as a contrasting model.


1. Core Motion: Are Token Buybacks Net-Negative for Value Accrual?

  • The debate centers on whether protocols should use revenue for token buybacks or distribute it directly to token holders (e.g., via staking/dividends).
  • Max argues buybacks, as practiced today, are structurally flawed and net-negative; opposition argues there is a distinction between “good” and “bad” buybacks.
  • Solana’s model (distributing value to stakers via protocol mechanics) is highlighted as an alternative to buybacks.
  • The panel repeatedly contrasts crypto market structure and governance with traditional equity markets.

Takeaway: The core split is between seeing buybacks as fundamentally broken in crypto vs. seeing them as a legitimate, if narrowly applied, value distribution tool when done transparently and from real revenue.


2. Max’s Critique: Why Token Buybacks “Fail” (Proposition Side)

  • Opacity & governance risk

    • Buybacks are executed by small internal teams with full discretion over timing, size, and counterparties.
    • This opens the door to frontrunning announcements, timing around liquidations, team unlocks, or listings, and routing flow through affiliated market makers for hidden spread capture.
    • Unlike equities, crypto has no equivalent of blackout periods, disclosures, or safe-harbor rules; Max argues we’ve “recreated the conditions for insider trading and called it innovation.”
  • Procyclicality & bad execution timing

    • Protocol revenue (fees) is highest in speculative peaks, meaning programmatic buybacks mechanically “buy high.”
    • When markets crash and buybacks would be most “value” efficient, revenue collapses and buybacks shrink or stop.
    • Max claims that backtesting buyback history vs price charts for major protocols shows this pattern clearly.
  • Perverse incentives & lack of enforceable commitments

    • Buybacks depend on trusting teams to keep returning capital instead of diverting it to expenses (e.g., “private jets”) or stopping once numbers get large.
    • In the absence of legal or governance enforcement, the “promise” of future buybacks is only as good as faith in the founders.
    • This, he argues, pulls teams into starting buybacks too early, cannibalizing growth capital to appease impatient holders.
  • Staking/dividends as superior mechanism

    • Staking rewards are automatic, proportional, on-chain, and non-discretionary—no need to trust management.
    • He frames staking as a “code-based dividend” that directly routes value to holders without opaque intermediated execution.

Takeaway: From Max’s investor-focused view, buybacks in crypto are badly timed, weakly governed, and trust-dependent, making them an inferior and often harmful way to return value versus automatic on-chain distributions.


3. Opposition View: “Good vs Bad” Buybacks & Market Data

  • Scale of buybacks in current crypto markets

    • Victor notes only 28 projects did “meaningful” buybacks in 2025.
    • Roughly $100M/month of buybacks (~$1.2B/year) plus a $150M one-off from LayerZero (~$1.35–1.4B total).
    • Ex-bitcoin, this is about 10 bps of non-BTC crypto market cap—buybacks are a small slice of overall value distribution.
  • Definition of “good” buybacks

    • Done from real revenue, after clear product-market fit, not from treasury.
    • Transparent, periodic, on-chain, and publicly observable (vs one-off, opaque events like the LayerZero example).
    • Used only with surplus capital: what is not needed for internal growth, M&A, or expansion is returned via buybacks.
  • Buybacks as value distribution, not value creation

    • Opposition repeatedly frames buybacks as a “distribution mechanism,” not something that grows the pie.
    • The question becomes: once you’ve funded growth adequately, what’s the most investor-friendly way to return excess cash?
  • Critique of alternative: staking/airdrops

    • Staking rewards and airdrops are said to be heavily exploited by “snipers” and Sybil attackers who farm and dump.
    • This is framed as penalizing true long-term holders, making buybacks relatively more attractive as a distribution method.

Takeaway: The opposition accepts that many current buybacks are bad, but insists that transparent, revenue-based buybacks post-PMF are a legitimate, tax-efficient, and less exploitable way to distribute excess value to long-term token holders.


4. Case Studies: Hyperliquid, Pump.fun, Jupiter, LayerZero

  • Jupiter

    • Uses ~50% of protocol revenue for token buybacks; the other 50% is reserved for M&A and growth.
    • Victor argues this anchors a valuation “floor” (e.g., $100M/year buybacks vs $1.5B market cap ≈ 15x multiple).
    • The idea is a hybrid model: half for compounding the business, half to reward token holders.
  • Hyperliquid

    • Cited as buying back ~$700M/year, trading at ~$30B+ market cap (~34x multiple).
    • A proposition-side speaker counters that despite large buybacks, Hyperliquid’s market share has decreased over time, suggesting buybacks are not driving competitive strength or long-term value.
  • Pump.fun

    • Initially allocated 25% of revenue to buybacks and 75% to growth; token price underperformed and market “flamed” them.
    • Under pressure, they shifted to 100% buyback to convince investors that value would accrue to the token instead of equity.
    • Max presents this as evidence of buybacks being used as a “crutch” to offset lack of trust and governance rather than a rational capital allocation.
    • Opposition responds that they were “testing where the market is,” implying dynamic calibration with investor sentiment.
  • LayerZero

    • Did a one-off $150M buyback in September, which Victor criticizes as a “bad” buyback: non-recurring, opaque, seemingly investor-driven.
    • Used as an example of misaligned timing and communications hurting credibility.

Takeaway: For investors, these case studies highlight that sizable buybacks do not guarantee market share or sustainable value; they often reflect governance and signaling problems and should be scrutinized for source of funds, transparency, and opportunity cost.


5. Cyclicality, Growth vs. Returns, and Capital Allocation

  • Cyclical revenue and poor timing

    • Crypto protocols’ revenue is tightly linked to speculative cycles and volatility.
    • Programmatic buybacks in bull markets can “top-blast” charts and are capital-inefficient, leaving little buffer for downturns.
    • Discretionary buybacks, if used, risk similar timing mistakes and reduce reserves to survive bear markets.
  • Growth as the primary value driver

    • Proposition side: $1 used for hiring, R&D, expansion, and ecosystem incentives has higher expected long-term value than $1 used on buybacks, especially in early and growth phases.
    • They argue teams that resort to buybacks are implicitly signaling they can’t generate higher marginal returns from reinvestment.
  • Opposition’s nuance: marginal return logic

    • Barto concedes that yes, the choice is between growth vs. buybacks, but frames it as a marginal efficiency decision: when incremental growth spend has diminishing returns, buybacks can be rational.
    • The idea is: after core growth needs are funded, additional dollars might be better spent on shareholder/tokenholder returns.

Takeaway: Both sides agree growth matters most; the dispute is over when (if ever) excess capital exists in a still-nascent, cyclical crypto industry such that buybacks become rational vs prematurely starving growth.


6. Tokens vs Equity: Value Accrual, Trust, and Market Structure

  • Equity vs token split as root problem

    • Proposition side: many projects (e.g., Pump) have both equity and tokens, and investors doubt whether future profits accrue to equity holders or token holders.
    • Buybacks become a forced signal that “we promise value will accrue to the token, not just the equity,” compensating for weak structural alignment.
  • Public markets vs crypto

    • Max points to U.S. securities law (e.g., 1933 Act, disclosure and governance requirements) as enabling long-term commitments and deferring returns while investors remain confident.
    • In public markets, companies like Uber could run losses for years with investor trust that eventual profits would benefit shareholders.
  • Crypto’s trustless architecture yet trust-heavy buybacks

    • The lack of legally enforced governance contracts in crypto means investors must rely on team promises.
    • This stands in tension with the “trustless” ethos: code-enforced mechanisms (like staking distributions) are more aligned with crypto’s design.
  • Treasury transparency gap

    • Disagreement over how transparent crypto really is: one side claims on-chain buybacks are more transparent than opaque corporate buyback programs; the other points out that treasury balances, spending, and obligations are often not fully disclosed.
    • Example: Pump’s actual treasury size and spend profile aren’t public at the same granularity as a public company’s filings.

Takeaway: For investors, projects with clean, single-asset value accrual (all upside to equity or to the token, not both) and clear, auditable treasury and revenue policies are structurally safer than those using buybacks to patch over equity–token misalignment.


7. Tax & Regulatory Considerations

  • Buybacks vs staking dividends (tax angle)

    • Opposition notes that direct staking/dividend-like payouts are more likely to be taxable income to token holders.
    • Buybacks push value into token price appreciation, which can be deferred for tax purposes until sale, creating higher after-tax returns for long-term holders in many jurisdictions.
    • This “tax efficiency” is cited as a key advantage of buybacks over explicit yield distributions.
  • Regulatory analogies but no direct enforcement

    • While traditional securities law is invoked as a benchmark, there is broad agreement that crypto today lacks comparable guardrails.
    • This absence increases both the importance and difficulty of designing fair, transparent capital return policies.

Takeaway: Well-structured buybacks can be more tax-efficient than explicit yield, but that advantage must be weighed against governance risks, opacity, and the potential for misaligned incentives in a lightly regulated environment.


8. Closing Positions & Investor-Relevant Takeaways

  • Proposition (Max and co.)

    • Buybacks are inherently opaque, cyclical, badly governed, and rely on trust that does not fit crypto’s trustless ethos.
    • They crowd out growth spending in a still-early industry, driven largely by investor pressure and weak alignment between equity and tokens.
    • Investors should favor protocols where value accrues via on-chain, rules-based mechanisms (e.g., Solana-style staking) and where equity/token roles are clearly defined.
  • Opposition (Victor, Barto, others)

    • “Good” buybacks—transparent, on-chain, periodic, from real revenue, after PMF, and with clear disclosure—can be an efficient, tax-advantaged way to share surplus value.
    • Staking/airdrops are highly gameable and can overly reward short-term farmers vs core long-term holders.
    • As long as growth is properly funded and treasuries are sufficient, systematic buybacks can coexist with healthy reinvestment and are “here to stay.”

Takeaway: For a Solana or broader crypto investor, the debate underscores that not all buybacks are equal—assessing whether a protocol’s buyback policy is revenue-based, transparent, post-PMF, and not crowding out growth is critical to judging if it’s value-accretive or a red flag.

Breakpoint 2025: Tokenizing the Internet: Unlocking 364M Domains for a New Era of DeFi Growth

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Breakpoint 2025 D2

Overview

  • Traditional DNS domains (~370M globally, $350B+ market) are being reframed as a mature, cash‑flowing real‑world asset class that can be tokenized on Solana.
  • InternetX/IONOS plans to expose ~50M domains to Web3 via Solana, moving a major slice of Web2 internet infrastructure on‑chain.
  • The DOMA protocol provides compliant, on‑chain representation of real DNS domains on Solana, making Solana the settlement layer for “real internet” naming rather than just crypto‑native handles.
  • Tokenized domains are positioned as a new DeFi primitive on Solana: tradable, fractionalizable, rentable, and usable as collateral, potentially unlocking large new liquidity and yield opportunities.
  • Launch is targeted for early next year, making this a near‑term catalyst for Solana’s RWA and DeFi narratives and a concrete signal of institutional Web2 adoption.

Speakers

Paul (D3 / DOMA Protocol) – Co‑founder at D3, building the DOMA protocol to bring traditional DNS domains on-chain as tokenized assets on Solana.

Ias (InternetX / IONOS Group) – CEO of InternetX, part of IONOS Group, Europe’s largest hosting provider; manages a large Web2 domain portfolio and aftermarket business.


1. Tokenizing the Traditional Domain Name Industry

  • Domain names (e.g., .com, .ai) are described as a $350B asset class, with ~370M domains globally.
  • Domains have been core internet infrastructure for 35–40 years, powering online identity and commerce for over 5B people.
  • The thesis: this large, mature, cash‑flowing Web2 asset class is “about to come on-chain” and can be unlocked as a new category of real‑world assets (RWA) on Solana.
  • Positioning domains as an investable asset similar to other RWAs, but with strong existing demand, brand value, and multi‑decade staying power.

Takeaway: Traditional DNS domains represent a massive, established market that is now being framed as a new, tokenizable RWA category for crypto investors.


2. InternetX’s Inventory and Web2 → Web3 Bridge

  • InternetX (part of IONOS) has ~6M customers and manages 22M+ domains, with another 24M+ domains in its aftermarket (brand: Sedo—pronounced “Zato” in the transcript).
  • Total inventory under their control approaches 50M domains, which they don’t want “stuck in Web2” as the internet shifts toward Web3.
  • Their strategy is to “expose [their] full inventory to Web3,” making these domains usable and tradable in blockchain ecosystems.
  • They explicitly highlight Solana as the “ideal” ecosystem to onboard this inventory via the DOMA protocol.

Takeaway: A major legacy domain provider is committing to bring tens of millions of Web2 domains into Solana’s Web3 ecosystem, significantly broadening the on‑chain asset base.


3. DOMA Protocol on Solana: Tokenized Domains as RWAs

  • D3’s DOMA protocol is presented as the infrastructure that bridges traditional DNS life cycles (regulation, renewals, ownership records) with on‑chain Web3 functionality.
  • InternetX chose DOMA because it can handle the regulatory and operational complexity of “real internet” DNS while still enabling Web3 features.
  • Tokenized domains will live on Solana as RWAs, governed by DOMA, effectively representing legal/real ownership of standard DNS domains.
  • The goal is frictionless integration so domain management companies can list and manage their entire inventories on-chain.

Takeaway: DOMA positions Solana as the settlement and DeFi layer for real DNS domains, not just blockchain-native naming systems, giving Solana a differentiated RWA niche.


4. DeFi & Market Use Cases: “Owning and Trading the Internet”

  • Once tokenized, domains can be:
    • Fractionalized (shared ownership, domain “shares”)
    • Leased or rented out (yield from traffic or brand usage)
    • Borrowed against and used as collateral in DeFi
    • Traded on major marketplaces on Solana and potentially elsewhere.
  • A domain can represent an entire business or personal identity, making it a potentially high‑value collateral type.
  • The vision is “all of internet commerce finally coming on-chain,” as domains anchor e‑commerce, branding, and identity.
  • By unlocking these functions, the project aims to create new liquidity and financialization around what were previously illiquid Web2 assets.

Takeaway: Tokenized domains on Solana are pitched as a new DeFi primitive, enabling lending, collateralization, leasing, and secondary markets around high‑value internet real estate.


5. Timeline, Status, and Implementation Signals

  • The speakers emphasize “it’s not a demo” – the system is already being built and live at some level.
  • Public launch and broader access are targeted for “early next year” on Solana.
  • They encourage the audience to follow D3/DOMA on socials, signaling an imminent rollout rather than a distant roadmap.

Takeaway: This is framed as an upcoming, near‑term deployment on Solana, not a speculative concept, suggesting potential catalysts for the Solana and RWA narratives in the coming year.

Breakpoint 2025: Welcome to Day 2: Sanctum (Eno Sim)

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Breakpoint 2025 D2

Overview

  • Solana is framed as having a “blockbuster” 2025, with rising institutional adoption, ETF inflows, onchain revenue, and developer growth, underscoring strong competitive positioning.
  • The host asserts Solana is “winning on every single front,” reinforcing a narrative of broad ecosystem health that supports long‑term investor confidence.
  • Breakpoint’s growing size and energy are used as a proxy for ecosystem depth, with increasing attendance and enthusiasm signaling a vibrant builder and user community.
  • The prominence of Loop Scale and a fireside chat with its founder and Solana co‑founder Raj suggests focus on scaling, growth, and infrastructure as key strategic themes.
  • For investors, the combination of institutional traction, expanding developer base, and highlighted strategic projects like Loop Scale points to a maturing, growth‑oriented Solana ecosystem.

Breakpoint 2025 Day 2 Opening

Host/emcee (unnamed), Solana Breakpoint 2025
Context: High‑energy opening to Day 2, setting tone around Solana’s momentum in 2025 and introducing an upcoming fireside chat with Loop Scale’s founder and Solana co‑founder Raj.


1. Solana’s 2025 Momentum and Market Positioning

  • Speaker frames 2025 as a “blockbuster year” for the Solana network.
  • Highlights multiple fronts of strength:
    • Institutional adoption of Solana.
    • ETF inflows and new ETF issuances tied to Solana.
    • Growth in onchain revenue across the ecosystem.
    • Increase in the number of new developers building on Solana.
  • Emphasizes that Solana is “winning on every single front,” signaling broad ecosystem health and competitive strength versus other chains.
  • Overall tone is confident and celebratory, suggesting strong market sentiment and narrative around Solana for 2025.

Takeaway: The opening positions Solana as a leading, rapidly growing blockchain in 2025, with strong institutional interest, financial products (ETFs), and developer traction—all important signals for investors tracking long‑term ecosystem health.


2. Breakpoint 2025 as a Signal of Ecosystem Scale

  • The host notes that every year Breakpoint seems like it can’t get bigger, and every year it does, implying compounding growth of the Solana community and ecosystem.
  • Reference to Ellie (likely the organizer) “proving him wrong” each year underscores growing attendance, interest, and scale of the conference.
  • The energy in the room and call‑and‑response (“SALON on three”) are used to illustrate strong community engagement and enthusiasm.
  • For investors, a larger, more energized conference often correlates with a more active builder and app ecosystem, which can drive usage and value accrual on the network.

Takeaway: The expanding scale and energy of Breakpoint serve as an informal but clear signal of Solana’s growing ecosystem depth and community commitment.


3. Introduction of Fireside Chat: Loop Scale & Raj

  • The host sets up “a very special fireside” with:
    • Mary Gutaratney, founder of Loop Scale.
    • Raj (referred to as “Raj Ti”), presented as one of the “men, the myth, the legends” (almost certainly Raj Gokal, Solana co‑founder, though not explicitly clarified in the excerpt).
  • Loop Scale is highlighted by name, positioning it as a notable project worth spotlighting at the main stage of Breakpoint.
  • The framing suggests that the conversation will touch on high‑impact topics—likely scaling, growth, or ecosystem infrastructure—relevant to Solana’s continued expansion.
  • Featuring a founder plus a top Solana leader hints at strategic or directional insights that may matter to investors (e.g., where Solana is focusing next, what kinds of projects are being elevated).

Takeaway: The conference is about to feature a high‑profile discussion with Loop Scale’s founder and a key Solana leader, signaling that Loop Scale may be a strategically important project within the Solana ecosystem.

Breakpoint 2025: Welcome to Dev Day: Solana Foundation (Solomon Ponomarev)

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Breakpoint 2025 D2

Overview

  • Solana is replacing broad “Hacker Houses” with tightly scoped, high-serendipity technical formats to better serve core developers.
  • Parallel event tracks like Accelerate (policy/finance) and Scale or Die (deep dev, infra, security) validate strong demand for developer-first programming.
  • Breakpoint Dev Day extends the “Scale or Die” model globally with dense, 10–15 minute technical sessions focused on net-new learning and is fully streamed for reach.
  • Key themes—Firedancer client rollout and staking, Anza performance work, security hardening, infra upgrades, and Anchor 1.0—signal a push for scale, resilience, and easier building, all bullish for long-term network competitiveness.
  • Strong on-site ecosystem activity and a stated roadmap moving from “developers first” to “developers + distribution” indicate growing community health and a plan to convert technical gains into wider adoption, relevant for investor thesis durability.

Solomon Ponomarev

Product engineer, Solana Foundation. Long-time Breakpoint participant (third year), helping design and host Solana’s developer-focused experiences and formats.


1. Evolution from Hacker Houses to New Dev-Focused Formats

  • Historically, Solana Foundation ran many “Hacker Houses” worldwide: physical venues for developers to gather, collaborate, and dive into technical topics.
  • While hackathons still exist, the traditional Hacker House format has been discontinued.
  • Developer feedback emphasized missing “serendipity” and deep, tech-only conversations that don’t happen at product/marketing/sales/BD-centric events.
  • Foundation’s goal shifted to ensuring every Solana presence around the world includes events explicitly tailored to developers and technical content.

Takeaway: Solana is deliberately rebuilding its in-person strategy to recreate the high-value, technical, serendipitous environment developers had with Hacker Houses, in new and more focused formats.


2. Introduction of “Accelerate” and “Scale or Die”

  • In May, Solana launched a new event concept called Accelerate in New York.
  • Accelerate was initially focused on finance, policy, and regulation, targeting a more institutional/market-facing audience.
  • Alongside it, they created a dedicated developer-only event called “Scale or Die”, focused on core dev, security, and infrastructure.
  • “Scale or Die” is described as Solomon’s “baby” and received “rave reviews” from developers and teams for its focus and clarity of outcomes.
  • Attendees valued that the content was highly specific to them, with deep dives into topics most relevant to Solana’s technical roadmap and scaling.

Takeaway: The success of “Scale or Die” shows strong demand for tightly scoped, developer-first events, validating Solana’s strategy of running parallel tracks for devs and policy/finance stakeholders.


3. Breakpoint Dev Day: Structure and Objectives

  • Dev Day at Breakpoint is positioned as a direct continuation of the “Scale or Die” concept for a global audience.
  • Clear goal: reinvigorate the developer community and ensure they have an event explicitly “for you guys.”
  • Programming is centered on deep technical content rather than panels or fireside chats, targeting “net new learnings.”
  • All talks are deliberately short, 10–15 minutes, to keep sessions dense and focused.
  • The entire day is being live streamed and recorded, broadening reach beyond in-person attendees.

Takeaway: Dev Day at Breakpoint is designed as a high-signal, developer-first program emphasizing depth and learning over marketing, signaling Solana’s continued focus on its builder base.


4. Key Technical Focus Areas & Ecosystem Signals

  • Security: Multiple talks focused on security, indicating ongoing emphasis on hardening the network and developer practices—relevant for long-term reliability and institutional confidence.
  • Infrastructure: Dedicated content on infra improvements, suggesting continued investment in the underlying stack that supports higher throughput and better UX.
  • Firedancer:
    • A special block called “When Firedancer” will cover:
      • Firedancer on mainnet.
      • Efforts to accrue more stake onto the Firedancer client.
    • For investors, this points to diversification of validator clients, greater resiliency, and long-term scaling capacity.
  • Anza:
    • Anza will have its own block of talks.
    • Primary themes: performance and “IBRL at all costs” (context: strong focus on performance and reliability).
    • Signals relentless focus on throughput and latency—key differentiators for Solana vs. other L1s.
  • Anchor 1.0 and other tooling:
    • Sessions on Anchor 1.0, a major version of a leading Solana smart contract framework.
    • Implies maturing dev tooling, potentially lowering barriers to entry and improving developer productivity.

Takeaway: The featured topics—Firedancer, performance work by Anza, security, infrastructure, and Anchor 1.0—highlight Solana’s focus on scaling, client diversity, and developer experience, all of which are core to sustaining network competitiveness and adoption.


5. Community & Ecosystem Engagement

  • Solomon notes many new and familiar faces, highlighting both ecosystem growth and retention.
  • He points out “solid, fun, unique, and quirky” ecosystem activations around the venue, underscoring a broad and creative builder community.
  • The aim is to encourage attendees to explore all activations, fostering cross-pollination between projects.

Takeaway: The in-person energy and diversity of projects at Breakpoint underscore a growing, active ecosystem, an important indicator of network health beyond raw metrics.


6. Forward-Looking Focus: Developers and Distribution

  • Solomon closes by saying that next year the focus will be on developers and distribution together.
  • This implies a roadmap where:
    • First phase: deep investment in core tech, infra, and dev community (current Dev Day).
    • Next phase: pairing that technical foundation with better distribution and user reach.

Takeaway: Solana’s near-term strategy is to lock in technical and developer strength now, with an explicit plan to expand distribution and adoption in the following cycle—relevant for investors tracking the translation of tech progress into user and market growth.

Breakpoint 2025: Wen Firedancer

Watch Video
Breakpoint 2025 D2

Overview

  • Firedancer is being deployed like critical utility infrastructure: incrementally, with hybrid FrankenDancer validators proving components in production before broad rollout of the fully independent client.
  • Full Firedancer is already live on mainnet with small stake, producing blocks and votes unnoticed, showing real‑world readiness and delivering ultra‑fast voting, replay, and sub‑minute‑targeted restarts.
  • Deep optimizations in snapshots, networking, cryptography, and replay turn validator cold start and throughput into primarily software problems, with demonstrated order‑of‑magnitude gains and ample headroom for future TPS growth.
  • Parallel work on community‑run, high‑bandwidth network infrastructure and rich operator observability tools makes high performance scalable at the cluster level and more accessible to professional validators.
  • For investors, this means lower client‑bug tail risk, stronger institutional credibility, better validator economics, and a higher long‑term performance ceiling, reinforcing Solana’s competitive moat as demand scales.

Kevin Bowers

Kevin Bowers, Chief Scientist at Jump Trading Group, lead of the Firedancer initiative; long‑time Solana ecosystem contributor focused on high‑performance, low‑latency infrastructure.


1. Firedancer’s Deployment Philosophy & Mainnet Status

  • Jump’s goal is for Firedancer to be “boring”: infrastructure that users never notice because it never breaks; the only “exciting” infra is broken infra.
  • They deliberately delayed a big public “mainnet launch” moment to avoid ecosystem risk; success is defined as upgrading a core utility (like a power plant) without anyone noticing.
  • Risk is managed on two dimensions: (1) probability of failure (driven down by testing, fuzzing, audits) and (2) impact of failure (now higher because the Solana community and economic activity are larger).
  • Strategy: gradual, real‑world soak testing via hybrid “FrankenDancer” validators that swap in Firedancer components piece by piece while keeping critical Agave (reference client) parts like bytecode interpreter and consensus.
  • The end goal remains a fully independent second validator client (full Firedancer), critical for resilience, decentralization, and credibility versus “big tech” cloud and traditional finance infrastructure.

Takeaway: Firedancer is being rolled out as a mission‑critical utility upgrade, with risk‑minimizing, incremental deployment designed to protect Solana’s growing economic base and provide true validator client diversity.


2. FrankenDancer vs. Full Firedancer & Stake Adoption

  • FrankenDancer = hybrid validator: Agave plus an increasing set of Firedancer “tiles” (networking, PoH, sig verification, block packing, scheduling, turbine, etc.); full Firedancer is a completely independent client.
  • This modular “tile” approach lets the community adopt parts of the stack, gain operational experience, and eventually build their own independent validator implementations.
  • Since Breakpoint 2024:
    • FrankenDancer went from a tiny sliver of stake to 5% by May 2025, then 20–30% of mainnet stake, with ~175 validators running it.
    • Operators were actively discouraged from moving too much stake over, to balance real‑world telemetry with ecosystem safety.
  • This validates the performance and reliability of Firedancer components in production and creates a strong foundation for the full client’s adoption.
  • Community testing and conformance suites from Firedancer have been adopted broadly, helping third parties create additional independent validators.

Takeaway: FrankenDancer has quietly grown into a major share of Solana’s stake, proving Firedancer components in production and setting the stage for safe, large‑scale migration to a fully independent client.


3. “Open Secret”: Full Firedancer Is Already Live on Mainnet

  • Full Firedancer began:
    • Voting on mainnet in July 2025.
    • Producing full blocks on mainnet in October 2025.
  • Current deployment:
    • Running on a handful of Jump validators with a “tiny amount” of stake.
    • Over 100 days of mainnet runtime across three validators.
    • 50,000 mainnet blocks produced and >20 million mainnet votes landed.

  • Just as with FrankenDancer last year, the team intentionally kept initial deployment quiet; the fact that “nobody noticed” is presented as proof of reliability and seamless integration.
  • Over the coming months, they expect more operators to adopt full Firedancer as soak testing continues and external audits complete.
  • Parallel ecosystem development (e.g., “double zero” network, high‑capacity multicast WAN, FPGA‑based infra) demonstrates the broader infrastructure stack maturing alongside Firedancer.

Takeaway: Full Firedancer is already producing blocks and votes on Solana mainnet with minimal stake, validating real‑world readiness ahead of a broader, more visible rollout.


4. Network & Infrastructure Scaling: From Validator Speed to Global Capacity

  • Core message: a hyper‑fast validator alone isn’t enough; the physical and logical network must also scale:
    • “Gigabits per second attack is a you problem; terabits per second attack is a we problem.”
    • Attacks and load at scale require community‑level, not individual, solutions.
  • Concept: distribute validator functionality into multiple logical “rings” connected via a multicasting, high‑capacity WAN to overcome latency/bandwidth bottlenecks (Amdahl’s “street justice”).
  • A community effort (“0ero” / double zero) implemented this model:
    • Jump contributed prior FPGA tech (used in past 1M TPS demos) and high‑capacity networking infrastructure.
  • This work reduces the risk that a single geographic or network bottleneck caps Solana’s throughput or DoS resilience.

Takeaway: Firedancer’s value is amplified by parallel work on high‑bandwidth, community‑run network infrastructure, ensuring validator performance can translate into chain‑wide capacity and resilience.


5. Fast Snapshot Loading: Cold Start as a First‑Class Performance Problem (Richie Patel)

Richie Patel, engineer on the Firedancer team, focusing on startup and snapshot performance.

  • Solana state is huge and granular:
    • ~1 billion small accounts totaling ~0.5 TB.
    • A validator must download, decompress, cryptographically verify, index, and load all this before replaying a single transaction.
  • Previous performance:
    • ~20 minutes just for crypto verification of snapshot data.
    • ~40 minutes typical cloud download time.
  • Hardware and network are not the bottleneck:
    • Typical validator boxes have high‑end CPUs, large RAM, and very fast NVMe.
    • Local compression/decompression and disk copy suggest theoretical startup in ~10–20 seconds.
    • Intra‑datacenter / metro network links can reach ~50 Gbps; global infra plus community snapshot projects already improved download speeds.
  • Conclusion: remaining problems are software and pipeline design, not raw hardware/network capacity.

Takeaway: With today’s hardware and networking, validator cold start times are primarily a software optimization problem that Firedancer is aggressively attacking.


6. Snapshot Pipeline Design & Performance Gains (Richie Patel)

  • Firedancer treats snapshot loading as a multi‑stage, parallel pipeline:
    • Stages: download → decompress → cryptographically verify → index accounts → write to DB.
    • Each stage is a dedicated “tile” pinned to specific CPU cores with explicit dataflow and minimal shared state.
  • Benefits:
    • Pipeline simplicity means there is always a single clear bottleneck tile; engineering focuses on systematic “whack‑a‑mole” of that bottleneck rather than complex profiler analysis.
    • Each tile can be independently micro‑optimized, tested, and reasoned about.
  • Network IO:
    • Uses kernel‑bypass networking, zero‑copy IO, and NIC offloads to reach line‑rate snapshot ingest with minimal CPU use.
  • Disk IO:
    • Uses optimal kernel interfaces and NVMe programming to let the SSD pull data directly from DRAM with minimal CPU intervention.
  • Real‑world result:
    • End‑to‑end cold start went from ~20 minutes (2024) to ~3 minutes.
    • Microbenchmarks show individual stages can hit ~20 GB/s, suggesting an eventual lower bound of ~20 seconds if all upstream constraints (including compression format) are aligned.

Takeaway: By refactoring snapshot processing into a highly parallel, tile‑based pipeline, Firedancer has cut cold start time by an order of magnitude and is targeting sub‑minute restarts.


7. Compression & Decompression: Parallel Zstandard as a Key Lever (Richie Patel)

  • Today’s Solana snapshots:
    • Compressed with Zstandard (Meta’s zstd) into a single frame composed of sequentially dependent blocks.
    • A single‑threaded decompressor achieves ~3.5 GB/s—too slow relative to network and disk; Firedancer needs ~10× this.
  • Limitation:
    • Zstd’s default framing creates a sequential dependency chain; blocks can’t be decompressed in parallel within one frame.
  • Simple protocol‑side solution:
    • Use parallel Zstandard compression: split the snapshot into multiple independent frames instead of a single monolithic frame.
    • Each frame can be decompressed independently by separate threads, providing nearly linear scaling with number of cores.
    • Compression ratio impact is minimal (≈0.2% larger snapshots).
  • Ask to operators:
    • This is a backward‑compatible change on the producer side (snapshot creators).
    • If infrastructure operators enable parallel zstd framing, Firedancer’s snapshot loader can approach the hardware limit and push cold start under a minute.

Takeaway: A small, operator‑controlled change to snapshot compression (parallel Zstandard frames) unlocks massive parallel decompression gains, making sub‑minute validator restarts realistic.


8. Fast Account Indexing: Overcoming DRAM Latency (Richie Patel)

  • Account index design:
    • Firedancer uses a huge in‑RAM hash map (~100 GB) for account indexing to support random access across ~1 billion accounts.
  • Naïve approach:
    • Each account insertion implies a random memory access; with a 4 GHz CPU, you might expect billions of operations/sec.
    • Reality: only ~10 million ops/sec because every access is a DRAM cache miss (~100 ns latency)—this is a physics problem, not simple CPU speed.
  • Solution: exploit instruction‑level parallelism (ILP) for memory “gather”:
    • Have the CPU issue loads to multiple independent memory addresses in parallel (e.g., 8‑way) so while one load stalls on DRAM, others are in flight.
    • Implemented by carefully structuring code (or compiling to the desired assembly) to generate sequences of independent load instructions that the CPU can dispatch simultaneously.
  • Practical technique:
    • Avoid inline assembly blobs; instead, write C/C++ in patterns that the compiler transforms into the desired SIMD/ILP instruction patterns.
    • This approach gave ~8× speedup on indexing in practice.

Takeaway: By engineering around DRAM latency with instruction‑level parallelism, Firedancer turns account indexing from a severe bottleneck into a high‑throughput stage.


9. Cryptographic Verification: Set Hashing & SIMD‑Optimized Blake3 (Richie Patel)

  • Need:
    • Snapshots are downloaded from arbitrary peers, so all account data must be cryptographically verified.
  • New scheme: 2048‑bit set hash using the LT hash algorithm:
    • Each account is hashed individually; hashes are mathematically reduced into a single set hash.
    • Key advantage: the reduction is commutative (order doesn’t matter), enabling a fully parallel verification pipeline—no global sorting required.
    • This replaced an older hash‑tree design via a joint effort between Anza and Firedancer.
  • Under the hood:
    • LT set hash is built on Blake3’s compression function, which is composed of simple integer adds, rotates, and XORs—ideal for SIMD (AVX‑512 on x86).
    • With AVX‑512 and careful scheduling, they achieve ~100 billion operations/sec per core, leading to ~8 GB/s hashing throughput per core in theory.
  • Problem with off‑the‑shelf Blake3:
    • Standard Blake3 splits input into 1 KB chunks; for small data (like typical Solana accounts), most SIMD lanes are idle.
    • Median Solana account size is tiny, so SIMD utilization is poor; even high‑end hardware underperforms.
  • Firedancer’s adjustments:
    • Custom Blake3 and LT hash implementations tuned to Solana’s account size distribution and modern CPUs.
    • Use lane masking and custom data layout so SIMD lanes hash multiple small accounts at once, avoiding idle lanes.
    • Result: ~4× throughput improvement per core compared with the generic Blake3 library.

Takeaway: Custom, data‑aware crypto implementations give Firedancer multi‑gigabyte‑per‑second verification, turning what was a 20‑minute bottleneck into a near‑negligible part of startup.


10. Fast Replay: Why It Matters Beyond Boot (Philip Taffet)

Philip Taffet, engineer on Firedancer, focusing on replay dispatcher algorithms and parallel transaction execution.

  • Replay is not just for boot:
    • Validators are constantly replaying transactions from the current leader to remain in sync and vote.
    • Even if a leader can produce 1M TPS, the chain cannot sustain that if follower validators can’t replay and vote fast enough.
  • Replay dispatcher’s job:
    • Decide how to execute transactions—serially or in parallel—such that the final state matches serial execution order defined by the block.
    • It must respect account conflicts (e.g., two txs writing to the same account can’t run simultaneously).
  • Constraints:
    • Need to exploit as much parallelism as possible but with very low scheduling overhead.
    • A sophisticated algorithm that saves 10 ms while costing 100 ms to compute is net harmful.
  • Relationship to block packing:
    • Block packing (on leader side) has a similar problem: finding parallel execution patterns from a serialized stream.
    • However, replay intentionally decouples from pack decisions; it discovers its own parallelism tuned to its core count, CPU speed, and runtime conditions.

Takeaway: Efficient replay is essential both for fast startup and for sustaining higher network throughput, directly impacting how far Solana can scale in real usage.


11. Replay as a Graph Scheduling Problem & Cache‑Aware Data Layout (Philip Taffet)

  • DAG scheduling model:
    • Represent each transaction as a node in a directed acyclic graph.
    • Add edges between nodes that conflict (access overlapping accounts in incompatible ways).
    • Algorithm: find nodes with no incoming edges (ready to run), execute them, remove them and their edges, repeat.
  • Two critical design questions:
    1. How to represent the graph in memory.
    2. How to choose which ready transaction to execute when multiple are available.
  • Memory representation focus: cache efficiency:
    • Experience from building pack: naive data structures cause constant cache misses due to large working sets and pointer‑chasing.
    • Key insight: many transaction fields are irrelevant to dispatch:
      • Signatures, recent blockhash, instruction data, etc., don’t affect conflict detection and can be omitted from the dispatcher’s hot path.
    • Addresses (pubkeys, 32 bytes) dominate the size but have lower effective entropy (~11 bits in practice), so they can be compressed.
  • Optimization:
    • Map 32‑byte pubkeys to small integer indices and only store these indices where needed, drastically shrink working set.
    • Arrange metadata, edge counts, and edges tightly within cache lines (e.g., up to ~13 edges in a 64‑byte line).
    • Avoid multi‑level pointer indirection (like typical vector-of-pointer structures) that cause additional cache line loads.
  • Result:
    • Iteration over edges goes from ~3 cache line loads per transaction to ~1.
    • Contrary to “graph algorithms are inherently cache‑hostile,” careful packing meaningfully reduces cache misses and improves throughput.

Takeaway: By designing graph data structures specifically for cache locality and reduced memory footprint, Firedancer’s replay dispatcher can schedule conflicts at high speed with minimal overhead.


12. Critical Path Heuristics & Near‑Optimal Replay (Philip Taffet)

  • Critical path concept:
    • In a conflict graph, the critical path is the longest dependency chain; it defines the minimum possible block execution time regardless of how many cores you have.
    • To minimize wall‑clock replay time, the dispatcher should prioritize transactions on or near the critical path.
  • Challenge:
    • The validator receives transactions as a live stream and wants to start executing before seeing the whole block; it can’t compute the exact critical path upfront.
  • Heuristic solution: account “hotness”:
    • Track how frequently accounts are involved in conflicts over many blocks.
    • “Hot” accounts (e.g., popular programs or liquidity pools) are more likely to appear in critical paths.
    • When multiple transactions are ready, prioritize those touching hot accounts; deprioritize cold ones.
  • Implementation:
    • Hotness metadata is stored in the same cache line as node metadata, so it has essentially zero extra cache cost.
  • Results:
    • Simulation shows:
      • Replay dispatcher finds substantial parallelism up to ~3–4 cores before hitting the critical path, after which adding more cores yields diminishing returns (limited by true dependency depth).
      • Dispatcher overhead (time spent deciding, not executing txs) is a tiny fraction of total and mostly overlaps with execution.
      • Blocks from mainnet can be replayed faster than real time, leaving ample headroom for larger blocks and higher TPS.
    • For smaller blocks where integer linear programming (ILP) can find an exact optimal schedule, Firedancer’s approach gets close to that theoretical optimum in under a millisecond.

Takeaway: By using critical‑path‑oriented heuristics based on account hotness, Firedancer’s replay dispatcher achieves near‑optimal parallel execution with negligible scheduling overhead.


13. Live Demo: Full Firedancer C Client on Mainnet (Michael McGee & Anway)

Michael McGee, engineer and public face of Firedancer; Anway (engineer) running the live demo.

  • Proof of restart:
    • They live‑restart a highly staked mainnet validator running the full Firedancer client, written entirely in C (no Rust).
    • The validator:
      • Downloads snapshots from a live peer.
      • Decompresses and indexes accounts.
      • Replays and catches up to the network.
      • Then starts producing and voting on real mainnet blocks.
  • Snapshot load performance (live):
    • Snapshot loading screen shows three snapshot pipeline cores at work (download, decompress, insert into DB).
    • Observed throughput: ~3 GB/s output; ~6+ million accounts inserted.
    • Total cold start from scratch: around 2 minutes in the demo, including full + incremental snapshot and catch‑up.
  • Catch‑up & replay:
    • After loading full and incremental snapshots, the validator enters a repair + replay mode to catch up to the latest slot.
    • Replay dispatcher runs at faster than real time, quickly reducing lag to near zero.

Takeaway: The live mainnet demo shows Firedancer can cold start from scratch, sync, and begin producing blocks in a couple of minutes today, with visible headroom for further improvements.


14. Operational UI & Observability for Validators (Michael McGee)

  • The Firedancer UI (available at firedancer.io) is built for operators as a “cockpit” for a complex “airplane‑like” validator:
    • Designed to help pilots (operators) run faster, detect issues early, and navigate emergencies.
  • Key views:
    • Slots view:
      • Shows current slot, processed slot, and turbine slot (tip of network).
      • Visual confirmation that the validator is on pace, not falling behind.
    • Shreds view:
      • Visual “columns” per slot, rows per network packet (shred).
      • Colors show receiving, replaying (green), and repairs (red).
      • Acts as a live x‑ray of Solana’s turbine pipeline and validator health.
    • Leader blocks:
      • The demo validator receives a leader slot, produces a live mainnet block; they verify via Solana block explorer.
      • Metrics include transaction count, vote count, protocol limits, busy accounts, cumulative execution time.
    • Leader pipeline metrics:
      • Detailed breakdown of packer behavior: decisions, transaction buffer sizes, and performance tuning indicators.
  • Tile (core) utilization:
    • Visual map of CPU “tiles,” each representing a core and what it’s doing.
    • Even under mainnet load, most tiles are idle; execution tiles (for replay) are barely utilized, underscoring that Firedancer is massively overprovisioned relative to current chain usage.
  • Gossip view:
    • Real‑time table of peers, bandwidth, data types, snapshot offerings, and cluster‑wide gossip health.
    • Designed for diagnosing network connectivity issues, duplication rates, and general cluster behavior.

Takeaway: Firedancer ships with deep, operator‑oriented visibility into every major subsystem, making it easier for professional validators to manage performance and reliability.


15. Ultra‑Fast Voting & Comparative Performance (Michael McGee)

  • Bank visualization:
    • Per‑core, per‑transaction execution timeline for a given block.
    • Filtered to votes in a recently produced block, they highlight:
      • One of the earliest votes comes from validator FBBQ.
      • This validator is actually another Firedancer node (“Firedancer 2”).
  • Performance metrics:
    • That Firedancer 2 node casts its vote about 26 ms after the relevant block—extremely low latency for end‑to‑end path:
      • Receive shreds.
      • Achieve consensus (tower).
      • Generate and send vote transaction.
    • They compare this latency distribution to the rest of the cluster; Firedancer appears as the top low‑latency outlier.
  • Reporting site:
    • Jump built an internal reporting site to measure and compare validators.
    • A new “Firedancer” entry lets observers track rollout, stake share, and performance.
    • They sort validators by “lat1 vote rate”: percentage of times a validator votes in the very next block (the fastest possible).
      • Their Firedancer validator ranks #1 on this metric on the previous day.
  • Implication:
    • Faster votes mean:
      • Higher chance of timely inclusion, better staking rewards.
      • More robust consensus under heavy load, since validators are less likely to lag.

Takeaway: Firedancer nodes already demonstrate best‑in‑class voting latency and next‑block vote rates on mainnet, signaling a competitive edge for validators adopting the client.


16. Rollout Expectations & Strategic Philosophy (Michael McGee & Kevin Bowers)

  • Deployment trajectory:
    • FrankenDancer: 0% → significant share of stake over a year via gradual, operator‑driven adoption.
    • Full Firedancer is expected to follow a similar curve: near‑zero stake today, growing steadily as audits finish and operators gain confidence.
  • No “big bang” moment:
    • The chain is not currently at capacity; turning on Firedancer will not instantly change user‑visible throughput or fees.
    • In a functional sense, “wen Firedancer” was ~3 years ago when:
      • Jump began contributing to Solana core protocol design.
      • Hosted performance meetings with Anza and the Foundation.
      • Open‑sourced their research, tooling, and design contributions.
  • Philosophy of openness vs. moat:
    • Kevin’s anecdote: trying to keep a lead by hiding knowledge doesn’t work well; the best strategy is to simply “run faster than everyone else.”
    • Firedancer’s tech, designs, and benchmarks are published and given away, with the aim of lifting the entire ecosystem and still staying ahead through speed of innovation.

Takeaway: Investors shouldn’t expect a single “flip the switch” moment; Firedancer has been shaping Solana for years already, and its stake share will likely rise gradually as operators adopt a demonstrably faster, more observable client.


17. Investor‑Relevant Implications

  • Client diversity and resilience:
    • A fully independent second validator client significantly reduces catastrophic client‑bug risk (e.g., a single‑client crash halting the chain).
    • This makes Solana more institutionally credible and reduces tail‑risk for on‑chain capital.
  • Performance ceiling:
    • Firedancer’s demonstrated capability (million‑TPS demos, faster‑than‑real‑time replay, sub‑minute cold start roadmap) suggests the current network is nowhere near its hardware‑ and software‑imposed limits.
    • As demand grows, Solana can scale without immediate fundamental rearchitecting.
  • Operator economics:
    • Faster replay and voting translate to:
      • Higher vote inclusion probability and potentially better staking rewards.
      • Shorter downtime after failures (faster restarts), reducing revenue loss.
    • Sophisticated observability helps professionalize validator operations, likely attracting more high‑quality operators.
  • Ecosystem quality:
    • Jump’s continued open‑source contributions (testing suites, network infra, cryptographic improvements) lower the barrier for other independent clients and services, strengthening the broader Solana stack.
  • Long‑term moat:
    • The “run faster” strategy means Solana is rapidly importing techniques from HFT and big‑tech infra (FPGA, kernel-bypass, AVX‑512, WAN multicast) into an open blockchain context, which may be hard for slower ecosystems to match.

Takeaway: Firedancer’s quiet mainnet presence, growing FrankenDancer stake, and aggressive performance work materially improve Solana’s scalability, resilience, and validator economics, all of which strengthen the chain’s long‑term investment thesis.

Breakpoint 2025 D3

76 talks

BP 2025: BAXUS 2.0: Real-World Applications, Not Just Real-World Assets: BAXUS (Carrie Kellar)

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Breakpoint 2025 D3

Overview

  • BAXUS is building a vertically integrated RWA platform on Solana for wine and spirits, combining tokenization with real-world logistics, custody, and consumer-facing products.
  • Its physical vault infrastructure in New Jersey is already revenue-generating and used by other projects, creating a defensible real-world moat and B2B service layer on Solana.
  • The Athena IoT/DePIN stack and Kentucky barrel partnerships (>$10B in assets) signal a move from niche collectibles to institutional-scale, data-rich RWAs with continuous verification.
  • BAXUS is evolving into an exchange for programmable physical assets, enabling lending, pricing, and DeFi-style use cases while prioritizing mainstream-friendly mobile UX (including Seeker phone integration).
  • The team is cautious on token issuance, focusing instead on regulation-aware growth, infrastructure, and becoming a core RWA pricing/liquidity layer for Solana investors rather than a pure token speculation play.

Carrie Kellar

Carrie Kellar, co‑founder of BAXUS, a real‑world asset (RWA) platform focused on wine and spirits, building on Solana.


1. BAXUS Vision: From Idea to Real-World Application

  • Origin story: at the first Breakpoint, BAXUS had no marketplace or vault—just a fork of Metaplex and an idea to fix the wine and spirits market using Solana as rails.
  • Core thesis has remained consistent: the wine and spirits market is “broken,” Solana provides the infrastructure, and BAXUS delivers the end-to-end solution.
  • Early on, “RWA” wasn’t even a term; their focus was simply on delivering real, tangible value to users via tokenized physical assets.
  • Emphasis that real-world assets on-chain require robust off-chain infrastructure (vaults, logistics, authentication) to be credible and scalable.
  • BAXUS frames itself as moving beyond RWA “narrative” into actual consumer products and usable experiences.

Takeaway: BAXUS is positioning itself as a mature, end-to-end RWA play on Solana, with a long-term, consistent vision focused on wine and spirits as the first major asset class.


2. Physical Vault Infrastructure as a Service

  • BAXUS operates two “gray nondescript” buildings in New Jersey as physical custody and authentication facilities.
  • These vaults store thousands of bottles, with verified logistics, storage, and authentication processes.
  • The vaulting layer has already become a B2B service: BAXUS handles vaulting for other ecosystem projects (e.g., Emporium Cards during the vending machine craze).
  • This gives them a differentiated real-world moat versus purely digital RWA platforms—actual custody, not just token representations.

Takeaway: BAXUS has built real, revenue-generating, off-chain vault infrastructure that underpins its RWA strategy and can serve other projects, strengthening its defensibility and ecosystem relevance.


3. Athena: IoT + DePIN Layer for Trustless Asset Tracking

  • Athena is BAXUS’s IoT / DePIN (decentralized physical infrastructure) layer, first pitched at Breakpoint 2022 as “trustless vaulted infrastructure.”
  • Concept: attach IoT devices to physical assets or storage, connect them to networks like Helium, and feed verified data (location, authenticity, environment) into on-chain representations.
  • End goal: the token holder can know where the asset is, how it’s being stored, and its conditions—reducing information asymmetry and increasing trust.
  • This creates a more robust, transparent, and potentially more liquid RWA market, since assets are continuously verifiable via hardware.

Takeaway: Athena turns static tokenized assets into live, data-rich RWAs, enhancing trust and enabling more sophisticated financial and consumer applications.


4. Major Kentucky Partnerships & Unlocking the Barrel Market

  • BAXUS has secured major partnerships in Kentucky to “unlock the barrel market” using its IoT hardware and infrastructure.
  • Partners include:
    • Diageo (described as a massive wine and spirits conglomerate).
    • The Cutter Group, a large Rickhouse (barrel storage) builder.
    • Bardstown Bourbon Company, one of the fastest-growing distilleries globally.
  • Collectively, these partners control more than $10 billion in barrel assets that BAXUS aims to tokenize.
  • This moves BAXUS from niche collectibles toward institutional-scale RWAs with substantial underlying asset value.

Takeaway: By tapping >$10B in bourbon barrel assets via top-tier industry partners, BAXUS is signaling real institutional-scale RWA potential on Solana, not just small consumer drops.


5. From Marketplace to Exchange: Programmable Physical Assets

  • BAXUS is evolving from a simple marketplace to a full-fledged exchange for physical assets.
  • Shift implies programmability: enabling lending and other financial primitives on top of tokenized wine and spirits.
  • A unified mobile experience is being built to blend vaulting, IoT data, and trading into one user-facing product.
  • Consumer UX is a major focus: designed to be usable by non-crypto natives (“your grandmother can buy whiskey”) while still catering to “crypto degens.”

Takeaway: BAXUS is upgrading into an exchange layer where tokenized bottles and barrels can be lent, traded, and integrated into DeFi-like flows, expanding monetization and liquidity potential.


6. Decentralized Pricing & Mobile Integration (Seeker Phone)

  • BAXUS is launching what it calls the first decentralized pricing mechanism specifically for real-world assets.
  • Initial distribution is “only to the Seeker phone,” aligning with Solana’s mobile ecosystem and hardware-native experiences.
  • This pricing system connects:
    • Mobile app layer
    • IoT hardware data (Athena)
    • Blockchain rails (Solana)
    • Logistic and vaulting information
  • Decentralized pricing aims to provide transparent, algorithmic valuation for RWAs, a key missing piece for lending, derivatives, and broader financialization.

Takeaway: A decentralized pricing layer for RWAs—integrated with mobile and IoT—positions BAXUS as a foundational pricing and liquidity oracle for physical assets on Solana.


7. Token Narrative & Regulatory Caution

  • BAXUS has experimented with “Drink Token” and other fun crypto tie-ins (e.g., buying whiskey with meme coins, buying Leman bottles via Blinks).
  • Strong disclaimer: Drink Token is not the official BAXUS token and there is no indication that BAXUS will launch a token.
  • Emphasis that nothing presented is financial advice and that current experiments should not be read as token-launch signaling.
  • This suggests a strategy focused on product-market fit and regulatory prudence over token-driven speculation.

Takeaway: Despite strong crypto-native integrations, BAXUS is deliberately avoiding committing to a platform token, reducing regulatory risk and speculation-driven expectations.

BP 2025: Grid Smart Transactions: Finance That Runs Itself: Grid (Built by Squads), (Carlos Noriega)

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Breakpoint 2025 D3

Overview

  • Outlines the evolution of onchain finance from simple self-custody and basic DeFi toward autonomous, rule-based “finance that runs itself,” aiming to match TradFi efficiency.
  • Critiques the current “new product = new smart contract” paradigm as too slow, costly, and risky, limiting rapid iteration in Solana-based financial products.
  • Introduces smart transactions on top of Squads’ smart accounts, letting developers encode programmable rule sets for account behavior instead of deploying bespoke protocols.
  • Redefines self-custody so that any action—human, bot, or agent-triggered—must conform to the user’s original intent via on-chain, atomic rule enforcement.
  • Highlights Grid and Squads’ roadmap (automated bill pay, auto-allocating treasuries, intelligent actions) as core infra and products that could drive broader adoption of autonomous finance on Solana, a key theme for investors.

Carlos Noriega

Lead of the Grid team at Squads, builders of the smart account standard on Solana, used by 450+ teams securing over $15B in assets across multiple products (Squads Multisig, Altitude, Fuse).


1. Evolution of Onchain Finance Toward “Finance That Runs Itself”

  • Traces the progression from basic self-custodial payments (sending/receiving money) to DeFi and now to automated/agentic finance.
  • Emphasizes that to truly compete with traditional finance, onchain capital must become more productive and efficient, not just self-custodied.
  • Describes how DeFi extended self-custody by letting users opt into predefined smart contract behavior, enabling rapid growth without centralized custodians.
  • Notes current competition around capital efficiency (RWAs, tokenized strategies, vaults) but highlights complexity and risk of constantly deploying new, custom contracts.

Takeaway: Onchain finance is moving from simple custody and basic DeFi to a new phase where capital is autonomously managed under user-defined rules, aiming to match or exceed traditional finance in efficiency.


2. The Cost and Risk of Traditional Onchain Product Development

  • Explains that building new financial strategies typically requires custom smart contracts, multiple audits, and extensive development cycles.
  • Each new strategy adds more code and attack surface, increasing security risk and slowing innovation.
  • This model makes it expensive and slow for teams to experiment with new products or adjust to market conditions.

Takeaway: The traditional “new product = new smart contract” model is too slow, costly, and risky to support rapid innovation in onchain financial products.


3. Smart Transactions: A New Primitive for Autonomous Finance on Solana

  • Introduces “smart transactions” as a new primitive on Solana, built on top of Squads’ smart account standard.
  • Differentiates layers:
    • Programs/smart contracts: put logic on-chain but are slow and costly to develop.
    • Smart accounts: make ownership programmable.
    • Smart transactions: make behavior programmable within a smart account.
  • Shifts product design from building a protocol to declaring a rule set: instead of writing a new protocol, developers define rules that govern how an account behaves.
  • Smart accounts become programmable containers for:
    • Rules and price checks
    • Signer permissions
    • Allow lists for programs and instructions
    • Data conditions (e.g., constraints on instruction data or account data)
  • All these checks are evaluated atomically on-chain for each transaction, enforcing behavior at execution time.

Takeaway: Smart transactions abstract complex protocol logic into configurable rule sets, letting developers and users program account behavior directly without constantly deploying new contracts.


4. Redefining Self-Custody in the Age of Autonomous / Agentic Finance

  • Proposes a new definition of self-custody for an “age of efficiency”:
    self-custody means that no matter when, who, or what triggers an action, it can only execute within the user’s original intent.
  • Agentic or automated systems (including bots or intelligent agents) can initiate actions, but all must pass the smart transaction rule set.
  • This approach attempts to retain DeFi’s self-custodial guarantees while enabling automation and third-party execution.

Takeaway: Smart transactions aim to preserve user intent and control even as automated agents and external systems start to execute actions on users’ behalf.


5. Early Use Cases and Developer Adoption on Smart Transactions

  • Mentions a select group of teams already building autonomous finance use cases on smart transactions, including:
    • Trading and execution strategies that do not require separate escrow programs.
    • Treasury and liquidity management automations, including effects and rebalancing.
    • Intelligent systems that react to market conditions and can execute for users, not just suggest actions.
  • These use cases imply lower integration complexity: teams can leverage standard smart transaction rules instead of bespoke DeFi protocols.

Takeaway: Early adoption indicates that smart transactions can support a range of higher-value, automated use cases—from trading to treasury management—without the overhead of custom protocol development.


6. Squads’ Product Roadmap: Autonomous Finance Features for End Users

  • Squads is actively building product features on top of Grid and smart transactions:
    • Bill pay that “checks and executes itself” (autonomous, rules-based payments).
    • Treasuries that allocate funds automatically according to predefined policies.
    • “Intelligent actions” that anticipate user needs and trigger on their behalf within defined constraints.
  • These features are being integrated into existing products:
    • Squads Multisig (treasury & protocol management)
    • Altitude (business finance on stablecoin rails)
    • Fuse (personal finance app)

Takeaway: Squads is turning the smart transaction primitive into user-facing automation—like self-executing bill pay and auto-allocating treasuries—that could make onchain financial operations more “hands-off” for both institutions and individuals.


7. Grid: Infrastructure and APIs for Stablecoin-Based and Autonomous Finance

  • Grid is introduced as the underlying API and infrastructure layer powering Squads products and now autonomous finance on Solana.
  • Initially built to support stablecoin-based financial products, Grid now also underpins smart transactions and autonomous behaviors.
  • Grid is exposed to external developers to build their own stablecoin and automated finance products on Solana.
  • This positions Grid as a horizontal infrastructure bet: if autonomous finance grows, Grid could become a key enabler for many apps in the ecosystem.

Takeaway: Grid serves as the developer-facing backbone for building stablecoin and autonomous financial products on Solana, potentially capturing value as more teams adopt automated, rules-based account behavior.

BP 2025: How Interest-Rate Swaps Unlock the Next Phase of Solana DeFi: Exponent (Thomas Lefort)

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Breakpoint 2025 D3

Overview

  • Solana’s core tech and ecosystem have recovered strongly, but institutional capital is constrained by high inflation and a lack of fixed-rate, risk-managed yield tools.
  • Interest-rate swaps and fixed-yield primitives are framed as the missing layer needed for institutions to hedge variable DeFi yields and plan predictable returns.
  • Exponent already operates as Solana’s main yield exchange for swaps, with audited, open-source infra used by professional asset managers to add fixed rates and hedging to portfolios.
  • Exponent v2 upgrades the protocol to resemble TradFi swap markets, broadens markets/maturities, adds strategy vaults, and delivers fixed-rate borrowing and hedging UX for both pros and retail.
  • For Solana investors, the thesis is that interest-rate derivatives and managed yield products will become core infrastructure in the next DeFi growth cycle, potentially driving institutional inflows and deepening Solana’s credit markets.

Thomas Lefort

Co-founder of Exponent, a leading interest-rate swap and yield exchange protocol on Solana, focused on bringing institutional-grade yield tools to Solana DeFi.


1. State of Solana DeFi and the Capital Inflow Problem

  • Solana has rebounded from a “near death” period to become one of the most successful blockchains, but DeFi activity and net new capital inflows have been relatively flat over the past year.
  • A new wave of more sophisticated participants (institutions, asset managers) is showing interest in deploying capital on Solana.
  • Existing Solana DeFi is still largely built for retail/individual users, not institutional or sophisticated players.
  • Two main barriers identified:
    • High SOL inflation rate (acknowledged but not discussed in depth).
    • Yield landscape dominated by variable yields with limited fixed-rate options, making risk management difficult.

Takeaway: Solana is technically strong and recovering, but institutional capital is held back by unsuitable yield tools and risk structures.


2. Why Interest-Rate Swaps and Fixed Yield Matter for Solana

  • Institutional and sophisticated participants need tools to:
    • Access fixed rates.
    • Hedge variable yield risk on their DeFi positions.
  • Current yield products on Solana are mostly variable, making it hard to:
    • Plan returns.
    • Construct risk-managed portfolios.
  • Interest-rate swaps are positioned as the key missing primitive to:
    • Enable predictable yield.
    • Hedge against volatility across Solana’s credit and yield markets.
  • Managed yield products (vaults, strategies) using these swaps can bridge on-chain yields to institutional-grade strategies.

Takeaway: Interest-rate swaps and fixed-rate tools are presented as the core financial primitive required to unlock institutional-scale participation in Solana DeFi.


3. Exponent Today: Positioning as Solana’s Yield Exchange

  • Exponent is described as Solana’s leading yield exchange by:
    • Volume.
    • TVL (total value locked).
    • User count.
  • Codebase is audited, open source, and verifiable—important for institutional trust.
  • Asset managers already using Exponent’s interest-rate swap instruments include:
    • Hawkway.
    • XME Capital.
    • DFDV.
    • Sol (another manager mentioned).
  • These managers use Exponent to:
    • Incorporate fixed rates into portfolio construction.
    • Build more sophisticated yield strategies on Solana.

Takeaway: Exponent is already functioning as core infrastructure for professional asset managers seeking fixed-rate and hedging capabilities on Solana.


4. Exponent v2: Major Upgrade Aimed at Institutional Capital

  • Exponent v2 is described as a full overhaul of:
    • Smart contracts.
    • User interface.
  • v2 is explicitly designed for the “next phase” of Solana DeFi with a focus on institutions and sophisticated users and is planned to launch in the coming quarter.
  • New liquidity primitives:
    • Modeled more closely on traditional finance interest-rate swap markets.
    • Intended to attract “more professional liquidity” into Solana yield markets.
  • Expanded market coverage:
    • Many more maturities and markets than Exponent currently supports.
    • Better alignment with the breadth of the Solana yield landscape.

Takeaway: Exponent v2 is a significant protocol-level upgrade intended to make Solana’s interest-rate markets look and feel like institutional-grade TradFi swap markets.


5. Strategy Vault Layer and Managed Yield Products

  • v2 introduces a new strategy vault layer on top of Exponent’s core swap markets.
  • Purpose of strategy vaults:
    • Enable professional asset managers (e.g., Hawkway, XME) and “curators” to package complex swap-based strategies into simplified products for any user.
    • Allow retail and less-sophisticated users to access institutional-grade yield strategies without managing swaps directly.
  • Strategies will combine:
    • Exponent’s interest-rate swap instruments.
    • Blue-chip Solana protocols such as Kamino and other leading credit products.
  • This creates a marketplace for:
    • Asset managers to “build and sell” yield strategies on top of Exponent.
    • Users to subscribe to these strategies to gain exposure to optimized yield and risk profiles.

Takeaway: The strategy vault layer turns Exponent from a pro-only rate market into a platform where institutional strategies can be packaged and sold to broader users, amplifying yield product distribution.


6. New User Experiences: Fixed-Rate Borrowing and Hedging Tools

  • v2 aims to support new end-user experiences around interest-rate swaps, including:
    • Fixed-rate borrowing on Solana, allowing borrowers to lock in a known cost of capital.
    • Tools for users of variable-yield protocols to hedge their yield risk.
  • Initial integration focus:
    • Starting with Kamino (e.g., Kamino Earn vault users, lending/credit users).
    • Then extending hedging support across the broader Solana credit landscape.
  • These features are designed to:
    • Make complex interest-rate management accessible via simple UX.
    • Improve capital efficiency and risk management for both retail and professional users.

Takeaway: Exponent v2 will not only serve pros but also enable everyday users to borrow at fixed rates and hedge yield volatility through integrated, simplified interfaces.


7. Outlook for 2026 and Call to Action

  • Exponent expects 2026 to be “pretty massive” for Solana DeFi growth.
  • Anticipated trends:
    • More fixed-rate credit products launching on Solana.
    • Stronger influx of institutional players entering Solana DeFi.
    • Interest-rate swaps and managed yield products sitting at the core of this expansion.
  • Exponent plans to share more updates starting next month via:
    • x.com/exponentfinance.
  • Call to action:
    • Asset managers interested in building or deploying strategies on Solana are invited to speak with Exponent.
    • Projects launching products on Solana can leverage Exponent to attract more users via yield strategies and hedging tools.

Takeaway: The team is positioning Exponent—and interest-rate derivatives generally—as central infrastructure for the anticipated 2026 Solana DeFi growth cycle, with an open invitation to asset managers and builders.

BP 25: Normies Shouldn't Have To Deal: The Hidden Costs of Janky UX: Moonwalk Fitness (Caitlin Cook)

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Breakpoint 2025 D3

Overview

  • Moonwalk tackles long-term fitness accountability by pairing social features with peer-funded financial incentives, avoiding the unsustainable tokenomics that doomed earlier move-to-earn apps.
  • The product uses step-based contests where users deposit SOL/USDC/BONK and earn yield from others’ missed goals, creating a zero-emission reward system built on existing Solana assets.
  • Traction metrics (~11k DAUs, ~50% repeat game participation) and broad demographic reach suggest genuine product-market fit and mainstream potential beyond a crypto-only audience.
  • Recent Solana fee spikes exposed the cost of fully abstracted, subsidized UX, pushing Moonwalk to re-architect toward Web2-simple flows with Web3 security, smart contracts, and optional self-custody.
  • For Solana investors, Moonwalk is a live test case of the “crypto invisible” thesis: Solana as core infrastructure for scalable consumer apps where sustainable economics and UX—not speculation—drive demand.

Caitlin Cook

Director of Growth, Moonwalk Fitness – a Solana-based consumer app that uses financial and social incentives to drive consistent physical activity.


1. The Problem: Accountability in Health & Wellness

  • Moonwalk targets the core issue of health and fitness: maintaining accountability, not just initial motivation.
  • Caitlin notes a broader societal shift toward healthier living, in‑person “third spaces,” and spending less time on screens.
  • Previous traditional apps leaned on social features and gamification, but lacked meaningful financial incentives.
  • Prior crypto “move-to-earn” products had strong early traction but unsustainable tokenomics, leading to reward inflation and user drop-off.

Takeaway: Moonwalk is positioned as a next-generation “move-to-earn” model explicitly designed to fix sustainability and accountability problems that hurt earlier products.


2. Moonwalk’s Product & Incentive Model

  • Moonwalk gamifies daily movement via step-based contests with a daily step goal as a simple proxy for health activity.
  • Users deposit money (USDC, SOL, or BONK) into a game; if they hit the goal every day, they get their full deposit back plus a share of a prize pool.
  • The prize pool is funded from partial deposits of users who miss their daily step goals, making it a peer-funded, zero-emission rewards system.
  • This avoids creating and inflating a new in‑app token, instead leveraging highly liquid, widely held Solana assets.
  • iOS and Android apps launched in early 2025; Moonwalk now has ~11,000 daily active users.
  • Roughly 50% of users who join a first game go on to join a second, signaling strong product-market fit and repeat engagement.

Takeaway: For investors, Moonwalk’s incentive design is structurally more sustainable than past move‑to‑earn models because rewards are funded by participants, not an inflationary token.


3. User Base, Growth, and Community Strategy

  • Moonwalk’s community spans all age groups, geographies, financial situations, and fitness backgrounds, indicating broad demographic appeal.
  • The app focuses on both digital and in‑person engagement, with live activations to encourage real-world connection and group health behavior.
  • This hybrid approach aligns with demand for offline “third spaces” and can deepen brand loyalty beyond purely digital engagement.

Takeaway: Moonwalk’s broad, global, and demographically diverse user base plus offline activations increase its potential to become a mainstream consumer fitness brand, not just a crypto niche app.


4. UX Frictions Exposed by Solana’s 2025 Run-Up

  • To attract “normies,” Moonwalk originally used Privy for phone/email/Apple/Google sign‑in and tried to hide crypto complexity.
  • The team subsidized transaction fees and Solana rent for token accounts on behalf of these users to remove friction.
  • During Solana price appreciation and network congestion (memecoin mania/blockspace explosion), priority fees surged.
  • At peak, with ~11,000 DAUs, Moonwalk was spending ~15 SOL per day just to cover fees for mainstream sign‑in users.
  • This made the previous UX model financially and operationally unsustainable at scale.

Takeaway: Network volatility and fee dynamics on Solana exposed the cost of fully abstracting crypto from users; subsidizing all on-chain actions doesn’t scale for high-volume consumer apps.


5. New Infrastructure & UX Direction for Moonwalk

  • Moonwalk is rolling out a new infrastructure stack that blends traditional app patterns with on-chain benefits.
  • Core changes include:
    • Automated rewards distribution to reduce manual steps and user friction.
    • One-click game signups to streamline joining contests.
    • A free-to-play experience, which early trials show is highly effective for onboarding.
    • Optional wallet sign-in for Web3-native users who want direct control.
  • Funds will be secured in smart contracts during games for stronger trust and security assurances.
  • Treasury management will use “onrain” (on-chain) tools to manage game funds and platform capital more efficiently.
  • The goal is not to make a “crypto app” but an app where blockchain enhances UX without being visible or confusing.

Takeaway: Moonwalk’s re-architecture aims to deliver Web2-level simplicity with Web3 security and composability, a pattern that could define winning consumer apps on Solana.


6. Broader Vision: The Future of Consumer Crypto

  • Caitlin argues that in the future, there won’t be a distinction between “crypto apps” and “consumer apps” – only apps, where the best UX wins.
  • Blockchain should power trust, incentives, and ownership under the hood, not dominate the user interface.
  • Moonwalk’s evolution is framed as an example of how consumer products can iterate toward sustainable, mainstream-ready crypto integrations.

Takeaway: For Solana and broader crypto investors, Moonwalk represents a concrete case of the “crypto invisible” thesis: mainstream consumer apps using Solana under the hood, where UX and sustainability, not token speculation, drive adoption.

Breakpoint 2025: Celebrating the Next Generation of Builders and Creators on Solana

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Breakpoint 2025 D3

Overview

  • Solana is attracting exceptionally young, globally distributed technical and creative talent (e.g., a 14-year-old developer and 10-year-old NFT artist) who are already shipping real products and tooling.
  • Grants, hackathons, and brand collaborations (Superteam, Bonk, GTR, Solit, official Solana spotlights) are systematically funding and promoting this youth pipeline.
  • The “Economics” project showcases dynamic, wallet-aware NFTs that use onchain behavior for personalization while preserving privacy, hinting at scalable consumer use cases (games, social, wallets).
  • Deep art–dev collaboration is emerging as a norm for Solana NFT and game-like products, raising the bar for UX, storytelling, and product sophistication.
  • For investors, this signals a durable, expanding talent funnel and experimentation ground for data-driven, privacy-conscious consumer apps on Solana—supporting a long-term ecosystem growth thesis.

Marco, Superteam Balkans

Host introducing a showcase of exceptionally young builders and creators in the Solana ecosystem.


1. Young Developer: Kamil (14-year-old Solana Builder from Tunisia)

  • Self-funded a trip to Paris Blockchain Week, where he contributed to the “Manufactur AI” MVP platform and built a complex Solana–BSC bridge/“wrapper bridge” at age 14.
  • Received a grant from Superteam that allowed him to replace a broken laptop and attend the Quadigo workshop at Blockchain 42, described as a turning point in his growth.
  • Participated in the Solana Coliseum hackathon with two teams: “Collaterize” (received an honorable mention) and “Economics.”
  • Completed internships with Metaw and Diora, contributing to a Solana wallet analyzer and other tooling, earning recognition in the ecosystem.
  • His father, Alin, emphasizes how joining an international team and ecosystem greatly accelerated his learning and integration into global builder networks.

Takeaway: Kamil represents the emergence of highly capable, globally connected technical talent entering Solana development remarkably early, which is a strong signal for long-term ecosystem depth and tooling innovation.


2. Young Creator: Sia (10-year-old NFT Artist from Belgrade)

  • Entered Web3 at 8 years old; the host was an early buyer of her first NFT, demonstrating early market validation of her work.
  • Recognized as the youngest “post ambassador” in the Balkans and is central to the “From Paper to NFT Kids” workshop, onboarding other children into Web3 creativity.
  • Active across Web3 and physical art: has collaborated with established artists and created virtual art for Softflare, Streamflow 4.0, and others.
  • Designed a Solana “Seeker” phone case for Solit and keychain designs for all Superteam chapters, showing direct commercial and brand collaborations.
  • Recently completed her first generative PFP collection as part of the Economics hackathon submission and has been featured on official Solana channels via a creator spotlight video.
  • Grant recipient from the Bonk Masters and GTR programs to support her first solo exhibition, indicating ecosystem and community capital backing for young creators.

Takeaway: Sia illustrates how Solana is actively nurturing very young creative talent with grants, brand collaborations, and official visibility, strengthening the NFT and creator economy narrative on Solana.


3. The “Economics” Project: Wallet-based PFP Experience

  • Joint project by Kamil (developer) and Sia (artist), initiated after meeting at Solana Apex in Budapest, introduced by Superteam community members.
  • Concept: “fun project about little pigs” where each user’s wallet “tells their story”; the pigs live in a world where your onchain activity determines your identity/tier.
  • Technical core: user connects their Solana wallet, onchain activity is scanned and analyzed locally (no personal info stored onchain), and the user is placed into one of three tiers.
  • Tiers are named Piglet, City Swine, and Enclids, visually represented through Sia’s PFP art.

Takeaway: Economics showcases a playful but potentially extensible model of using onchain behavioral data to personalize NFTs and user experiences, signaling a direction for more dynamic, data-aware consumer products on Solana.


4. Onchain Wallet Analysis and Privacy in Economics

  • Kamil’s main technical challenge was implementing the wallet connection feature that reads onchain activity and correctly assigns users to the appropriate tier.
  • Prior work on Manufactur AI with wallet connections and AI agents on Solana made the Economics integration “natural,” though still a learning experience.
  • Processing of wallet data is performed locally, with no personal data stored onchain, which was explicitly emphasized on stage.
  • The project demonstrates a pipeline where onchain activity is transformed into instant, personalized output (tiering + PFP) without compromising privacy.

Takeaway: For investors and builders, Economics is a small but clear example of consumer-facing products that leverage onchain analytics while keeping privacy and UX in focus—an area with significant upside for wallets, games, and social apps.


5. Generative PFP Creation and Art–Dev Collaboration

  • Sia created the entire PFP collection herself: sketching, coloring, and organizing separate layers (eyes, noses, accessories, etc.), with her father mainly supporting workflow and technical steps.
  • The hardest part artistically was ensuring the pigs didn’t look “weird” when layered traits were combined, reflecting practical challenges in scalable generative art.
  • Kamil notes that he received many pig designs per day (estimated 6–8 daily), indicating rapid iteration and high creative throughput.
  • Sia learned that what she draws sometimes needs to be easier to code and integrate, revealing an early understanding of product constraints.
  • Kamil shares that he learned artists are “building worlds,” not just individual drawings, recognizing how narrative and visuals define the project’s identity.

Takeaway: The Economics process highlights how tight collaboration between artists and developers is becoming standard for NFT and game-like products on Solana, which could increase the quality and sophistication of consumer experiences.


6. Future Roadmap & Ecosystem Support for Young Builders

  • Sia and Kamil plan to build a small, fun, colorful game next—potentially related in style, but they also mention working on something unrelated to Economics, focused on “teamwork, code, and art.”
  • Both emphasize continued learning as a core objective alongside shipping new projects.
  • Parents from both sides stress their role as supporters rather than directors: they ensure resources, mentorship, and structure while the kids lead the creative and technical work.
  • The host and parents reiterate that community (Superteam, grants, hackathons, brand collabs) will keep supporting these young builders and creators.

Takeaway: The explicit roadmap to expand into gaming and continued ecosystem backing suggests that Solana is cultivating long-term builder pipelines starting at a very young age, strengthening its future talent base and innovation capacity.

Breakpoint 2025: Community Awards: (Kari aka Bangerz), Solflare (quicks)

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Breakpoint 2025 D3

Overview

  • Breakpoint 2025 positions Solana as a “grown‑up” chain focused on revenue and sustainable business, with claims of ~$3B annual revenue and >100k TPS stress tests underpinning the “only possible on Solana” narrative.
  • Vertically integrated consumer products—Solana Mobile’s Seeker phone, Seeker dApp Store, and Solflare’s card‑form hardware wallet—signal a long‑term bet on UX, security, and user lock‑in.
  • DeFi, trading, gaming, and consumer apps are the dominant growth pillars, with rising platforms in stablecoins, perps, RWAs (including BlackRock‑linked projects), nostalgia gaming, and phygital brands like Raposa Coffee.
  • Cross‑chain IP inflows (e.g., Pudgy Penguins launching its token on Solana) and institutional bridges (Bitwise ETF, RWAs, fiat on‑ramps) highlight Solana’s increasing role as a preferred execution and liquidity venue.
  • Memes, content creators, and ambassadors are treated as core infrastructure—ecosystem leaders are spending heavily on culture, events, and marketing to cement Solana’s brand and investor mindshare.

Kari “Bangerz” & Soul Quicks (quicks)

Hosts of the first annual Solana Community Awards, powered by Solflare. The show blends comedy/roast humor with recognition of builders, creators, and community members in the Solana ecosystem, with a strong marketing and culture focus.


1. State of Solana in 2025: Revenue, Performance, and Positioning

  • Theme of Breakpoint 2025 is explicitly “revenue and return,” signaling a pivot from just speed/innovation to sustainable business outcomes.
  • Hosts claim Solana generated about $3B in revenue this year, framing it as “the fastest blockchain that generates the most revenue.”
  • Heavy emphasis on Solana as the chain to build real businesses, with recurring jokes at Ethereum, Cardano, XRP, and other L1s to highlight Solana’s comparative advantage.
  • Performance flex: Solana reportedly stress‑tested to over 100,000 transactions per second, contrasted with Ethereum’s roadmap and Cardano’s “dreams” of such throughput.
  • Narrative that Solana has “grown up” from early crypto culture into a high‑revenue, consumer‑grade ecosystem, while still embracing memecoins, gaming, and degen trading.

Takeaway: The event repeatedly reinforces the investor narrative that Solana is no longer just “fast,” but a revenue‑producing, high‑throughput foundation for real businesses and consumer apps.


2. Solana Mobile & Consumer Hardware: Seeker Phone and Solflare Shield

  • Solana Mobile Seeker phone is highlighted as processing “more sales transactions than some chains process real transactions,” underscoring the success of Solana’s hardware push.
  • The Seeker dApp Store is joked to have more apps than Avalanche and Polygon combined, reinforcing Solana’s consumer‑facing ecosystem.
  • Solflare announces a physical “Solflare Shield” hardware wallet:
    • Credit‑card form factor that fits directly in a standard wallet.
    • Given as a consolation prize for “losers” of the awards, but clearly positioned as a serious product.
  • Hardware + wallet angle shows Solflare and Solana leaning into consumer UX and safety while keeping branding playful.

Takeaway: Solana’s ecosystem is doubling down on vertically integrated consumer hardware—phones and card‑shaped hardware wallets—to deepen user stickiness and trust.


3. Builder Awards: “Only Possible on Solana” & Infrastructure/Onboarding

3.1 Only Possible on Solana Award

  • Created to honor projects that are uniquely enabled by Solana’s tech and user base, including teams that migrated from other chains “for actual users.”
  • Nominees:
    • Solana Spaces (wins): IRL merchant/retail experience and ecosystem ambassador.
    • Helium: DePIN/telecom with a US‑focused phone plan.
    • “Humidify” (a DeFi platform) nominated pre‑token, indicating strong anticipation.
    • A meme coin (Or Supply) “larping” as a store of value.
  • The win reinforces Solana Spaces’ role as a bridge between crypto and the real world, even post‑physical‑store era.

Takeaway: “Only Possible on Solana” cements a narrative of unique, high‑activity products and IRL integrations that are seen as differentiating Solana versus other chains.


4. DeFi & Trading: Rising Star Awards and Market Structure

4.1 Rising Star DeFi

  • Focus on platforms with standout UX, strong yields, and potential airdrops.
  • Nominees:
    • Reflect (wins): Framed as “the Pump.fun of stablecoins,” implying a high‑velocity stablecoin DeFi platform with strong user traction.
    • HYO: Another stablecoin project, underlining continued expansion in Solana‑native stables.
    • Loop Scale: Critiqued for “farming a point system for years,” highlighting the meta‑trend of point/airdrop farming.
    • Titan: Derivatives exchange with jokes about having “as few features as Cardano,” implying early‑stage but notable.

Takeaway: DeFi growth on Solana is increasingly focused on stablecoins, yield UX, and airdrop‑oriented engagement mechanics, with Reflect emerging as a notable new player.

4.2 Rising Star Trading

  • Category explicitly described as capturing the “24/7 PvP hellscape” of Solana’s internet capital markets.
  • Nominees:
    • Ranger Finance (wins): Trading platform built by a founder previously hacked for millions—highlighting both risk and redemption.
    • Jupiter: A top revenue generator whose token price is humorously noted as lagging its income (revenue up, token down).
    • Flash Trade: Another Perps platform (“we need more”), showing deepening competition in derivatives.
    • DeFi Tuna: Known more for exposing another DeFi founder than for its own product, demonstrating how social capital and narratives matter in DeFi.

Takeaway: Solana’s trading stack is thickening with multiple DEXs and perps venues; Jupiter remains a core liquidity router, while newcomers like Ranger Finance are gaining cultural traction and user mindshare.


5. Consumer & Gaming: UX‑First, IRL, and Entertainment

5.1 Rising Star Consumer App

  • Focus on apps with real consumer adoption and brand resonance.
  • Nominees:
    • Collector Cra (wins): Platform that lets “middle‑aged millennials relive their childhood on‑chain” (e.g., collectibles/Pokémon‑style nostalgia).
    • Netrunner Tax: Necessary but unloved tax platform—critical for regulatory compliance.
    • Collateralize: RWA launchpad backed by BlackRock, clearly treated as “too big to roast,” underscoring institutional seriousness.
    • Nomu: Novel money‑laundering joke via plushies, but signals gimmicky yet creative consumer design.

Takeaway: Consumer adoption is growing around nostalgia IP, RWAs, and necessary infrastructure (taxes), with BlackRock‑backed projects acting as clear institutional anchors.

5.2 Rising Star Gaming

  • Recognizes projects that keep users “clicking,” showing gaming is a key on‑chain vertical.
  • Nominees:
    • Play Solana (wins): “Solana Game Boy” handheld device and content machine, regarded as a hit among millennials.
    • BR1 Infinite: PVP pay‑to‑play “trenching arena.”
    • Portals: Web3 “Roblox,” but with underperforming tokenomics.
    • “Matt”: A project that “gif‑ified trenching” so you can lose money with animations.
  • GTA 6 is mentioned as a real‑world competitor, underscoring how hard Web3 gaming must fight for attention.

Takeaway: Solana gaming has a real cluster of recognized projects, with Play Solana standing out both as a product and a content engine bridging hardware, games, and memes.


6. On‑Ramps, Bridging & Institutional/Fiat Flows

6.1 Web3 Bridger Award

  • Category designed for projects that enable users to bridge fiat and external liquidity into Solana—critical for mainstream adoption.
  • Nominees (winner name partially inaudible in transcript, but category matters):
    • Bitwise: ETF issuer positioned like a “meme coin launcher,” referencing the Solana ETF and inflows.
    • Moonwalk Fitness: “Turns walking into gambling” (step‑to‑earn / fit‑to‑earn).
    • Clanosaurus: NFT project with extreme supply dilution but strong art.
    • Nomads: Community event/project supported by the same ~50 power users attending every crypto event.

Takeaway: ETFs (Bitwise), fitness‑to‑earn, and community‑heavy NFT brands are all being treated as key part of the bridge from fiat and tradfi into the Solana ecosystem.


7. Marketing, Virality & Cross‑Chain Brands

7.1 Most Viral X (Twitter) Campaign

  • Focus is on who built the biggest social narratives and attention funnels around Solana.
  • Nominees:
    • Solid: Phone‑case project for “everyone’s second phone,” leaning into hardware + merch culture.
    • NCO AI: Viral AI project with unclear product but big mindshare—illustrates how narrative often leads product.
    • Play Solana: Again recognized for content and a contentious TGE.
    • Pudgy Penguins (wins):
      • Ethereum blue‑chip NFT brand that launched its token on Solana.
      • Symbolic of high‑profile cross‑chain migration and Solana’s attractiveness as a token/home for major IP.

Takeaway: Virality is now a first‑class metric; major Ethereum IP (Pudgy Penguins) choosing Solana for tokenization signals cross‑chain capital and brand flows into the ecosystem.


8. Collaboration & Ecosystem‑Wide Initiatives

8.1 Collaboration of the Year

  • Highlights projects working together across verticals rather than pure PvP.
  • Nominees:
    • Kamino: Yield‑multiplying DeFi platform that struggles with user growth.
    • Pudgy Penguins: Onboarding “the next generation of exit liquidity” via Walmart toys—mass retail angle.
    • Solana Gaming (wins): Ecosystem‑level push for gaming and NFTs, even as “NFTs are rumored to be dead.”
    • Nobody’s Sausage: Meme project with strong cultural presence and jokes about being “second most popular wiener.”

Takeaway: The Solana Gaming initiative being crowned “collaboration of the year” shows a strategic emphasis on gaming + NFTs as coordinated ecosystem plays.


9. Culture, Ambassadors & Content: The “Soft Power” of Solana

9.1 Solana Ambassador Award

  • Recognizes the individual who best championed Solana in 2025.
  • Nominees:
    • “Mer” (Mert) (wins): Framed as a high‑profile ecosystem face and frequent travel/advocacy figure.
    • Solana Spaces: Again recognized as a strong brand ambassador.
    • Hard Hat Chad: Developer who “gamblified mining,” blending dev and degen.
    • Solana Sensei: Undoxxed founder pushing self‑help and educational content.

Takeaway: Personal brands like Mert are treated as critical marketing assets, and the chain invests heavily in ambassadors who blend technical understanding with viral communication.

9.2 Best Content Creator

  • Focus on creators whose threads, videos, and reviews drive awareness, education, and memetic value.
  • Nominees:
    • Juicy (wins): Known for prolific stablecoin‑centered content and educational threads.
    • Fluffy: Up‑and‑coming creator who “won’t cut his hair or his losses,” representing transparent trading content.
    • TBC: AI news platform decentralizing crypto journalism.
    • Will: Product reviewer whose output is likened to Amazon in scale.

Takeaway: The ecosystem actively rewards high‑volume, educational, and entertaining content—particularly around stablecoins and product reviews—which drives user onboarding and investor understanding.


10. NFTs, Art & Meme Power

10.1 Best Artist 2025

  • Focuses on artistic contribution and revenue, not just speculative floors.
  • Nominees:
    • Groot: Makes derivative Pepe art “actually adorable,” underscoring meme‑art as a serious lane.
    • Wedico: Artist said to generate more revenue than Detroit, indicating high commercial success.
    • Creative: Monkey artist refusing to accept that NFTs are dead, with stickers everywhere (brand persistence).
    • Scum: Left un‑roasted due to heavy charity work, blending art and philanthropy.
  • Winner name is partially garbled in transcript, but the category underscores that art on Solana is still active and revenue‑producing.

Takeaway: Despite “NFTs are dead” narratives, there is still serious art and revenue on Solana, and artists are integrated into the core cultural and economic story.

10.2 Meme Lord of the Year

  • The “most coveted” cultural award for the top meme creator.
  • Nominees:
    • Jarus: Longtime memer in Mert’s shadow.
    • Chains: Bear‑themed artist whose bears lost share to another meme collection.
    • Clemente: “Butler” to a big personality, famous for his intense on‑screen presence.
    • Bangerz (wins): Co‑host and “Queen of Cringe,” recognized for relentless memeing and persona work.

Takeaway: Memes are explicitly framed as the real foundation of blockchain culture, and Solana elevates meme creators as key ecosystem assets.


11. Degen Moments & Community “Open Choice”

11.1 Most Degen Moment

  • Award celebrates high‑risk, high‑drama events and personalities that dominate Solana lore.
  • Nominees:
    • Soul Big Brain (wins): “Solana savior” whose buys are widely followed; community vows to “protect him at all costs.”
    • Bonk Guy: Iconic shill with a reputation for high‑volatility calls.
    • Slurf: Dev who “accidentally rugged” for $10M—unpacking risk around early‑stage infra.
    • Ansem: High‑profile trader involved in headline‑grabbing events.

Takeaway: Market‑moving traders and controversial incidents are openly celebrated, underlining Solana’s deeply speculative but self‑aware culture.

11.2 People’s Award (Community Open Choice)

  • Purely community‑driven recognition of any person or project.
  • Nominees:
    • Raposa Coffee (wins): NFT project with genuine physical utility—coffee booths and on‑chain goods.
    • Floor of the Slugs: Anonymous “slug” persona focused on burning/destroying digital assets (via Sol Incinerator).
    • MountainDAO: Hybrid coworking + snowboarding retreat.
    • MetaDAO: Barely known until its token hit ATH and founder chose to dox—classic “price then brand” arc.

Takeaway: Community adores projects with real‑world utility, strong vibes, and longevity; Raposa Coffee’s win reinforces investor interest in physical + digital (“phygital”) crypto brands.


12. Closing: Parties, Giveaways, and Ecosystem Signal

  • Solflare funds an elaborate Breakpoint closing party with:
    • Live drone show.
    • A $250,000 giveaway at the main party venue.
  • Repeated calls to “swap and stake in your Solflare wallet” underscore the business model: they monetize DeFi usage while investing in culture.
  • The show frames Breakpoint as the “Oscars of Solana,” positioning the chain as a mature, self‑referential culture with revenue, products, and humor.
  • Global GM montage (Philippines, Australia, Nigeria, Brazil, NYC, etc.) emphasizes Solana’s geographic diversity and always‑on community.

Takeaway: Solana and core ecosystem players (like Solflare) are spending heavily to build brand, culture, and user loyalty, suggesting high conviction and long‑term investment in the chain’s social and economic capital.


Overall Investor‑Relevant Takeaways

  • Solana is aggressively branding itself around revenue, throughput, and consumer adoption, not just “TPS” marketing.
  • Key growth areas highlighted: DeFi (especially stablecoins and trading), gaming, NFTs/art, cross‑chain IP (Pudgy Penguins), and real‑world/fiat bridges (ETFs, RWA launchpads, IRL brands like Raposa Coffee).
  • The ecosystem prizes marketers, meme creators, and ambassadors—indicating that narrative and culture are treated as strategic levers alongside technical performance.
  • Heavy institutional and retail bridges (Bitwise ETF, BlackRock‑linked RWA project, Solana Mobile, hardware wallets) suggest growing mainstream integration around Solana’s stack.

Breakpoint 2025: Fireside: JPMorgan's Scott Lucas

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Breakpoint 2025 D3

Overview

  • JPMorgan executed a $50M tokenized commercial paper deal on Solana with USDC DvP settlement, demonstrating that real institutional credit products can run end-to-end on a public chain.
  • Commercial paper was chosen as a low-duration, lower-complexity “beachhead” product, with plans to expand into longer-dated debt, more structures, and eventually equities and derivatives.
  • A shift in regulation and internal risk appetite over the past year enabled this move to public chains, with the primary goals being lower costs, greater efficiency, and broader access to capital—not “cool tech.”
  • Solana was selected for its performance, ecosystem momentum, and role in “internet capital markets,” signaling that it is now a serious contender for regulated, large-scale capital markets infrastructure.
  • Investor takeaway: if even a fraction of the large, frequently issued CP market migrates on-chain, Solana could see meaningful, recurring institutional volume and fee flows, with JPMorgan intending to deepen activity on Solana specifically.

Scott Lucas

Scott Lucas, JPMorgan, credit intermediary and arranger focused on digital assets and capital markets innovation.


1. Historic $50M Commercial Paper Issuance on Solana

  • JPMorgan arranged a $50M commercial paper (CP) deal on the Solana public blockchain, using Galaxy as issuer, with Coinbase and Franklin Templeton as buyers.
  • The CP token was created under Solana’s Token-22 token extensions standard; Galaxy received the token, then distributed it on-chain to Coinbase and Franklin Templeton.
  • Settlement was done delivery-versus-payment (DvP) fully on-chain using USDC, making both the asset and the cash leg tokenized.
  • JPMorgan acted in its traditional role as arranger/credit intermediary, but executed the full lifecycle of this deal on a public blockchain rather than legacy infrastructure.
  • Lucas frames this as a proof that “internet capital markets on Solana” can work for real institutional credit products, not just experimental pilots.

Takeaway: JPMorgan has now executed a real, institution-grade credit deal on Solana using tokenized commercial paper and USDC settlement, marking a concrete step from experimentation into practical on-chain capital markets.


2. Why Commercial Paper Was the First Product

  • JPMorgan evaluated multiple products (bonds, medium-term notes, other debt) and chose CP as the “short end of the curve” as a starting point.
  • CP has maturities under one year, which limits duration risk for both issuers and investors if something changes.
  • The CP market doesn’t trade as actively as longer-dated bonds, simplifying the initial implementation and reducing secondary-market complexity.
  • Risk profile and regulatory constraints made CP a more manageable test case than longer-dated or more complex instruments.
  • Lucas expects duration and product scope to expand over time (longer-dated instruments, more structures), mirroring how traditional markets naturally evolve.

Takeaway: Commercial paper was chosen as the lowest-friction institutional product to safely test tokenized capital markets on a public chain before expanding to more complex or longer-duration assets.


3. Shift in Regulatory, Market, and Risk Appetite Over the Past Year

  • Lucas says the probability of JPMorgan doing this on a public blockchain one year ago was “zero.”
  • Over the past year, regulatory clarity, market conditions, and internal risk appetite have all shifted to make such an experiment possible.
  • Previously, opportunity in the U.S. was “compressed,” preventing JPMorgan from even asking what role public blockchains and stablecoins could play in the broader economy.
  • Now the bank can actively explore how blockchain, public networks, and digital currencies can support capital markets and economic growth.
  • The bank’s motivation is not novelty or “cool tech,” but the potential for more efficient, lower-cost markets and broader access to capital.

Takeaway: A meaningful change in regulation and institutional risk tolerance over the past year has opened the door for large banks like JPMorgan to seriously experiment with public blockchains for real capital markets use cases.


4. Economic Rationale: Efficiency, Access, and Growth

  • Lucas emphasizes that this is fundamentally an economic growth story, not just a technology experiment.
  • “Efficiency” means lower costs and the ability to extend market access to a broader set of participants.
  • Better capital mobilization can give more companies easier, cheaper access to funding, which in turn supports more real-economy activity.
  • On-chain markets add to existing infrastructure rather than ripping and replacing it overnight; the approach is incremental and risk-aware.
  • The objective is to discover where blockchain can meaningfully improve capital formation, not to force a wholesale migration.

Takeaway: The strategic bet is that on-chain capital markets can lower costs and widen access to funding, creating tangible economic and client benefits rather than just tech demos.


5. Internal Execution: How JPMorgan Got the Deal Done

  • Getting this done inside a large, heavily regulated bank was “really hard,” with a lengthy checklist across risk, legal, compliance, regulators, and client considerations.
  • Success required a clear value proposition, technical understanding, and careful step-by-step validation within the bank’s risk appetite.
  • Once the initial threshold is crossed, subsequent deals become easier as frameworks, approvals, and comfort levels are already in place.
  • JPMorgan views this trade as a starting point, not an endpoint, and intends to build from this foundation.
  • The bank is using this transaction to “pressure test and extend the horizons” of what can be done on public blockchains.

Takeaway: The first public-chain deal required heavy internal lifting and risk work, but it creates a reusable institutional pathway for more tokenized capital markets activity.


6. Market Size and Potential Scale of On-Chain CP

  • The traditional U.S. commercial paper market is a very large, high-frequency market with daily issuance.
  • Lucas cites a prior private-blockchain transaction for a single company’s $1B CP program as just one tranche on one desk, illustrating how big these programs can be.
  • Aggregated across issuers and dealers, CP is a “triple-figure billions” market turning over frequently.
  • Porting even a fraction of that activity to public blockchains would represent substantial on-chain volume and fee pools.
  • This underscores why a $50M initial transaction is more of a beachhead into a much larger existing market, not the end state.

Takeaway: Commercial paper is a massive, regularly issued asset class, so successful experimentation on-chain taps directly into a deep and scalable institutional market.


7. Why Public Blockchain, and Why Solana Specifically

  • JPMorgan wants to understand the benefits and risks of public blockchains, including resilience, accessibility, and connectivity.
  • Public networks could offer greater accessibility but also more risk, which must be understood empirically through real activity.
  • With a very large tech budget, JPMorgan is exploring whether using commoditized, cheap shared infrastructure (public chains) can lower costs versus running everything in-house.
  • Solana was chosen because of visible momentum around “internet capital markets,” strong ecosystem energy, and the desire to understand its specific capabilities.
  • Lucas stresses the importance of choice in financial infrastructure and positions this deal as a statement that Solana is “in the game” for regulated capital markets use cases.

Takeaway: Solana’s performance and ecosystem momentum made it a natural public-chain testbed for JPMorgan as it evaluates whether shared, low-cost infrastructure can support regulated capital markets at scale.


8. Reception from Issuers and Investors

  • Within roughly 16 business hours of the announcement, JPMorgan received inbound interest from both issuers and investors.
  • Some parties have already expressed interest in participating in similar or follow-on transactions.
  • The quick response suggests real market appetite to experiment with tokenized debt on public blockchains, beyond just the firms in this first deal.
  • Lucas expects more inbound interest in the coming days and weeks and believes JPMorgan’s plans can be met thanks to this “priming the pump.”
  • The bank aims to expand to a wider set of issuers, investors, and products depending on market demand.

Takeaway: Early market reaction has been strong on both the supply and demand sides, indicating that institutional participants are ready to explore on-chain debt issuance beyond a one-off pilot.


9. Views on the Solana Ecosystem and Innovation

  • Lucas has engaged with the Solana community before (e.g., Solana Accelerate in New York) and this is his first Breakpoint.
  • He describes the ecosystem as “really exciting,” with each event revealing new avenues and projects worth following up on.
  • There is a combination of high innovation and strong appetite to explore, which he sees as a fertile ground for new business models.
  • Not all ideas will fit regulated capital markets, and that’s acceptable; some will remain retail or niche, but key components may be distilled into institution-ready models.
  • The “out there” experiments help drag the overall conversation forward, fueling the innovation cycle that ultimately shapes regulated products.

Takeaway: Solana’s fast-moving, experimental ecosystem is a valuable idea laboratory for JPMorgan, where concepts can be refined and selectively adapted for regulated institutional use.


10. JPMorgan’s Future Plans on Solana and Public Chains

  • On the debt side, JPMorgan plans to broaden along three axes: more issuers, more investors, and more product types.
  • They are considering exploring equity-related use cases, noting considerable activity around equity tokenization in the U.S.
  • Once cash (spot) markets are functioning on-chain at some scale, JPMorgan sees an opportunity to extend into derivatives markets.
  • For now, the bank intends to focus effort on Solana rather than spreading itself across multiple chains, given how difficult it is to build these capabilities even on a single platform.
  • Lucas expects “depth and breadth” to grow on the short end of the curve over the next year, but is cautious about how quickly longer durations or more complex secondary trading will develop.

Takeaway: JPMorgan intends to deepen its on-chain capital markets footprint on Solana—first by expanding tokenized debt, then exploring equities and eventually derivatives—while keeping efforts concentrated on a single platform in the near term.


11. Outlook: Next 12 Months for On-Chain Capital Markets

  • In the next year, Lucas expects more short-duration, OTC-style debt activity on public blockchains rather than a fully developed secondary market.
  • Some secondary-market infrastructure still needs to evolve before there is robust trading in longer-dated or more complex instruments.
  • He describes a convergence dynamic: private blockchains on one side and crypto-native activity on the other, both “leaking into the center” of capital markets on public blockchains.
  • The exact shape of that center is hard to predict, but he is confident that “a lot will happen” and that Solana will be a key component.
  • The focus will be steady, incremental growth that takes real but measured risk without breaking existing market function.

Takeaway: Over the next year, expect growing but still short-tenor, OTC-style institutional activity on public chains like Solana, with gradual convergence between private-chain experiments and crypto-native markets into a new on-chain capital markets layer.

Breakpoint 2025: Fireside: Ripple Labs' Luke Judges, Solana Foundation (Vibhu Norby)

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Breakpoint 2025 D3

Overview

  • XRP is launching on Solana via Hex Trust and LayerZero, with explicit support from RippleX, bringing a high-liquidity asset into Solana DeFi for the first time.
  • The integration targets Solana’s large user base (e.g., Phantom’s ~20M wallets) and rich DeFi stack to create new demand, liquidity pairs, and financial primitives around XRP.
  • Solana was chosen first due to its scale, motivated developer ecosystem, and cultural fit, with a direct call for builders to create XRP-focused DeFi, lending, and prediction markets.
  • Ripple is shifting XRP from a single-chain “island” to a multi-chain, interoperability-first asset through partners like Wormhole, Axelar, and LayerZero.
  • For Solana investors, this suggests potential growth in DeFi volumes, new cross-chain liquidity flows, and stronger positioning of Solana as a core hub for interoperable assets like XRP.

Speakers

Vibhu Norby – Solana Foundation, Product Marketing
Luke Judges – Leads Partner Success at RippleX (business unit within Ripple Labs focused on the XRP Ledger and XRP)


1. XRP Launching on Solana via Hex Trust & LayerZero

  • Hex Trust and LayerZero are issuing XRP and wrapped XRP on the Solana blockchain.
  • Ripple Labs / RippleX is not the direct issuer, but is explicitly supporting these ecosystem partners and the effort.
  • The announcement generated extremely high social media engagement, signaling strong market and community interest across both XRP and Solana communities.
  • This move brings a mature, high-liquidity asset (XRP) into the Solana DeFi ecosystem for the first time.

Takeaway: XRP’s presence on Solana is being driven by major infrastructure players, with Ripple’s backing, and has already captured notable market attention.


2. Strategic Rationale: Why XRP on Solana?

  • New users: Solana has large consumer-facing wallets like Phantom with ~20M active wallets, representing a new, sizable user base that can now access and use XRP.
  • New demand: Solana’s DeFi stack (lending, perpetual DEXs, prediction markets, etc.) creates new use cases and on-chain demand for XRP beyond its traditional corridors.
  • Market depth: XRP can now be paired with Solana-native tokens, deepening liquidity and potentially improving price discovery and trading venues for XRP.
  • Judges frames it like currencies: the US dollar wouldn’t be the global reserve currency if it were only available in the US; similarly, XRP should exist across multiple chains, not just its native ledger.
  • Both speakers underscore that XRP holders and Solana developers together form a “formidable force” for building new financial primitives.

Takeaway: Launching XRP on Solana is a distribution and liquidity strategy aimed at expanding XRP’s role as a cross-chain asset and tapping into Solana’s large, active DeFi and user base.


3. Why Start with Solana Specifically?

  • Solana ranks high for interoperability efforts due to its combination of:
    • Large number of active wallets and users.
    • A large, motivated developer base focused on building real utility and DeFi products.
  • Vibhu notes cultural similarities between the ecosystems: both XRP and Solana communities have strong lore, history, and deeply engaged bases.
  • Judges explicitly calls on Solana developers to build XRP-specific utility (DeFi, lending, prediction markets), something he argues traditional finance will never do.

Takeaway: Solana’s scale, developer energy, and culture made it a priority chain for XRP expansion and a natural first step for deeper interoperability.


4. Ripple’s Broader Interoperability Strategy for XRP

  • Judges acknowledges the XRP Ledger has effectively been an “island” for about a decade.
  • RippleX and Ripple Labs are now “heavily leaning into interoperability” as a core strategic shift.
  • Partnerships mentioned: Wormhole, Axelar, and LayerZero—each enabling XRP and/or the XRP Ledger to interoperate with multiple chains.
  • The explicit goal: XRP “available everywhere to everyone,” moving across multiple crypto ecosystems rather than remaining confined to its native chain.
  • XRP on Solana is positioned as the beginning, not the end, of this multi-chain expansion strategy.

Takeaway: Ripple is moving XRP from a single-chain asset to a multi-chain, interoperability-first asset, with Solana as an early flagship integration.

Breakpoint 2025: Keynote: Anchorage: Anchorage Digital (Prasanna Gautam)

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Breakpoint 2025 D3

Overview

  • Identifies blind signing and lack of pre-signing clarity as a core blocker for institutional DeFi participation and a systemic security risk.
  • Introduces Visual Sign, an open-source, chain-agnostic framework that deterministically decodes raw transaction bytes into human-readable intent before signing.
  • Uses trusted execution environments (AWS Nitro Enclaves) to make decoding verifiable and secure enough for institutional workflows, without requiring custody outsourcing.
  • Already supports Solana (e.g., Jupiter swaps), with a roadmap toward broader protocol coverage, simulations, and tighter integrations with explorers/data providers.
  • For Solana investors, widespread adoption of Visual Sign-like standards could reduce compliance/operational risk, attract regulated capital, and strengthen Solana’s position as an institution-ready DeFi ecosystem.

Prasanna Gautam

Head of Protocols Research, Anchorage Digital – a federally chartered US crypto bank focused on institutional custody, trading, governance, and settlement, with both custodial and self‑custodial (Porto) products.


1. The Institutional Problem: Blind Signing in DeFi

  • Anchorage works with large banks, asset managers, and foundations managing very large sums, where every transaction carries significant legal and financial risk.
  • Current DeFi UX typically shows users raw bytes/Base64 payloads at signing time; most people click “sign” without understanding what they are authorizing.
  • This behavior effectively trains users to blind-sign, which is unacceptable for institutions that require audit, legal review, and clear transaction intent.
  • While explorers and data providers can show decoded activity after a transaction is mined, visibility is often missing exactly where it matters most: pre-signing.
  • For institutions, learning after the fact (via an explorer) that something went wrong can be catastrophic for clients and reputationally damaging for the ecosystem.

Takeaway: There is a critical pre-signing visibility gap in DeFi that blocks serious institutional participation and raises systemic security risks.


2. Visual Sign: An Open-Source Transaction Visualization Framework

  • Anchorage built “Visual Sign” internally to solve this problem for institutional clients and has now open-sourced it for the broader ecosystem, including Solana.
  • Visual Sign’s core function is to take opaque transaction bytes and deterministically decode them into human-readable, high-fidelity descriptions before signing.
  • The goal is to make this tooling reusable by every wallet and dApp, avoiding duplicated efforts and inconsistent UX across the industry.
  • The framework is designed to be reproducible and locally runnable; developers are not forced to rely on Anchorage’s infrastructure.
  • Visual Sign is positioned as a neutral piece of infrastructure that others can extend and contribute decoders to, rather than a proprietary product.

Takeaway: Visual Sign aims to become a shared, open, pre-signing decoding layer that wallets and apps can adopt to eliminate blind signing.


3. Security Architecture: Trusted Execution Environments (TEEs)

  • Visual Sign runs inside a trusted execution environment (TEE), specifically using AWS Nitro Enclaves through a partnership with Turnkey.
  • The TEE approach is aligned with Anchorage’s institutional security practices, allowing attestations that the code running is exactly what it claims to be.
  • Signers can verify the enclave’s attestation similar to how Anchorage secures its institutional infrastructure, enabling trust without outsourcing custody.
  • The integration model is open-sourced so that any wallet or workflow can incorporate the same pattern and operate their own enclaves.
  • Anchorage is actively seeking partners interested in running RPC nodes or other infrastructure inside TEEs to strengthen the security perimeter.

Takeaway: By anchoring transaction decoding inside verifiable TEEs, Visual Sign targets a security level suitable for institutional-grade workflows.


4. Multi-Chain & Standardization Strategy

  • Although presenting at a Solana conference (and having recently presented at an Ethereum conference), Anchorage is deliberately building Visual Sign as multi-chain.
  • The team believes common visualization standards across chains will improve design quality, security outcomes, and cross-chain interoperability.
  • Visual Sign is framed as analogous to wallet or signing standards: a cross-chain, possibly standardizable layer for how transactions are represented to users.
  • This approach is intended to support future cross-chain security frameworks, where consistent, verifiable transaction interpretation will be crucial.
  • Solana-specific support already exists: isolated programming interfaces for Solana are in place, with plans to build feedback loops with Solana explorers and data providers.

Takeaway: Visual Sign is intentionally chain-agnostic, with Solana support built-in, betting that standardized transaction visualization will underpin cross-chain growth.


5. Current Capabilities, Roadmap, and Solana UX

  • For Solana, Visual Sign already supports decoding applications like Jupiter swaps into detailed, high-resolution views within Anchorage’s own app.
  • The current design favors high-fidelity, deterministic decoding first; wallet teams can then simplify or re-skin this data for end users as needed.
  • The project is at an early stage: not all transaction types or protocols are covered yet, and more decoders and integrations are needed.
  • Future improvements include simulations and richer context from explorers/data providers so users can see likely transaction outcomes before signing.
  • Anchorage emphasizes “glass chewing” ahead—secure, verifiable engineering work to evolve in lockstep with adversaries as they adapt to improved defenses.

Takeaway: Visual Sign already enhances Solana DeFi UX in institutional contexts and is evolving toward more comprehensive, simulation-rich pre-signing visibility.


6. Ecosystem Contributions & Institutional DeFi Use Cases

  • Third parties are already contributing: Anagram has provided a decoder for its Swig smart accounts, illustrating how external teams can extend Visual Sign.
  • This enables “smart wallets” and smart accounts that combine institutional-grade custody safety with near-instant, internet-speed capital markets access.
  • By making smart account and DeFi interactions transparent at signing time, Visual Sign lowers frictions that currently deter institutions from using advanced on-chain features.
  • Anchorage explicitly invites builders creating novel applications that target institutional users to integrate with Visual Sign and/or Anchorage wallets.
  • Communication channels (docs, code repositories, Telegram, social links) are provided to attract more contributors and integrations.

Takeaway: Ecosystem contributions like Anagram’s decoder show how Visual Sign can become a critical enabler for institutional-friendly smart accounts and DeFi products.


7. Alignment with Solana & Market Impact

  • Anchorage is engaging with Solana’s Clear Sign initiative, noting strong alignment in goals: safer, clearer signing experiences for users.
  • Native DeFi interactions are being integrated into wallets (including Anchorage’s own), with Visual Sign as the decoding engine behind cleaner UX.
  • For Solana investors and builders, better pre-signing clarity is expected to:
    • Lower institutional compliance and operational risk.
    • Increase institutional appetite for on-chain activity on Solana.
    • Improve overall user confidence and reduce the impact of exploit vectors that rely on opaque transaction payloads.
  • As visualization tools converge toward standards, Solana’s ecosystem could become comparatively more appealing for regulated capital.

Takeaway: If widely adopted, Visual Sign-like standards can materially improve the risk profile of Solana DeFi, potentially catalyzing more institutional usage and capital inflows.

Breakpoint 2025: Keynote: Arcium (Yannik Schrade)

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Breakpoint 2025 D3

Overview

  • Arcium is building an encrypted execution layer tightly integrated with Solana, enabling fully encrypted computation and “encrypted shared state” that preserves composability with public Solana programs.
  • Its CSPL confidential token standard and confidential smart token accounts extend SPL tokens with private balances/transfers, designed as near drop‑in upgrades for existing Solana wallets and dApps.
  • Early traction (Umbra’s record Solana ICO, thousands of testnet nodes, hundreds of devs) indicates strong market and developer demand for encrypted applications.
  • The Cerberus protocol and Arcus Rust toolchain aim to deliver dishonest‑majority security and high‑throughput, developer‑friendly encrypted computation, addressing past performance and UX bottlenecks in privacy tech.
  • For Solana investors, broad adoption of Arcium/CSPL could plug Solana’s privacy gap, attract institutional capital for encrypted capital markets, and strengthen Solana’s positioning as infrastructure for next‑gen on‑chain finance.

Yannik Schrade – Arcium

Founder of Arcium, building an encrypted execution engine integrated with Solana, focused on privacy, confidential tokens, and institutional-grade encrypted capital markets.


1. Arcium as the Encrypted Execution Engine of the Internet

  • Arcium’s vision is a “vast, distributed, almost invisible network” that lets data move and be computed on at the speed of light while remaining fully encrypted.
  • Over the past year since Breakpoint 2024, Arcium has been focused on new cryptography, implementation, and onboarding builders.
  • The network has seen thousands of nodes deployed in testnet and hundreds of developers building encrypted applications, especially in hackathons.
  • Arcium positions itself as the encrypted execution layer for the internet, and specifically for Solana.

Takeaway: Arcium is positioning itself as foundational infrastructure for fully encrypted computation on Solana and beyond, with rapidly growing developer and node adoption.


2. Symbiosis with Solana: Public vs. Encrypted Shared State

  • Solana is described as the “internet’s execution engine for public shared state” – a single global ledger where all public on-chain activity happens.
  • Historical attempts at privacy usually mimicked Web2: isolated encrypted states where secrets could not interact or be shared meaningfully.
  • Arcium introduces “encrypted shared state,” allowing everyone’s encrypted data to be unified and jointly computed over, without revealing underlying data.
  • This places Arcium as the missing privacy layer for Solana, enabling applications that need confidentiality while still benefiting from composability.

Takeaway: Arcium complements Solana by adding an encrypted shared state layer, enabling composable private applications without sacrificing the shared-state benefits that make Solana attractive.


3. Early Ecosystem Traction and Market Signal (Umbra ICO)

  • Umbra, one of the first projects to go all-in on Arcium’s tech, powers its stack via Arcium’s “encrypted supercomputer.”
  • Umbra raised the largest ICO in Solana history on Metad, a key proof point of market demand for encrypted applications.
  • Developer feedback and usage over the past year have strongly influenced Arcium’s product design and roadmap.

Takeaway: The record ICO by an Arcium-powered project signals strong investor and market interest in encrypted applications within the Solana ecosystem.


4. CSPL: Confidential SPL Token Standard

  • Arcium has developed CSPL, a confidential token standard for Solana set to go live in Q1 next year.
  • CSPL allows any existing Solana token to have encrypted balances and encrypted transfer amounts, hiding this information from the public.
  • Crucially, it introduces confidential smart token accounts, where smart contracts (not humans or devices) can hold confidential balances and perform confidential transfers.
  • No private key is associated with these accounts; no entity in the world knows the exact token balance, yet the contract can still operate on it.
  • Interfaces are intentionally designed to be close to the existing public SPL token standard, making it easy for wallets, dApps, and developers to adopt with minimal complexity.

Takeaway: CSPL dramatically expands Solana’s token capabilities by making confidential tokens and smart-contract-held confidential balances feasible with near drop-in compatibility, opening up new product and market designs.


5. Encrypted Capital Markets and Institutional Finance

  • Arcium frames the new design space as “encrypted capital markets,” combining internet-native markets, encrypted execution, and institutional finance needs.
  • Use cases range from confidential transfers to confidential lending and fully confidential markets.
  • Thanks to encrypted shared state, different confidential markets can be executed and settled across venues within a single encrypted execution.
  • In that encrypted context, all venues effectively become “lit venues” (fully visible to the encrypted computation), enabling cross-venue interaction and settlement that’s not possible in traditional finance.
  • Schrade positions this as the unlock needed to bring the “entirety of institutional finance on-chain” on Solana with Arcium.

Takeaway: Arcium aims to make Solana a viable platform for institutional-grade, fully confidential capital markets, enabling complex cross-venue trading and lending in encrypted form.


6. Cerberus Protocol: Dishonest-Majority Encrypted Computation

  • At the core of Arcium is the Cerberus protocol, described as the “encrypted execution engine within the execution engine.”
  • Cerberus is presented as the first “dishonest majority” protocol: encrypted computations only require one honest participant in a distributed computation, instead of an honest majority.
  • This is enabled by new cryptographic breakthroughs, making more adversarial-resistant privacy infrastructure possible.
  • The underlying math is complex, but Arcium abstracts it away so developers don’t need to understand the cryptography directly.

Takeaway: Cerberus significantly lowers trust assumptions for encrypted computation, improving the security and robustness of Arcium’s encrypted execution for high-value use cases.


7. Developer UX and Scalability (Arcus and Performance)

  • Arcium built Arcus, the first Rust compiler for encrypted computations, allowing developers to write “normal” Rust code that is automatically compiled into encrypted execution.
  • For token use cases, developers can simply call familiar functions like create_account and transfer passing encrypted values and signatures; the encryption complexity is handled under the hood.
  • Arcium claims to outperform state-of-the-art encrypted computing solutions by orders of magnitude.
  • Previous systems could handle ~20–30 confidential transfers per second; Arcium claims to reach tens of thousands to potentially millions of encrypted operations per second, depending on measurement.
  • Ciphertexts (encrypted data) are designed to be as small as possible, so they can be stored directly on Solana, enabling high composability between encrypted and public contexts.

Takeaway: Arcium is focused on making encrypted computation both developer-friendly and highly scalable, aiming to remove UX and performance barriers that have historically limited privacy tech adoption in crypto.


8. Strategic Implications for Solana Investors and the Crypto Market

  • Arcium plugs Solana’s major perceived gap—privacy—while staying fully composable with existing public on-chain programs.
  • Confidential tokens and encrypted market infrastructure can attract institutional players who require privacy and regulatory-friendly structures.
  • The strong early traction (Umbra’s record ICO, thousands of testnet nodes, growing developer activity) suggests a maturing ecosystem around privacy-first Solana applications.
  • The combination of high throughput (Solana) with scalable encrypted execution (Arcium) positions the stack as a candidate for next-generation, institutional-grade on-chain finance.

Takeaway: If Arcium’s technology and standards like CSPL see broad adoption, Solana could capture a meaningful share of institutional and privacy-sensitive financial activity, enhancing its strategic position in the broader crypto market.

Breakpoint 2025: Keynote: Solflare (Vidor Gencel)

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Breakpoint 2025 D3

Overview

  • Solflare’s “Magic” reframes wallets as intent-based engines that translate natural-language requests into DeFi actions, aiming to fix today’s UX, complexity, and discovery bottlenecks on Solana.
  • The system combines AI for understanding user intents and generating interfaces with deterministic, guarded execution and a solver marketplace, targeting both better UX and preserved financial trust.
  • A competitive intent-solver network turns the wallet into a primary distribution layer for protocols, shifting value capture and discovery from standalone dApps toward wallet and solver integrations.
  • Early live use cases (conditional and recurring orders, automation, alerts, unified dashboards) show immediate potential to increase user engagement, capital efficiency, and stickiness within the Solana ecosystem.
  • For investors, Magic’s traction and integrations are key signals: if widely adopted, it could create wallet-layer “intent markets” that drive protocol flow, redefine distribution dynamics on Solana, and expand DeFi’s addressable user base.

Vidor Gencel

Co-founder of Solflare, a leading Solana wallet focused on UX and broad ecosystem integration.


1. The Core Problem: UX, Complexity, and Discovery in Crypto

  • Crypto and open financial systems evolve much faster than traditional finance, forcing wallets and dApps to constantly hard‑code new flows.
  • Each new feature requires a custom integration, which accumulates into bloated, rigid interfaces.
  • Simple financial intents (e.g., “every month buy SOL with 5% of my income and lend it for interest”) become multi-screen, jargon-heavy workflows.
  • Users face “intent to execution” friction: the time and effort between wanting to do something and actually doing it is too high.
  • Discovery is broken: only ~6% of software users use DeFi protocols, not due to lack of value, but because research, comparison, and monitoring are overwhelming.
  • In the current attention economy, anything that requires real effort tends not to happen, limiting adoption and the TAM for DeFi.

Takeaway: The current wallet + dApp model creates too much friction for mainstream users, constraining both DeFi usage and overall ecosystem growth.


2. “Magic”: A New Paradigm for Wallets as Intent Engines

  • Vidor introduces “Magic” as Solflare’s biggest announcement to date: a new wallet architecture focused on user intent, not direct contract interaction.
  • Vision: in the future, users will no longer interact with smart contracts directly; instead, they’ll express intents (spoken or written), and the wallet will orchestrate the rest.
  • Wallets become the primary distribution layer for the entire ecosystem, with a network of “solvers” competing to fulfill user intents in the background.
  • This model promises “everything, everywhere, all at once” – a wallet that can adapt as fast as crypto evolves without bespoke integrations for every feature.
  • The approach is meant to solve both: rapid integration of new protocols and dramatically improved user experience.

Takeaway: Magic reframes the wallet as an intent router and distribution hub, potentially concentrating user access and protocol distribution into wallet-layer “intent markets.”


3. Balancing AI and Determinism: Trust vs. UX

  • Vidor distinguishes two worlds:
    • Probabilistic systems (LLMs/AI): great at understanding language, context, and intent.
    • Deterministic systems (financial execution): must be precise, verifiable, and trust-preserving.
  • Letting AI handle everything risks breaking trust in financial execution; avoiding AI entirely leads to terrible UX.
  • The “breakthrough” is in combining both: AI for understanding and UI generation, deterministic infrastructure for execution and guarantees.
  • Some projects tried making LLMs do all the work, which “broke finance”; others stayed fully deterministic and “broke UX.”
  • Magic aims to live in the balance between the two, using AI as a front-end brain and deterministic systems as the execution backbone.

Takeaway: Magic’s investment thesis hinges on a hybrid AI + deterministic model, which, if executed well, could set a UX and safety standard for AI-enabled wallets.


4. High-Level Architecture of Magic

  • User starts with a conversational UI: they express intents in natural language (“buy SOL if…”, “sell every Sunday if…” etc.).
  • AI Agent Engine:
    • Parses, “untangles,” and enriches user intents.
    • Routes intents: either to built-in wallet capabilities or external solvers.
  • Solflare interactive plugins:
    • If the intent maps to existing wallet features (send, swap, stake, etc.), it’s handled via internal plugins.
  • Intent Solver Network:
    • Intents beyond the wallet’s native capabilities are sent through Solflare’s wallet core to a network of solvers.
    • Solvers can “bid” to fulfill intents, suggesting a competitive execution environment.
  • Solflare Guards:
    • Embedded in wallet core to provide runtime execution guarantees, ensuring safety and correctness of operations.
  • AI-generated UI:
    • Once results come back, LLMs generate UI and a unified dashboard so users can see all positions and past activity in one coherent view.

Takeaway: Magic’s architecture positions Solflare as a central routing and safety layer between user intent, AI interpretation, and a competitive solver marketplace.


5. Demonstrated Use Cases: Conditional & Recurring Orders, Automation

  • Vidor shows a demo via the Magic tab in Solflare:
    • Example 1: “Buy 1 SOL if its price goes up by 0.1, [and] drops by 0.1,” creating a set of conditional “repeating orders” directly from the prompt.
    • Example 2: “Every Sunday evening sell 1 SOL if it’s above 250, buy 1 SOL if it’s under 100,” creating recurring, conditional strategies.
  • The system automatically:
    • Parses the natural-language prompts.
    • Generates the appropriate orders/strategies.
    • Presents them for final approval via standard transaction signing.
  • Features highlighted:
    • Recurring orders and one-off orders.
    • Conditional triggers (price-based).
    • Price alerts.
    • A dashboard showing how many times strategies have executed.
    • Self-custodial design with delegated spending for pre-approved automated actions.
  • Despite some connectivity hiccups in the live demo, the flows are shown as already working inside Solflare.

Takeaway: Magic already enables sophisticated, automated trading and yield strategies from simple prompts, which can materially improve user engagement and capital efficiency on Solana.


6. Market & Ecosystem Implications: Distribution and Developer Access

  • Wallet becomes the “distribution layer”: protocols and products increasingly compete to be integrated at the wallet-intent layer rather than only as standalone dApps.
  • Developers are already approaching Solflare for distribution; manual integrations don’t scale, so Magic’s solver network model is a scalable alternative.
  • For users, the wallet can surface “opportunities everywhere” – such as:
    • Spotting trends.
    • Highlighting top strategies.
    • Finding best yields.
    • Helping automate trades – all from one entry point.
  • For protocols:
    • Being part of the intent solver network could mean direct access to a large Solflare user base.
    • This potentially shifts value capture and discovery from browser-based dApp frontends to wallet and solver layers.
  • This architecture may also improve composability and speed of innovation, as new protocols can plug in at the solver layer rather than needing a full UI integration.

Takeaway: If successful, Magic could centralize user discovery and execution in the wallet, making wallet and solver integrations a key strategic channel for Solana protocols and investors.


7. Launch Status and Calls to Action

  • Magic is live today in a private alpha:
    • Currently available to selected power users.
  • Access for users:
    • Join the waitlist at ai.solflare.com.
    • Or obtain access codes directly from Solflare team members at the event.
  • Access for developers:
    • Protocol teams can apply to integrate into Magic and get distribution via developers.solflare.com (or QR code shown in the talk).
  • Vidor’s three explicit CTAs:
    1. Be “amazed” by what Magic already is and what it plans to become.
    2. Join the private alpha/waitlist as a user.
    3. Developers: work with Solflare to become part of Magic’s intent solver ecosystem.

Takeaway: Magic is not just a concept; it’s in private alpha with a clear go-to-market for both users and protocols, setting up a new distribution and UX layer on Solana that investors should watch closely.

Breakpoint 2025: NFT Ticketing Doesn't Work and We're Selling to Ticketmaster:KYD Labs(Ahmed Nimale)

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Breakpoint 2025 D3

Overview

  • Ticketing’s core business is venue financing and private credit (e.g., Ticketmaster as a $10B+/year lender), not just ticket sales or fan fees.
  • Legacy NFT ticketing failed because it focused on collectibles and resale controls instead of solving the key problem: cheap, scalable liquidity for venues and artists.
  • KYD Labs, already at scale with major artists and large fan volume, is pivoting from NFT tickets to Tix, a new on-chain ticket standard.
  • Tix Protocol turns tickets into RWAs on Solana, enabling DeFi lenders to fund venues/artists against future ticket cashflows and earn yield (a DeFi-native Ticketmaster model).
  • If widely adopted by incumbents and new platforms, Tix could make Solana the financial rail for global ticket capital markets, creating a large private credit/yield vertical for SOL and Solana DeFi participants.

Ahmed Amali

Co-founder of KYD Labs, described as the world’s largest on-chain ticketing company, servicing major artists (e.g., Robert Plant, Charli XCX, Travis Scott, Dillon Francis) and 150,000+ monthly fans.


1. Ticketmaster as a “Bank” and the Real Economics of Ticketing

  • Ahmed frames Ticketmaster not as a ticketing company but as a bank deploying ~$10 billion in loans annually to venues.
  • Venues use this capital to pay artists and structure deals, with Ticketmaster recouping via ticket fees over time.
  • The “service fee” charged to fans is positioned as effectively an interest rate on these venue loans.
  • Ticketmaster doesn’t own most venues; instead, it locks them into long-term debt-based agreements tied to its ticketing products.
  • Because venues are locked in, even top artists like Taylor Swift and Post Malone cannot freely choose alternative ticketing systems.

Takeaway: The dominant economic engine in ticketing is private credit and debt financing for venues, not the sale of tickets themselves.


2. Why Traditional NFT Ticketing “Doesn’t Work”

  • NFT ticketing to date is characterized as “collectibles sold to venues who need liquidity,” missing the core business need.
  • Resale controls via NFTs are “easily bypassed,” weakening one of the supposed core value propositions of NFT tickets.
  • The cost of using NFTs purely as ticket infrastructure is described as “astronomical” relative to benefits and business realities.
  • Ahmed argues that venues and artists need liquidity and financing, not digital collectibles, and that this is why prior NFT ticketing models failed to gain traction.

Takeaway: Prior NFT ticketing efforts focused on collectibles and resale gimmicks, ignoring the crucial need for capital and credit in the ticketing ecosystem.


3. KYD Labs & the Shift from NFT Tickets to Financial Primitives

  • KYD Labs is positioned as the world’s largest on-chain ticketing company, already working with major artists and significant fan traffic.
  • Ahmed declares “NFT ticketing dies today,” signaling a strategic move away from simple NFT tickets toward a new standard.
  • KYD Labs previously used a compressed NFT standard for tickets but has now fully migrated to a new “Tix” standard.
  • The company claims real distribution today—millions of tickets, tens of thousands of artists, and links to over a billion monthly active listeners of those artists.

Takeaway: KYD Labs is pivoting from NFT-as-collectible ticketing to a new on-chain ticket standard meant to underlie real financial flows at scale.


4. Tix Protocol: Tickets as RWAs & Private Credit on Solana

  • Tix Protocol is introduced as a “living ticket born as a financial primitive,” not just a digital asset.
  • Under this model, tickets become real-world assets (RWAs) that can be used to securitize and borrow against future ticket sales.
  • Artists and venues can take loans based on expected cash flows from tickets, aligning directly with how Ticketmaster’s credit model works.
  • DeFi lenders can provide this capital and in return earn “lucrative yields,” effectively turning ticket cashflows into a DeFi-native private credit product.
  • The vision is that “every ticket becomes a commodity,” creating ticket capital markets on Solana and bridging capital, culture, and yield.

Takeaway: Tix turns tickets into yield-bearing RWAs, enabling DeFi-driven private credit markets around future ticket revenues on Solana.


5. Standardizing Ticketing for the Industry (Including Ticketmaster)

  • Tix is described explicitly as a standard, not just an internal KYD Labs tool.
  • Ahmed emphasizes that Tix “wasn’t built for KYD Labs alone,” but as a standard intended to define ticketing broadly.
  • The standard is positioned as something that can serve incumbents like Ticketmaster as well as new platforms.
  • He concludes that “creators don’t need coins; creators need ticket capital markets on Solana,” reframing the value of crypto for artists from token launches to better financing rails.

Takeaway: KYD Labs aims for Tix to become an industry-wide ticketing and credit standard—potentially even for Ticketmaster—making Solana the base layer for ticket-based capital markets rather than mere NFT collectibles.

Breakpoint 2025: Perle Labs Creator: The Frontline of Human-Led AI (Ahmed Rashad)

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Breakpoint 2025 D3

Overview

  • Frontier AI progress is increasingly constrained by slow, opaque, and low-quality data pipelines rather than model architecture, creating a large need for better data infrastructure.
  • Pearl Labs Creator offers a unified, human-led data platform that compresses pipeline setup from weeks to minutes, embedding best-practice templates and quality controls.
  • Integrated Solana payments enable instant, global contributor onboarding and compensation, making large-scale data operations cheaper and more scalable.
  • A verified contributor marketplace with smart routing and performance histories improves data quality versus anonymous, commodity crowd work.
  • Solana underpins full transparency and provenance via high-throughput, on-chain logging of micro-events, positioning SOL as core infrastructure for enterprise-grade, auditable AI data pipelines—an upside vector for Solana investors as AI adoption grows.

Ahmed Rashad

Founder of Pearl AI and Pearl Labs; former offshore oil driller who self-taught programming, later worked at MIT, McKinsey, Amazon, and led large-scale data operations at Scale AI. Experienced in building thousands of AI data pipelines for major organizations.


1. Problem: Data as the Bottleneck for Frontier AI Labs

  • Despite rapid improvements in AI models, data quality, control, and pipeline setup remain the main bottlenecks.
  • Traditional data pipelines for AI take days, weeks, or even months to configure and operationalize.
  • Existing industry approaches are typically opaque “black-box” pipelines with low transparency and limited control for teams.
  • Large-scale data operations historically require big in-house teams to manage workflows, quality, and contributors.

Takeaway: The core constraint in pushing frontier AI models forward is no longer model architecture, but the speed, quality, and transparency of data pipelines.


2. Introduction of Pearl Labs Creator: A Unified Human-Led Data Platform

  • Pearl Labs Creator is a new product designed to unify creators, contributors, and data integrity in a single platform.
  • The platform aims to make humans, not opaque systems, the primary drivers in AI data creation and curation.
  • It provides a highly simplified data pipeline setup process that can be done in minutes instead of weeks or months.
  • Pearl embeds its own quality baseline and proven structures in each template, giving teams a starting point aligned with best practices.

Takeaway: Pearl Labs Creator positions itself as a foundational platform for human-led AI data creation, targeting the main friction point in AI deployment.


3. Rapid Pipeline Setup and Payment Integration (Including Solana)

  • Teams can configure entire data pipelines—tasks, workflows, instructions, and rubrics—very quickly with AI-assisted, pre-built workflows.
  • Payment can be set up instantly via credit card or Solana wallet, enabling fast, global onboarding of contributors.
  • The product is designed to remove overhead so teams can launch and iterate on projects within seconds with minimal operational burden.
  • This speed and simplicity is a direct efficiency gain for startups and AI labs aiming to get to market faster.

Takeaway: By compressing setup time and integrating Solana-based payments, Pearl makes data pipeline creation and contributor compensation far more efficient and scalable.


4. Verified Contributor Marketplace and Smart Routing

  • Tasks are routed via a “smart router” to verified contributors, not anonymous crowd workers.
  • Contributors have known expertise, performance histories, and domain-specific scores, enabling better task–worker matching.
  • This structure creates a true marketplace with merit-based routing rather than commodity gig work.
  • Pearl tracks how well each contributor is expected to perform on specific types of tasks, improving quality and reliability.

Takeaway: Pearl’s curated, verifiable contributor marketplace aims to deliver consistently higher-quality labeled data than traditional crowd-labor platforms.


5. Full Transparency, Data Provenance, and Auditability via Solana

  • Teams receive live accuracy signals, reviewer agreement metrics, task latency data, and anomaly flags as work is performed.
  • Every edit, instruction change, schema update, and rubric adjustment is logged; nothing is lost.
  • Users see complete provenance: how data was produced, when, and by whom.
  • Pearl leverages Solana’s high-throughput infrastructure to handle millions of verifiable micro-events with low-latency updates and cryptographic audit trails.
  • This architecture reduces operational costs and provides the transparency that enterprise AI customers increasingly demand.

Takeaway: Using Solana as the backend for verifiable, granular event tracking gives Pearl a strong transparency and auditability story likely attractive to sophisticated AI buyers.


6. Operational Impact and Adoption by Frontier Labs

  • Teams can now manage complex data pipelines without assembling large internal operations or data-labeling teams.
  • Setup time for pipelines is reduced by roughly 95–98%, enabling far faster experimentation and iteration.
  • Faster iteration cycles directly translate into quicker time-to-market for AI products and features.
  • Reviews are “tighter,” processes are fully transparent, and black-box elements are eliminated from the pipeline.
  • Pearl is already working with “most of the major frontier labs,” indicating early adoption by leading AI model builders.

Takeaway: Early traction with major AI labs plus large efficiency gains suggests Pearl could become critical infrastructure for frontier AI development, strengthening Solana’s role in real-world enterprise AI data workflows.

Breakpoint 2025: Private Verifiable AI in an Age of Confusion: Ambient (Travis Good)

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Breakpoint 2025 D3

Overview

  • Ambient is building verifiable, cryptographically provable AI inference tailored for an emerging “agentic economy,” where AI agents control wallets and high-value transactions.
  • It tackles core deficiencies in current AI infra—lack of correctness guarantees, fragile security models (optimistic schemes, TEEs), and prohibitive verification costs—by offering verified inference at normal prices.
  • The platform can prove that a specific model configuration produced a given output at a given time, turning AI from a trust-based black box into verifiable infrastructure suitable for on-chain finance and gaming.
  • Ambient combines privacy (including TEE-based options) with cryptographic correctness proofs, targeting regulated, high-stakes Solana applications that require both confidentiality and strong guarantees.
  • For Solana investors, Ambient represents infra that could enable scalable, provably fair AI-driven games and financial agents, potentially increasing the sophistication, safety, and economic throughput of the Solana ecosystem.

Travis Good – Ambient (founder; building verifiable AI infrastructure on Solana)

Ambient is positioning itself as a high-scale, verifiable AI inference provider focused on security, reliability, and privacy for agentic applications, especially those running on Solana.


1. The Need for Trustworthy AI in an “Agentic Economy”

  • Good frames the near future as an “agentic economy” where AI agents sit in the middle of most interactions—controlling wallets, software, and access to economic opportunities.
  • He emphasizes that if these agents are misbehaving—“suddenly stupid” or turned against their creators—the consequences can be severe, especially when they control financial actions.
  • Core questions he raises: Can you trust that your AI model is actually the one running? Is it achieving its advertised level of intelligence? Is each token or pixel being generated correctly?
  • He contrasts the heavy emphasis on security in crypto (e.g., repeated contract audits) with the relatively weak guarantees in AI infrastructure today.

Takeaway: As AI agents become financial and transactional intermediaries, strong guarantees on AI correctness and behavior become as critical as smart contract security.


2. Problems with Current AI Infrastructure and Security Models

  • Good cites the example of Anthropic’s Claude code model being “compromised” for over a month due to an inference engine bug, degrading coding performance and causing significant economic impact for users.
  • Traditional approaches to verified inference have been too expensive—often 10–1000x the cost of normal (unverified) inference—making them impractical at scale.
  • He critiques “optimistic” verification models (e.g., assume honesty, occasionally check and slash) as unsafe in asymmetric payoff scenarios: an attacker might make $10M while facing only $10K in penalties.
  • Trusted execution environments (TEEs) are criticized as a foundation for cryptoeconomic security because they are “repeatedly compromised”; they’re useful for privacy, but not as a primary security anchor.
  • Overall, he argues that current AI infra lacks: strong correctness guarantees, robust cryptoeconomic security, and cost-effective verifiability.

Takeaway: Today’s AI stack is not built with adversarial, high-stakes economic environments in mind, leaving a significant security and reliability gap for on-chain and financial applications.


3. Ambient’s Core Value Proposition: Verifiable, High-Scale AI at Normal Cost

  • Ambient positions itself explicitly as a “high-scale provider of verified machine intelligence” designed for crypto and agentic commerce.
  • Their promise: provide verifiable inference (guaranteed-correct model execution) at the same price as unverified inference, eliminating the usual cost premium.
  • The system can prove that a specific model (e.g., a 16-bit quantized GLM 4.6 with a particular configuration) produced each word of output for a given prompt at a specific time.
  • This cryptographic-verification layer means users and apps no longer need to trust the infrastructure provider’s claims about model quality or adherence to benchmarks.
  • For investors and builders, this attempts to turn AI inference from a “trust me” service into a cryptographically verifiable commodity, potentially setting a new standard in AI infra for financial and agentic applications.

Takeaway: Ambient aims to make verifiable AI execution a default property of AI infra—without extra cost—creating a potentially defensible and scalable platform for high-stakes crypto use cases.


4. Privacy & Security Design: Beyond TEEs and Optimistic Models

  • Ambient offers a range of privacy options, from basic anonymity to full end-to-end encryption inside TEEs.
  • Crucially, the verifiable inference security does not depend on TEEs; TEEs are used as a privacy enhancement, not as the sole trust root.
  • This design attempts to combine the privacy benefits of TEEs with cryptographic guarantees of correctness, avoiding the known security weaknesses of TEE-only designs.
  • The intention is to provide both: private queries and cryptographically guaranteed, correct model outputs suitable for high-value economic workflows.

Takeaway: By decoupling security from TEEs and focusing on crypto proofs of correctness, Ambient tries to offer both strong privacy and strong security—attractive for regulated or high-stakes crypto applications.


5. High-Scale Delivery for Popular Apps and Solana Use Cases

  • Good notes that most crypto AI infra is a “bazaar of models” tailored to long-tail use cases, which inhibits high-throughput, standardized service for suddenly popular apps.
  • Ambient’s strategy is to focus on a small number of high-intelligence models and deliver them at scale suitable for mass-market or viral apps.
  • This is positioned as particularly relevant for Solana, where apps and games can scale quickly and need infra that doesn’t break under load.
  • Their verified inference stack is designed to preserve speed and responsiveness; Good demonstrates their chat client running verified inference “without compromising on speed.”

Takeaway: Ambient is betting on scale and reliability—rather than model sprawl—to serve large Solana apps that require both performance and strong correctness guarantees.


6. Economic & Product Implications: Provably Fair Games and Agentic Commerce on Solana

  • Ambient’s verification layer enables “provably fair economic games,” since outputs used in games or marketplaces can be proven to come from specific, agreed-upon models.
  • This is particularly aligned with Solana’s ecosystem, where on-chain games, prediction markets, and financial protocols can benefit from AI-driven mechanisms that must be provably unbiased and correct.
  • By ensuring that all AI-powered decisions, text, or evaluations can be cryptographically tied to a specific model and configuration, Ambient reduces the attack surface for rigged games or manipulated agents.
  • Good explicitly frames Ambient as infrastructure for “the future of Agentic Commerce” on Solana—AI agents reliably making economic decisions, executing strategies, or mediating user interactions.

Takeaway: Ambient’s verifiable AI could underpin a new class of AI-driven, provably fair games and financial agents on Solana, which may expand the scope and trustworthiness of on-chain economic activity.


7. Current Status, Access, and Developer Engagement

  • Ambient’s chat client and research capabilities are already live and demonstrated during the talk.
  • All features, including search and “deep research,” run on the same verifiable intelligence engine, ensuring consistent quality guarantees across workflows.
  • Good points to a Solana-specific Quickstart (“Solana quickstart”) on docs.ambient.xyz and encourages builders to integrate now.
  • Ambient is reachable via ambient.xyz and app.ambient.xyz; Good offers “free inference” for teams, signaling an early growth and ecosystem-building phase.

Takeaway: Ambient is not just a concept—it has live tooling, Solana-focused documentation, and incentives for early adopters, positioning it as an immediately usable piece of AI infra for Solana builders.

Breakpoint 2025: Product Keynote: 6th Man Ventures (Mike Dudas)

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Breakpoint 2025 D3

Overview

  • 6th Man Ventures positions itself as a founder-centric “capital + partner” product, focused on early-stage, application-layer projects that show real usage and fee-based revenue.
  • Roughly half of 6MV’s efforts target Solana, which they view as the leading ecosystem for revenue-generating apps, users, and developer activity, with most future value accruing at the app layer rather than base protocols.
  • Market data shows Solana applications reaching scale and $100M+ revenue faster than traditional startups, reinforcing Solana’s appeal for investors seeking high-growth, real-business use cases.
  • 6MV stresses capital discipline—avoiding over-raising, concentrating on ~one deal per month, and leading/co-leading rounds—to better align incentives and deepen support for portfolio companies.
  • For Solana investors, the core takeaway is that a seasoned, thematically driven VC with a strong track record is heavily betting on Solana’s application ecosystem as the main locus of long-term value creation.

Mike Dudas

Mike Dudas, Founder & Managing Partner at 6th Man Ventures (6MV), an early-stage crypto venture capital firm focused heavily on Solana and application-layer projects.


1. 6th Man Ventures’ Role and “Product” as Capital + Partner

  • Frames VC as a “product”: giving founders money, then helping them raise more and scale.
  • 6MV focuses on early-stage: pre-launch (pre-seed), seed, testnet-stage projects, and Series A for early mainnet products starting to grow.
  • Invests at the crypto application layer rather than base protocols, with a strong bias toward real usage and revenue.
  • Team is composed of prior founders/builders (including traditional Web2 and crypto, e.g., involvement with Bonk), positioning them as hands-on partners rather than passive capital.
  • Measures success by how many users are introduced to and served by the companies they back, and by real enterprise value created from genuine fee generation (vs. inflated trading metrics).

Takeaway: 6MV is positioning itself as a founder-centric, application-layer investor that brings operational experience and focuses on real usage and revenue rather than speculative activity.


2. Investment Focus on Solana and the Application Layer

  • Roughly 50% of 6MV’s investing time and capital is dedicated to the Solana ecosystem.
  • Sees Solana as the leading home for revenue-producing apps, users, fees, and developer activity.
  • Notes Solana’s ecosystem growth in 2023–2024 as outpacing other crypto ecosystems, reflected in both on-chain metrics and conference attendance.
  • While they will invest across ecosystems (e.g., Hyperliquid, Base), they prioritize “where the users and developers are,” increasingly including institutional presence on Solana.
  • Firm belief that the majority of crypto value over the next several years will accrue at the application layer, not at the protocol layer.

Takeaway: For investors, 6MV’s conviction is that Solana is currently the highest-upside venue for application-layer value capture and user growth in crypto.


3. Market Trends: Revenue Accrual and Speed of Growth

  • Highlights data (e.g., from DeFi Llama) showing that crypto projects are reaching $100M in revenue faster than traditional startups.
  • Emphasizes that many of these high-growth, revenue-generating projects are Solana-focused names (e.g., Pump, Jupiter, Axelar/Axiom referenced as “Axiom”).
  • Stresses that these are genuine crypto companies and protocols, not just trading venues inflating volume metrics.
  • Frames current conditions as a “really exciting time to be investing” because the revenue trajectories and user adoption curves in crypto, especially on Solana, are steepening.

Takeaway: Revenue and growth metrics suggest that leading Solana applications are outpacing traditional startups in speed to scale, strengthening the investment case for Solana’s app ecosystem.


4. Capital Discipline and “Over-Raising” Risk

  • Observes a recent trend of teams raising tens or hundreds of millions of dollars, enabled by an abundance of crypto capital.
  • Suggests this can be excessive and potentially misalign incentives; not every project needs such large war chests.
  • 6MV instead pursues a more “bespoke” approach, aiming to do roughly one deal per month.
  • Prefers to lead or co-lead rounds, enabling them to be deeply engaged with portfolio companies rather than spreading themselves too thin across many investments.

Takeaway: 6MV is signaling to founders and investors that disciplined fundraising and concentrated support may produce better outcomes than over-capitalized, lightly supported projects.


5. Thematic, Opportunistic Investing and Track Record

  • Uses a thematically driven strategy: sets broad areas of interest (e.g., core app categories) but chooses specific opportunities opportunistically based on team quality.
  • Has a portfolio of companies (slide shown, about a year old) that reflect these themes and have collectively served tens of millions of users and created billions in enterprise value.
  • Claims that over the past four years, 6MV has “hit on most of the major trends in a pretty big way” and expects those trends—especially app-layer growth—to continue.
  • States that the firm’s plan for the next three years is to keep doing what has worked for the last five: early-stage, app-focused, user- and revenue-centric bets.

Takeaway: 6MV presents itself as having successfully identified major crypto trends early, reinforcing its thesis that long-term value will concentrate in application-layer projects, particularly on Solana.


6. Founder Support and Call to Builders

  • Emphasizes 6MV’s identity as partners “in the trenches” rather than distant, traditional Sand Hill Road–style VCs.
  • Positions their mix of crypto-native and Web2 operating experience as key value-add for founders navigating product, growth, and fundraising.
  • Explicitly invites builders in the Solana ecosystem—and in other ecosystems—to speak with them about funding and partnership.
  • Reiterates enthusiasm for helping builders create real, on-chain businesses and expand the crypto user base.

Takeaway: 6MV is actively hunting for new Solana and crypto application-layer investments, pitching itself to founders as capital plus experienced, hands-on guidance.

Breakpoint 2025: Product Keynote: Blueshift (Dean Little)

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Breakpoint 2025 D3

Overview

  • Blueshift is evolving into a core infrastructure and talent hub for Solana, spanning education, open-source work, tooling, validator ops, and dev services.
  • Blueshift Learn V3 scales and structures Solana developer education, which can deepen the developer funnel and support higher‑quality app growth over time.
  • Extensive open-source contributions to core Solana components (Pinocchio, Agave, SDK, Anchor, LLVM, etc.) make Blueshift a key technical maintainer of the network.
  • New products (Winter Wallet, Doppler Oracle, SPF tools) enhance Solana’s security, DeFi performance, and developer ergonomics—strengthening its competitive edge.
  • Blueshift’s validator and dev shop create funding and adoption loops that tie SOL staking and enterprise demand directly to continued ecosystem development.

Dean Little

Dean Little, founder of Blueshift (also referenced as Blue Shift), a mission‑driven collective of Solana core developers focused on open-source development, tooling, and developer education.


1. Blueshift’s Mission and Role in the Solana Ecosystem

  • Blueshift positions itself as a mission-driven community of Solana core developers strengthening Solana through open source, tooling, and free education.
  • Active in the Solana ecosystem since 2022; formally founded the company in early 2025 around five pillars: education, open source, tooling, validator operations, and dev shop services.
  • Frames Blueshift as infrastructure and talent enabler for Solana, not just a single product company.
  • Emphasizes that much of the Solana stack in production already relies on their contributions.

Takeaway: Blueshift is positioning itself as a core infrastructure and talent provider for Solana, which may make it an important underlying player in the ecosystem’s growth.


2. Blueshift Learn V3: Scaling Developer Education on Solana

  • Blueshift Learn launched earlier in the year and has grown to over 50,000 monthly active users and 250+ graduates with on-chain NFT credentials.
  • The platform offers 30+ courses and challenges covering Anchor, Pinocchio, assembly, and core Solana dev skills.
  • V3 launch adds three “killer features”: Paths, Points, and Perks to deepen engagement and structure.
  • “Paths” offer curated learning tracks (e.g., “Anchor master,” “assembly ninja”) to guide developers from beginner to advanced outcomes.
  • “Points” enable off-chain progress tracking and gamification, lowering the barrier for users who don’t want on-chain credentials.
  • “Perks” introduce rewards and benefits, including exclusive Devnet and Testnet faucets, with future incentive partnerships hinted.

Takeaway: Blueshift Learn V3 aims to significantly expand and professionalize the Solana developer funnel, which is bullish for long-term ecosystem growth and app quality.


3. Open-Source Contributions to Core Solana Infrastructure

  • Blueshift has contributed to key components of the Solana stack: Pinocchio, Agave, Solana SDK, Mollusk, Anchor, and even the LLVM compiler project.
  • The talk implies that many users of Solana since 2022 have already indirectly relied on Blueshift’s software.
  • By contributing to foundational tools and compilers, Blueshift increases performance and developer ergonomics at a protocol and tooling level.
  • Highlights their role as ecosystem maintainers and performance optimizers, not just application developers.

Takeaway: Blueshift’s deep open-source footprint in Solana’s core tools strengthens the network’s technical base and reinforces their strategic importance to Solana’s evolution.


4. New Tooling Releases: Wallet, Oracle, and Compiler Improvements

  • Winter Wallet: Designed to address a “quantum zero-day” threat on Solana through a quantum-secure vault, positioning it as forward-looking security infrastructure.
  • Doppler Oracle: Markets itself as the fastest oracle update on Solana at just 20 CUs per update, over 50% faster than the next competitor.
    • Already in production across multiple high-performance DeFi applications, including “prop AMMs,” indicating real-world adoption and performance demand.
  • SPF and SPF Linker: Tools that make Solana BPF assembly a first-class citizen and allow building Solana programs using off-the-shelf Rust.
    • Removes the need for heavy custom toolchains and insecure setup hacks, which is especially relevant for professional/HFT environments.

Takeaway: Blueshift’s new tooling tightens Solana’s value proposition for DeFi, security-conscious users, and professional engineering teams by improving speed, safety, and developer experience.


5. Validator and Staking: Supporting Decentralization and Funding

  • Blueshift runs a Solana validator and invites Solana holders to stake with them at stake.shift.gg.
  • Staking with their validator is framed as a way to directly support free, open-source education and ecosystem tooling.
  • This creates a funding loop: validator revenue helps subsidize public goods (education/tools) that grow Solana.

Takeaway: By operating a validator tied to public-goods development, Blueshift offers investors and token holders a way to align staking with ecosystem growth incentives.


6. Dev Shop Services and Enterprise Expansion

  • Blueshift runs a dev shop that has worked with prominent industry players since 2022.
  • Highlights that Virtual, one of the largest apps on Base, chose Blueshift for their SVM (Solana Virtual Machine) expansion.
  • Positions Blueshift Labs (blueshift.gg/labs) as a go-to choice for Web2 and Web3 enterprises looking to “make the shift” to Solana.
  • Signals cross-chain and enterprise demand for Solana tech, with Blueshift as a key implementation partner.

Takeaway: Blueshift’s dev shop serves as a bridge for large apps and enterprises moving onto Solana or SVM, suggesting growing institutional and cross-ecosystem interest in Solana’s technology.

Breakpoint 2025: Product Keynote: Byreal (Emily Bao)

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Breakpoint 2025 D3

Overview

  • 2025 is framed as the year TradFi, CeFi, and DeFi begin to converge, with Solana as the core on-chain settlement layer and Byreal as the DeFi leg of Bybit’s broader capital‑markets stack.
  • Bybit’s rollout (TradFi CFDs, Byreal mainnet, and deletion of the separate Web3 wallet) aims to funnel CEX users directly into Solana assets via a unified trading account, reducing UX friction and potentially increasing on-chain flows.
  • Byreal positions itself as a primary Solana DEX for RWA and “hero” projects, using “full house launches” (coordinated Byreal + Bybit Alpha + Bybit Spot listings) to accelerate liquidity and price discovery.
  • Institutional custody for BBSOL (via Anchorage) and tight order‑flow integration (Byreal + Bybit Alpha, plus “Real Farmer” copy‑LP) indicate that Solana-native, CEX-linked assets are becoming acceptable to institutional capital while giving LPs CEX‑grade volume.
  • For Solana investors, the thesis is that the next wave of volume and value accrual comes from this TradFi–CeFi–DeFi convergence on Solana, with Byreal/Bybit acting as a major liquidity hub already showing rapid traction ($1B+ volume in ~10 weeks).

Emily Bao

Head of Spot at Bybit; founder of Byreal (a Solana-native DEX built in tight integration with Bybit CEX).


1. Vision: Convergence of TradFi, CeFi, and DeFi on Solana

  • Emily frames 2025 as the year when TradFi, CeFi, and DeFi stop being “parallel lines” and begin to converge.
  • Bybit interprets its own product expansions as signals of this convergence rather than just isolated offerings.
  • Byreal is positioned as the Solana-native DEX layer inside Bybit’s broader centralized exchange infrastructure.
  • Core thesis: “Internet capital markets start on-chain on Solana, are validated by DeFi (DEXs like Byreal), and further scaled by CeFi (Bybit).”

Takeaway: Byreal is designed as the DeFi leg of a larger capital-markets stack that fuses TradFi, CeFi, and Solana DeFi into one liquidity system.


2. Product Timeline: From TradFi Launch to Byreal Mainnet

  • Mid-June 2025: Bybit launches TradFi products (forex, gold, stocks via CFDs), bringing global asset classes alongside crypto for the same user base.
  • June 30, 2025: XBOX tokens launch on Solana; on the same day, Byreal mainnet beta goes live.
  • This “full house launch” model debuts with XBOX: listing simultaneously on Byreal (DEX) and Bybit Spot, showing synchronized CeFi–DeFi integration.
  • Internally, Bybit sees these moves as a deliberate build-out of a unified, cross-asset trading environment.

Takeaway: The synchronized launch of TradFi products and the Byreal DEX marks a deliberate pivot toward a unified multi-asset environment spanning on-chain and off-chain markets.


3. Deleting the Web3 Wallet: Unified Trading Account for On-Chain Assets

  • August 7, 2025: Bybit makes a “hard decision” to delete its old Web3 wallet product.
  • Rationale: all Bybit users should access DeFi/on-chain tokens with the same UX as other products, via a single unified trading account.
  • Bybit Alpha is introduced inside the main platform, allowing trading of on-chain SPL tokens using the unified account.
  • Users can trade with USDT, USDC, SOL, and BBSOL seamlessly, without managing a separate Web3 wallet UI or experience.

Takeaway: Bybit is betting that collapsing the UX barrier (no separate Web3 wallet) will drive much larger flows from CEX users into Solana-based on-chain assets.


4. Byreal Public Launch and Focus on RWA & “Hero” Projects

  • End of September 2025: Byreal opens to the public and is formally announced at Solana Apex Singapore.
  • Strategic focus for listings: real-world assets (RWA) and “hero” projects (high-profile Solana-native protocols).
  • According to DeFi analytics (Philama and Byreal’s own data), Byreal dominates trading volume and liquidity for Tether Gold (xAUT) on Solana.
  • XAUT liquidity and trading are described as “best on Byreal,” underlining its strength as a specialized venue for RWA on Solana.

Takeaway: Byreal is positioning itself as the primary Solana DEX venue for RWA and flagship protocol tokens, which can be important for investors tracking liquidity hubs.


5. “Full House Launch” Model: Coordinated CeFi–DeFi Listings

  • The “full house launch” strategy is extended beyond XBOX to multiple tokens:
    • LibertyFi
    • ZER0 (?) / Zero
    • Monite
    • Meteora
    • Humidify
  • For these tokens, the flow is: listing on Byreal first, then quickly on Bybit Alpha and Bybit Spot, often almost simultaneously.
  • This synchronization unlocks:
    • Deeper and faster-bootstrapped liquidity
    • Higher trading volumes from day one
    • A tighter bridge between DeFi price discovery and CeFi order flow
  • Result: liquidity is “amplified” as token markets exist instantly on both on-chain (Byreal) and centralized (Bybit) venues.

Takeaway: For new Solana projects, Byreal + Bybit’s “full house” launch can significantly accelerate liquidity, which is attractive both for projects and secondary-market investors.


6. Institutional Adoption: Anchorage Custody for BBSOL

  • BBSOL, Bybit’s Solana-native CEX-backed asset, receives institutional custody support from Anchorage Digital.
  • This signals that institutions are comfortable holding Solana-native, CEX-backed assets on-chain.
  • Convergence is no longer purely retail-driven; institutional-grade custody and compliance infrastructure are now engaging with Solana-native instruments.
  • This expands the potential capital base for Solana DeFi assets integrated with Bybit’s ecosystem.

Takeaway: Institutional custody for BBSOL is a strong signal that institutional capital is willing to hold and interact with Solana-native CEX-linked assets, strengthening the convergence thesis.


7. Liquidity Synergies: “Real Farmer” and Order-Flow Integration

  • November 2025: Byreal introduces “Real Farmer,” a feature akin to “copy trading” but for liquidity provision (LPs).
  • Users can “copy farm” and provide liquidity on-chain “like pros,” lowering the barrier to becoming an LP.
  • This is meant to:
    • Boost on-chain liquidity in DeFi pools
    • Then have that liquidity “further amplified” on the CeFi side via Bybit
  • Emily reveals a “secret sauce”: Byreal is not only using DEX order flow but also taking orders from Bybit Alpha.
  • This means:
    • On-chain LPs benefit from additional order-flow depth
    • Users can stay entirely within the CEX interface while effectively tapping Solana-native DeFi yields
    • LP APRs on full-house tokens may appear higher because of this dual-source liquidity and demand

Takeaway: Byreal and Bybit Alpha are tightly integrated so that on-chain LPs enjoy CEX-grade volume while CEX users get DeFi yield without leaving the familiar trading interface.


8. Strategic Outlook: Where the Next Billion/Trillion Transactions Come From

  • Emily argues that liquidity is starting to move freely across TradFi, CeFi, and DeFi—so products built only for “crypto natives” or only for institutions are misaligned with the future.
  • Thesis on market evolution:
    • Next billion transactions: driven by convergence of these rails.
    • Next trillion transactions: will happen on-chain, especially on DeFi, and be “powered by TradFi.”
  • The role of Solana:
    • Speed and UX advantages make it the natural base layer for this on-chain transaction explosion.
    • Byreal’s rapid build and growth are cited as evidence (“everything is faster on Solana”).

Takeaway: From an investor’s perspective, Solana is being framed as the core settlement layer for a converged TradFi–CeFi–DeFi market structure, with Byreal/Bybit acting as a major liquidity and distribution engine.


9. Execution Pace & Traction: Byreal’s Growth Metrics and Timeline

  • Emily first conceived Byreal around February 2025.
  • Beta shipped in June, debuted at Solana Apex Budapest, then opened to all users at the end of September.
  • As of early December 2025 (Breakpoint), Byreal has reached $1 billion in total trading volume within about 10 weeks of public launch.
  • She highlights how quickly this happened relative to typical crypto timelines and attributes it partly to Solana’s speed and the small, fast-moving “tiny tiger team.”

Takeaway: Byreal’s rapid launch-to-scale trajectory (from idea to $1B volume in under a year) underscores both the execution capacity of the Bybit/Byreal team and the demand for integrated CeFi–DeFi experiences on Solana.

Breakpoint 2025: Product Keynote: Dune (Alessandro Losi)

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Breakpoint 2025 D3

Overview

  • Dune is becoming core multi-chain data infrastructure, offering real-time, petabyte-scale Solana data and program decoding so protocols and investors avoid running their own heavy infra.
  • Strong Solana coverage (DEX trades, CPI logs, 700+ token prices) makes it a primary venue for trading, DeFi, and ecosystem analytics, improving market transparency and research quality.
  • The new SVM “catalyst program” extends Dune to all SVM chains (starting with Fogo), positioning Solana’s VM as a data-visible standard and giving investors early analytical access to new L1s.
  • A dbt connector turns Dune into a full on-chain data warehouse, letting advanced users run version-controlled, scalable transformations directly on top of Solana and SVM data.
  • For Solana-focused investors, these developments lower data costs, deepen available analytics, and make it easier to track both Solana and emerging SVM ecosystems from a single platform.

Alessandro Losi – Dune

Head of product / data at Dune (on‑chain data & analytics platform founded in 2018, >60 employees, supports >130 chains)


1. Dune’s Role as a Multi‑Chain On‑Chain Data Platform

  • Dune ingests, indexes, decodes, and stores blockchain data for 130+ chains, positioning itself as a central on‑chain data infrastructure provider.
  • For Solana specifically, Dune offers real‑time data ingestion and stores over 1 petabyte of data so users and teams don’t need to maintain their own heavy infrastructure.
  • They emphasize broad coverage of DeFi/DEX trades, live program decoding, and extensive token price data (700+ tokens), making it attractive for traders, protocols, and researchers.
  • Any project team can submit their Solana program for decoding, and Dune will make it available on the platform—reducing friction for new protocol launches and analytics.
  • Access to Dune’s data is offered via: the Analytics Hub (dune.com), APIs and connectors for integration into custom stacks, and direct data sharing into third‑party warehouses (Snowflake, Databricks, BigQuery).

Takeaway: Dune is positioning itself as the default on‑chain data backbone across chains, with strong Solana support and open program decoding, which simplifies analytics and lowers infra costs for protocols, investors, and data‑driven users.


2. New SVM Support via the Catalyst Program

  • Dune is opening broad SVM (Solana Virtual Machine) support for all SVM‑based chains through its “catalyst program.”
  • This provides a streamlined path for any SVM chain to get onto Dune, with full capabilities: raw data, decoded instructions and CPI logs, plus curated datasets like DEX trades and token transfers.
  • Dune’s first partner under this initiative is “Fogo,” described as an ultra‑high performance L1 that is SVM‑compatible.
  • Fogo’s data is scheduled to be live on Dune in Q1 2026, giving investors and builders analytics visibility from early in the chain’s lifecycle.

Takeaway: Dune is expanding beyond Solana to cover the broader SVM ecosystem, and early support for chains like Fogo could make Dune a key data layer for new high‑performance L1s.


3. DBT Connector: Turning Dune into a Full On‑Chain Data Warehouse

  • Dune has launched a new dbt (data build tool) connector, changing how users can interact with Dune’s data warehouse.
  • Dune continues to handle ingestion and curated datasets (the “orange part”), but users can now also:
    • Upload their own off‑chain or auxiliary data, and
    • Connect any dbt project directly to Dune’s warehouse, using Dune as the execution environment.
  • This allows teams to leverage dbt’s advantages—Git‑native workflows, version control, and incremental builds—on top of Dune’s on‑chain data.
  • The feature effectively lets teams replace or reduce use of expensive materialized views in their own infra by shifting transformation workloads to Dune.
  • The dbt connector is available to all Dune enterprise customers, targeting more sophisticated data teams, trading firms, and large protocols.

Takeaway: By integrating dbt, Dune is moving from “analytics front‑end” to a full on‑chain data warehouse, enabling professional data teams to run scalable, cost‑efficient analytics directly on Dune’s infrastructure.

Breakpoint 2025: Product Keynote: Electric Capital (Ren CF)

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Breakpoint 2025 D3

Overview

  • Falling on‑chain costs plus rising performance can unlock entirely new Solana-native dApps (not just cheaper copies of TradFi/Web2), positioning the chain as a candidate host for the first trillion‑dollar dApp.
  • Solana’s superior throughput and low fees are already enabling some of the highest‑revenue on‑chain businesses and structurally favor future high‑margin apps, especially in trading and payments.
  • Declining per‑transaction fees on Solana should be viewed as “growing the pie”: they expand total economic activity and aggregate fee revenue rather than compressing long‑term network value.
  • The long‑tail of tokens and permissionless listings on Solana DEXs is a durable edge versus centralized exchanges, driving rising on‑chain volumes and fee capture.
  • Key tailwinds—stablecoin rails, easier wallet UX, and improving regulatory clarity—support investor theses around large‑scale migration of CEX users and non‑crypto natives onto Solana-based applications.

Ren (CF) – Electric Capital

Ren is a partner at Electric Capital, a crypto-focused investment firm. In this Breakpoint 2025 product keynote, he discusses how falling on‑chain costs and rising capabilities can lead to the first trillion‑dollar decentralized application (dApp) and billions of on‑chain users, with a strong focus on Solana’s role.


1. Jevons Paradox and the “Trillion‑Dollar dApp” Concept

  • Ren frames the central question: how do we get to the first trillion‑dollar dApp and billions of users on‑chain?
  • He introduces Jevons paradox: when efficiency improvements lower costs, overall usage and total consumption can rise instead of fall.
  • Historical analogy: on the internet, unit costs dropped ~99.9% while usage increased ~7,000x since the 1990s, enabling entirely new applications.
  • For the paradox to hold, technology must both increase efficiency and cut prices enough to unlock fundamentally new use cases that were impossible on the prior stack.
  • He argues crypto is following this pattern: as on‑chain costs fall and capabilities increase, new categories of applications become viable.

Takeaway: Investors should look for dApps and protocols that exploit radically lower on‑chain costs to enable entirely new behaviors, rather than just cheaper versions of existing products.


2. Solana’s Cost Structure and the Emergence of High‑Revenue On‑Chain Apps

  • Ren notes that the highest‑revenue on‑chain applications today were made possible by L1s like Solana that drastically cut transaction costs and raise throughput.
  • Tether and Circle (stablecoin issuers) still lead on‑chain revenue, but many other top revenue‑generating apps are “uniquely enabled” by networks like Solana.
  • He emphasizes that Solana does more transactions at a lower cost than all other major chains combined, highlighting its scalability and cost advantage.
  • This cost/performance profile enables developers to build products and user experiences that previously were too difficult or expensive to support on‑chain.

Takeaway: Solana’s transaction economics are already supporting some of the most profitable on‑chain businesses, suggesting structural advantages for future high‑revenue dApps on this chain.


3. Is Low Cost a “Race to the Bottom” or Growing the Pie?

  • Ren addresses a key concern from an investor standpoint: if fees keep dropping, is this value destruction for networks and token holders?
  • He argues the opposite: as long as lower fees enable new applications, the overall “pie” of network fees and application revenue grows.
  • Data point: on‑chain application revenue is up ~4x since 2021, despite the long‑term decline in per‑transaction fees.
  • Networks like Solana are presented as examples where lower costs led to new categories of usage, not just cheaper existing usage.

Takeaway: Falling per‑transaction fees on performant L1s like Solana are not necessarily negative for value accrual; they can expand total economic activity and aggregate fee revenue.


4. Converting Centralized Exchange Users to On‑Chain Users

  • There are ~300 million centralized exchange (CEX) users who perform at least one transaction per month and already hold crypto.
  • Ren sees these users as the “lowest‑hanging fruit” for on‑chain onboarding because they’ve cleared the initial hurdle of acquiring and using crypto.
  • However, most users who start on a CEX never make it to on‑chain applications today.
  • The core question he poses: can on‑chain applications actually offer products that are competitive with, or better than, centralized services?

Takeaway: A major growth opportunity lies in building on‑chain products compelling enough to migrate a large share of existing CEX users to direct on‑chain usage.


5. Long‑Tail Assets and On‑Chain DEXs vs Centralized Exchanges

  • Hundreds of thousands of new tokens are launched on Solana every week, creating an enormous long‑tail of assets.
  • Centralized exchanges have slow, restrictive listing processes, making it hard to capture this long‑tail in a timely manner.
  • On‑chain DEXs (decentralized exchanges) are structurally better positioned to support long‑tail assets since listings can be permissionless and instant.
  • As a result, on‑chain DEXs have captured ~33% of centralized exchange spot trading volume, a 5x increase in five years, driven by this long‑tail.
  • He compares long‑tail tokens to social media content: each piece has low individual monetizable value, but in aggregate the long‑tail generates huge volumes and revenues.

Takeaway: The long‑tail token market is a core structural advantage for on‑chain DEXs—especially on Solana—and a key driver of growing on‑chain trading volume and fee revenue.


6. Future On‑Chain Use Cases: Doing What Off‑Chain Rails Cannot

  • Ren argues that future winning on‑chain use cases will not just replicate off‑chain finance, but will do things that off‑chain rails cannot.
  • The value will come from applications uniquely enabled by programmable, low‑cost, high‑throughput blockchains: real‑time settlement, global composability, long‑tail markets, and novel economic designs.

Takeaway: The most investable future dApps will leverage the unique properties of blockchains like Solana, not just port existing Web2 or TradFi models on‑chain.


7. Key Tailwinds for On‑Chain Adoption and Regulatory Clarity

  • Stablecoin rails: Stablecoins provide alternative “onboarding rails” that bypass centralized exchanges and enable users to move value directly on‑chain.
  • OAuth & email‑embedded wallets: Improved UX—such as one‑click onboarding using familiar sign‑in methods—reduces friction and lowers the barrier for non‑crypto‑native users to start using dApps.
  • Draft market structure legislation: Pending or emerging regulatory frameworks create clearer rules and carve‑outs for application developers.
  • Regulatory clarity makes builders more willing to commit to on‑chain products and long‑term roadmaps, which in turn supports sustained innovation and capital deployment.

Takeaway: Infrastructure UX improvements and clearer regulatory regimes are key tailwinds that can accelerate user onboarding and developer commitment to building on Solana and other L1s.


Overall Takeaway: Ren’s keynote positions Solana as a leading beneficiary of Jevons paradox in crypto—its low costs and high throughput enable new, long‑tail, high‑revenue applications and create a credible path toward the first trillion‑dollar dApp and mass on‑chain adoption.

Breakpoint 2025: Product Keynote: Forma (Farhaj Mayan)

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Breakpoint 2025 D3

Overview

  • Solana Economic Zones are physical hubs linking the Solana network with nation-states, already driving >$10M in FDI, multi-continent communities, and media reach.
  • The Kazakhstan partnership shows real government adoption: a national stablecoin on Solana, capital markets experiments (dual listings), large-scale developer training, and policy engagement.
  • Forma’s strategy is to evolve from temporary pop-ups into “network cities” that co-create pro-crypto, pro-internet jurisdictions with governments.
  • The “all-in” move to the Isle of Man establishes a permanent, tax-advantaged, regulated Solana hub in Europe, likely concentrating founders, developers, and capital there.
  • For investors, these developments suggest growing regulatory legitimacy, real-world economic integration, and new geographic centers of Solana-based innovation, potentially de-risking long-term ecosystem growth.

Farhaj Mayan

Co-founder of Forma, a company that develops “Solana economic zones” in frontier markets in partnership with governments.


1. What is a Solana Economic Zone & Forma’s Early Traction

  • Defines Solana economic zones as physical hubs that drive economic activity between “cloud Solana” (the crypto/network community) and “land nation-states.”
  • Over the last two years, Forma has run four pop-up villages across three continents, building a “network state” community of over 1,000 members.
  • Established three long-term Solana hubs in different countries.
  • Claims to have generated over $10 million in foreign direct investment (FDI) for host countries.
  • Generated over 10 million X (Twitter) impressions promoting those countries’ economies and stories.

Takeaway: Forma is positioning Solana economic zones as a bridge between online crypto communities and real-world jurisdictions, already showing meaningful FDI and marketing impact.


2. Kazakhstan Case Study: Nation-State Partnership with Solana

  • Highlighted Kazakhstan as a flagship example of a first-of-its-kind partnership between a nation-state and the Solana network state.
  • Organized a 1-day summit and a week-long trade mission, drawing 150,000 live viewers online.
  • Hosted 250+ government officials and regulators and signed four “landmark” MOUs.
  • Kazakhstan officially recognized the region’s first Solana economic zone and signed an MOU with the Solana Foundation.
  • The central bank partnered with an ecosystem company to launch the Kazakh national currency, the tenge, as a stablecoin on Solana.
  • AIX (a NASDAQ-powered stock exchange) agreed to dual-list public companies on Solana, signaling potential capital markets integration.
  • Superteam Kazakhstan, together with the Ministry of AI, ran a national hackathon training 1,000+ developers on Solana.
  • Following this activity, the Kazakh president launched a National Crypto Reserve and announced “Crypto City,” a city-scale testbed for frontier technologies, especially blockchain.

Takeaway: The Kazakhstan initiative demonstrates active government-level adoption of Solana for stablecoins, capital markets, and developer ecosystems, signaling growing institutional and regulatory openness to Solana-based finance.


3. From Pop-Ups to “Network Cities”: Strategic Evolution of Forma

  • References a Balaji article on how pop-ups are the new startups, suggesting that cloud communities can evolve into real-world hubs.
  • Frames pop-up villages as an early stage and argues they can evolve into “network cities” that work directly with governments.
  • Envisions these network cities as jurisdictions optimized for internet-native talent and capital, creating highly competitive regulatory and economic environments.
  • Suggests that such cities can become new economic engines for host countries by aligning incentives between crypto communities and local governments.

Takeaway: Forma’s thesis is that crypto-native, Solana-centric communities can co-create new, pro-digital-economic jurisdictions with governments, potentially influencing regulatory and competitive dynamics for crypto globally.


4. Strategic Pivot: Going “All-In” on the Isle of Man

  • After pop-ups in Argentina, Sri Lanka, Kazakhstan, and Georgia, and discussions with over 40 countries, Forma has chosen the Isle of Man as its first permanent Solana economic zone.
  • The Isle of Man is described as:
    • A self-governing Crown dependency, island-sized comparable to Singapore, between Ireland and the UK.
    • A white-listed financial hub with 0% corporate tax and 0% capital gains tax.
    • One of the top five safest countries in the world.
    • Highly accessible: 1-hour flight from London and Dublin, 20 minutes from Liverpool.
  • Emphasizes the island’s natural beauty and welcoming community as lifestyle advantages for attracting talent.
  • Forma’s team plans to relocate there to build “the best city in the world” for people from the Solana network.
  • Announces a waitlist for interested participants, targeting a launch for hosting community members next year.

Takeaway: By committing to a permanent Solana-aligned hub in a tax-advantaged, regulated European financial center, Forma is creating a potential flagship jurisdiction for Solana entrepreneurs, capital, and developers, with clear implications for where future Solana-based economic activity may cluster.


5. Community & Ecosystem Significance

  • Frames the effort as part of a broader movement where crypto-native communities co-locate and co-design policy with governments.
  • Positions Solana not just as a technical platform but as an economic and geopolitical actor via nation-state partnerships.
  • Signals increased seriousness and scale compared to temporary events: moving from pop-up experiments to permanent physical city-building.
  • Expresses appreciation for Breakpoint being hosted in the UAE, noting attendance from over 105 countries, underlining the global nature of the Solana community.

Takeaway: Forma’s work illustrates how Solana’s ecosystem is expanding from software and DeFi into real-world jurisdictions, policy collaboration, and physical hubs, which may shape where and how future crypto innovation and investment concentrates.

Breakpoint 2025: Product Keynote: Glider (Brian Huang)

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Breakpoint 2025 D3

Overview

  • Current DeFi and wallet UX is too complex, manual, and risky for mainstream users, limiting scalable on-chain investing and capital inflows.
  • The core opportunity is “self-driving” DeFi: intent-based automation that rebalances, rotates yield, and manages risk without constant user micromanagement.
  • Glider offers non-custodial, automation-first orchestration (rebalancing, yield shifting, liquidation protection, trigger-based trading) that abstracts gas, chains, and protocols.
  • Early traction on EVM (tens of thousands of active users and live portfolios) validates demand for a chain-agnostic automation layer and suggests real product–market fit.
  • Glider’s launch on Solana and combined EVM/SVM support can deepen Solana DeFi liquidity and usability, making it a more attractive base for cross-chain, automated portfolio management.

Brian Hang

Co-founder of Glider, an early-stage, non-custodial DeFi orchestration platform backed by a16z, Coinbase, Uniswap and others.


1. The Broken UX of Today’s Wallets and DeFi

  • Onboarding to any crypto wallet still takes at least ~10 steps, including seed phrases, funding with gas, and app discovery.
  • Users encounter frequent friction: missing gas on a chain, confusion about bridges, and unfamiliar application flows.
  • The transaction confirmation screen—meant as a safety layer—is largely ignored, as users just scroll and click “confirm.”
  • This complexity is fundamentally incompatible with “normal users” and mass-market adoption.
  • Compared to Web2, most Web3 apps are still “poor copies” of existing experiences rather than unlocking new capabilities of programmable money.

Takeaway: Current DeFi UX remains too complex and manual to support mainstream users or scalable on-chain investing behavior.


2. The Vision: Automated, Intent-Based On-Chain Investing

  • Hang contrasts crypto’s “MapQuest era” (manual, step-by-step) with the rest of the world’s “Waymo era” (fully automated routing).
  • He asks why, with programmable money, users still can’t automatically move from one asset/protocol/chain to another without micromanaging each step.
  • Envisions wallets that automatically rebalance portfolios, move between yield sources, and protect users from liquidations while they sleep.
  • Cites events like the Terra/Luna crash as scenarios where automated liquidation protection could have saved many users.
  • Argues that DeFi should leverage automation and orchestration to do things Web2 cannot, rather than just replicating Web2 products.

Takeaway: There is a major opportunity to build automation and intent-based orchestration on top of programmable money, turning DeFi into a “self-driving” investing experience.


3. Introducing Glider: “The Calm, Intelligent Way to Invest On-Chain”

  • Glider automates key investing workflows:
    • Automatic rebalancing of assets.
    • Shifting funds between yield sources.
    • Liquidation protection.
    • Trigger-based trading (e.g., react to price levels or even social signals like someone tweeting about a token).
  • Users specify their intentions (the “what”) and Glider handles execution (the “how”).
  • Experience is designed to be: no manual gas handling, no constant signing prompts, no bridging friction, and still fully non-custodial.
  • Goal is to remove the need to stare at markets 24/7 while still capturing on-chain opportunities.
  • Positioned as a chain-agnostic orchestration layer, abstracting away protocol and chain complexity.

Takeaway: Glider aims to become a non-custodial, automation-first investing layer that turns DeFi from manual clicking into an intent-driven, “self-driving” portfolio experience.


4. Orchestration Across Protocols and Chains

  • Focuses on “orchestration”: the end-to-end path from one state to another across protocols and chains.
  • Example flow:
    • Hold an on-chain “stock” on one protocol.
    • Automatically sell it if price hits a target.
    • Move proceeds into a stablecoin deployed into a lending protocol on another chain.
  • Today this requires ~20 steps, gas on multiple chains, and often multiple wallets; Glider compresses this into a single high-level instruction.
  • Users declare the desired outcome (e.g., “If asset X hits price Y, move into stablecoin yield source Z”) and Glider coordinates all intermediate steps.
  • This orchestration capability directly addresses one of DeFi’s biggest UX and operational barriers, which is especially relevant for more traditional or time-poor investors.

Takeaway: By orchestrating complex, multi-chain, multi-protocol actions into single “intents,” Glider lowers friction and could materially increase capital efficiency and user participation in DeFi.


5. Technology Approach and Traction to Date

  • Built a chain-agnostic, declarative system: users express desired outcomes, and the platform computes the execution path.
  • Uses a gas-free model from the user’s perspective, abstracting gas complexity while remaining non-custodial.
  • Implemented Solana-style account abstraction with help from Swig, enabling more programmable, flexible accounts.
  • Live for two months on EVM chains (Base and Plume):
    • 50,000+ active users.
    • 30,000 portfolios holding real assets.
    • Product has become part of many users’ daily investing “ritual,” akin to checking a stock portfolio.
  • Core mission: grow user wealth by combining DeFi’s capabilities with safety and reliability closer to traditional investment services.

Takeaway: Early traction on EVM chains suggests demand for a non-custodial, automation-first investing product, supporting Glider’s potential as an infrastructure and UX layer in on-chain finance.


6. Launch on Solana and Cross-Ecosystem Positioning

  • Officially announces: “Glider is live on Solana” and accessible via glider.fi.
  • Users can now create portfolios with “any Solana-based asset.”
  • Glider is positioned as “one of the only apps” that truly combines EVM (Base, Plume) and SVM (Solana) in a chain-agnostic way.
  • This cross-ecosystem integration could make it easier for investors to manage multi-chain portfolios through a single automation layer.
  • The launch potentially increases capital flow and retention within Solana by simplifying access, rebalancing, and yield strategies across Solana assets.

Takeaway: Glider’s Solana integration and combined EVM/SVM support strengthen its position as a cross-chain orchestration layer, which could be significant for investors allocating across ecosystems and for Solana’s DeFi growth.

Breakpoint 2025: Product Keynote: Helium (Abhay Kumar)

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Breakpoint 2025 D3

Overview

  • Software-based “Bring Your Own Hotspot” turns existing Wi‑Fi into Helium coverage, slashing capex and accelerating real-world telecom deployment on Solana.
  • Helium’s network now handles daily connectivity for ~2.1M phones across multiple carriers, demonstrating product-market fit for crypto-backed telecom without exposing users to crypto.
  • Helium Mobile operates as a mainstream, fiat-based carrier with free and low-cost plans, reaching 500K+ signups while using crypto only in the backend economics.
  • HNT has recently turned net deflationary as growing data usage drives token burns, improving the investment profile through stronger token utility and constrained supply.
  • International rollout beginning in Mexico and Brazil (with ~40K ready hotspots) signals a shift to global scale, increasing potential demand for HNT and Solana-based network activity.

Abhay Kumar

CEO / leader at Helium Mobile, presenting Helium’s 2025 product and network updates, with a focus on global rollout and real-world telecom usage on Solana.


1. Turning Existing Wi‑Fi into Helium Coverage (“Bring Your Own Hotspot”)

  • Helium now lets venues convert existing Wi‑Fi/radio infrastructure into Helium hotspots with a small software update, no new hardware.
  • Example venues already live: Baltimore Airport (BWI), a major Las Vegas casino, and a Florida mall.
  • At BWI, AT&T and Helium Mobile subscribers automatically connect on arrival with no captive portal and no Wi‑Fi password step.
  • A hotspot can be as large as an entire arena; this model greatly lowers capex for coverage expansion.
  • The network currently includes ~120,000 hotspots and is moving terabytes of data daily.

Takeaway: Helium is shifting from dedicated hardware to software activation of existing infrastructure, dramatically reducing friction and cost to scale coverage.


2. Real‑World Mobile Network Scale and Usage

  • The Helium mobile network connects ~2.1 million phones every day through its coverage footprint.
  • Users from multiple carriers (including AT&T and Helium Mobile) are being served by Helium hotspots, often without knowing a crypto network is involved.
  • The emphasis is on seamless UX: users just connect via their SIM-based identity, rather than dealing with Wi‑Fi logins or crypto concepts.
  • This real-world usage provides proof of product-market fit for a crypto-backed telecom model, not just a speculative token network.

Takeaway: Helium has moved into meaningful, mainstream telecom usage, serving millions of devices daily without exposing end users to crypto complexity.


3. Helium Mobile: A Consumer Carrier with Crypto Under the Hood

  • Helium launched its own carrier, Helium Mobile, with free and low-cost plans:
    • Free plan
    • $15/month plan
    • $30/month plan, with extra features
  • Consumer-facing crypto elements were deliberately removed from the front end; users pay in fiat and experience a normal carrier product.
  • Helium Mobile grew from “tens of thousands” of users at the start of the year to over 500,000 signups in the last year.
  • Growth is coming from individuals as well as families and groups (e.g., neighbors, extended families).
  • Abhay frames Helium Mobile as a “crypto-enabled product” rather than a “crypto product,” as a model he advises other founders to follow for scale.

Takeaway: Helium is validating a go-to-market strategy where crypto powers economics and infrastructure, while end users get a simple, fiat-based, mainstream carrier experience.


4. HNT Token Economics and Deflationary Turn

  • HNT is positioned as the “currency of connectivity,” used to reward deployers for providing useful coverage and carrying data.
  • Every time data is transferred on a Helium hotspot, the deployer is paid in HNT, aligning incentives for network expansion.
  • Over the last three months, HNT has become net deflationary: more HNT is burned daily than emitted.
  • Detailed network and token metrics are available via new dashboards from Blockworks, giving investors and participants more transparency.

Takeaway: The combination of growing real-world usage and a recently deflationary HNT supply is a key development for investors evaluating Helium’s token economics.


5. International Expansion: Mexico and Brazil First, More to Come

  • Helium is in final technical integration to launch in Mexico, with roll-out expected in the “next few weeks to month.”
  • In Brazil, Helium is partnering with local firm Mambbo to activate coverage; ~40,000 deployed hotspots there are already capable of being enabled for Helium.
  • The Brazil announcement aligns with major upcoming events (e.g., World Cup in the region), positioning Helium for high-traffic environments.
  • Helium is gathering demand signals for future expansions via helium.com/wait, where users can request Helium in their country.

Takeaway: Helium is transitioning from a US-centric deployment to a structured international rollout, with Mexico and Brazil as major early markets and a clear path for further geographic expansion.

Breakpoint 2025: Product Keynote: Helius (Nicolas Pennie)

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Breakpoint 2025 D3

Overview

  • Solana’s native historical data stack (Agave + Bigtable + current RPCs) is structurally expensive, slow under load, and operationally brittle at Solana’s scale, creating risk for serious apps and infra businesses.
  • Existing RPC patterns for history (notably getSignaturesForAddressgetTransaction) are UX-hostile and inefficient, limiting the practicality of advanced analytics, trading, and consumer products on Solana.
  • Helius’s new getTransactionsForAddress RPC consolidates multi-step historical lookups into a single, filterable, paginated call, materially reducing complexity, latency, and infrastructure costs for builders.
  • Underlying this, Helius has built a Bigtable-free, custom storage stack (cache + Postgres + ClickHouse with an inverted index) that compresses ~1 PB of data to ~288 TB and delivers sub-50–70 ms query latencies at full Solana history scale.
  • By pairing this infra with a new high-performance explorer UI, Helius is positioning itself as a core Solana data layer, which could enhance network usability and attract more sophisticated capital and applications—positive signals for long-term Solana investors.

Nicolas (Nick) Pennie

Co-founder at Helius, an infrastructure/API provider for Solana focused on RPC, low-latency data streams, and transaction services for “internet capital markets.”


1. The Problem: Historical Data on Solana is Painful and Expensive

  • Current Solana methods for history are getBlock, getTransaction, and getSignaturesForAddress, all of which are hard to use at scale.
  • Solana’s scale is massive: ~384M blocks, ~469B transactions, and >3,000 TPS, with throughput expected to grow.
  • Historical queries currently hit an Agave node with ~4 days of data, then fall back to Google Bigtable for older data.
  • Bigtable is very expensive, and under high load can suffer from “hot partitions” that cause major performance degradation.
  • The result is poor performance and high cost for infrastructure providers and serious risk for teams relying on this stack.

Takeaway: Existing Solana historical query infrastructure is structurally costly, complex, and brittle at scale, which is a key bottleneck for serious applications and infra businesses.


2. UX Issues with Existing Historical RPCs

  • getSignaturesForAddress returns only signatures; you must then call getTransaction for each signature to get real data.
  • For any non-trivial history (e.g., a busy wallet), this can mean thousands of RPC calls per query.
  • This multi-step pattern is both slow and expensive, and creates complex, error-prone application logic.
  • For time-bounded queries (e.g., “show me Jan 2024 transactions”), you must paginate backwards until you reach January, ignore lots of data, then keep querying until you’re past January, then fetch each transaction individually.
  • The UX is intentionally described as confusing and “chewing glass,” highlighting how unfriendly the current approach is for developers and data products.

Takeaway: The current RPC patterns for historical lookups are fundamentally inefficient and UX-hostile, discouraging sophisticated wallet analytics, trading tools, and historical data products on Solana.


3. New Product: getTransactionsForAddress RPC from Helius

  • Helius introduces a new RPC method: getTransactionsForAddress aimed directly at historical wallet-level queries.
  • It supports flexible sorting: you can traverse forwards or backwards in time, overcoming the “only backwards” limitation of getSignaturesForAddress.
  • Advanced filtering capabilities:
    • Filter by block time (e.g., one month like January 2024 or a specific date).
    • Filter by status, such as only successful transactions (ignore failures).
  • Returns full transaction data in a single response instead of just signatures, massively reducing the number of calls required.
  • Includes pagination tokens in responses so clients can continue fetching additional pages easily.

Takeaway: getTransactionsForAddress materially compresses complexity and call volume for historical queries, directly improving cost, performance, and developer UX for Solana apps.


4. Helius’s Custom Historical Data Infrastructure (Bigtable-Free)

  • Helius has removed both Bigtable and Agave from their historical query path, rebuilding the stack from scratch.
  • They use a “storage router” that aggregates data from multiple backends:
    • Custom in-memory cache.
    • Postgres.
    • ClickHouse.
  • This custom pipeline enables more efficient querying versus the generic Bigtable-based approach used traditionally.
  • The business impact: apps make fewer RPC calls (cheaper) and see much faster response times (better UX for end users).

Takeaway: By eliminating legacy Bigtable/Agave dependencies, Helius is positioning itself as a more cost-efficient and performant Solana infra provider, which can be attractive to serious builders and enterprises.


5. Performance & Scale Characteristics

  • Powered by an inverted index: each transaction has an addresses vector that is flattened into address–signature pairs.
  • The index covers all historical Solana data, resulting in ~2.3 trillion rows.
  • Despite this size, Helius has optimized range queries on this index to complete in under 50 milliseconds, regardless of the time range.
  • The same system also powers getBlock and getTransaction within Helius’s platform.
  • Raw transaction history is about 1 petabyte; Helius has compressed it down to ~288 terabytes.
  • They’ve optimized from code to networking, achieving getBlock latencies under 70 milliseconds.

Takeaway: Helius’s infra appears highly optimized for both storage and latency, enabling real-time-style historical queries that could unlock more advanced trading, analytics, and consumer applications on Solana.


6. New Explorer UI Powered by getTransactionsForAddress

  • Helius showcases a new block explorer UI that runs on top of the getTransactionsForAddress method.
  • Example wallet (“T’s wallet”) can:
    • Jump directly to the oldest transaction.
    • Query history by specific date (e.g., exactly 27th of November).
    • Filter by transaction success, only showing successful transactions.
  • The UI demonstrably reflects how the new RPC improves time-based navigation and filtering over entire account histories.

Takeaway: Helius is not only offering infra but also building end-user-facing tools that demonstrate and validate the value of their new historical query capabilities, potentially drawing more traffic and developer adoption to their stack.

Breakpoint 2025: Product Keynote: Huma Finance (Erbil Karaman)

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Breakpoint 2025 D3

Overview

  • Huma Finance is building a Solana-based “PayFi network” that embeds stablecoin liquidity into global payment rails (remittances, cross-border pre-funding, merchant settlements, trade finance), targeting a ~$30T market traditionally owned by banks and card networks.
  • The core strategy is “embedded on-chain finance”: Solana infrastructure hidden inside mainstream fintech/payment apps, bringing tens of millions of users on-chain without crypto-native UX.
  • Via partnerships (e.g., Obligate, TradeFlow), Huma is tokenizing and financing real-world trade flows to offer institutional-grade, uncorrelated yield products backed by commercial transactions.
  • With ~$8.5B processed, ~$1B/month growth, zero reported credit defaults, and PSD as a top USDC yield/collateral asset, Huma is already a leading Solana yield and credit venue.
  • New “defensive looping” and Huma Multiply aim to institutionalize leveraged yield on Solana—preserving enhanced returns while adding structured protections (reserves, peg-arb, automated risk management), potentially attracting larger, more conservative capital to the ecosystem.

Erbil (Arvin) Karaman

Co-founder of Huma Finance, presenting “the first PayFi network” built on Solana and focused on connecting real-world payment flows with on-chain stablecoin liquidity.


1. PayFi Network Vision & Market Opportunity

  • Huma Finance positions itself as the first “PayFi network,” connecting real-world payment rails to stablecoin liquidity.
  • Target use cases include credit cards, cross-border pre-funding, remittances, merchant settlements, and trade finance.
  • Huma claims dominance in cross-border pre-funding and remittances, directly replacing traditional correspondent banking and overdraft facilities.
  • Recently announced merchant settlement solutions for Amazon payout partners in Asia, enabling same-day payouts instead of multi-day delays.
  • Expanding into trade finance, with commercial trade cited as ~25% of global GDP, and an overall PayFi addressable market estimated at $30 trillion.
  • Within about a year of kicking off “PayFi” with the Solana Foundation, major payment companies are already adopting PayFi solutions.

Takeaway: Huma is positioning itself as core infrastructure for global payments and trade finance on Solana, targeting a multi-trillion-dollar market traditionally dominated by banks and card networks.


2. Embedded On-Chain Finance in Existing Payment Flows

  • Strategic focus is not just building DeFi primitives, but integrating on-chain solutions directly into existing payment networks and business flows.
  • Huma frames its strategy as “embedded on-chain finance,” analogous to how FinTechs won via embedded finance in Web2.
  • Example: integration with Tala and other fintechs, onboarding tens of millions of users via simple consumer-facing apps that abstract crypto complexity.
  • This approach is designed to drive mass adoption without requiring users to interact directly with crypto-native interfaces.

Takeaway: Huma is betting that embedding on-chain finance inside mainstream fintech apps will be the key adoption driver, expanding Solana’s reach into traditional payments and consumer finance.


3. Institutional Trade Finance & Real-World Asset Flows

  • Announced a strategic partnership with Obligate and TradeFlow to provide stablecoin liquidity to commercial trade flows.
  • This solution is described as the first fully digitized, end-to-end trade finance stack with real-time monitoring—including tracking containers of rare earth minerals.
  • Goal is to offer predictable, uncorrelated yields for institutions by financing real-world commercial transactions via stablecoins.
  • Taps into commercial trade, which represents roughly 25% of global GDP, suggesting a very large institutional opportunity.

Takeaway: By tokenizing and financing real-world trade flows, Huma is creating institutional-grade, real-world-asset-based yield products on Solana that could attract conservative capital.


4. Network Traction, Growth, and Yield Profile

  • To date, Huma has processed about $8.5 billion in transactions, with current growth at roughly $1 billion per month.
  • They report $0 in credit defaults so far, which is critical for institutional confidence in credit-based products.
  • The protocol has become one of the top yield sources on Solana and across DeFi, with more than 100,000 depositors in their liquidity pools.
  • Their yield-bearing LP token, PSD, is highlighted as consistently offering a yield level “not seen in the industry before,” particularly for USDC.
  • PSD is a top USDC yield opportunity in Binance Wallet and a collateral asset on major Solana DeFi lending platforms like Kamino and Jupiter Lend.

Takeaway: Huma already shows significant on-chain volume, user adoption, and competitive yield, reinforcing its position as a leading Solana-based yield and credit protocol.


5. Leveraged Yield & Looping Strategies (Retail vs. Institutional)

  • Huma’s PSD token can be used as collateral on lending platforms, enabling “looping” (leveraging deposits to amplify yield).
  • Karaman personally uses looping (showing his own portfolio) and notes achieving ~37% returns (explicitly “not financial advice”).
  • While attractive to DeFi-native users, such looping carries liquidation risk that institutional investors are typically unwilling to accept.
  • This gap between DeFi-native yield strategies and institutional risk tolerance is a key product focus for Huma.

Takeaway: Huma recognizes strong demand for leveraged DeFi yields but is building risk-managed versions specifically designed to be institutionally acceptable.


6. “Defensive Looping”: Risk-Managed Leveraged Yield

  • Huma is building a “defensive looping” framework that systematically addresses major risks in leveraged yield strategies.
  • Goal: enable institutions to use looping-like strategies without being exposed to standard liquidation and impairment risks.

Key risk areas and mitigations:

  1. Underlying Asset Impairment Risk

    • Concern: what happens if the underlying asset backing yield is impaired?
    • Solution: a reserve fund, funded by idle staked native tokens, to protect against impairment events.
    • Vaults subscribe to this reserve, giving up a portion of yield; stakers receive yield in return for offering deterministic liquidation protection.
  2. PSD Peg Risk (Primary vs. Secondary Market)

    • Observed issue: secondary markets can de-peg from primary valuation (as seen in other ecosystems).
    • Solution: deploy an arbitrage bot to keep PSD’s secondary market price aligned with primary market value.
  3. Borrowing Cost vs. Native Yield Mismatch (Negative Carry Risk)

    • DeFi borrowing rates are highly dynamic; sudden increases can quickly turn yields negative (negative carry).
    • Solution: a “vault watchdog” that monitors both the user’s portfolio and market borrowing rates.
    • The watchdog automatically adjusts leverage (up or down) based on the spread between DeFi borrowing rates and underlying asset yields.

Takeaway: “Defensive looping” is intended to transform high-risk leveraged strategies into structured, monitored products with built-in protection, making them suitable for more conservative and institutional capital.


7. New Product Launch: Huma Multiply & Roadmap

  • The defensive looping initiative was internally called “Project Flywheel” and has now matured into a live product line.
  • Huma Multiply is the first pilot implementation of this defensive looping framework.
  • Launch timing: pilot goes live on December 29, with a broader public launch targeted for Q1.
  • Huma is actively onboarding launch partners now and inviting interested institutions and protocols to engage with the team at Breakpoint.

Takeaway: Huma Multiply marks the commercialization of Huma’s risk-managed leverage tech, opening a new phase where institutional capital can access amplified on-chain yields on Solana with structured risk controls.

Breakpoint 2025: Product Keynote: Kalshi (John Wang)

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Breakpoint 2025 D3

Overview

  • Kalshi is evolving from a single US app into a global, regulated event‑markets liquidity platform, with $6B monthly volume and strong political markets traction.
  • Its core moat is a regulated exchange structure plus unified on/off-chain, US/international liquidity, enabling major broker and fintech integrations.
  • Kalshi markets are tokenized on Solana and integrated into Jupiter and Phantom, turning event contracts into composable DeFi assets for Solana users.
  • A $2M grants program and “verticalized” front ends (weather, esports, social bots, political UIs) aim to build a broad application layer on top of Kalshi liquidity.
  • For Solana investors, Kalshi provides a new high-signal collateral and data layer that can power derivatives, lending, AI agents, and media-integrated information feeds, deepening Solana’s real-world use cases.

John Wang

Head of Crypto, Kalshi (referred to as “Koshi” in transcript); presenting Kalshi’s evolution from a regulated US prediction-market app into a global, on-chain/off-chain platform integrated with Solana and major crypto front ends.


1. From Single App to Global Liquidity Platform

  • Kalshi has grown volume 8x since Wang joined a few months ago, now processing about $6B in monthly volume with rapidly rising open interest.
  • Politics has become the largest category by open interest, signaling strong demand for event-based trading outside traditional asset classes.
  • The app regularly reaches the #1 spot in the App Store, indicating strong retail traction and product–market fit in the US.
  • Strategic vision is to evolve from being seen as a “US off-chain app” into a global platform combining on-chain and off-chain liquidity.

Takeaway: Kalshi has strong current traction and is positioning itself as a global, high-liquidity event markets platform rather than just a single consumer app.


2. Regulatory Moat and Exchange Model for Prediction Markets

  • Wang argues the prediction market landscape is converging on regulated exchanges as the dominant model.
  • Offshore, purely crypto-native prediction markets are no longer being actively built at scale, in his view.
  • Regulatory compliance is presented as a key requirement to secure large broker integrations (e.g., Robinhood, PrizePicks-style partners).
  • Kalshi’s “liquidity moat” is its unique combination of on-chain, off-chain, US, and international liquidity feeding into a single global pool.

Takeaway: For investors, Kalshi’s bet is that regulatory compliance plus unified liquidity will be the defensible moat in mainstream prediction markets.


3. Tokenization of Kalshi Markets on Solana

  • Kalshi markets are now tokenized on Solana via integrations with Jupiter and DFlow.
  • Tokenized predictions let users trade Kalshi markets in a crypto-native way, self-custodially from their wallet.
  • This bridges Kalshi’s regulated, deep-liquidity markets into the Solana DeFi ecosystem, making event contracts accessible as on-chain tokens.
  • The move mirrors “platform plays” seen elsewhere in crypto (e.g., Hyperliquid, Pump) where core liquidity feeds many front ends.

Takeaway: Tokenizing Kalshi markets on Solana extends its liquidity into DeFi and creates new instruments and composability for Solana ecosystem participants.


4. Major Distribution Integrations: Jupiter and Phantom

  • Jupiter was the first to launch tokenized predictions powered by Kalshi, directly on its website.
  • Kalshi announced a native integration with Phantom, one of the largest crypto wallets, with Kalshi markets featured on Phantom’s homepage.
  • Users can access markets across crypto, sports, politics, and culture (e.g., Time’s Person of the Year) directly from Phantom.
  • Phantom has also added live chat features, enabling social interaction (chatting with friends) while trading predictions inside the wallet.

Takeaway: Deep integrations with high-distribution Solana platforms like Jupiter and Phantom materially expand Kalshi’s reach and trading surface for on-chain users.


5. Grants and Verticalized Front Ends on Top of Kalshi

  • Kalshi has allocated $2M in grants to foster a startup ecosystem building on top of its markets and liquidity.
  • Wang highlights “verticalized front ends” that specialize in particular niches:
    • Weather-focused trading terminals built by meteorology experts, with low-latency and localized data.
    • Esports-specific front ends tailored to gaming markets.
    • X/Twitter overlays (bots and Chrome extensions) for in-context trading experiences.
    • Telegram bots enabling prediction markets to appear in more social/messaging contexts.
  • Political markets are being reimagined with map-based interfaces and by creators with their own distribution channels targeting specific audiences.

Takeaway: Kalshi is encouraging a multi-front-end ecosystem where niche UIs and distribution channels sit on top of its unified liquidity, increasing network effects and use cases.


6. Building New On-Chain Primitives from Kalshi’s Liquidity & Data

  • Kalshi’s tokenized markets and data can be used freely by builders as a “liquidity and data layer.”
  • Potential on-chain primitives include:
    • Vaults and perp-like products on prediction markets, offering leverage based on event outcomes.
    • Oracle-driven, permissionless derivative/structured products using Kalshi market prices.
    • Lending and collateralization of long-dated prediction positions to unlock otherwise idle capital.
    • AI agents that trade or interact with prediction markets, lowering the barrier for non-expert users.

Takeaway: For DeFi builders and investors, Kalshi’s markets become a source of composable collateral, pricing data, and leveraged products, expanding the financial stack on Solana.


7. Broader Use Cases: Trading vs. Information Layer

  • Wang frames prediction markets as having two main value propositions:
    • Trading: anyone can monetize domain expertise by taking positions in markets they understand best.
    • Read-only information: roughly 90% of users interact passively, consuming market odds as a more accurate signal of expectations.
  • Kalshi is moving toward embedding its markets into everyday media consumption and decision-making.

Takeaway: Beyond trading revenue, Kalshi is positioning event prices as an information primitive that can be embedded in many consumer and institutional contexts.


8. Media Integrations and Mainstream Visibility

  • Kalshi recently announced exclusive partnerships with CNN and CNBC.
  • These integrations will surface prediction market data directly in mainstream news coverage.
  • The aim is to make prediction markets part of daily news cycles, increasing awareness and usage among non-crypto audiences.

Takeaway: Media partnerships with CNN and CNBC are a major distribution and legitimacy push, likely to grow Kalshi’s user base and indirectly benefit its on-chain integrations on Solana.

Breakpoint 2025: Product Keynote: Layer33: Marinade Finance (Nicky Scannella)

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Breakpoint 2025 D3

Overview

  • Independent, non-VC “indie” validators are framed as a distinct, essential stakeholder class for Solana’s decentralization, security, and cultural ethos.
  • Rising stake requirements and shrinking fees are forcing smaller validators out, reducing node count and concentrating stake, which increases structural centralization risk.
  • Stake is already heavily concentrated among top validators, and institutions are incentivized by fiduciary duty, not decentralization, making independent validators critical to governance and liveness resilience.
  • Layer33 is organizing indie validators into an infrastructure coalition targeting at least 33% of network stake across independent operators to preserve a robust decentralization floor.
  • IndieSOL, a new LST, lets investors earn staking yield while directly funding independent validators, providing a capital-aligned way to support Solana’s long-term decentralization and network health.

Nicky Scannella

Founder of Layer33, a new coalition of 25 independent (“indie”) Solana validators focused on decentralization, validator sustainability, and providing infrastructure and staking products (including a new LST, IndieSOL).


1. Role and Definition of Independent Validators on Solana

  • Layer33 is a coalition of 25 independent validators, described as “free from outside funding, free from VC, the opposite of institutional.”
  • These indie validators were among the original core validators at Solana’s inception and have historically built much of the ecosystem’s core tooling and public goods.
  • The coalition’s mission is to keep Solana decentralized, performant, and secure by supporting these smaller, non-institutional operators.
  • “Independent validator” is framed not just as a technical role but as a cultural one—more “rock and roll,” aligned with cypherpunk and mom‑and‑pop values rather than institutional capital.

Takeaway: Layer33 positions indie validators as a critical, distinct stakeholder class whose continued existence is essential to Solana’s decentralization and long-term health.


2. Economic Pressure and Decline of Independent Validators

  • Running a break-even validator now requires ~160,000 SOL in stake (for a 0% fee validator), versus ~10–20k SOL in earlier days, making it economically inaccessible for small operators.
  • Validator fees have declined while the stake threshold for economic viability has risen, eroding the sustainability of indie validators.
  • Over the past 12 months, Solana’s validator count dropped from ~2,000 to under 800 nodes.
  • While some of that drop was removal of Sybils and poor performers, Scannella asserts that “performant, contributing validators are starting to die” financially.
  • Many affected operators are not publicly speaking about their struggles, so Layer33 aims to give them a collective voice.

Takeaway: The current economics of Solana validation are squeezing out smaller, independent operators, which poses a structural risk to decentralization if unaddressed.


3. Centralization Risk and Institutional Incentives

  • The top 80 validators control about 66% of the network stake, a concentration that raises concerns if trends continue.
  • Scannella stresses that institutions have a fiduciary duty to stakeholders, not a mission to preserve decentralization.
  • Relying on large, institutional validators to “do the right thing” on decentralization is portrayed as unrealistic and unfair; that responsibility must sit with indie validators.
  • A key risk cited: 33% stake concentration in a coordinated group could halt the network; 66% could enable more serious control, even if such events are not seen as imminent.
  • The message is not immediate panic, but a call to be proactive before the stake distribution worsens.

Takeaway: As stake consolidates in large validators, investors face growing governance and liveness risks unless independent validators maintain a meaningful share of the network.


4. Layer33’s Strategy: Infrastructure, Coordination, and a 33% Goal

  • Layer33 aims to be a “core infrastructure provider for indie validators by indie validators,” leveraging the collective stake weight and reputation of its members.
  • Initial services include:
    • RPC and gRPC endpoints
    • Transaction landing services (in partnership with Blueshift and Grit Academy)
    • Educational services for validators and the ecosystem
  • More services are promised in the next 2–3 months, signaling a roadmap to build out shared infra and revenue opportunities for indie validators.
  • Layer33’s overarching goal: help secure 33% of Solana’s stake on independent validators (not necessarily all through Layer33 itself).
  • Other coalitions are encouraged to “copycat” the model so that multiple validator alliances can collectively maintain that 33% threshold.
  • Currently, Layer33 members already account for about 4% of the targeted 33%, despite the coalition being only about a month old.

Takeaway: Layer33 is building a validator-centric infrastructure and coordination layer with the explicit strategic target of ensuring at least one-third of network stake remains in independent hands.


5. IndieSOL: A New LST to Fund Indie Validators

  • Scannella reveals a new liquid staking token (LST), IndieSOL (“Indie Soul”), which is now live.
  • IndieSOL can be acquired on Jupiter by swapping SOL for IndieSOL, giving users a high-performance, high-yield staking exposure.
  • Any protocol fees generated by IndieSOL go to supporting Layer33 and its indie validator coalition, effectively routing yield to decentralization support.
  • Positioning: IndieSOL is both a yield product for users and a funding mechanism to keep independent validators economically viable.
  • This ties a mainstream DeFi product (LST) directly to validator sustainability, creating an investable vehicle aligned with decentralization.

Takeaway: IndieSOL offers investors LST yield while directly funding independent validators, creating a way for market participants to financially back Solana’s decentralization.


6. How the Ecosystem and Investors Can Support Layer33

  • Users and builders can support Layer33 by:
    • Utilizing Layer33’s infrastructure services (RPC, transaction landing, etc.).
    • Engaging Layer33 when launching public goods or infra projects that need reliable validators.
    • Joining or partnering with Layer33 if they are indie validators or aligned teams.
    • Following their communications (e.g., on Twitter) to amplify the stories of indie validators.
  • The coalition explicitly invites collaboration, featuring not just its own members but other independent validators whose contributions have gone “long gone unheard.”

Takeaway: The project is building multiple on-ramps—infra usage, partnerships, and IndieSOL staking—for participants who want to invest not only in Solana’s growth but also in its decentralization guarantees.

Breakpoint 2025: Product Keynote: Meridian (Benedict Brady)

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Breakpoint 2025 D3

Overview

  • Solana is framed as a future multi‑trillion‑dollar asset platform, with Meridian purpose‑built as a consumer investing layer for that scale.
  • Meridian offers a mainstream‑friendly, mobile investing app on Solana with seamless fiat on‑ramps, targeting non‑crypto‑native users and fresh capital inflows.
  • An AI “text to trade” interface and DeFi‑native agent lower complexity for strategies (e.g., DCA) while providing real‑time, contextual market intelligence.
  • The app replaces static wallet views with personalized, AI‑generated portfolio insights, aiming to improve engagement and decision quality.
  • For Solana investors, Meridian represents an early AI‑first UX bet that could drive user growth, liquidity, and stickier capital into the Solana ecosystem.

Benedict Brady

Founder of Meridian; background in quantitative trading; presenting a new AI‑driven investing interface built on Solana.


1. Vision: Solana as a Massive Asset Platform

  • Brady frames Solana as “slowly becoming the home for like $5 trillion of assets to be invested,” emphasizing its growing role as a core liquidity hub.
  • He highlights ongoing conversations at the conference with core developers about how Solana is bringing deeper liquidity to markets than seen previously.
  • Meridian is positioned as a product designed specifically for this future scale on Solana, assuming a large influx of capital and users.

Takeaway: Meridian is being built on the thesis that Solana will host multi‑trillion‑dollar asset flows and needs better consumer investing interfaces to match that scale.


2. Meridian: A New Consumer Investing Interface on Solana

  • Meridian is introduced as “a new type of investing interface for Solana” that aims to be “much smarter than anything we’ve seen before.”
  • The team reviewed existing consumer investing interfaces and concluded that most are confusing and not designed for mainstream users.
  • Meridian targets everyday investors, not just crypto‑native users, and focuses on clarity and ease of use around trading and portfolio monitoring.

Takeaway: Meridian aims to be a next‑generation, user‑friendly front end for investing on Solana that can attract and retain mainstream capital.


3. Fixing Onboarding: Card On‑Ramps and Simple Transfers

  • A core design focus was the “easiest possible onboarding experience,” with 30–40% of development time spent studying wallet onboarding flows across the ecosystem.
  • Traditional platforms often require users to copy wallet addresses and manually transfer USDC, a process Brady calls unintuitive for regular consumers.
  • Meridian instead emphasizes:
    • Debit card on‑ramp
    • Credit card on‑ramp
    • Simple bank/transfer flows for larger balances
  • The goal is to remove friction between a user’s existing money (fiat) and their first investment transaction on Solana.

Takeaway: Meridian is betting that seamless fiat on‑ramps and simplified onboarding will be critical for capturing mainstream users and new capital into Solana.


4. Natural Language Interface: “Text to Trade”

  • Inspired by the ChatGPT paradigm, Meridian lets users type what they want to do instead of navigating complex trading UIs.
  • Basic functionality: users can type simple commands like “buy $5 of Bitcoin,” and the app uses its tools to handle execution.
  • More advanced behavior: users can request strategies such as “I want to DCA into Bitcoin,” and the app:
    • Infers and builds appropriate parameters,
    • Executes the plan,
    • Asks clarifying questions where needed,
    • Completes and maintains the DCA strategy.
  • This is positioned as the first step toward fully conversational, AI‑driven financial agents.

Takeaway: Meridian replaces traditional trading screens with a natural‑language “text to trade” experience, potentially lowering the barrier for complex strategies like DCA.


5. DeFi‑Native AI Agent: Always‑On Market Intelligence

  • Brady stresses that generic AI tools don’t “really understand crypto” or DeFi context deeply enough.
  • Meridian runs a dedicated agent 24/7 that:
    • Scrapes Twitter (X),
    • Aggregates on‑chain blockchain data,
    • Organizes that data and connects it into the interface.
  • This allows the agent to answer DeFi‑specific questions like “What’s the deal with the Trump asset?” or “What’s the deal with the WET asset?” with:
    • Consistent,
    • Well‑researched,
    • Contextual answers, mirroring how information circulates on crypto Twitter.
  • The agent is framed as “deeply DeFi native,” designed around the realities of on‑chain markets and narratives.

Takeaway: Meridian integrates an always‑on, crypto‑specialized AI agent to give retail users institutional‑style, real‑time DeFi intelligence and explanations.


6. Intelligent Portfolio Insights Instead of Static Wallet Screens

  • Brady criticizes existing apps (Phantom, Coinbase, Robinhood) for opening to simple wallet or holdings pages that lack actionable insight.
  • He notes these default screens often fail to answer:
    • What happened in the market since the user last checked?
    • How has the user’s portfolio actually performed?
    • What should the user care about right now?
  • Meridian instead opens with an “intelligent portfolio insight tool” that:
    • Pulls all relevant on‑chain and market data,
    • Produces personalized insights about recent market moves,
    • Surfaces what’s changed and why it matters to that specific user.
  • This positions Meridian as not just an execution interface, but an “advisor‑like” front page for your crypto portfolio.

Takeaway: Meridian replaces static wallet views with AI‑generated portfolio insights, aiming to improve user engagement, understanding, and decision quality.


7. Macro Bet: Intelligent Interfaces as the Future of Finance

  • Brady places Meridian in a broader trend of intelligent, AI‑driven interfaces reshaping multiple industries:
    • Cursor for coding,
    • OpenEvidence for healthcare interactions,
    • ChatGPT for web search and general queries.
  • He argues that similar AI‑first interfaces are “inevitable” across consumer sectors, including personal finance and crypto investing.
  • Meridian is explicitly framed as a bet on how this paradigm shift will play out in crypto UX, especially on Solana.

Takeaway: The product is positioned as an early mover in the broader shift to AI‑first interfaces in finance, with Solana as the underlying infrastructure.


8. Launch Status and User Access

  • Brady announces that Meridian is now available in beta on the App Store.
  • He emphasizes that the experience is “deeply different than anything you’ve ever tried before” in crypto investing.
  • The team invites users to download and try the beta, positioning this as the next step toward where “all consumer interfaces are heading for finance.”

Takeaway: Meridian is live in beta on mobile, giving investors an immediate way to test this AI‑driven, Solana‑native investing experience and assess its potential.

Breakpoint 2025: Product Keynote: Moonbirds (Spencer Gordon-Sand)

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Breakpoint 2025 D3

Overview

  • Crypto core tech is seen as maturing; distribution (getting IP/products in front of mainstream users) is now the primary edge, and Orange Cap is architected around that thesis.
  • Orange Cap is executing a PopMart-style collectibles strategy with Moonbirds/BB as flagship IP, already at multi‑million‑dollar revenue and aiming for a large, long-term commercialization arc.
  • On Solana, Moonbirds is a leading RWA/collectibles play, with record primary sales of physical blind boxes and ~196k wallets holding Moonbirds digital collectibles, creating broad on‑chain exposure.
  • Deep integration with legacy distributors (GTS, Event, Star City, CGC, PSA, eBay) plus a successful TCG (Vibes) gives Moonbirds institutional-grade, non‑crypto distribution and secondary-market validation.
  • The BB token, targeted for early Q1 2026 on Solana, is intended to be the central asset tying together Orange Cap’s physical and digital distribution network—positioning it as a lever on growing real-world revenue and IP reach.

Spencer Gordon-Sand

CEO, Orange Cap Games (parent company of Moonbirds). Talk focuses on Moonbirds/“BB” IP, Orange Cap’s business performance, physical and digital distribution strategy, and the upcoming BB token launch on Solana.


1. Market Context: From Tech Innovation to Distribution

  • Spencer argues that core crypto tech has plateaued this cycle compared to earlier, hyper-innovative years.
  • He frames this plateau as normal for maturing technologies, not a bearish signal.
  • In the current phase, he believes distribution (how widely and effectively products/IP are spread) is the main competitive edge.
  • Orange Cap Games is explicitly optimizing around distribution—both in Web3 and traditional markets.

Takeaway: The team sees the next phase of crypto value creation as being driven by distribution and reach, rather than purely new protocol-level tech.


2. PopMart as the Model: “PopMart of Crypto”

  • Orange Cap takes inspiration from PopMart, a dominant Web2 collectibles company that is now larger than Hasbro, Mattel, and Sanrio.
  • PopMart is on track for ~$4B in revenue this year; Orange Cap expects ~$8M this year, in its second year of operations.
  • On a timeline basis, Orange Cap is ahead of where PopMart was in its second year (~$900k), and projects ~$20M next year—similar to PopMart’s revenue two years before its IPO.
  • Internally, Moonbirds/“BB” IP is viewed as the “Labubu” equivalent (PopMart’s flagship IP) for crypto.

Takeaway: The company is explicitly targeting a PopMart-style growth arc in collectibles, suggesting a long-term, large-scale commercialization strategy around Moonbirds IP.


3. Physical Collectibles & Real-World Assets (RWAs) on Solana

  • Orange Cap sold $1.7M of Moonbirds physical blind boxes at ~$25 each earlier this year.
  • This sale was described as the largest RWA primary sale ever on Solana.
  • The blind boxes are available both at Breakpoint (booth presence) and online, showing a dual on-chain + physical strategy.
  • The focus is on translating crypto-native IP (Moonbirds/BB) into mainstream consumer products.

Takeaway: Moonbirds is already generating meaningful, on-chain-tracked physical product revenue, positioning it as one of Solana’s leading RWA/collectibles plays.


4. Vibes TCG (Pudgy Penguins) as a Distribution Engine

  • Orange Cap also builds products using external IP, notably “Vibes,” the Pudgy Penguins trading card game.
  • Vibes has done about $6M in revenue in the last 12 months, indicating strong traction.
  • The game has thousands of players globally (e.g., Singapore, Manila, Connecticut), with organized championship events.
  • Championship events have drawn 130+ players and feature a mix: pro Magic: The Gathering, Flesh and Blood, and Lorcana players alongside crypto newcomers.
  • This blend of traditional TCG pros and new players highlights crossover appeal beyond the crypto niche.

Takeaway: Vibes demonstrates Orange Cap’s ability to commercialize IP at scale and penetrate the existing TCG ecosystem, building a powerful distribution channel they can later route back into Moonbirds.


5. Traditional Distribution & Brand Partnerships

  • The company focuses marketing and distribution outside crypto, targeting the “marginal consumer” in mainstream markets.
  • Major distributors carry their products:
    • GTS: largest sports card distributor in North America.
    • Event: largest Funko Pop distributor in North America.
    • Star City Games: largest Magic: The Gathering distributor in North America.
  • Partnerships with key industry players:
    • CGC (second-largest grading company) as a partner.
    • PSA collaborations, including co-branded card distribution at New York Comic-Con and San Diego Comic-Con.
    • eBay partnerships and collaborations beyond collectibles (e.g., Jarritos, Vans).
  • Secondary market validation: a single card sold for $12,200 on Goldin Auctions, comparable to early Charizard or Unlimited Black Lotus pricing.

Takeaway: By plugging into top-tier legacy distributors and partners, Orange Cap is building real-world, institutional-grade distribution and secondary-market legitimacy, which can materially support IP and token value over time.


6. “All Roads Lead to Burb”: Integrating Moonbirds into Existing Success

  • Orange Cap’s internal mantra is “all roads lead to Burb,” aligning business lines back to Moonbirds/BB IP.
  • Newly announced: BB (Burb) IP will be integrated into the Vibes TCG product in the coming year.
  • This embeds Moonbirds into a proven, revenue-generating TCG ecosystem that already has wide distribution and an active player base.
  • The move is positioned as a major step forward both in physical collectibles and in expanding the Moonbirds IP footprint.

Takeaway: Integrating BB into Vibes turns a successful external IP product into a direct growth funnel for Moonbirds, deepening BB’s presence in a high-engagement, high-spend TCG market.


7. Digital Collectibles & On-Chain Footprint

  • Beyond physical products, Orange Cap is actively distributing digital collectibles tied to Moonbirds.
  • Nearly 200,000 unique wallets have minted a Moonbirds digital soulbound token this year.
  • This represents ~196,000 unique wallets, indicating broadly distributed IP exposure on-chain.
  • The strategy spreads Moonbirds IP both inside and outside crypto, leveraging digital collectibles as a user-acquisition and brand-awareness tool.

Takeaway: Moonbirds has already achieved significant on-chain distribution across a large wallet base, building a wide foundation that a future token and ecosystem can tap into.


8. BB Token Launch on Solana

  • The team previously announced in Singapore that a token was “coming to Solana soonish.”
  • New clarity: BB (ticker: BB), Moonbirds’ native token, is planned for early Q1 2026 on Solana.
  • The token is positioned as a key component of scaling Orange Cap/Moonbirds toward a multi-billion-dollar revenue goal and “PopMart of Web3” vision.
  • The token timing suggests they want substantial off-chain and on-chain distribution in place before launch.

Takeaway: A native BB token on Solana in early Q1 2026 will likely be a central financial and governance primitive for the Moonbirds/Orange Cap ecosystem, tying together their growing physical and digital distribution footprint.


Overall Takeaway: Orange Cap Games is building Moonbirds/BB as a large-scale, PopMart-style IP and collectibles business, already generating multi-million-dollar revenues across physical RWAs and TCGs, with deep mainstream distribution and a large on-chain user base—setting the stage for a Solana-based BB token launch in early Q1 2026 that could connect these distribution and revenue channels into a unified crypto-native ecosystem.

Breakpoint 2025: Product Keynote: Nansen (Charlie Kavanagh)

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Breakpoint 2025 D3

Overview

  • Nansen leverages a six-year data moat of 450M+ labeled wallets and real-time cross-chain analytics, explicitly treating Solana as a key network.
  • The team forecasts a shift from static dashboards to AI chat-based, mobile-first “agent” interfaces for research and trading.
  • Nansen AI mobile app lets users query onchain data in natural language (e.g., smart money behavior on Solana) and receive institutional-grade insights.
  • Embedded non-custodial wallets plus DEX aggregation (incl. Solana’s Jupiter) enable research and trade execution in one “vibe trading” interface.
  • For Solana investors, this stack lowers the barrier to smart-money-style analysis and faster reaction to onchain signals, which can drive higher liquidity and trading activity on Solana.

Charlie Kavanagh

Charlie Kavanagh, Nansen – presenting Nansen’s new AI-driven trading experience and embedded onchain execution, with a focus on Solana support and investor-facing product evolution.


1. Nansen’s Mission and Data Advantage

  • Nansen’s core mission is to “surface the signal and create winners” by helping crypto investors grow their portfolios.
  • The company has been operating for six years and claims to have enabled over 1 million users to “win on-chain.”
  • A key edge is Nansen’s labeling of more than 450 million wallets, including funds, entities, key opinion leaders, angel investors, and more.
  • Nansen provides “lightning fast” analytics and real-time data coverage “across every chain that matters,” explicitly including Solana.

Takeaway: Nansen positions its massive labeled wallet dataset and real-time analytics as a durable moat and key signal source for crypto investors, including those focused on Solana.


2. The Future of Trading: From Dashboards to Conversational Agents

  • Kavanagh argues that “dashboards are dead in 2030,” despite Nansen historically being known for dashboard-based analytics.
  • He predicts that investors will “chat with data” instead of navigating complex dashboards, tables, and widgets.
  • The envisioned trading future is “on the go 24/7,” where users interface with an AI agent that can both surface insights and execute trades.
  • This shift reflects changing user behavior and expectations around seamless, conversational, and mobile-first interfaces for investment decisions.

Takeaway: Nansen sees a major UX shift in trading toward conversational, agent-driven interfaces, which could change how retail and professional investors interact with onchain data.


3. Launch of Nansen AI Mobile App

  • Nansen AI is introduced as an AI-powered mobile app, available now on iOS and Android.
  • The app aims to deliver “hedge fund research team level insights” directly on mobile.
  • Users can interact with Nansen’s full data stack in natural language, rather than learning complex analytics tools.
  • Example questions include:
    • “Why is Solana up today?”
    • “What are smart money investors buying and selling in real time?”
  • The app leverages Nansen’s 450M labeled addresses, enabling users to track fund flows, smart money behavior, and token activity from their pocket.
  • Sample prompt: “Find top five tokens on Solana in the last 24 hours based on smart money activity,” with AI delivering immediate, actionable insights.

Takeaway: Nansen AI packages institutional-grade, wallet-labeled analytics into a conversational mobile app, making it easier for traders—including Solana-focused investors—to access and act on smart-money signals.


4. Embedded Wallets and Onchain Execution (“Vibe Trading”)

  • Nansen is adding embedded wallet functionality into both its mobile and web apps, enabling trading directly within Nansen.
  • Users can now both surface the signal (research and discovery) and execute trades in the same interface.
  • The setup is fully onchain and non-custodial, with embedded wallets powered by Privy.
  • Nansen integrates with multiple DEX aggregators—Jupiter, OKX DEX, LiFi—to route trades for best price execution.
  • This creates an “agentic” workflow where users can discover opportunities, perform due diligence, and execute without leaving the app.
  • Kavanagh compares the concept to coding assistants: “What Cursor did for coding Nansen will do for trading.”
  • Nansen brands this new paradigm as “vibe trading,” claiming to pioneer this style of AI-assisted, integrated trading experience.

Takeaway: By combining AI insights, embedded non-custodial wallets, and DEX aggregation (including via Solana’s Jupiter), Nansen turns its analytics platform into a full-stack trading venue, potentially increasing user stickiness and trading volume on supported chains.


5. Market & User Impact Framing

  • The product is pitched as a path to major upside: “The only thing between you and $1 million is a great prompt.”
  • The emphasis on Solana signals that Solana is treated as a first-class chain for data coverage and trading opportunities.
  • For investors, the impact is a lower barrier to sophisticated onchain analysis—access to “smart money” tracking and execution in one mobile app.
  • This could increase trading frequency and speed of reaction to onchain signals, benefiting active traders and potentially increasing onchain liquidity.

Takeaway: Nansen frames its AI + execution stack as a leverage tool for retail and pro traders, especially on Solana, potentially amplifying capital flows and responsiveness to onchain market moves.

Breakpoint 2025: Product Keynote: Neuko (Austin Hurwitz)

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Breakpoint 2025 D3

Overview

  • Traditional web3 IP has struggled because projects mint first and build story later, treat communities as consumers, and rarely return value to loyal holders.
  • Neuko’s “G Boy” is positioned as a culturally resonant, movement-style IP where early, committed participation—rather than speculation—is the main source of upside.
  • The team uses a story‑first, content‑rich approach and then retrofits NFTs as access keys, aiming for durable fandom and less financially driven churn.
  • Pro‑grade AI tools and a massive co‑creation pipeline (gboyspecial.com) turn the community into a scalable content engine, potentially creating a strong moat and network effects.
  • A contribution‑based rewards system (leaderboard, NFT/token experimentation) and launch on Solana signal a bet that aligned incentives and high on‑chain performance can drive brand growth and investor value.

Austin Hurwitz

Co-founder of Neuko (spelled “NCO” in transcript), presenting “G Boy” as the flagship IP and entertainment OS built on web3.


1. Diagnosis: Why Traditional Web3 IP Has Been “Broken”

  • Hurwitz argues that most web3 IP projects have failed to become meaningful brands despite promises of becoming “the next Disney.”
  • Critiques “building in reverse”: projects mint and raise first, then try to backfill story and content later.
  • Notes that communities are treated primarily as consumers, not collaborators, reducing long‑term engagement and organic growth.
  • Highlights “value accrual” as a core problem: the meme of “how does it benefit holders?” exists because business success rarely flows back to loyal communities.
  • Frames the market opportunity as creating IP where story, community, and incentives are aligned from day one.

Takeaway: Neuko sees a gap in web3 where strong IP, real community participation, and clear value accrual to holders are missing, creating room for a new model.


2. G Boy: Flagship IP and Brand Positioning

  • Introduces “G Boy” as Neuko’s flagship IP and the centerpiece of its “operating system for the next generation of entertainment.”
  • Brand narrative is designed for those “cast aside” who believe “the game is rigged,” positioning G Boy as a cultural movement rather than just a collection.
  • Emphasizes that early belief and participation are rewarded, while “mercenary extraction” (short‑term flipping, value-drain behavior) is discouraged.
  • Focus on making “participation always the alpha,” signaling that engagement in the ecosystem is the primary driver of upside.

Takeaway: G Boy is being built as a movement-style IP brand that targets and rewards committed community members, aiming to differentiate from speculative, flip-driven projects.


3. Story-First Approach and Community Seeding

  • Neuko deliberately skipped the typical “mint first” strategy and instead built “immersive lore” and story as the foundation.
  • The experience was “GIF‑ified” and content-rich from the start, aiming to make people “fall in love with the brand” before selling them anything.
  • They moved quickly to identify their earliest fans and rewarded them with NFTs that function as keys to the G Boy ecosystem.
  • This early NFT distribution is framed as decentralizing community growth, encouraging organic proliferation instead of top‑down marketing.

Takeaway: By leading with strong narrative and then rewarding early believers with access NFTs, G Boy seeks more durable fandom and less purely financial speculation.


4. Co‑Creation Tools: gboyspecial.com and AI Content Pipeline

  • Launched gboyspecial.com to give the community the same content-creation tools Neuko uses internally, built on Neuko’s fine‑tuned models.
  • These tools are designed to enable high‑quality, consistent content in the G Boy universe, not low‑effort “AI slop” or disconnected fanfiction.
  • In roughly three weeks, the community generated over 100,000 pieces of content, making G Boy “the fastest growing meme depot in the world” by their framing.
  • Hurwitz claims the community’s output is on par with, or better than, the internal pipeline, demonstrating real leverage from co‑creation.
  • Every image in the presentation was sourced from community creations, underscoring that user‑generated content is now “foundational” to the IP.

Takeaway: Neuko is productizing co‑creation by giving holders pro‑grade AI tools, turning the community into a scalable content engine and potential moat for the IP.


5. Incentive Design, Value Accrual & the G Boy Leaderboard

  • The “G Boy leaderboard” tracks and rewards users for creating content, collecting, and engaging on social platforms.
  • This system allows Neuko to “directly reward contributions” to the ecosystem rather than just passive holding.
  • The model aims to make value accrual more transparent and performance-based: contributors earn more as they help grow the brand.
  • Hurwitz notes experiments in the broader space around linking NFTs and fungible tokens, and signals Neuko’s intent to iterate further on this design space.
  • The emphasis is on aligning incentives so that what’s good for the brand is also good for active participants and holders.

Takeaway: By tying rewards to measurable contributions via a leaderboard and exploring NFT–token linkage, G Boy is experimenting with more direct and aligned value accrual for its community.


6. Launch Moment and Market Positioning

  • Hurwitz announces that “G Boy is now live” during the talk, inviting the audience to scan a QR code and join immediately.
  • Frames this as “the future of entertainment,” suggesting a long‑term ambition to be an OS-level player for web3-native entertainment IP.
  • The live launch at a major Solana event positions G Boy and Neuko squarely within the Solana ecosystem, signaling commitment to that infrastructure and community.

Takeaway: G Boy’s live activation at Breakpoint marks Neuko’s move from concept to live product, positioning the project as a high‑growth, community‑driven IP play within the Solana ecosystem.

Breakpoint 2025: Product Keynote: Render Network Foundation (Sunny Osahn)

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Breakpoint 2025 D3

Overview

  • Render Network shows strong growth (usage, GPU supply, token burns, governance) cementing its role as a leading Solana DePIN asset.
  • Clear product–market fit in immersive experiences and digital art validates a durable, cost-efficient demand base for decentralized rendering.
  • Professional VFX and Hollywood-grade pipelines signal a move into higher-value, enterprise workloads beyond experimental art.
  • The compute subnet plus Otoy Studio extends Render from pure rendering to broader AI/3D GPU compute, materially expanding its TAM.
  • Launch of Dispersed as a customer-facing AI compute brand positions RNDR as a generalized decentralized GPU cloud, potentially driving sustained token demand and fee burn for Solana-based investors.

Sunny Osahn

Sunny Osahn, Render Network Foundation — presenting 2025 updates and product roadmap for Render Network, the largest DePIN (decentralized physical infrastructure network) on Solana, and unveiling a new GPU compute brand, Dispersed.


1. Render Network Growth & Ecosystem Metrics

  • 63 million cumulative frames rendered to date, with over one-third completed in 2025 alone, signaling accelerating usage.
  • 40% increase in available rendering compute power, strengthening network capacity and supply depth for GPU demand.
  • 87% year-over-year growth in the two-sided GPU marketplace, reinforcing Render’s position as the largest DePIN on Solana.
  • Over 1 million cumulative RNDR tokens have been burned, indicating ongoing network activity and a potentially deflationary effect on token supply.
  • Four community proposals passed and 276 artist grants funded, highlighting active governance and ecosystem support for creators.
  • Launch and success of Rendercon (Render’s first in-person conference), with the second event scheduled for April 16, 2026 in Hollywood, building brand, community, and developer mindshare.

Takeaway: Render Network is showing strong, accelerating on-chain and real-world usage, with expanding GPU capacity and active community governance, reinforcing its position as a leading Solana-based infrastructure and DePIN asset.


2. Product-Market Fit in Immersive Experiences & Digital Art

  • Render Network identifies immersive experiences as its strongest product-market fit, where on-demand, affordable, large-scale rendering is most valuable.
  • Hosted the largest digital art exhibition rendered on a decentralized network at Artechouse in New York, an immersive gallery environment.
  • 16 world-class artists produced 12 pieces at 18K resolution using the Render Network, at a fraction of traditional render farm costs.
  • Some works that would have taken over two years to render on a high-end desktop were completed in about a week using decentralized GPUs.
  • Demonstrates a clear economic and performance advantage vs. centralized/cloud or local rendering for high-end visual content.

Takeaway: Render Network is proving commercial and creative viability in high-end immersive and digital art use cases, validating its economic edge for large-scale rendering workloads.


3. Advancements in VFX & Professional Workflows

  • Partnered with grant recipient Libro Productions to build a VFX assembly pipeline that rivals traditional Hollywood workflows.
  • Showcases the network’s ability to meet professional-grade VFX and production standards, not just experimental or hobbyist use.
  • Positions Render Network as an alternative to centralized, proprietary Hollywood rendering pipelines for studios and independent producers.

Takeaway: Render is moving beyond art experiments into Hollywood-grade pipelines, signaling potential penetration into traditional film/VFX markets and higher-value workloads.


4. Compute Subnet & Otoy Studio: Bridging Traditional 3D and AI

  • Launch of a separate, dedicated compute subnet extends Render beyond pure rendering into broader GPU compute.
  • OTOY, a long-standing ecosystem partner, released Otoy Studio as the first major user of the compute subnet.
  • Otoy Studio offers over 600 curated artist AI models, marking an early convergence between AI and 3D content creation on the network.
  • Includes Canvas, a node-based creation workspace, and Timeline, a video editor for composing images, videos, and Gaussian splats.
  • OTOY plans to run as many open-weight AI models as possible on the Render Network, potentially driving sustained demand for decentralized GPUs.
  • This positions Render Network as infrastructure for both traditional 3D and AI-driven creative tools.

Takeaway: The compute subnet and Otoy Studio deeply expand Render’s addressable market into AI and creative tooling, turning the network into a broader GPU compute platform rather than a single-purpose rendering solution.


5. Strategic Vision: World Models, AI-3D Interoperability & Future Use Cases

  • Sunny anticipates 2026 as a turning point where traditional 3D and AI content creation blur, with improved control and consistency through AI–3D interoperability.
  • Emphasizes “world models” — models that learn how the world works, predict future states, and plan — as a key focus area.
  • These models are expected to underpin advanced robotics, hyperreal video generation, and autonomous agents capable of purposeful reasoning and action.
  • Render Network sees an opportunity to power much of this computation, using its decentralized GPU fabric for world-model training and inference.
  • Positions Render Network at the foundation of future AI-native, 3D-rich applications, beyond today’s static or narrow generative models.

Takeaway: The long-term thesis is that Render’s decentralized GPU network can become core infrastructure for world-model-based AI and AI–3D workflows, aligning the project with the next wave of high-intensity AI compute demand.


6. Dispersed: New Customer-Facing Brand for AI Compute

  • Introduction of “Dispersed” as the customer-facing brand for Render Network’s compute subnet.
  • Dispersed is live at dispersed.com and is already shown processing generative AI models on decentralized GPUs.
  • Represents a clear productization and front-end brand for buyers of GPU compute, distinct from the underlying RNDR protocol.
  • Message that “rendering was just the beginning” signals a broader move into generalized decentralized compute, especially for Creative AI and 3D.

Takeaway: Dispersed is the commercial front-door to Render’s compute subnet, signaling a strategic expansion from a rendering-specific network into a generalized decentralized GPU cloud for AI and 3D workloads.


Overall Takeaway: Render Network is evolving from a decentralized rendering platform into a full-stack decentralized GPU compute layer for AI and 3D, with strong growth metrics, expanding professional use cases, and a new customer-facing brand (Dispersed) that could materially increase demand for RNDR-powered infrastructure on Solana.

Breakpoint 2025: Product Keynote: RockawayX (Adam Bilko)

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Breakpoint 2025 D3

Overview

  • RockawayX is a deep, long-term Solana participant (seed investor, validator, LP, DeFi infra) now pivoting its expertise toward institutional-grade “risk curation” on Solana.
  • The firm sees professionally managed yield/credit vaults (“risk curation”) as a rapidly growing segment where Solana is underrepresented, implying upside in TVL and investor demand.
  • Three Solana-native curated vault lines are launching: a Kamino-based RWA vault, an Exponent strategy vault, and a diversified “fund-like” Midas vault with daily liquidity and reporting.
  • RockawayX’s claimed edge is a strong credit/risk track record (zero defaults through 2022 stress) and willingness to co-invest and backstop vaults with its own balance sheet.
  • For Solana investors, this points to a maturing ecosystem with more institutional, diversified, and automated yield products, potentially attracting larger capital flows and strengthening Solana’s DeFi/RWA positioning.

Adam Bilko – RockawayX

Partner at RockawayX, an early Solana seed investor (since 2018), VC and liquidity provider, Solana validator, and active contributor to DeFi and credit markets.


1. RockawayX’s Existing Solana Footprint and Motivation

  • Seeded Solana in 2018 and has become a long-term, high-conviction backer.
  • VC arm has invested in 16+ Solana-related projects.
  • Liquidity division has deployed over $300M into Solana applications and liquidity.
  • Operates a bare-metal validator on Solana securing over $1B in stake.
  • Early contributor to “double zero,” showing past involvement in Solana infra/DeFi.
  • Positioning: RockawayX wants to leverage this experience for the “next big thing” on Solana.

Takeaway: RockawayX is a deep, multi-faceted Solana player (VC, validator, liquidity provider) now shifting focus toward institutional-grade risk curation.


2. The “Risk Curation” Opportunity in Crypto

  • Defines “risk curation business” as professionally managed strategies that curate and manage risk exposure for users (LPs), especially across yield and credit opportunities.
  • This segment’s TVL has grown ~20x in two years, peaked at ~$10B, currently around ~$6B.
  • Solana holds only ~12% market share of this risk-curation TVL, seen as a major growth gap.
  • RockawayX believes professional curators on Solana can unlock significant incremental capital and adoption.

Takeaway: RockawayX sees risk-curated products as a fast-growing category where Solana is underpenetrated and ripe for market share gains.


3. Launch of Three Curated Vaults on Solana

  • RockawayX is launching three vaults on Solana as its core “risk curation” product line.
  • Goal: Make it easier for users to access diversified, professionally managed yield strategies via one-click or single-vault exposures.
  • Positioning these vaults as higher-quality, more risk-aware alternatives to naive yield farming or unmanaged LP strategies.

Takeaway: RockawayX is rolling out a suite of Solana-native vaults to package complex yield and credit strategies into simple investor-facing products.


4. Kamino-Based RWA Vault: Real-World Asset Focus

  • First vault: a risk-curated vault on Kamino, focused on real-world assets (RWAs).
  • Rationale for RWAs:
    • Offer more sustainable yields that are uncorrelated to typical crypto-native yields (e.g., funding rates).
    • Provide broad collateral sets and diversification possibilities, but are hard for individual users to navigate.
  • Proper diversification and carefully set LTVs (loan-to-value ratios) are emphasized as key to attractive risk/reward.
  • Beyond smart contract risk, investors must understand:
    • Legal contracts and enforceability.
    • Legal recourse in default scenarios.
  • RockawayX notes capacity constraints in on-chain investment at scale; RWAs can help absorb larger capital flows if liquidations and structuring are done right.
  • Partnering with leading Solana RWA projects: Figure, Huma, and Solstice to source and structure these exposures.

Takeaway: RockawayX is building a professionally managed RWA vault on Solana to deliver sustainable, uncorrelated yield while handling the legal and structuring complexity that individual investors can’t easily manage.


5. RockawayX’s Edge as a Curator (Risk & Credit Track Record)

  • Active lender and liquidity provider to both centralized and decentralized entities since at least 2022.
  • 2022 was a stress year (Celsius, BlockFi, Alameda defaults), yet RockawayX reports:
    • Zero defaults across its lending partners.
  • Helped rebuild Varto.credit, a private credit marketplace now with over $100M TVL.
  • Will deploy its own balance sheet into the vaults:
    • Can support liquidations and backstop risk.
    • Aims to provide additional comfort to LPs about vault robustness and downside management.

Takeaway: RockawayX is pitching its zero-default track record and willingness to commit its own balance sheet as a differentiator in the risk-curation and RWA vault space.


6. Exponent-Dedicated Vault: One-Click Optimized Strategies

  • Second vault: an Exponent-dedicated vault on Solana.
  • Provides “one-click exposure” to Exponent’s optimized strategies.
  • Will have clearly defined parameters to protect end users (risk constraints, guardrails).
  • RockawayX plans active monitoring of the underlying assets/positions inside the vault.

Takeaway: By bundling Exponent’s strategies into a single curated vault with defined risk parameters, RockawayX aims to make sophisticated DeFi strategies accessible and safer for passive investors.


7. Bringing Midas to Solana: Fund-Like Diversified Yield Product

  • Third vault: introducing Midas to Solana.
  • Midas will provide “fund-like” exposure:
    • Diversified portfolio of yield-generating strategies rather than a single strategy.
  • Features:
    • Daily liquidity for users, enhancing capital flexibility.
    • Monthly reports for transparency and performance tracking.

Takeaway: The Midas vault is designed as a diversified, liquid, and transparent yield “fund” on Solana, appealing to investors seeking managed exposure with frequent liquidity and reporting.


8. Curators 2.0: Automation, Algorithms, and Better Risk Management

  • Critique of current curators:
    • Focused mostly on low-frequency strategies (e.g., simple liquidity provision).
    • Execution is often manual and operationally inefficient.
    • Risk management is incomplete and only “semi-optimized.”
  • Vision for “Curators 2.0”:
    • Heavier use of algorithmic strategies.
    • Automated risk management systems to respond to market changes.
    • Automated detection of investment opportunities, reducing latency and human bias.
  • Implies a shift from manual, discretionary management to systematic, data-driven operation on Solana.

Takeaway: RockawayX believes the next generation of Solana yield and credit products must be algorithmic and highly automated, both in risk management and opportunity discovery, to scale capital efficiently and safely.


Breakpoint 2025: Product Keynote: Seedplex (Treggs)

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Breakpoint 2025 D3

Overview

  • Current crypto tokens are optimized for short-term hype and liquidity, with weak fundamental anchors, inflationary tokenomics, and structural misalignment for decade-long value creation.
  • There is a major gap between huge demand for earliest-stage exposure on Solana (pre‑product, pre‑revenue) and today’s gated, illiquid, high-friction early equity markets.
  • Seedlex’s “venture token” model keeps companies equity-based while issuing liquid on-chain tokens that give broad early exposure, without handing over governance or forcing full tokenization.
  • The January 2026 cohort (Ampeay, Tapestry, Good Trip, Game Shift) is intended as a live showcase that venture tokens can span fintech, social infra, consumer, and frontier AI on Solana.
  • For Solana investors, the key opportunity is early, liquid access to equity-like upside via venture tokens, potentially with better alignment and lower structural risk than traditional speculative token launches.

Tre (“Treggs”)

Founder of Seedlex (also referred to as “CLEX”/“Selex” in the talk), presenting a new “venture token” model aimed at early‑stage equity on Solana.


1. Problem: Current Crypto Tokens Are Short-Term and Structurally Weak

  • Tre argues that while founder quality in crypto is at an all‑time high, most tokens function as short‑term, hype-driven instruments rather than enduring financial assets.
  • Tokens today excel at distribution and community evangelism but often lack a clear fundamental anchor: no tangible asset, no robust business model, and no clear reason for durable value.
  • Post‑TGE (token generation event), predictable sell pressure from early investors cashing out multiples works against long-term compounding.
  • Typical tokenomics introduce large inflation (often 100%+ of supply) based on a theoretical equilibrium of users vs. providers, which breaks when large speculative investors enter and exit.
  • This disconnect limits tokens’ ability to support decade‑long compounding and to underpin truly dominant, long-lasting companies.

Takeaway: The existing token model is great for short-term speculation and distribution but poorly suited for building long-duration, fundamentally anchored value.


2. Market Gap: Massive Demand for Early-Stage Exposure, Broken Infrastructure for Equity

  • There is clear, strong market demand for the earliest-stage exposure—pre‑product and pre‑revenue—especially visible in Solana’s fast funding cycles and phenomena like Pump.fun.
  • Nothing matches Solana’s velocity of funding for speculative tokens, including many that are pre‑product or even without real products.
  • In contrast, early‑stage equity remains illiquid, manual, gated, and exclusionary, with limited global participation and high friction processes.
  • Sophisticated users and power users who want early equity in their favorite products often find it “near impossible” to get allocations.
  • By comparison, trading of established equities (Nvidia, Tesla, S&P 500) on Solana is interesting but those assets already enjoy mature infrastructure; the real opportunity is in transforming early‑stage equity markets.

Takeaway: There is a large, unmet demand to bring Solana’s speed and openness to early-stage equity, which is still locked behind slow, gated, and illiquid structures.


3. Seedlex’s Solution: The “Venture Token” Model

  • Seedlex introduces a new asset class: the “venture token,” designed to combine equity-style fundraising with token-style distribution.
  • Venture tokens enable communities, angel investors, and even institutions to participate collectively in early equity fundraising rounds.
  • Critically, the company itself stays equity‑based; the venture token trades freely on-chain, providing liquidity and exposure without forcing a company into a full tokenized corporate structure.
  • This preserves founder autonomy: control and governance remain with the equity, not with a speculative token holder base.
  • It also preserves standard exit paths: acquisitions can still happen as traditional equity deals, aligning with how M&A has worked for the last century.
  • For investors, this structure potentially offers early, liquid exposure to a company’s upside while avoiding many pitfalls of traditional tokenomics (e.g., extreme inflation schedules, misaligned incentives).

Takeaway: Seedlex’s venture token aims to make early-stage equity liquid and broadly accessible on Solana while allowing companies to remain equity‑driven and acquisition‑friendly.


4. Initial Venture Token Launches (January 2026 Pipeline)

  • Seedlex plans to launch its first venture tokens in January 2026 with four early companies across fintech, infra/social, consumer, and frontier AI.
  • Ampeay: An all‑in‑one crypto app offering high-yield savings, free P2P payments, and IRL card spend—positioned as a consumer-facing crypto banking/super‑app.
  • Tapestry: Infrastructure to “make any app a social app” with minimal technical lift, helping teams save time, reduce complexity, and add powerful social features.
  • Good Trip: A consumer-focused cannabis crypto vape app, targeting regulated US markets like California first, built by a team experienced in that domain.
  • Game Shift: On-device AI systems with fast response times and zero cloud costs, enabling dynamic and evolving experiences that run locally—positioned as frontier AI infra.
  • These launches are meant to showcase the breadth of use cases for venture tokens and serve as proof points for founders and investors.

Takeaway: The January 2026 cohort demonstrates that Seedlex’s venture token model targets diverse, high-upside verticals and is already onboarding real teams.


5. Target Users & Call to Action for Founders and Investors

  • Seedlex is explicitly courting founders who want to keep their companies equity-based but still harness token-style distribution and community ownership mechanisms.
  • They also invite VCs and investors interested in understanding or participating in this new early‑stage structure.
  • Contact channels include email and Twitter (mentioned but not detailed in the transcript), signaling an intention to build an ecosystem and pipeline around venture tokens.
  • Tre highlights his CTO, Dev Burell, signaling a technical counterpart and small founding team focused on longevity: “companies and tokens that last [the] test of time.”

Takeaway: Seedlex is positioning itself as a bridge between venture-style equity and crypto-native distribution, and is actively recruiting both builders and capital to scale the venture token ecosystem.

Breakpoint 2025: Product Keynote: SendAI (Yash Agarwal)

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Breakpoint 2025 D3

Overview

  • Describes how SendAI evolved from a Solana “agent kit” into a platform for AI-generated, personalized financial instruments assembled on-chain per user.
  • Introduces “generative financial instruments”: AI-designed structured products that compose existing Solana DeFi primitives (perps, options, LP positions, prediction markets) into tailored exposures.
  • Explains why Solana is ideal now: powerful LLMs plus open, composable DeFi rails enable scalable, personalized investment manufacturing executed directly from user wallets with guardrails.
  • Highlights concrete investor use cases (trending memecoin volume LP strategies, high-confidence prediction market allocation) that can be shared and cloned, hinting at a strategy marketplace on Solana.
  • Announces Suzie, a Q1 consumer launch bringing AI-generated instruments to retail and active investors, potentially driving user growth, liquidity, and fee volume across the Solana ecosystem.

Yash Agarwal

Founder of SendAI, presenting at Solana Breakpoint 2025 on “generative financial instruments” built using AI agents on Solana.


1. From Agent Kit to Generative Financial Instruments

  • In December, SendAI launched a “Solana agent kit” designed to let AI agents transact across Solana protocols with only a few lines of code.
  • The kit became the top agent toolkit in all of crypto by usage, giving the team strong data on how AI and crypto interact in practice.
  • These learnings led to the thesis that AI + on-chain protocols can create an entirely new category: generative financial instruments created dynamically for each user.
  • Instead of static products, instruments can be assembled per-user based on intent, risk profile, and market conditions.

Takeaway: SendAI evolved from simple AI transaction tooling into a platform for creating personalized, on-the-fly financial products on Solana.


2. “Generative Financial Instruments” Explained

  • Yash compares this to traditional investment banking: bankers build bespoke structured products (e.g., 80% in a zero-coupon bond + 20% in Tesla calls) to meet a client’s payoff needs.
  • In crypto, a similar approach can be applied to any on-chain instruments—options, perps, LP positions, prediction markets, etc.—composed automatically by AI.
  • Example: he asked an LLM (Claude) to design a hedge for SOL binary options using SOL perpetuals; the AI produced a hedge strategy and structured payoff like a human banker.
  • The key innovation: AI can both design the payoff and generate the sequence of on-chain actions needed to implement it, leveraging existing protocols rather than new contracts.

Takeaway: Generative financial instruments are AI-designed, customized structured products that automatically combine existing on-chain primitives to create tailored exposures.


3. Why the Timing is Right: AI + Open Capital Markets

  • Two major “tailwinds” are driving this:
    • Large language models (LLMs) now support hyper-personalization and can reason about user goals and payoff structures.
    • Solana and broader crypto provide “internet capital markets” where protocols are open, permissionless, and composable.
  • The AI first writes the code representing a sequence of transactions across battle-tested smart contracts (DEXs, perps, options, prediction markets, etc.).
  • It then executes those transactions from the user’s own wallet with guardrails, rather than custodying funds.
  • Yash ties this to the “great wealth transfer” and a return to active, personalized investing; memecoins are described as just an early glimpse of this user-driven, speculative behavior.

Takeaway: The convergence of powerful LLMs and open, composable DeFi on Solana makes it possible to automatically manufacture personalized investment products at scale.


4. Example Use Cases for Investors

  • Meme coin volume exposure
    • User intent: “Get exposure to the volume of the top 5 trending meme coins on Solana.”
    • Strategy: scan every 6 hours for the top 5 trending meme coins, deploy them as LP positions on a DEX, and earn trading fees from that flow.
    • The agent converts this intent into a concrete instrument: discovery, allocation, LP placement, and periodic rebalancing.
  • Prediction market “high-confidence” strategy
    • Many prediction market traders ape into markets with odds between 82%–92%.
    • Yash shows a strategy where the agent automatically fetches such markets and allocates capital into them with one click.
    • These strategies are made reusable: once a financial instrument is created, it can be shared as a link and cloned by anyone in a single click.
  • These examples hint at productized strategies (potentially “strategy marketplaces”) that can spread quickly across users, compounding liquidity and usage.

Takeaway: SendAI’s system turns informal trading habits (like chasing trending memecoins or high-confidence prediction markets) into shareable, automated, one-click financial products.


5. UX, Control, and Guardrails

  • Users express high-level intent; the AI agent plans and executes the underlying transactions, but users can:
    • Inspect and verify each step before execution.
    • Monitor the agent’s actions over time, similar to tracking a ride on Uber (location, timing, actions taken).
  • This “omnipresent” experience aims to balance full automation with user control, addressing trust and risk management concerns.
  • Execution happens directly on the user’s wallet, with safeguards, rather than via a black-box managed account.

Takeaway: The product is designed to be highly automated but transparent, giving investors confidence in what the AI agent is doing with their capital.


6. Product Announcement: Suzie Launch Timeline

  • SendAI is packaging this technology into a consumer-facing product called Suzie.
  • Suzie will allow users to generate financial instruments on the fly on Solana using AI, based on simple intents.
  • Launch is targeted for Q1 next year, available on both web and mobile.
  • This marks a shift from dev-focused tooling (agent kit) to a direct end-user product, potentially expanding adoption.

Takeaway: Suzie represents SendAI’s move to bring AI-generated financial products directly to retail and active crypto investors on Solana in early next year.

Breakpoint 2025: Product Keynote: ShardLab (Jaewook Lee)

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Breakpoint 2025 D3

Overview

  • Hashed and ShardLab are building a full-stack stablecoin strategy (capital, research, products) on Solana as the financial base layer for AI-agent economies.
  • X42 and Solana are positioned as core transactional rails for an “agentic economy,” where AI agents, not humans, become primary economic participants.
  • Working demos already exist: KRW stablecoin agentic payments and an AI-driven trading platform using X42 and USDC, both settling on Solana.
  • Solana’s speed, composability, and account model are framed as structurally better suited than TradFi rails for autonomous AI agents’ identities, payments, and settlement.
  • Key future upside depends on solving agent authorization and privacy (ZK + hardware), with ShardLab inviting partners to co-build critical AI-agent infrastructure on Solana.

Jaewook “Jay” Lee

Product Manager at Hashed / ShardLab. Presenting “X42” and Hashed’s vision for an “agentic economy” built on Solana, with a focus on stablecoins and AI agents.


1. Hashed’s Stablecoin Strategy & ShardLab’s Role

  • Hashed is pursuing a broad “stablecoin agenda,” investing in projects like Bastion and Athena and running Hashed Open Research for deep research into stablecoins.
  • ShardLab is positioned as the product arm of Hashed, focused on building real-world stablecoin applications rather than just doing research.
  • The strategy connects capital (investments), research, and product execution to create practical stablecoin use cases on-chain.
  • Stablecoins are seen as the foundational financial primitive for the next wave of AI-driven applications.

Takeaway: Hashed and ShardLab are building an integrated stablecoin stack—investment, research, and products—as a core pillar for future AI-driven economies on Solana.


2. X42 and the Vision of the Agentic Economy

  • X42 is framed as part of the “agentic economy,” where users increasingly interact with AI agents rather than traditional web UIs over the next 5–10 years.
  • Example use case: planning a desert trip in Abu Dhabi by giving an AI agent a budget, dates, and location, and receiving a voucher and receipt after the agent handles all interactions.
  • The long-term focus is “agent-to-agent interfaces,” where human actions are abstracted behind networks of AI agents negotiating, transacting, and coordinating.
  • X42 is central to enabling payments and value transfer among these AI agents, acting as a transactional layer in this agentic economy.

Takeaway: X42 positions Solana and Hashed as early infrastructure providers for a future where AI agents, not humans, are the primary economic actors and interface layer.


3. Why AI Agents Should Use Blockchain (Not TradFi Rails)

  • ShardLab’s thesis is that AI agents are better served by blockchain rails than traditional finance rails.
  • Agents need their own programmable, persistent identities—something blockchains can natively provide via accounts and on-chain reputation.
  • TradFi constraints (inflexible rules, slow settlement like month-long billing cycles) don’t fit autonomous agents that operate continuously and globally.
  • On-chain settlement offers near-instant finality, programmable constraints, and composability with other DeFi and on-chain services.

Takeaway: From an infrastructure and UX standpoint, blockchain rails—especially fast chains like Solana—are positioned as the natural financial backbone for autonomous AI agents.


4. Agentic Payment Module Using KRW Stablecoin on Solana

  • ShardLab built an “agentic payment” module using a KRW (Korean won) stablecoin on Solana.
  • The system uses an EIP-804–inspired reputation module on-chain, enabling trust and risk assessment for AI agents.
  • A compliance engine is integrated, reflecting regulatory needs when dealing with local fiat-denominated stablecoins.
  • AI agents receive a “passport-like attestation,” allowing other AI agents to verify and interact with them safely and programmatically.
  • Demo flow: user types “white pair of sneakers,” the agent queries other agents for SKU data, filters by brand (e.g., Nike), user selects, pays in KRW, and settlement on Solana completes in ~400 ms, with order status tracked in a “My Page” UI.

Takeaway: ShardLab has already implemented a real-world AI-agent payment layer on Solana using a KRW stablecoin, showcasing fast, compliant, agent-driven commerce.


5. Agentic Trading Application Powered by X42 & USDC

  • Second major use case: an AI-agent-based trading platform where users fund agents and define strategies, and the agents trade autonomously.
  • Users configure agents by naming them, setting triggers, defining context (e.g., reading social sentiment), and choosing strategies.
  • Funding and fees/payments occur via X42 and USDC on Solana, tying the product directly to Solana-based liquidity and stable infrastructure.
  • Agents can interact with other AI agents, analogous to portfolio managers collaborating or sourcing signals from multiple counterparties.
  • A “My Page” dashboard allows users to track performance of their agents, and a marketplace exposes agents so users can discover, combine, or follow others’ agents to build portfolios.

Takeaway: ShardLab is productizing AI-driven trading on Solana, using X42 and USDC as core payment assets and creating a marketplace for AI agents as portfolio components.


6. The Missing Piece: Agent Authorization & Privacy Layer

  • A critical gap identified: an “agent authorization layer” controlling what agents can spend and what data they can access.
  • Users don’t want AI agents to overspend or access sensitive financial details like credit card information.
  • Service providers similarly want to protect proprietary business logic and avoid running afoul of regulators while exposing services to agents.
  • ShardLab sees zero-knowledge proofs (ZKPs), tailored to the nondeterministic behavior of AI agents, as a key solution to authorization and privacy.
  • They also highlight the need for “hardware exploration techniques” to make these verification and authorization schemes scalable in real-world agent systems.

Takeaway: Future growth of the agentic economy on Solana requires a robust, privacy-preserving authorization layer for AI agents, and ShardLab is targeting this with ZK-focused and hardware-enabled solutions.


7. Strategic Positioning & Call for Collaboration

  • ShardLab positions itself as the “product arm” turning Hashed’s research and thesis into deployed applications on Solana.
  • Their work so far (agentic payments, agentic trading) is framed as early experiments to understand what AI agents can truly do in real markets.
  • Jay explicitly calls for technical partners and visionary founders who align with the agentic-economy vision to collaborate and build together.
  • This indicates an ecosystem-building approach: they are looking to expand beyond internal products to a broader network of agentic apps and infrastructure on Solana.

Takeaway: ShardLab aims to be a core ecosystem builder for AI-agent-driven finance on Solana and is actively seeking partners to co-develop the agentic economy stack.

Breakpoint 2025: Product Keynote: Streamflow (Malisha Stanojevic)

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Breakpoint 2025 D3

Overview

  • Streamflow has become core Solana infrastructure for programmable token operations (vesting, airdrops, locks, staking) serving 30,000+ projects and 1.5M+ wallets.
  • The talk highlights a major problem: crypto treasuries and user stablecoin balances sit idle in USDC, earning 0% and losing real value versus low‑risk T‑bill yields.
  • Streamflow’s vision is to turn Solana into an “internet capital markets” hub, connecting on-chain capital to traditional yield sources like U.S. treasuries.
  • To execute this, Streamflow and M0 are launching USD+, a Solana‑exclusive, T‑bill‑backed stablecoin that passes through daily yield with no staking or DeFi friction.
  • For Solana investors, USD+ could become a foundational “cash layer” instrument, improving capital efficiency for treasuries/DAOs and reinforcing Solana’s positioning as the leading chain for on‑chain capital markets.

Malisha “Misha” Stanojevic

Founder of Streamflow, a Solana-native infrastructure project focused on token operations (vesting, airdrops, locks, staking, programmable distributions) serving 30,000+ token projects and 1.5M+ wallets since 2021.


1. Streamflow’s Role in Solana Token Operations

  • Streamflow has been a core infra provider for Solana token projects since 2021, focusing on large-scale, programmable token distributions.
  • The product suite includes token vesting, airdrops, staking, token locks, and other programmable token operations.
  • Notable clients/projects: BONK, Kamino, Zeus, IoNet, Wormhole, Render (Radio), Metaplex, MetaDAO, among 30,000+ token projects.
  • To date, Streamflow has facilitated token distributions to 1.5 million different wallets and aims to keep expanding this role.
  • The broader mission is to “streamline financial operations” for crypto-native organizations.

Takeaway: Streamflow is an established infrastructure layer for Solana projects, giving it a strong base and network to launch new financial products on-chain.


2. Problem: Idle Crypto Treasuries Losing Value

  • Misha contrasts two founders in the last cycle: one who invested a $30M raise into U.S. T‑bills vs. himself, who left funds in USDC.
  • The founder in T‑bills earned about $100,000 per month in yield, fully financing operations during the bear market without touching principal.
  • Streamflow kept its treasury in USDC, which yielded 0%, and later calculated a roughly 6% loss in real value from devaluation and opportunity cost.
  • He admits he both lacked knowledge of the option and access: crypto companies had limited, practical ways to allocate into U.S. treasuries.
  • Frames this as a common problem: large and small treasuries sitting idle in stablecoins, missing low-risk yield and eroding in real terms.

Takeaway: There is a clear, widespread pain point for crypto treasuries and users holding idle stablecoins with no yield and real value erosion.


3. Vision: Bringing “Internet Capital Markets” to Solana

  • Streamflow’s next phase is to extend from token operations to broader financial operations and treasury management on Solana.
  • Goal: bridge the gap between traditional capital markets (e.g., U.S. treasuries) and on-chain capital, making them accessible to crypto-native entities.
  • Emphasis on both “knowledge and access” – educating about yield opportunities and giving simple tools to capture them.
  • The framing is that Solana should host “internet capital markets,” where users globally can tap into traditional yield sources in a crypto-native way.

Takeaway: Streamflow aims to position Solana as a hub for on-chain access to traditional yield-bearing assets, not just token distribution infra.


4. Launch of USD+: A Yield-Bearing, Treasury-Backed Solana Stablecoin

  • In partnership with M0, Streamflow is launching “USD+,” a stablecoin that will exist exclusively on Solana.
  • USD+ is pegged 1:1 to the U.S. dollar and is fully backed by U.S. treasuries, presented as “the most pristine collateral” and a highly trusted asset.
  • The backing is promised to be fully transparent, with dashboards showing the underlying assets.
  • It’s designed for global accessibility: individuals and institutions can participate whether they have $100, $100K, or $100M in idle capital.
  • Core value proposition: holders gain economic exposure to U.S. T‑bill yield natively on Solana.

Takeaway: USD+ introduces a Solana-native, treasury-backed stablecoin that aims to combine dollar stability with low-risk TradFi yield, directly on-chain.


5. Value Proposition & User Experience of USD+

  • Yield from the underlying T‑bills is distributed daily to USD+ token holders.
  • No extra steps required: no staking, no locking, no interacting with DeFi protocols or “jumping through hoops.”
  • The product is designed specifically for idle reserves: treasuries, working capital, and user balances that would otherwise sit in non-yielding stablecoins.
  • This structure could make USD+ attractive for DAOs, teams, and investors who want simple, low-friction yield on their stable holdings on Solana.
  • Launch timing: expected within a few weeks from the talk, targeted by the end of the year; waitlist available at usdplus.com.

Takeaway: USD+ is positioned as a plug-and-play yield-bearing stablecoin on Solana, turning idle USDC-like balances into daily T‑bill yield with zero extra user complexity.


6. Market & Investor Relevance

  • For founders and DAOs: USD+ offers a straightforward way to fund runway via yield, similar to the T‑bill strategy described in the $30M treasury example.
  • For crypto investors: provides a potentially safer, transparent yield alternative to riskier DeFi farming strategies, with U.S. treasuries as backing.
  • For Solana ecosystem: strengthens Solana’s value proposition as a base layer for capital markets by hosting native, yield-bearing cash instruments.
  • The presence of Streamflow’s existing client network (30,000+ token projects) gives USD+ a built-in distribution and adoption channel.

Takeaway: If executed well, USD+ could become a key “cash layer” asset on Solana, influencing how treasuries, funds, and users manage dollar exposure and yield on-chain.

Breakpoint 2025: Product Keynote: Tala (Nicolas Cabrera)

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Breakpoint 2025 D3

Overview

  • Tala, a decade-old unsecured lender with $7B disbursed to 13M+ unbanked customers in emerging markets, is bringing its proven credit rails and data on-chain.
  • Using Solana as core infrastructure, Tala is tokenizing its loan book and migrating underwriting, origination, and settlement to an on-chain, DeFi-integrated model.
  • A new $15M USDC debt facility with Huma Finance serves as the first large-scale bridge between DeFi liquidity and real-world unsecured consumer loans on Solana.
  • Robust on/off-ramps and stablecoin-based disbursements aim to make on-chain capital usable in local currencies, expanding practical credit access for everyday borrowers.
  • For Solana investors, this creates scalable RWA yield opportunities, a rich on-chain identity/credit dataset, and multiple entry points to provide liquidity or build products for a massive underserved user base.

Nicolas Cabrera

Chief Product Officer, Tala – a 10-year-old fintech focused on unsecured lending to the “global majority” (emerging markets: LATAM, Africa, Southeast Asia, India), now bringing its credit and identity rails on-chain via Solana and partners like Huma Finance.


1. Tala’s Mission and Track Record in Emerging Markets

  • Tala serves “global majority” users in emerging markets (Mexico/LATAM, Africa, Southeast Asia, India) who are largely unbanked and lack traditional credit scores.
  • The company has operated for about a decade and built a large user base of approximately 13 million customers.
  • Its core product is unsecured lending for people excluded from traditional financial systems.
  • Tala has disbursed around $7 billion in unsecured loans to date, while managing fraud and risk via in-house technology.
  • Their underwriting relies on proprietary data collection and decisioning for users without structured financial histories, enabling credit access where banks typically do not lend.

Takeaway: Tala is a scaled, data-rich lender in high-growth emerging markets, with a proven ability to underwrite unsecured credit for millions of previously unbanked users.


2. Bringing Tala’s Credit Infrastructure On-Chain with Solana

  • Tala is now migrating its lending stack from purely off-chain to on-chain to capture efficiency and scalability from tokenization and DeFi.
  • The company views Solana’s technology and ecosystem as the infrastructure layer to deliver on-chain finance to its global customer base.
  • A decade of Tala’s proprietary user and repayment data is being brought on-chain, creating an asset and identity layer that can be leveraged by the broader crypto ecosystem.
  • The move is designed to connect institutional and crypto-native liquidity with real-world loan demand in emerging markets.
  • Tala positions this as an “end-to-end on-chain lending solution,” covering capital raising, underwriting, loan origination, and settlement.

Takeaway: Tala’s shift to Solana turns its off-chain loan business into on-chain credit rails, opening a path for DeFi capital to directly fund real-world consumer lending in emerging markets.


3. $15M USDC Global Debt Facility and Loan Tokenization

  • Tala announced a $15 million global debt facility denominated in USDC, created in partnership with Solana and Huma Finance.
  • This facility will allow Tala to originate loans on-chain, with capital provided in stablecoins rather than legacy infrastructure.
  • Each loan or pool of loans will be tokenized, enabling exposure and trading by new classes of investors (retail and institutional).
  • Huma Finance will serve as the DeFi partner to structure and distribute these tokenized credit assets in the on-chain markets.
  • This creates a new liquidity channel: investors gain access to real-world unsecured consumer credit exposure, while Tala’s end users get expanded, more efficient access to capital.

Takeaway: The $15M USDC facility is Tala’s first major bridge between DeFi liquidity and real-world unsecured loans, making these loans investable and tradable on-chain.


4. On-/Off-Ramps, Stablecoins, and End-User Experience

  • Tala’s platform is designed as a plug-and-play stack: from raising capital to underwriting, to disbursing loans, to managing on/off ramps for users.
  • Off-ramping is highlighted as critical: borrowers need local-currency liquidity for everyday life, so seamless conversion from USDC (and potentially other stablecoins) into local money is essential.
  • Initially, loans will be disbursed in USDC, with the possibility of expanding to local stablecoins in the future.
  • The company will deliver this both to its own 13M customers and potentially to partners in the Solana ecosystem that want to offer unsecured lending to their user bases.

Takeaway: By pairing on-chain capital with robust local off-ramps and stablecoins, Tala aims to make DeFi-funded credit usable in the real world for everyday borrowers.


5. On-Chain Identity and Long-Term Financial Inclusion

  • Tala plans to create a unique on-chain identity for each “global majority” customer, built from its decade of proprietary behavioral and repayment data.
  • This on-chain identity will be portable: users can carry their credit history and reputation with them across services and providers.
  • Beyond lending and money movement, this identity layer opens the door to broader financial services on-chain (savings, insurance, other credit products) offered by Tala and the wider ecosystem.
  • Investors and builders can leverage this identity layer to better underwrite and serve these users, reducing information asymmetry and perceived risk.
  • Tala frames this as the first time many of these individuals will have a persistent, recognized financial identity that is interoperable on a global blockchain.

Takeaway: An on-chain identity and credit history for millions of emerging-market users could significantly expand their access to global financial services and deepen the set of investable real-world-assets on Solana.


6. Partnership and Ecosystem Opportunities

  • Tala explicitly invites partners from the Solana ecosystem to collaborate on liquidity provision, product distribution, and additional services for its user base.
  • Partners can:
    • Provide new forms of capital into Tala’s lending pools.
    • Build products that tap into Tala’s on-chain credit and identity rails.
    • Offer financial services to Tala’s 13M customers via Solana-based applications.
  • The collaboration model is meant to be modular: partners can plug into different parts of Tala’s stack depending on their capabilities (capital, product, tech).

Takeaway: There is an open invitation to investors and builders on Solana to participate in Tala’s on-chain credit ecosystem, either as liquidity providers or as product partners for a large, underserved user base.

Breakpoint 2025: Product Keynote: Uranium Digital (Alex Dolesky)

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Breakpoint 2025 D3

Overview

  • Uranium Digital is building the first institutional-grade, transparent spot market for uranium, replacing today’s opaque OTC, phone-and-email-based trading.
  • The platform integrates directly with key U.S. storage/enrichment facilities to enable both cash-settled and fully automated physical settlement of uranium.
  • A non-custodial, hybrid exchange design with lit order books and OMS integration targets institutional workflows while abstracting away crypto UX.
  • On Solana, 1:1 uranium-backed tokens, Chainlink proof-of-reserves, and automated mint/burn on physical movement create a credible, fully backed RWA structure.
  • For Solana investors, Uranium Digital is a high-value RWA/commodities primitive that, if widely adopted, could anchor uranium price discovery and showcase Solana’s institutional DeFi capabilities.

Alex Dleski – Uranium Digital

Founder of Uranium Digital, building a spot market and associated data infrastructure for uranium trading, with settlement and tokenization fully integrated on Solana.


1. Creating the First True Spot Market for Uranium

  • Uranium Digital is digitizing uranium trading by building a proper spot market and the data sets that go with it, in contrast to the current opaque OTC ecosystem.
  • The project is centered on integrating directly with storage and enrichment (conversion) facilities, which are the key chokepoints in this highly regulated commodity.
  • Uranium Digital has established accounts with the only storage/enrichment facility in the continental U.S. that can perform physical settlement of uranium on behalf of clients.
  • The platform enables both physical settlement and cash-settled trading, aiming to bring uranium in line with more mature commodity markets like oil and natural gas.

Takeaway: Uranium Digital is transforming uranium from a closed bilateral OTC market into an institutional-grade spot market with transparent pricing and data.


2. Modernizing an Antiquated, Bilateral Market Structure

  • Today, uranium trades via phone calls, emails, and manually negotiated bilateral agreements, with no centralized venue or visible order book.
  • Trade execution and settlement currently take about 2–3 weeks from first contact to final settlement.
  • Minimum trade size is extremely high (100,000 pounds ≈ $8 million notional at current spot), restricting participation to a small set of large players.
  • The “ugly duckling” status of uranium compared to oil, gas, and coal has left it significantly under-financialized relative to its importance in the energy mix.

Takeaway: The existing uranium market is slow, opaque, and capital-intensive, making it ripe for disruption by a more efficient, exchange-like structure.


3. Platform Design: Hybrid Exchange + Institutional Workflow

  • Uranium Digital is structured as a hybrid exchange that never takes custody of client assets, relying on partners such as Cube Exchange for the non-custodial trading stack.
  • The system exposes fully lit order books for the first time in uranium, giving traders visibility into depth, liquidity, and price levels similar to CME/LME experiences.
  • Institutional traders can route orders from their existing order management systems (OMS) directly into the Uranium Digital market for cash settlement.
  • The front-end dashboard separates settlement accounts (linked to conversion facilities for physical uranium) from trading accounts (linked to the exchange interface).
  • The experience abstracts away the crypto layer so traditional uranium traders do not have to interact directly with wallets or blockchain concepts.

Takeaway: By combining a non‑custodial hybrid exchange with familiar institutional tooling, Uranium Digital makes uranium trading faster and more transparent without forcing traders to become “crypto users.”


4. Physical Settlement, Tokenization, and Proof-of-Reserves on Solana

  • The platform allows institutions to either:
    • Take physical delivery of uranium at a chosen conversion facility, or
    • Issue digital assets (tokens) against stored uranium, enabling on‑chain trading and margin markets.
  • The physical settlement process is fully automated: instead of lawyers and paper contracts, institutions select the facility, choose pounds, and the system handles the rest.
  • Each token corresponds to one pound of uranium (analogous to gold trading in ounces); physical movements at the conversion facility are mirrored on-chain.
  • Using Chainlink Proof of Reserves, tokens are frozen when a physical settlement request is made and then burned once the facility confirms the uranium has moved from Uranium Digital’s account to the client’s.
  • This design underpins trust in the commodity market: because physical settlement is provable and enforceable, cash and margin markets can develop with confidence that tokens are fully backed.
  • All of this runs on Solana, but the blockchain layer is hidden from end users, aiming for institutional adoption rather than retail speculation.

Takeaway: By tightly linking on‑chain tokens to off‑chain uranium via verified storage and automated burning, Uranium Digital creates a credible, physically backed uranium asset on Solana suitable for financial markets.


5. Market Impact and Investment-Relevant Implications

  • Delivering a transparent spot market and reliable data for uranium pricing could materially impact how uranium is valued, hedged, and financed globally.
  • The ability to open margin markets for uranium—enabled by provable reserves and regulated custody—introduces new trading strategies and liquidity, similar to what happened historically with oil and gas.
  • Partnerships with Anchorage Digital (regulated custody), Chainlink (proof of reserves), and Cube (trading stack) help de-risk key infrastructure from an institutional investor perspective.
  • If adopted by major physical suppliers and institutional traders (where Uranium Digital spends “99% of its life”), this could become the reference venue for uranium price discovery.
  • For Solana investors, Uranium Digital represents a niche but high‑value real-world asset (RWA) use case that demonstrates Solana’s capability for regulated, institutional financial products.

Takeaway: If Uranium Digital achieves industry adoption, it could reshape uranium price discovery and hedging while positioning Solana as core infrastructure for a regulated, real‑world commodity market.

Breakpoint 2025: Product Keynote: Wingbits (Robin Wingardh)

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Breakpoint 2025 D3

Overview

  • Wingbits is a Solana-based DePIN network aiming to disrupt legacy flight-tracking incumbents by rewarding hardware operators directly for high-quality aviation and drone data.
  • A performance-based token incentive model plus modular, upgradeable hardware is designed to drive rapid, capital-efficient global network growth and dense coverage.
  • Early enterprise traction (e.g., Korean Airlines, Spire Global) validates commercial demand for the decentralized data, supporting long-term token and network value.
  • Customer-funded rollouts tied to new drone and airspace regulations create a built-in growth engine, with enterprises financing new capabilities that also increase community earnings.
  • An AI “intelligence layer” on top of the data positions Wingbits as both an infrastructure and analytics play, expanding monetization opportunities—especially in fast-growing MENA and Southeast Asia aviation/blockchain hubs.

Robin Wingård, Wingbits

CEO and co-founder of Wingbits, a decentralized aviation/flight-tracking network built on Solana, combining DePIN hardware, token incentives, and an AI intelligence layer on top of global aviation data. Now headquartered at Hub71 in Abu Dhabi.


1. Decentralizing Flight Tracking & Fixing Legacy Incentive Models

  • Wingbits is positioned as the first and largest blockchain-based flight-tracking network, competing with legacy players like FlightRadar and FlightAware.
  • Today’s incumbents already rely on a de facto decentralized network of volunteers placing antennas on roofs/balconies to collect aircraft signals, but:
    • The companies centralize the monetization (hundreds of millions in revenue).
    • None of that value flows back to the community or hardware operators.
    • Lack of aligned incentives results in weak, insecure infrastructure.
  • Wingbits adopts a DePIN-style model: contributors earn more the more/better data they provide.
  • Purpose-built, high-performance hardware is integral to the model, rather than generic volunteer gear.

Takeaway: Wingbits aims to disrupt existing multi-hundred-million-dollar aviation data businesses by turning their already-decentralized data collection into an actually incentivized, crypto-native DePIN model.


2. Performance-Based Incentives and Hardware-Driven Network Growth

  • Wingbits uses a performance-based incentive system where node operators earn based on the volume and quality of flight-tracking data they capture.
  • The project claims to be scaling “six times faster” than competitors due to this incentive structure and focused hardware design.
  • The hardware is modular, enabling “spot upgrades” per device based on specific customer or regulatory needs.
  • This allows rapid adaptation to new frequencies, use cases (e.g., drones), and regional regulatory changes without replacing entire units.

Takeaway: The combination of token-based incentives and modular hardware is designed to accelerate network density and coverage, creating a stronger, more valuable aviation data asset over time.


3. Early Commercial Traction and Enterprise Customers

  • Wingbits secured its first paying customer within six months of inception, indicating early product–market fit.
  • The platform already works with multiple enterprise customers, including:
    • Korean Airlines
    • Spire Global
    • Drone Port
  • Enterprise clients buy the flight-tracking data collected by the community-run network.

Takeaway: Real, early enterprise revenue and named customers validate that the decentralized data is commercially valuable, which is important for sustainability of token incentives and long-term network value.


4. Customer-Funded Expansion & Regulatory-Driven Growth (Especially Drones)

  • Wingbits’ modular devices already ingest global flight-tracking data and include Remote ID for tracking drones in the U.S. market.
  • In regions where drone regulation is emerging or lagging, Wingbits uses a “customer funded expansion” model:
    • Example: In the UK, the 978 MHz band was newly regulated for drones.
    • Wingbits can co-design a network rollout with UK customers:
      • Customers pay Wingbits to build out coverage to their specs.
      • Customers commit to buying the resulting data.
      • After rollout, Wingbits can resell that data to other buyers.
  • Community operators receive free upgrade kits to add new capabilities (like new frequencies), which in turn:
    • Increases their earnings.
    • Deepens coverage and value for enterprise buyers.

Takeaway: Wingbits turns regulatory changes (especially in drone and airspace management) into growth catalysts by having enterprises finance new network capabilities that also enrich the community’s earning potential.


5. AI Intelligence Layer on Top of Aviation Data

  • Wingbits has built an AI “intelligence layer” on top of its global flight-tracking data.
  • Users can query the data using natural language, with:
    • No need for custom data pipelines.
    • No internal storage/processing infrastructure.
    • No dedicated data engineering teams.
  • Customers can create custom AI agents on top of the data:
    • No coding or integration required.
    • Ability to ingest third-party data streams to enrich insights.
  • This is pitched as “democratizing” aviation insights:
    • Smaller and mid-sized companies, which previously relied on big, expensive analytics providers, can now access insights directly and more cheaply.
    • Aviation enthusiasts can also interact with the same data via a chat interface on the Wingbits platform.
  • Robin emphasizes this is novel in aviation, which he characterizes as a sector that has been lagging tech-wise, especially in AI.

Takeaway: The AI layer transforms Wingbits from a raw data network into a value-added analytics and intelligence platform, broadening its addressable market and reinforcing the data moat created by the DePIN network.


6. Geographic Focus: MENA & Southeast Asia as Dual Hubs for Aviation and Blockchain

  • Wingbits is focusing heavily on the MENA region and Southeast Asia for both aviation and blockchain growth.
  • Robin argues these regions will be future leaders not only for aviation innovation but also for blockchain/crypto innovation.
  • As part of this strategy, Wingbits is:
    • Distributing free devices in various parts of MENA and Southeast Asia to bootstrap coverage and community.
    • Encouraging interested participants to check eligibility on wingbits.com and start tracking planes with free hardware.
  • Wingbits has opened an office at Hub71 in Abu Dhabi; Robin has personally relocated there, signaling a long-term regional commitment.

Takeaway: By seeding hardware and presence in regulatory-progressive and rapidly growing aviation markets, Wingbits seeks to lock in early coverage and community in regions that may become outsized drivers of both flight and crypto activity.


Overall Investor-Relevant Summary:
Wingbits is building a Solana-based DePIN network for aviation and drone data, already generating enterprise revenue, with a performance-based token incentive model, modular hardware for regulatory-driven expansion, and an AI analytics layer that could significantly expand the monetization surface of its data — particularly in high-growth regions like MENA and Southeast Asia.

Breakpoint 2025: Product Keynote: Worm (Nass Diba)

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Breakpoint 2025 D3

Overview

  • Worm is building a scalable, permissionless prediction market layer on Solana, aiming for “markets on everything” without centralized gatekeepers.
  • The protocol uses in-house LLMs to auto-generate markets and define clear, AI-assisted resolution rules, improving reliability and lowering friction for market creation.
  • Worm introduces leverage as a core primitive in prediction markets, making high-probability events more capital-efficient and attractive for traders.
  • Live examples span sports and macro/political events, demonstrating broad real-world applicability and diversified volume potential on Solana.
  • For Solana investors, Worm represents a composable DeFi primitive that could drive higher on-chain activity, fee generation, and differentiated real-world event exposure.

Nass Diba

Co-founder and CEO of Worm, a prediction market protocol built on Solana.


1. Vision for Scalable, Permissionless Prediction Markets

  • Nass frames current prediction markets as “V0” and unable to scale to a world where there are markets “on everything.”
  • Notes that existing markets are dominated by a few centralized players who decide which markets get created and manage them.
  • Positions Worm as a permissionless prediction market protocol built on Solana, enabling anyone to create markets without gatekeepers.
  • Emphasizes that prediction markets are powerful tools for aggregating the “wisdom of the crowd” to forecast future events.
  • Highlights Solana as the scalable infrastructure layer that makes this next generation of prediction markets feasible.

Takeaway: Worm aims to be a scalable, permissionless prediction market infrastructure on Solana, moving beyond centralized, limited market offerings toward a world of markets on almost any event.


2. AI-Driven Market Creation and Resolution

  • Worm has built its own LLM (large language model) to help users prompt and generate prediction markets with “solid rules.”
  • The LLM assists in defining clear, unambiguous resolution criteria so that markets can be settled correctly.
  • Users can choose to deploy their own capital or crowdsource liquidity into the markets they create.
  • Worm plans to use AI agents to assist in resolving markets, reducing reliance on centralized human decision-makers.
  • This AI-driven structure is designed to make market creation easier and more scalable, lowering barriers for new market deployment.

Takeaway: Worm uses in-house AI tools to automate and standardize market creation and resolution, improving scalability and reliability of prediction markets for both creators and traders.


3. Introduction of Leverage as a New Financial Primitive in Prediction Markets

  • Nass announces what he describes as the first implementation of leverage for prediction markets on Worm.
  • Identifies a core issue: in typical prediction markets, the upside is often low when probabilities are high (e.g., 80–90% outcomes), which limits trader incentives.
  • Worm’s leverage allows traders with high conviction to amplify returns without needing large upfront capital.
  • This is framed as bringing traditional finance-style financial primitives (like leverage) into prediction markets, with the expectation of deeper liquidity and higher engagement.

Takeaway: By adding leverage, Worm is trying to make prediction markets more capital-efficient and attractive to traders, potentially increasing volume, liquidity, and speculative interest.


4. Concrete Examples: Sports and Macro/Political Events

  • Example 1: A boxing match between Joshua and Paul.
    • Market-implied probability for Joshua: ~86%.
    • Without leverage, upside for betting on Joshua is only ~14%.
    • With 3x leverage on Worm, that 14% effective upside is amplified to ~48%, making a short-duration event significantly more attractive from a return perspective.
  • Example 2: Next Federal Reserve Chair selection by President Trump.
    • Top candidate, Kevin Hassett, has odds around 72% on current markets.
    • Raw upside without leverage is ~23%.
    • With 2x leverage on Worm, upside approaches ~50%.
  • These examples span sports and macro/political prediction, signaling Worm’s goal to support a wide variety of real-world events.

Takeaway: Worm demonstrates leverage across both sports and macro-political markets, signaling broad applicability and highlighting how leveraged prediction can turn modest, high-probability outcomes into more meaningful return opportunities.


5. User Flow and Investor-Relevant Implications

  • Users can:
    • Prompt and create new markets via Worm’s LLM.
    • Decide whether to commit their own capital or crowdsource liquidity.
    • Trade with leverage on high-conviction outcomes.
  • The protocol is positioned as a composable, permissionless layer on Solana, which could integrate with other DeFi primitives (though not explicitly discussed, implied by the “new financial primitive” framing).
  • For investors, Worm’s approach suggests:
    • Potential for increased trading volume and fee generation due to leverage.
    • Expanded surface area for real-world event exposure (sports, politics, macro).
    • A more capital-efficient way for speculators and hedgers to express views on events without large capital bases.
  • Nass closes with a direct call to action: a QR code for the Joshua vs. Paul match market on Worm, inviting users to try 3x leverage.

Takeaway: Worm’s user experience combines easy market creation, optional crowdsourced capital, and leveraged trading, positioning the protocol as an emerging DeFi primitive on Solana that could drive activity around real-world event speculation.

Breakpoint 2025: Product Keynote: Zeus Network (Justin Wang)

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Breakpoint 2025 D3

Overview

  • Zeus Network has achieved strong early traction with ZBTC on Solana (>$250M volume, $60M+ revenue to holders), positioning ZBTC as a core, permissionless BTC asset in Solana DeFi.
  • The Zeus Super App will consolidate BTC-on-Solana functions (wrapping, yield, DeFi deployment) into one interface, lowering friction for BTC capital to move onto Solana.
  • The main bottleneck for large BTC inflows is not demand but trust and cost issues around existing centralized custody/MPC; Zeus aims to solve this with its own open, multi-guardian MPC/UTXO stack.
  • Zeus MPC enables institutions, protocols, and UTXO ecosystems to run their own self-custody and mint their own branded BTC/UTXO assets on Solana, targeting a large, underutilized UTXO capital base.
  • Early integration with Jupiter suggests Zeus’s stack could become standard infrastructure for BTC/UTXO flows on Solana, potentially deepening liquidity, yields, and use cases for Solana investors.

Justin Wang – Zeus Network

Founder of Zeus Network, building Bitcoin and broader UTXO asset infrastructure on Solana. Presenter at his third Solana Breakpoint, focused on ZBTC (Zeus-wrapped BTC) and a new Zeus MPC / UTXO stack for permissionless custody and bridging.


1. Current State of Zeus Network & ZBTC Performance

  • ZBTC is positioned as the first protocol to bring SPV-verified Bitcoin transactions natively onto Solana; every ZBTC movement is validated by Solana itself, not by a centralized team.
  • In ~7 months since mainnet, Zeus has processed over $250M in transaction volume and integrated with 40+ DeFi protocols on Solana.
  • Over $60M in revenue has been distributed to ZBTC holders, highlighting strong yield generation around Bitcoin on Solana.
  • ZBTC users wrap their Bitcoin in a fully permissionless way (no KYC/KYB), which the speaker emphasizes as a key differentiator from other BTC wrappers.
  • ZBTC is currently the third-largest BTC representation on Solana, behind CB-BTC (Coinbase) and WBTC, but claims uniqueness as the only permissionless BTC wrapper on Solana.

Takeaway: Zeus Network already shows meaningful traction and yield distribution around Bitcoin on Solana, positioning ZBTC as a core permissionless BTC asset in Solana DeFi.


2. Zeus “Super App” – Unifying Bitcoin DeFi on Solana

  • Zeus has built more than four distinct Bitcoin-focused dApps on Solana (e.g., Apollo for BTC → ZBTC wrapping, yield strategies, etc.).
  • They are consolidating these into a single “Zeus Super App” to simplify user experience, making “earn with your BTC on Solana” a one-click, unified flow.
  • The Super App will centralize key functions: wrapping BTC to ZBTC, deploying BTC into Solana DeFi, and optimizing yield strategies.
  • The goal is to reduce user friction and complexity so BTC holders can easily earn yield using Solana as the execution layer, without dealing with disparate products.

Takeaway: The Zeus Super App aims to streamline and centralize all BTC-on-Solana use cases into one interface, improving user onboarding and capital efficiency.


3. Institutional Bottlenecks: Custody, Trust, and MPC Limitations

  • Zeus has actively approached Bitcoin institutions: miners, hedge funds, and family offices, but found that custodial friction, not demand, is blocking BTC migration to Solana.
  • Existing custody/MPC solutions (e.g., Fireblocks, Coinbase) are:
    • Expensive (often $10K–$30K/month), making them unsuitable for retail and mid-sized holders.
    • Closed-source and centralized, leading to trust issues for “OG” Bitcoin holders who are risk-averse about losing BTC on a newer chain.
    • Not specifically designed to use Solana as an execution layer for UTXO assets.
  • Many large holders are simply not used to or comfortable with earning yield on their BTC and are unwilling to risk using centralized bridges or wrappers with opaque security models.
  • Current custodial and bridging infrastructure is described as the main blocker preventing large-scale BTC and UTXO asset inflows to Solana.

Takeaway: The core growth constraint for BTC on Solana is not demand but trust and cost issues with current centralized custody/MPC providers.


4. Zeus MPC / UTXO Stack – New Self-Custody Infrastructure

  • Zeus is launching “Zeus MPC” specifically tailored for Bitcoin and UTXO assets on Solana, aimed at unlocking permissionless, self-custodial bridging and minting.
  • Conceptually, users or institutions run their own custody module (likened to a “USB plug”) that can:
    • Securely hold native UTXO assets (BTC, Zcash, Litecoin, Doge, etc.).
    • Connect directly to Solana to mint wrapped representations and deploy them in DeFi.
  • No KYC/KYB is required; custody and minting are handled by the user or institution through Zeus MPC, with Solana validating the transactions rather than a centralized intermediary.
  • Zeus emphasizes a model with multiple guardians (currently seven) rather than a single centralized signatory, highlighting a more decentralized, transparent security structure.
  • This MPC stack is intended for both:
    • Institutions and protocols that want to run their own custody for their users’ UTXO assets.
    • Ecosystem projects (e.g., foundations of other UTXO coins) that want to bring their assets to Solana in a self-custodial manner.

Takeaway: Zeus MPC is designed to shift BTC and UTXO bridging from centralized, closed-source custody to a more decentralized, self-custodial infrastructure integrated tightly with Solana.


5. Expanding Beyond BTC: UTXO Asset Opportunity on Solana

  • Zeus sees Solana as the execution layer for all UTXO-based assets, not just BTC.
  • Assets mentioned include: Zcash, Litecoin, Dogecoin, and other UTXO coins, which today largely sit idle on laptops/cold storage.
  • The speaker cites roughly $42B of UTXO assets (excluding BTC) with less than ~0.4%–4% of that liquidity actually used on-chain.
  • With Zeus MPC, any UTXO asset could be minted on Solana and used in DeFi (lending, yield, liquidity provisioning) without centralized intermediaries.
  • Future vision includes branded wrapped assets such as:
    • “JupBTC” for Jupiter, “Raydium BTC,” “Kamino BTC,” and equivalents for other UTXO coins (e.g., Zcash representations) — each protocol runs its own custodian using Zeus’s stack.
  • This model could enable foundations or large holders of UTXO coins to run their own custody, bridge to Solana, and tap into Solana’s DeFi yields permissionlessly.

Takeaway: Zeus is targeting a large, mostly untapped pool of UTXO assets beyond BTC, aiming to make Solana the primary DeFi venue for these coins.


6. Early Adoption & Ecosystem Integration (e.g., Jupiter)

  • Zeus has already secured its first announced “customer”: Jupiter, a major Solana DeFi aggregator.
  • Jupiter plans to leverage Zeus’s UTXO stack to integrate native Bitcoin validation and flows into their products.
  • Once Zeus finishes the UTXO MPC stack, any Solana DeFi protocol or developer can:
    • Spin up its own custody layer.
    • Launch its own branded BTC or UTXO derivative asset on Solana.
  • This is framed as an infrastructure primitive: a shared MPC layer of which many DeFi products can become direct beneficiaries and integrators.

Takeaway: Early integration with top Solana DeFi players like Jupiter signals ecosystem adoption, suggesting Zeus MPC could become a standard backbone for BTC/UTXO flows on Solana.


7. Strategic Vision: Solana as the “Capital Internet” Execution Layer

  • Zeus’s overarching mission is to make Solana the best execution layer for capital markets centered around UTXO assets.
  • The stack is presented in three layers:
    • User layer: Zeus Super App (simplified BTC/UTXO DeFi access).
    • Infrastructure layer: Zeus UTXO MPC (self-custody and permissionless minting for institutions and protocols).
    • Base layer: Solana as the high-performance chain validating and executing UTXO asset transactions.
  • The aim is to onboard:
    • Retail (through simple, permissionless flows).
    • Institutions (through custom MPC custody they can operate themselves).
    • Other ecosystems (foundations and protocols from UTXO networks).
  • The speaker frames this as critical to unlocking more lending, yield, and liquidity growth on Solana, specifically powered by UTXO assets.

Takeaway: Zeus positions itself as the bridge infrastructure to make Solana the primary DeFi and capital markets hub for Bitcoin and other UTXO assets across user types and geographies.

Breakpoint 2025: Scaling the Read Layer to 1M TPS: FluxBeam / FluxRPC / RugCheck (Scott Hague)

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Breakpoint 2025 D3

Overview

  • Legacy “RPC bolted onto validators” is breaking under Solana’s rising throughput, making the read layer (data access) the new scaling bottleneck and UX risk.
  • Flux proposes a decoupled read architecture: separate, horizontally scalable RPC microservices that don’t rely on validator-grade hardware, improving reliability and cost-efficiency.
  • Lantern offers app-specific, local RPC that streams only relevant Solana data with near-zero-latency reads and direct-to-TPU sends, targeting high-performance DeFi/trading use cases.
  • Delta Stream transmits only account deltas instead of full payloads, slashing bandwidth and infra costs while enabling easy horizontal scaling of read capacity.
  • For investors, this infra stack materially reduces cost and latency for both public and private RPC, reinforcing Solana’s edge as the premier high-throughput chain for DeFi, HFT, and real-time apps.

Scott Hague

Technical co-founder of Flux / FluxBeam ecosystem, focused on high-performance infrastructure on Solana (including RugCheck and RPC tooling).


1. The Core Problem: Scaling the Read Layer to 1M TPS

  • Current Solana infra has largely been “non-voting validators + RPC bolted on,” with clients routed to individual RPC nodes.
  • This approach is starting to fail under heavy load (e.g., getProgramAccounts on Pump.fun) leading to timeouts and poor UX.
  • Multiple clients contend for the same validator resources, causing lagging slots, stale data, and leader-tracking issues.
  • Latency-sensitive apps like RugCheck are directly impacted, exposing the limits of legacy RPC architectures.
  • As Solana write throughput approaches 1M TPS, reading that data becomes the new bottleneck.

Takeaway: The old model of bolting RPC onto validators cannot scale to Solana’s next phase of throughput, creating risk for both user experience and high-performance trading/investing use cases.


2. New Architecture: Decoupling the Read Layer from Consensus

  • Flux rebuilt the RPC layer “from the ground up” around three principles: scalability, reliability, and performance.
  • The read layer is fully decoupled from the consensus/voting layer, allowing independent scaling of RPC without over-provisioning validators.
  • This separation lets operators use commodity hardware and cloud deployment instead of expensive validator-grade machines.
  • A microservices architecture introduces redundancy at every layer, improving uptime and resilience under load.
  • The system is designed to “pump out layer 1 data for everyone,” avoiding hierarchical data access where some clients get fresher data than others.

Takeaway: Decoupling RPC from consensus should lower infra cost, improve reliability, and make Solana’s data layer more investable as throughput grows.


3. Lantern: Application-Tailored, Local RPC for DApps

  • Lantern is presented as a “local RPC tailored towards your DApp” — bringing relevant Solana data directly into your own data center.
  • Instead of ingesting the full network firehose, teams can subscribe only to the data they care about, in real time.
  • Data is stored and accessed locally, eliminating network round-trips and providing near-zero-latency reads for DApps.
  • Designed as a drop-in replacement for existing RPC usage: supports standard JSON-RPC, WebSockets, Yellowstone streams, and future webhooks.
  • Direct-to-TPU transaction sending is supported, helping avoid “toxic order flow” issues from some existing RPC providers (relevant for trading/MEV-sensitive users).
  • Lantern runs with a minimal resource footprint — demoed running on a physical lantern / Raspberry Pi streaming most Solana market data.

Takeaway: Lantern gives builders and sophisticated traders a low-latency, low-cost, app-specific read layer that can be run on modest hardware, unlocking higher performance and more predictable execution.


4. Delta Stream & Bandwidth / Cost Optimization

  • Flux operates a validator fleet using custom Firedancer tiles to ingest data into a scalable ingestion engine.
  • On top of this, they introduced “Delta Stream,” which sends only the bytes that changed for account updates instead of full account payloads.
  • This shift from full updates to deltas drastically reduces bandwidth needs (from requiring ~10 Gbps pipes down to ~100 Mbps for many use cases).
  • Cheaper ingress/egress costs make it viable to run infra in the cloud and scale up multiple Lantern instances as needed.
  • Lantern features “intelligent subscriptions”: when your app needs data that’s not cached, it automatically configures the necessary upstream subscription and starts streaming deltas.
  • This creates a mostly zero-touch setup: deploy Lantern, point your app at it, and it auto-manages Solana data ingestion.

Takeaway: Delta Stream materially lowers bandwidth and infra costs while enabling horizontal scaling of read capacity, making high-throughput Solana data economically sustainable.


5. Economic Impact: Cost & Latency Reductions for Public and Private RPC

  • For public RPC use, the new architecture delivers roughly a 20% cost reduction compared with traditional RPC setups.
  • For private RPC (dedicated setups for a particular trading firm, protocol, or app), cost savings can be 80–90%.
  • Lantern can reduce resource requirements by ~99% versus running full traditional RPC/indexer stacks.
  • Reported ~99% reduction in latency for applications using Lantern locally versus remote RPC calls.
  • This means teams no longer need to spend “a couple of grand a month” on heavy RPC servers; they can run Lantern as a lean, targeted solution close to their app.

Takeaway: The combination of Lantern and the new read-layer architecture significantly improves the unit economics of building on Solana, which is particularly relevant for high-frequency trading, DeFi protocols, and infra providers.


Overall Investor-Relevant Insight:
Flux’s work (Lantern, Delta Stream, decoupled read layer) directly targets Solana’s main emerging bottleneck—data access at scale—by lowering latency and infra costs. This strengthens Solana’s position as a high-performance chain for DeFi, trading, and real-time applications, and potentially enhances the value of projects that depend on low-latency, high-throughput infrastructure.

Breakpoint 2025: See You at Breakpoint 2026: Solana Foundation (Dan Albert)

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Breakpoint 2025 D3

Overview

  • Breakpoint 2025 showcased strong ecosystem growth: 7,000+ attendees, 1,800 founders, and hundreds of launches, signaling deepening developer and founder commitment to Solana.
  • Content covered the full stack of the Solana economy—from CFI/DeFi to culture and core infra (“Scheduler Wars”)—indicating a maturing, diversified ecosystem beyond trading narratives.
  • Heavy focus on builders and shipping real products suggests increasing real-world use cases, a key driver for sustainable network demand and fee/value accrual.
  • Announcing Breakpoint 2026 in London, with tickets already on sale, demonstrates long-term strategic planning and confidence in continued global expansion.
  • Strong emphasis on community, brand, and in-person networking reinforces ecosystem cohesion, which supports ongoing innovation, liquidity, and investor confidence in Solana’s long-term trajectory.

Dan Albert

Dan Albert, Solana Foundation, delivering the closing remarks for Breakpoint 2025 in Abu Dhabi.


1. Scale and Growth of Breakpoint 2025

  • Over 7,000 attendees participated, including 1,800 founders, indicating strong builder and founder interest in the Solana ecosystem.
  • Hundreds of speakers and product launches were featured, showcasing a broad pipeline of new projects and tools on Solana.
  • Participants came from more than 100 countries, highlighting Solana’s increasingly global community and developer base.
  • The event is described as getting “bigger” and “better” every year, reinforcing a narrative of accelerating ecosystem momentum.

Takeaway: Breakpoint 2025 underscored rapid growth in global participation and founder activity in the Solana ecosystem, a positive signal for long-term network and developer traction.


2. Breadth of the Solana Ecosystem (CFI, DeFi, Culture Wars, Scheduler Wars)

  • Content spanned “CFI to DeFi,” suggesting that both centralized-finance partnerships and native decentralized-finance activity are important legs of Solana’s growth strategy.
  • References to “Culture Wars” and “Scheduler Wars” point to active debates and innovation around Solana’s culture, governance, and core network performance.
  • The conference covered “every spectrum of the Solana economy” and “culture,” signaling a maturing ecosystem that now includes finance, tech infrastructure, consumer apps, and social/cultural projects.
  • Heavy emphasis on “builders” and “product launchers” implies a focus on shipping products and real-world use cases, beyond just speculative narratives.

Takeaway: The conference content emphasized that Solana is evolving into a full-stack ecosystem—from finance to culture to core infrastructure—backed by active builders and ongoing technical and social experimentation.


3. Forward-Looking Plans: Breakpoint 2026 in London

  • Next year’s Breakpoint will be held in London, indicating a strategic shift of the flagship event to another major global financial and tech hub.
  • Tickets are already on sale, with discounted options available via solana.com/breakpoint, showing confidence and long-term planning around ecosystem growth.
  • The announcement aims to keep the community’s momentum going and encourage early commitment from founders, investors, and builders.

Takeaway: By committing early to Breakpoint 2026 in London, the Solana Foundation is signaling continued long-term investment in ecosystem expansion and global community building.


4. Community, Brand, and Ecosystem Cohesion

  • Dan emphasizes gratitude to attendees, builders, and hosts, reinforcing the community-driven nature of the Solana ecosystem.
  • The tone frames Solana as something “we’ve built” together and “everything that it continues to become,” underlining a narrative of ongoing evolution rather than a finished product.
  • The closing party and in-person networking (with QR-coded tickets, ID checks) highlight the importance of real-world community bonds and relationship-building for future collaborations and deals.

Takeaway: The Foundation is actively cultivating a strong, cohesive global community, which is critical for sustaining innovation, capital inflows, and long-term investor confidence in the Solana ecosystem.

Breakpoint 2025: Solana Incubator: Grow Your Company Alongside Solana Labs (Emon Motamedi)

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Breakpoint 2025 D3

Overview

  • Solana’s in‑person New York incubator is a highly selective, hands‑on program (4–6 teams per cohort) designed explicitly to create Solana “blue‑chip” companies rather than optimize for volume.
  • Track record is strong: alumni like Sanctum, Marinade, and Flash Trade have become core ecosystem infrastructure, with 7 of 18 teams raising $5M+ and others scaling profitably without heavy VC.
  • Founders effectively “build inside Solana Labs,” receiving deep product, UX, GTM, and distribution support that reduces execution risk and accelerates time to market—key for investors assessing team quality and speed.
  • Integrated capital and network access (Solana Ventures, VCs, liquidity providers, top operators) make the incubator a powerful signaling and fundraising amplifier, improving deal flow and terms for projects that pass this filter.
  • For investors, incubated teams represent a curated pipeline of high‑potential, well‑supported Solana-native plays that are tightly embedded in the ecosystem’s technical, social, and liquidity infrastructure.

Emon Motamedi

Head of the Solana Incubator at Solana Labs. Leads a hands-on, in‑person incubator program in New York designed to grow “next blue‑chip” companies on Solana.


1. Purpose and Structure of the Solana Incubator

  • Solana Labs, which built the original core Solana infrastructure (e.g., validator client), created the incubator to scale its internal know‑how and support new flagship (“blue chip”) projects on Solana.
  • The incubator works very closely with a small number of teams each cohort (4–6 companies max) to maximize depth of support.
  • It’s an in‑person, three‑month program in New York City, with a relocation stipend to remove geographic friction.
  • Alumni include notable Solana ecosystem names like Sanctum, Marinade, Flash Trade, and others that are now visible at Breakpoint and across the ecosystem.
  • Out of 18 teams to date, 7 have already raised $5M+ in funding, not counting successful fully bootstrapped teams.

Takeaway: The incubator is positioned as a high‑selectivity, high‑touch program intended to produce leading Solana-native companies, not a high-volume accelerator.


2. Track Record and Alumni Outcomes

  • Cohort 1 alumni: Sanctum, Espresso, Cash, Shaga—projects that have become recognizable within the Solana ecosystem.
  • Cohort 2 alumni: Marinade, Chakra, Alphaledger, Easy Labs—includes both protocol-level projects (e.g., staking/liquidity) and applications.
  • Cohort 3 alumni: Pi, Zinta, Genpulse—recent teams now prominent at Breakpoint with booths and talks.
  • 7 of 18 teams have already crossed the $5M fundraising mark, a strong hit rate for significant venture capital traction.
  • Other teams like Marinade and Flash Trade have scaled without major external funding, signaling that incubated projects can succeed under different capital models.

Takeaway: The incubator has demonstrated an ability to surface teams that become core liquidity, staking, and infrastructure players on Solana, with strong VC and organic growth validation.


3. Core Program Components: “Build Alongside Solana Labs”

  • Weekly “business review” on Monday with each team to identify that week’s key challenges (UX, marketing, fundraising, etc.) and then deploy relevant Solana Labs experts.
  • Hands-on product and UX support: design leads jump directly into Figma files, provide feedback, and iterate with teams.
  • Marketing and go‑to‑market: Solana Labs marketing works with founders to write strategies (e.g., in Google Docs), refine positioning, and actively support execution within days.
  • Strategic guidance focuses on both building and distribution: emphasizing product‑market fit, channel strategy, and leveraging Solana’s own “properties” (brand, platforms, presence) for distribution.
  • The program effectively embeds founders into Solana Labs’ operating rhythms and expertise pipeline, reducing execution risk and time to market.

Takeaway: Companies receive deep, operator‑level support from Solana Labs across product, design, and GTM, which can materially de‑risk and accelerate early-stage Solana projects.


4. Capital and Funding Support

  • Solana Incubator actively helps teams access capital sources: VC funding, Solana Ventures, other ecosystem investors, and Solana Foundation grants.
  • They facilitate connections to liquidity providers and market makers, important for DeFi and trading-related projects.
  • Funding support is integrated into the program rather than limited to a “demo day,” with continuous intros and strategy feedback.
  • This capital access, combined with Solana’s brand, can improve fundraising terms and speed for incubated companies.

Takeaway: The incubator serves as a strong capital access and signaling mechanism for investors and founders, with structured pathways to VC, grants, and liquidity.


5. Strategic Collaboration and Network Access

  • At the start of each cohort, teams submit a “dream list” of people they want to meet; the incubator then tries to bring in ~90%+ of those names.
  • Example: a cohort company requested to meet Nikita Beer; the program successfully brought him in, demonstrating real pull with top operators.
  • The teams benefit from curated introductions to high‑value operators, advisors, and founders within and beyond crypto.
  • This structured strategic networking can accelerate partnerships, BD opportunities, and advisory relationships.

Takeaway: The program converts Solana Labs’ network into actionable meetings and relationships, which can be a key differentiator for early-stage founders.


6. Educational & Community Elements (YC-Style)

  • Each cohort includes ~90+ events: office hours, workshops, and guest speaker sessions, modeled after YC-style accelerators.
  • Speakers have included the founders of Venmo, FanDuel, and core Solana leadership (e.g., Raj Gokal and Anatoly Yakovenko), offering access to battle-tested startup and product experience.
  • Top Solana founders (e.g., from Jito, Drift, and others) serve as mentors, giving domain-specific crypto and Solana guidance.
  • The concentrated programming delivers a broad set of non-technical skills: fundraising, GTM, product thinking, and scaling.

Takeaway: Beyond capital and connections, the incubator provides a structured curriculum and ongoing mentorship to build durable, venture-scale companies on Solana.


7. Cohort Camaraderie and Ecosystem Positioning

  • Founders consistently describe the cohort as feeling like a “family,” with strong peer support networks emerging from each batch.
  • Teams frequently collaborate with one another—product partnerships, integrations, and even founders joining each other’s companies.
  • Physical proximity is key: Solana Labs and the Solana Foundation are in the same building in New York, with other ecosystem teams on adjacent floors.
  • This co-location with core Solana entities and other builders makes it an unusually dense hub of network and collaboration.

Takeaway: The social and physical environment of the incubator reinforces long-term founder networks and cross‑project integrations, deepening the Solana ecosystem’s cohesion.


8. Eligibility, Stages, and Application Details

  • The incubator is both stage-agnostic and vertical-agnostic:
    • It supports very early-stage teams like Sanctum before they scaled.
    • It also works with established teams like Marinade that are aiming for their “next stage” of growth.
  • They are seeking “Solana’s most promising teams,” especially those focused on sustainable, long-term businesses and brands.
  • Applications for Cohort 4 are currently open and close on December 19 (for a March–May 2026 program in New York).
  • A relocation stipend is offered to reduce friction for non‑NYC founders.
  • Contact: “incubator@solanalabs.com” (implied from “incubator motam” mention) and a QR code linking to the incubator website.

Takeaway: The door is open to high‑potential Solana teams at various maturity levels, with the program pitched as potentially “the most impactful three months” of a company’s life for those aiming to be core Solana ecosystem players.

Breakpoint 2025: Solana in the Multi-Chain World by NEAR Intents: NEAR Protocol (Illia Polosukhin)

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Breakpoint 2025 D3

Overview

  • NEAR Intents introduce outcome‑based, solver‑driven transactions that hide cross‑chain complexity and deliver CEX‑like UX while preserving self‑custody.
  • The system relies on MPC and TEE infrastructure plus economic incentives to securely custody and route liquidity across ~28 chains at scale.
  • Rapid adoption (multi‑billion‑dollar monthly volume, major wallet integrations) positions NEAR as a cross‑chain liquidity and interoperability layer, not just an L1.
  • On Solana, NEAR Intents power integrations with Raydium, Orca, SoulSwap, and privacy flows via Zcash, effectively turning Solana wallets into multi‑asset, cross‑chain portals.
  • For Solana investors, this can deepen liquidity, attract new flows and strategies, and align Solana with an emerging standard of AI‑ and intent‑driven DeFi UX.

Illia Polosukhin

Co‑founder of NEAR Protocol; former Google Research AI scientist and co‑author of “Attention Is All You Need” (Transformer paper). Presenting “NEAR Intents” and its role in a multi‑chain world with specific integrations on Solana.


1. The Problem: Fragmented Multi‑Chain UX and Reliance on Centralized Exchanges

  • Users who want to move between assets/chains (e.g., BTC → SOL, XRP → NEAR) face high friction: gas costs, wallet complexity, and confusing bridge choices.
  • Cross‑chain bridges are perceived as risky (frequent failures, fragmentation, unclear trust assumptions).
  • Wallets struggle to support every route/bridge, creating heavy engineering and UX complexity.
  • As a result, most users stay on centralized exchanges and do not meaningfully participate in DeFi or self‑custody.
  • Each blockchain ecosystem has effectively become an “island,” limiting composability and overall crypto growth.

Takeaway: The current multi‑chain environment is too complex and risky for mainstream users, pushing capital toward centralized exchanges and away from on‑chain activity.


2. NEAR Intents: A New Transaction Primitive Focused on Outcomes

  • NEAR introduces “intents” as a new type of transaction where users specify the desired outcome (e.g., “I have SOL, I want ZEC” or “I have BTC, I want USDT”) instead of manually choosing routes/bridges.
  • Intents are matched with “solvers” (market makers, trading firms, or AI agents) that agree to take the other side of the trade.
  • Because matching happens off‑chain, solvers can source liquidity from anywhere (CEXs like Binance, prop firms, on‑chain pools) to give better price and speed.
  • This design aims to deliver a centralized‑exchange‑like experience (fast, cheap, simple) while users stay in self‑custody.
  • Intents abstract away cross‑chain paths, making any chain/asset feel natively interoperable from the user’s perspective.

Takeaway: NEAR Intents turn complex cross‑chain activity into a single, simple “intent” transaction, bridging CEX‑level UX with decentralized, self‑custodial infrastructure.


3. Underlying Infrastructure: Security, MPC, and Scale

  • NEAR has built an infrastructure stack using threshold multi‑party computation (MPC) to custody assets across many chains without a single point of failure.
  • Trusted Execution Environments (TEEs) are used for verifiable/confidential computation, including services and AI agents, enabling secure off‑chain coordination.
  • Economic incentives are designed to align solvers and infrastructure providers with honest execution of intents.
  • From a developer angle, NEAR exposes a simple API so wallets and apps can integrate intents without building their own cross‑chain/bridge logic.
  • Intents are designed to be fast: off‑chain agreement with solvers in ~100–200 ms, followed by on‑chain settlement.

Takeaway: NEAR backs intents with MPC and TEE‑based infrastructure plus incentives, aiming to provide scalable, secure, and easy‑to‑integrate cross‑chain settlement.


4. Adoption, Scale, and Market Traction

  • NEAR Intents supports ~28 chains already, with “all the major ones” integrated and more being added.
  • Wallets and platforms like Trust, Ledger, Infinex, and Sky are integrating NEAR Intents to give their users broad asset access.
  • Since launch at the end of last year, usage has been doubling month‑over‑month, indicating strong demand.
  • In the last 30 days, NEAR Intents processed around $3.6 billion in volume across intents and actions.
  • This positions NEAR as a critical liquidity and routing layer across chains, not just as a standalone L1.

Takeaway: NEAR Intents is already processing multi‑billion‑dollar monthly volumes across dozens of chains and major wallets, signaling real traction as a cross‑chain liquidity layer.


5. How Cross‑Chain Intents Work in Practice

  • A user specifies an outcome (“swap SOL to ZEC into my shielded wallet”), and the system broadcasts this intent to solvers.
  • Solvers respond off‑chain with offers to fulfill the trade; the user effectively forms a contract with a chosen solver off‑chain within milliseconds.
  • Settlement then happens on‑chain:
    • Assets (e.g., SOL) are sent from the user’s wallet to an MPC‑controlled address.
    • The trade is executed and recorded on NEAR.
    • Resulting assets (e.g., ZEC) are delivered to the user’s destination wallet (e.g., a shielded/private Zcash address).
  • From the user’s view, it’s a smooth cross‑chain swap directly into self‑custodial (even private) wallets, with minimal manual steps.

Takeaway: NEAR Intents separates fast off‑chain matching from secure on‑chain settlement to provide a near‑instant, low‑friction cross‑chain swap experience.


6. Beyond Trading: Intents for Travel, Commerce, and Services

  • Trading is the first and most obvious use case, but NEAR is expanding intents into broader commerce.
  • In collaboration with Abu Dhabi’s ADI blockchain, NEAR launched “travel intent–driven commerce” this week.
  • Users can express natural language intents like “I want to fly from Abu Dhabi to London for 3 days and visit museums.”
  • AI agents (as solvers) propose itineraries and also execute bookings and required actions on the backend.
  • This model extends to e‑commerce and contract/service work—intents find counterparties, form agreements, and execute/settle across chains and web2.

Takeaway: NEAR sees intents as a general paradigm for AI‑driven, outcome‑based commerce that spans crypto, real‑world services, and web2 platforms.


7. Solana‑Specific Integrations and Opportunities

  • NEAR has a historical connection with Solana (both started in San Francisco around the same time) and is now tightly integrating with the Solana ecosystem.
  • Encrypt Trade announced on stage that they use NEAR Intents to bring privacy to other assets, leveraging Zcash on Solana.
  • Radium integration: Zcash is brought onto Solana and tradable on Radium; arbitrage and cross‑chain movement back to Zcash are powered by NEAR Intents.
  • Orca integration similarly uses NEAR Intents to power cross‑chain liquidity flows.
  • SoulSwap (a Solana‑specific NEAR Intents interface) lets users connect Solana wallets and trade many assets in one place via intents.
  • NEAR’s goal is a “unified liquid layer” where any wallet (Solana, NEAR, Bitcoin, etc.) can use any app, with execution abstracted away under the hood.

Takeaway: For Solana, NEAR Intents acts as a powerful liquidity and privacy bridge, enabling SOL wallets to access many assets and cross‑chain strategies with CEX‑like UX.


8. Investor and Market Relevance

  • Intents make multi‑chain trading easier and cheaper, which can increase on‑chain volumes, reduce reliance on centralized exchanges, and boost liquidity across ecosystems.
  • For NEAR, Intents elevates it from a single L1 to a core interoperability and liquidity layer, potentially increasing strategic importance and value capture.
  • For Solana investors, deeper liquidity and easy cross‑chain access (including privacy assets like Zcash) can enhance Solana’s role as a high‑performance DeFi hub.
  • The general trend toward AI‑ and intent‑driven UX (natural language, outcome‑based transactions) could be a major differentiator for platforms that adopt it early.
  • If intents become a standard transaction primitive, projects and wallets that integrate NEAR Intents may see stronger user retention and higher transaction volumes.

Takeaway: NEAR Intents positions NEAR (and integrated ecosystems like Solana) at the center of a potential shift toward AI‑driven, cross‑chain, CEX‑grade user experiences in crypto.

Breakpoint 2025: Superteam Demo Day: Asgard (Prastut Kumar)

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Breakpoint 2025 D3

Overview

  • Asgard tackles the fragmentation of on-chain position management by unifying leverage, yield, and execution into a single institutional-grade Solana platform.
  • Its core primitive, Credit-Backed Positions (CBPs), offers one-click access to optimized credit lines and complex strategies, abstracting away protocol-hopping and manual leverage.
  • CBPs enable flexible, margin-like credit for opportunistic directional exposure (e.g., SOL, BTC), often with retained asset yield that can offset borrowing costs and even create positive carry.
  • Composability with perps unlocks pair trades and delta-neutral, capital-efficient strategies targeting 20–30% APY, appealing to funds and sophisticated DeFi users.
  • Early traction ($35M in CBPs, invite-gated rollout) positions Asgard as a potentially important credit and strategy layer on Solana, strengthening the ecosystem’s appeal to institutional investors.

Prastut Kumar

Founder of Asgard (sometimes pronounced “Ascard” in the talk), building institutional-grade DeFi position management tools on Solana.


1. The Problem: Complex On-Chain Position Management

  • Professional and serious retail traders currently need to “strap together” multiple DeFi protocols, bots, and spreadsheets to take and manage real positions on-chain.
  • This fragmentation creates operational complexity for prop firms, liquid funds, and active retail traders.
  • Through conversations over the last year with these groups, Prastut validates that this friction is widespread, not just a personal pain point.
  • The current state makes it difficult to react quickly to market moves or to manage leverage and yield in one coherent workflow.

Takeaway: There is strong, validated demand from sophisticated market participants for a unified, more efficient way to open and manage leveraged and yield-bearing positions on Solana.


2. Asgard’s Core Product: Credit-Backed Positions (CBPs)

  • Asgard introduces “credit back positions” (CBPs) as its fundamental building block.
  • Users deposit capital into Asgard; the system automatically determines the most optimal credit line and then builds the position.
  • It leverages Solana’s deep spot liquidity to construct the position in a single click, abstracting away protocol hopping and manual leverage setup.
  • CBPs are designed to be general-purpose: they can power directional trades, hedged strategies, and more complex institutional flows.

Takeaway: Asgard’s CBPs aim to make sophisticated leveraged and credit-based strategies accessible via one-click, simplifying how capital is deployed on Solana.


3. Use Case: Amplifying Buying Power on Solana (Directional Exposure)

  • Example scenario: SOL hits a target price that looks extremely attractive, but the trader’s liquidity is tied up elsewhere.
  • A SOL CBP allows the user to amplify buying power without fully unwinding existing positions, effectively giving access to additional capital via a credit line.
  • The credit line can be repaid over time from regular income (e.g., salary) or from a portion of the position’s upside.
  • This turns attractive entry opportunities into actionable trades, even when immediate free liquidity is limited.

Takeaway: For investors, CBPs function like flexible, on-chain margin or credit, enabling opportunistic directional exposure in assets like SOL without fully deallocating from other positions.


4. Use Case: Leveraged BTC and Other Asset Positions with Yield Offset

  • Demonstrated example: With $1,000 upfront, a user can enter a $2,000 BTC credit-backed position.
  • Another example: With $10,000 upfront, the platform enables a $30,000 CBP position, significantly scaling exposure.
  • Crucially, the user keeps the asset yield generated by the position, which helps offset the cost of borrowing.
  • In the $10K → $30K example, Prastut highlights a net positive carry of about 10% APY after factoring in borrowing costs.

Takeaway: Asgard’s CBPs can provide leveraged exposure to majors like BTC while allowing investors to retain yield, creating positions that can be net-yield-positive despite leverage costs.


5. Use Case: Pair Trades, Positive Carry & “Fighting the Maxis”

  • Example mentioned: Opening a SOL–ETH CBP position, effectively a paired exposure that can be structured for “positive carry.”
  • This setup can be used to express relative value views between SOL and ETH (e.g., “fight the ETH maxis”) while earning a yield.
  • Positive carry means the strategy generates net yield while maintaining the desired directional or relative exposure.
  • The product design allows for combining credit, spot exposure, and yield into a single construct rather than multiple separate trades.

Takeaway: CBPs can support pair trades (like SOL/ETH) with built-in yield, offering sophisticated ways to express relative value theses while still earning positive carry.


6. Use Case: Delta-Neutral, Capital-Efficient Strategies with Perps

  • CBPs are composable with perpetual futures protocols on Solana.
  • Users can combine CBPs with perps to construct capital-efficient delta-neutral strategies (e.g., long spot via CBP, short perps, or variants).
  • These strategies are pitched as capable of generating 20–30% APY, plus additional upside from protocol points/incentives.
  • This targets institutional and advanced retail investors seeking market-neutral yield rather than pure directional risk.

Takeaway: By integrating CBPs with perps, Asgard aims to unlock high-yield, delta-neutral strategies on Solana, appealing to funds and sophisticated yield-seekers.


7. Market Traction, Scale, and Access

  • Asgard is being built “from ground up for institution scale,” explicitly targeting funds, prop shops, and serious power users.
  • Already, power users have opened $35 million worth of CBPs, signaling early product–market fit and meaningful on-chain capital deployment.
  • Invite-gated access is scheduled to go live “next week” from the date of the talk, indicating imminent broader availability.
  • Prastut calls for funds and allocators struggling with DeFi execution to connect, and invites interested users to join via QR code and Discord.

Takeaway: Early traction with $35M in CBPs and a focus on institutional-grade infrastructure suggest Asgard may become a significant DeFi credit and strategy layer on Solana, relevant for investors allocating to the ecosystem.

Breakpoint 2025: Superteam Demo Day: Atomiq Labs (Sylvia Durach)

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Breakpoint 2025 D3

Overview

  • Highlights severe trust and security flaws in existing cross-chain bridges, which limit safe, large-scale capital movement across chains.
  • Introduces Atomiq as a Bitcoin-secured cross-chain settlement layer, using Bitcoin’s proof-of-work as the security anchor instead of multisigs/validators.
  • Shows Atomiq is already live, enabling zero-slippage swaps between BTC (on-chain & Lightning) and key Solana assets (SOL, USDC, WBTC, BONK).
  • Demonstrates fast, practical UX: Solana USDC can pay Lightning-native Bitcoin merchants in seconds, positioning Solana as a seamless payment source into the BTC economy.
  • For Solana investors: a secure, Bitcoin-anchored bridge can deepen liquidity, expand Solana’s role in multi-chain payments, and attract institutional and retail capital via safer, predictable cross-chain settlement.

Sylvia (Sylvie) Durach

Co-founder and CEO, Atomiq Labs (sometimes pronounced “Atomic Labs” in talk); presenting Atomiq as a Bitcoin-secured cross-chain settlement layer focused on safer, trust-minimized swaps.


1. The Problem with Current Cross-Chain Bridges (“Trust me bro” era)

  • Uses an analogy of a shady money-exchange booth that takes your cash and “steps outside,” highlighting how current cross-chain bridges often require blind trust.
  • Points out that today’s cross-chain world relies heavily on opaque validator sets and multisig-based bridges.
  • Emphasizes that users effectively “hand over” their tokens and then have to hope they don’t get rugged.
  • Frames this model as fundamentally broken for serious capital and long-term growth.

Takeaway: Current cross-chain infrastructure is too trust-based and opaque, creating significant security and counterparty risk for users and capital allocators.


2. Atomiq Labs’ Core Idea: Bitcoin-Secured Cross-Chain Settlement

  • Atomiq uses Bitcoin as the “ultimate source of truth” to secure cross-chain swaps.
  • Example flow: swapping SOL into BTC—SOL is locked in a Solana smart contract vault that can only be unlocked if there is a successful Bitcoin transaction by the counterparty.
  • This design ties swap finality to Bitcoin’s proof-of-work security, rather than to arbitrary validators or multisigs.
  • Security model: to cheat Atomiq, an attacker would essentially need to cheat Bitcoin’s proof-of-work (i.e., capture a 51% hash rate), which is economically infeasible relative to the value typically bridged.

Takeaway: Atomiq replaces trust in bridge operators with Bitcoin’s proof-of-work security, aiming to make cross-chain settlement as secure as the Bitcoin network itself.


3. Live Product and Current Integrations

  • Product is already live at atomic.exchange.
  • Supports swaps between:
    • Bitcoin on-chain
    • Bitcoin Lightning
    • Solana tokens: SOL, USDC, WBTC, and BONK.
  • Swaps are described as Bitcoin-secured with zero slippage—implying a more predictable execution environment than typical AMM-based bridges.
  • Intended to serve both Solana users and Bitcoin users, bridging liquidity between on-chain BTC/Lightning and Solana assets.

Takeaway: Atomiq is not just a concept; it’s already live and connecting Bitcoin (on-chain & Lightning) with key Solana assets, offering slippage-free, Bitcoin-secured swaps.


4. Demonstrated UX & Payments Use Case

  • Mentions a demo (video failed to play) where they:
    • Paid for a Bitcoin conference ticket in USDC on Solana.
    • The vendor received Bitcoin over Lightning.
  • The payment completed in under 3 seconds, showing near-instant cross-domain settlement from Solana stablecoins to Bitcoin Lightning.
  • Positions Atomiq as a practical payments rail enabling seamless asset translation between ecosystems.

Takeaway: Atomiq aims to make cross-chain payments feel instant and seamless, enabling real-world use cases like paying Lightning-native merchants with Solana-based stablecoins.


5. Roadmap: Expanding Cross-Chain Coverage & Confidentiality

  • Next step is “confidential Bitcoin-secured swaps between any two chains,” with Ethereum–Solana given as a key example.
  • Target users include both retail and institutional participants—indicating a focus on larger-scale, compliant capital flows.
  • Maintains the zero-slippage design as it expands chain coverage.
  • Signals intent to return to future Breakpoint events with more progress, suggesting an ongoing, long-term build.

Takeaway: Atomiq plans to generalize its Bitcoin-secured, zero-slippage model to many chain pairs (e.g., Ethereum–Solana) with added confidentiality, aiming to become a core cross-chain settlement layer for both retail and institutional capital.

Breakpoint 2025: Superteam Demo Day: CHOMP (Kiko Zang)

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Breakpoint 2025 D3

Overview

  • CHOMP uses a TikTok-style quiz game front-end to drive a hidden prediction market back-end that captures “honest” human signals about real-world events on Solana.
  • It targets a core internet inefficiency: the gap between reality and perception created by vanity metrics and missing contextual truth, aiming to “re-price” information more accurately.
  • Early metrics (50k+ users, 2M+ answers, long engagement streaks) indicate strong retention and suggest CHOMP could evolve into a durable data and attention layer rather than a fleeting crypto game.
  • CHOMP’s crowdsourced signals have shown potential as leading indicators versus traditional markets, positioning it as a future alpha source and information oracle for traders, platforms, and agents.
  • Long term, the team is building CHOMP as a “context engine” and new data primitive—licensable human-aligned signal for AI, apps, and investors—creating multiple, diversified monetization paths on top of Solana.

Kiko Zang – CHOMP

Founder of CHOMP (Solana-based project using a game + prediction market model to capture “honest” human signals about reality on the internet).


1. The Problem: An Internet Where Reality and Perception Have Drifted Apart

  • Zang argues the core issue online is not just misinformation/disinformation, but “missing information” — a lack of reliable, contextual data about what is actually true.
  • Vanity metrics (likes, virality) drive perception, causing users to accept content (e.g., jokes about “birds aren’t real”) without real evaluation.
  • This creates a widening gap between what’s happening in the real world and what people think is happening based on what they see online.
  • The team frames this as a market inefficiency in information: the current internet doesn’t properly price or surface “truthful” context.

Takeaway: CHOMP is targeting a fundamental information asymmetry problem online, positioning itself as infrastructure to align digital perception with real-world reality.


2. Product: A “Trojan Horse” Quiz Game With a Prediction Market Engine

  • CHOMP is presented as a simple, fun, fast quiz game that feels like TikTok/Candy Crush style engagement rather than a finance or chart-driven product.
  • Under the hood, it runs a prediction market: users’ answers are actually market bets on what is real/likely, generating probabilistic signals.
  • Most users don’t know they’re using a prediction market; they just play, earn rewards (e.g., BONK), and keep returning.
  • The design goal is to get broad, mainstream participation and opt-in data from users who would never use typical prediction market interfaces.

Takeaway: CHOMP uses a casual game front-end to stealthily power a prediction market back-end, capturing high-quality human judgment data at scale.


3. Traction and User Behavior: Strong Engagement and Data Volume

  • Over 50,000 users have participated so far, generating more than 2 million “contributions” (answers/signals).
  • Engagement metrics are particularly notable:
    • Thousands of users have streaks longer than 7 days.
    • Dozens of users have streaks over 100 days.
    • More than two users have played every day for over 365 days, despite the app only being live just over a year.
  • Users are attracted by rewards (like BONK) but stay because they feel they are accessing honest, aggregated understanding of what others truly think.
  • The strong retention and streak behavior suggests potential for compounding data and network effects, valuable signals for investors.

Takeaway: Early traction shows high engagement and stickiness, reinforcing CHOMP’s potential to become a durable data and attention layer rather than a short-lived crypto game.


4. Market Edge: Early, Hidden Information and Prediction Performance

  • The team shows an example where CHOMP surfaced early information and hidden sentiment about an election in July, before other markets recognized it.
  • This suggests CHOMP’s crowdsourced signals may be leading indicators — useful for traders, analysts, or platforms seeking early insight.
  • Positioning: CHOMP wants to be the place where “opt-in honest context” about real-world events is generated before it shows up in traditional data or markets.

Takeaway: If CHOMP consistently front-runs other markets with its human signal data, it could become a valuable alpha source and information oracle for crypto and beyond.


5. Business Model & Long-Term Vision: A “Context Engine” for Humans and Agents

  • Once CHOMP has large-scale, opt-in, validated human input, multiple monetization and integration paths open up:
    • Training AI agents to be more human-like and better aligned with real-world beliefs and expectations.
    • Providing reinforcement learning data for AI models that need continuous human feedback.
    • Selling or licensing “context feeds” to apps, platforms, and investors needing real-time sentiment and probability data.
  • Zang frames this as a new “data primitive”: structured, incentivized, honest human input that can be plugged into various systems.
  • Vision: CHOMP becomes the core “context engine” for the internet, used by both humans and AI agents to get a more honest picture of reality.

Takeaway: CHOMP is positioning itself not just as a game but as foundational data infrastructure for AI, prediction, and online platforms, which could support significant, diversified revenue streams.


6. Team and Execution

  • Zang briefly introduces the founding team: one founder is “the thinker,” the other “the doer,” highlighting a complementary skill set focused on both vision and execution.
  • The message to investors: this is a focused team aiming to build long-term infrastructure for “an honest internet,” not just a speculative app.

Takeaway: The project is led by a small, focused founding team with a clear, ambitious narrative around rebuilding trust and context on the internet.

Breakpoint 2025: Superteam Demo Day: Cleopetra (Umang Verma)

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Breakpoint 2025 D3

Overview

  • Cleopetra targets “dead capital” in long‑tail Solana tokens by turning them into yield‑earning LP positions on DEXs via its Cleo liquidity terminal.
  • Early traction (>$30M deposits, >$2M fees in 5 months) plus partner success (e.g., Oro’s on‑chain gold attracting >$100K liquidity via APIs) validates Cleopetra as both a retail app and B2B liquidity/yield backend.
  • The team is extending this model to fast‑growing prediction market tokens, a $27B+ volume sector whose on‑chain assets are largely non‑yielding today.
  • “Cleopetra Earn” is designed to add 2–5% additional yield and unlock borrowing/collateral use cases for prediction market positions, deepening DeFi composability.
  • For Solana investors, Cleopetra represents infrastructure that could become the default “capital router” for idle and niche assets—analogous to Jupiter for trades—potentially capturing a significant share of future DeFi capital flows on Solana.

Umang Verma – Founder, Cleopetra

Building infrastructure on Solana to make “emerging assets” (long‑tail tokens, prediction market tokens, etc.) productive and yield‑generating.


1. The Problem: Idle Long‑Tail Assets on Solana

  • Millions of tokens are minted on Solana and other chains, but only ~top 50 are meaningfully integrated into DeFi and earning yield.
  • Most long‑tail assets are “dead capital” sitting in wallets, with no yield, borrowing, or composability.
  • This creates a large untapped segment of capital that, if activated, could deepen liquidity and drive additional on‑chain activity.

Takeaway: There is a large opportunity in making non‑blue‑chip tokens yield‑generating and DeFi‑composable.


2. Cleo: Liquidity Terminal for Long‑Tail Assets

  • Cleopetra built “Cleo,” a liquidity terminal focused on LPing on DEXs, analogous to an advanced trading terminal (like Axium) but for liquidity provision rather than spot trading.
  • From day one, it enables users to earn fees on long‑tail assets via DEX participation (“dexping”), making otherwise idle tokens productive.
  • In five months of private beta:
    • Over $30M in user deposits flowed through the product.
    • Users earned more than $2M in fees.
    • Cleopetra generated more than $100K in revenue (the transcript likely clipped “K,” but the unit economics signal meaningful traction).
  • Demonstrates early product‑market fit for tools that help users monetize niche tokens via DEX liquidity.

Takeaway: Cleo shows strong early usage and revenue by turning long‑tail tokens into fee‑earning LP positions on Solana DEXs.


3. Partner Use Case: Yield Infrastructure for Oro’s On‑Chain Gold

  • Cleopetra integrated with Oro, an on‑chain gold token project, to “power yield” on Oro’s token.
  • Through Cleopetra’s APIs, Oro’s token was able to attract over $100K in liquidity in just two weeks.
  • Validates Cleopetra’s infrastructure as a B2B / protocol‑level solution for new asset issuers who want instant liquidity and yield for their tokens.

Takeaway: Cleopetra’s API layer positions it as a yield and liquidity backend for new tokenized asset projects, not just a consumer app.


4. Next Focus: Prediction Markets as an Emerging On‑Chain Asset Class

  • Prediction markets are highlighted as the next major “emerging asset category” on‑chain.
  • In the current year, prediction markets have done more than $27B in volume, with ~46% month‑on‑month growth.
  • There is about $700M in open interest on platforms like Polymarket and Kalshi (referred to as “calci/Kali”) that is not yet fully composable on Solana.
  • Today, some off‑chain structures (e.g., Kalshi’s cash and banking yields) provide ~3.5–4% yield on capital, but when tokens representing these positions move fully on‑chain, they typically earn nothing.
  • This gap creates a significant opportunity for DeFi yields and additional use cases on top of prediction market positions.

Takeaway: Prediction markets represent a rapidly growing asset class whose on‑chain tokens are currently underutilized from a yield and DeFi composability standpoint.


5. Cleopetra Earn: Yield Layer for Prediction Market Tokens

  • Cleopetra is launching “Cleopetra Earn,” a platform explicitly designed to make prediction market tokens (yes/no tokens) yield‑bearing.
  • High‑level architecture:
    • Multiple traders stake their “yes” or “no” tokens into Cleopetra’s platform.
    • Cleopetra matches positions, redeems them for USDC where possible, and allocates that USDC to stablecoin yield strategies in money markets.
    • Users can redeem back into their respective prediction tokens at any time, while maintaining full market exposure.
  • Expected benefits:
    • Additional 2–5% yields on top of existing base returns, depending on stablecoin yields.
    • Unlocks new DeFi use cases like borrowing/lending against prediction market positions and using them as collateral.
  • Conceptually extends Cleopetra’s original long‑tail asset strategy into a fast‑growing, high‑volume sector with clear institutional and speculative interest.

Takeaway: Cleopetra Earn aims to become the yield and collateralization layer for prediction market tokens, enhancing returns and enabling new DeFi primitives around this asset class.


6. Strategic Vision: Owning DeFi Capital Flow on Solana

  • Cleopetra’s mission is framed relative to Jupiter:
    • Just as Jupiter “owns trade order flow” (routing swaps and trades), Cleopetra aims to “own capital flow” across DeFi protocols.
  • This implies:
    • Being the default router/aggregator for where idle or semi‑productive assets should go to earn optimal yield.
    • Sitting as an infrastructure layer between users’ assets (or protocol assets) and various money markets, DEXs, and yield sources on Solana.
  • The team has three years of Solana experience and has previously shipped multiple consumer products, suggesting operational familiarity with the ecosystem and user needs.

Takeaway: Cleopetra is positioning itself as a central capital‑routing and yield infrastructure layer for Solana DeFi, analogous to how Jupiter centralizes trade routing.

Breakpoint 2025: Superteam Demo Day: Crypto Fantasy League (Jonas Aditya Sunandar)

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Breakpoint 2025 D3

Overview

  • CFL turns crypto trading into a gamified, social fantasy-league experience, solving UX problems of complexity, isolation, and low engagement in traditional trading.
  • The product layers simple long/short basket bets and P&L-based leaderboards on real Solana token price movements, enabling competitive multiplayer matches.
  • Early traction of 20K users and ~$200K annualized revenue shows paying demand for gamified trading, de-risking it as a pure “experimental” GameFi concept.
  • A seasoned Web3/gaming team (300K-user prior game) is executing on the thesis that “trading is the new gaming,” targeting sticky, high-LTV retail users.
  • Built natively on Solana (including Solana Mobile), CFL leverages low fees and speed and aims to scale to 1M+ users, potentially driving meaningful on-chain activity and ecosystem adoption for investors.

Jonas Aditya Sunandar

Founder of Crypto Fantasy League (CFL); previously ran a Web3 development agency and built the game “Mimus” (300K registered users).


1. Problem: Traditional Crypto Trading Is Not Fun or Accessible

  • Describes current trading as “slow, lonely, and boring” with low dopamine and no social interaction.
  • Argues that for “internet capital markets” to scale, the entry barrier for trading must be lowered.
  • Emphasizes that new users are intimidated by complex interfaces and the lack of engaging, game-like experiences.
  • Believes there is a large opportunity in making trading feel like a game while preserving asymmetric upside (high potential returns).

Takeaway: CFL targets a major UX gap in crypto by reframing trading as an engaging, social activity rather than a technical, isolating task.


2. Product: Crypto Fantasy League (CFL) – Trading as a Game

  • CFL transforms trading into a “fun, social, and competitive game” layered on top of real market movements.
  • Users pick up to five tokens, choose a match duration, and decide to go long or short on their basket.
  • Player performance is ranked by P&L over the chosen duration; the highest P&L wins the reward pool.
  • Positions from the five chosen tokens are combined into a single P&L metric for each player, simplifying comparison.
  • The product supports multiplayer matches (example given: 8 people in the same match competing simultaneously).

Takeaway: CFL offers a fantasy-league-style UX for trading, using real token price movements but presenting them in a simplified, competitive game format.


3. Traction, Revenue, and Market Validation

  • Reports 20,000 registered users, indicating early product-market fit.
  • States that CFL is generating $200,000 in annualized revenue.
  • Notes $10,000 in revenue achieved in just the last two weeks, suggesting accelerating usage or monetization.
  • Demonstrates that users are willing to pay for a gamified trading experience, not just speculate directly on exchanges.

Takeaway: Early user and revenue numbers indicate CFL has real demand, which may appeal to investors looking for consumer-facing, revenue-generating Solana apps.


4. Team Background and Strategic Vision

  • Team has been building together for four years, originally as a Web3 development agency.
  • Past project “Mimus” attracted 300K registered users, showcasing experience in scaling Web3 gaming products.
  • Articulates the thesis that “trading is the new gaming,” positioning CFL at the intersection of DeFi and GameFi.
  • Vision is to “make trading fun again” and expand trading participation beyond traditional speculators.

Takeaway: An experienced Web3/gaming team is aiming to capture the overlap between retail trading and gaming culture, which can be a sticky, high-LTV user segment.


5. Solana Integration and Growth Plans

  • CFL is live and downloadable on Solana Mobile (Seeker), showing a commitment to Solana’s ecosystem and mobile stack.
  • Also accessible via web at “CFL.f fun” (CFL.fun), making it easy for broader user access.
  • Actively seeking partners to scale from 20,000 to 1,000,000+ users, implying openness to strategic capital, distribution partners, and ecosystem collaborations.
  • By building on Solana, CFL benefits from low transaction fees and fast execution, which are critical for a high-frequency, game-like trading experience.

Takeaway: CFL is a live Solana-native product looking to scale aggressively, offering investors and ecosystem participants a consumer application that can drive on-chain activity and Solana mobile adoption.

Breakpoint 2025: Superteam Demo Day: Darklake (Vitor Py Braga)

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Breakpoint 2025 D3

Overview

  • Highlights structural information asymmetry in Solana markets where validators and infrastructure providers can see and exploit orderflow before it hits the chain.
  • Introduces Darklake’s novel ZK primitives that allow dynamic updates to prices and volumes while preserving privacy and integrity.
  • Emphasizes tight integration with Solana’s performance constraints (sub-200k CUs, bounded TX size) to enable high-frequency, low-fee private trading.
  • Proposes “hybrid privacy” markets for perpetuals, combining private intents/pricing with public settlement for transparency.
  • For investors: if successful, Darklake could become core infra for fairer, lower-leakage perp markets on Solana, potentially increasing institutional and sophisticated trader activity on the chain.

Vitor Py Braga

Founder of Darklake, presenting at Solana Breakpoint 2025 Superteam Demo Day. Darklake is focused on building a new kind of privacy-preserving market infrastructure on Solana using custom zero-knowledge (ZK) primitives.


1. Information Asymmetry in Solana Markets

  • Vitor frames markets as “information exchanges”: someone knows a price, someone sees a price, and they trade.
  • On Solana today, access to validator infrastructure gives certain actors an advantage, as they can see user intents and orders before they are published on-chain and fully propagated.
  • This early access to transaction information can lead to unfair information flow and potential extraction from regular traders.

Takeaway: Darklake is motivated by the need to reduce validator-driven information asymmetry and unfair orderflow advantages in Solana markets.


2. Novel Zero-Knowledge Primitives for Dynamic Market Data

  • Traditional ZK proofs are described as “rigid”: cryptographers design them such that key values (e.g., prices) are fixed and cannot change once encoded.
  • Darklake is developing new ZK primitives that allow certain market parameters—like price and user volume—to be dynamically updated while still preserving privacy and integrity.
  • This approach rethinks how ZK is applied to markets, allowing for more flexible, real-time market behavior without exposing sensitive information.

Takeaway: Darklake’s core innovation is a new class of ZK primitives that support dynamically updated market data, making privacy-preserving markets more practical and responsive.


3. Performance, Solana Integration, and Execution Quality

  • The system is designed to operate at “Solana speeds,” emphasizing compatibility with the high-throughput, low-latency environment of the chain.
  • Transactions using Darklake’s ZK primitives are kept within strict size constraints and run efficiently under 200k compute units (KCUs), which is critical for cost-effective deployment on Solana.
  • By enabling dynamic private pricing and volume information, Darklake aims to materially improve execution quality for traders compared to existing public orderflow structures.

Takeaway: Darklake’s design is explicitly tuned to Solana’s performance and fee model, positioning it as a potentially viable infrastructure layer for high-frequency, privacy-aware trading.


4. Vision: Hybrid Privacy Markets for Perpetuals

  • Darklake is building a “hybrid privacy market” specifically targeting perpetual futures markets (“perps”).
  • “Hybrid privacy” suggests a design that mixes publicly visible elements (e.g., settlement, final state) with privately handled information (e.g., intents, order details, or intermediate pricing signals).
  • The goal is to preserve user privacy and reduce exploitable information leakage while still enabling transparent settlement on Solana.

Takeaway: Darklake’s initial product focus is on privacy-preserving perpetual markets, which could attract sophisticated traders seeking better execution and less exploitable orderflow on Solana.

Breakpoint 2025: Superteam Demo Day: DeCharge (Prakash Kamaraj)

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Breakpoint 2025 D3

Overview

  • DeCharge is building a decentralized EV charging network (“Helium for EV charging”) to address a multi-hundred-billion-dollar global infrastructure gap limiting EV adoption.
  • It uses a DePIN/“DePIN-Fi” model where community members deploy and invest in charging hardware, combining real-world infra demand with on-chain financial incentives.
  • EV chargers are tokenized as yield-bearing assets, giving investors exposure to charging revenues plus token rewards, creating a new on-chain real-world asset vertical.
  • The project shows early traction in Asia and the US, claims ecosystem links (e.g., Tesla) and focuses on a simple UX to reach non-crypto-native users.
  • A strategic partnership with Wallbox (≈1M chargers) and an experienced infra-focused founding team materially enhances scaling potential and execution credibility for Solana-aligned investors.

Prakash Kamaraj

Co-founder of DeCharge (also referred to as Dcharge), presenting at Solana Breakpoint 2025. DeCharge is positioning itself as “Helium for EV charging,” building a decentralized EV charging infrastructure network.


1. Problem: Massive Gap in Global EV Charging Infrastructure

  • DeCharge targets the global shortfall in EV charging stations, which is constraining EV adoption despite strong policy mandates.
  • The speaker highlights real-world pain: long queues and wait times at charging stations (e.g., “100 other vehicles waiting to charge”).
  • Frames this as a huge market failure, estimating it as a $500B opportunity where infrastructure has not kept pace with EV growth.
  • Argues that insufficient, slow, and inconvenient charging remains one of the main reasons EVs are not scaling faster worldwide.

Takeaway: DeCharge is addressing a very large and growing infrastructure bottleneck that materially limits EV adoption globally.


2. Model: “Helium for EV Charging” – Decentralized Infra (DePIN/“DePIN-Fi”)

  • Conceptually modeled on Helium: a decentralized physical infrastructure network (DePIN) where individuals or entities deploy charging hardware.
  • Described as “decentralized EV charging infra around the world,” aiming to avoid centralized, capex-heavy rollout constraints.
  • The team pushed the DePIN model “as much as possible,” emphasizing community-led deployment even before strong token incentives.
  • Evolved into what the speaker calls a “DePIN-Fi” approach: pairing real-world infrastructure demand with financial and token incentives to attract capital.

Takeaway: DeCharge uses a DePIN-style tokenized infrastructure model to scale EV charging without relying solely on traditional, centralized infrastructure investment.


3. Investment & Yield: Tokenized Charging Infrastructure as an Asset Class

  • Around $500K worth of EV charging infrastructure has been tokenized and made investable to the community.
  • Investors can gain exposure to real-world EV charging assets, capturing “crazy yields” from both:
    • Underlying charging revenues (real-world demand for fast charging), and
    • Token incentives layered on top.
  • The model positions EV chargers as yield-bearing on-chain assets, aligning crypto capital with tangible infrastructure growth.
  • This structure is attractive to crypto investors seeking real-world yield and to infra investors seeking more flexible capital formation.

Takeaway: DeCharge turns EV chargers into tokenized, yield-generating assets, making EV infrastructure a new on-chain investment vertical.


4. Traction & Market Presence (Asia, US, and Major Partners)

  • The project has seen strong growth particularly across Asia, suggesting product-market fit in dense, fast-growing EV markets.
  • Over 100 devices are already deployed in the US, indicating early penetration into a critical and competitive EV market.
  • The team claims strong “community partners” including Tesla and connections in Silicon Valley, signaling alignment with major EV ecosystems.
  • Emphasis on a front-end experience designed for “the average user who just doesn’t want to deal with anything complex,” focusing on mainstream usability rather than crypto complexity.

Takeaway: DeCharge has early but meaningful traction across Asia and the US, with credible ecosystem connections and a user-friendly approach that supports broader adoption.


5. Strategic Enterprise Deal: Partnership with Wallbox

  • DeCharge has signed a major partnership with Wallbox, a public-listed EV charging company.
  • Wallbox reportedly has close to 1 million charging nodes worldwide; DeCharge states these are being onboarded into its network.
  • This integration dramatically increases potential network scale and coverage without DeCharge needing to deploy all hardware itself.
  • The deal is described as “big news in clean energy tech,” and is key for expanding both the DePIN network and associated investable asset base.
  • Tariff and export complications are acknowledged, but partnering with a large global player mitigates some operational barriers.

Takeaway: The Wallbox deal is a major scaling lever, enabling DeCharge to potentially tap into nearly 1M existing chargers and rapidly grow its network footprint and investable infrastructure pool.


6. Team & Execution Capability

  • The speaker is “Dr. Pash,” co-founder; his co-founder has had three prior exits in very similar infrastructure problem spaces in Asia.
  • The team is presented as experienced in both scaling infrastructure and operating across Asian and US markets.
  • This experience is positioned as a key de-risking factor for investors evaluating execution risk in a capital-intensive, regulated sector.
  • Confidence is expressed in the team’s ability to scale beyond current traction into a global network.

Takeaway: A team with multiple exits in related infrastructure domains and cross-regional experience strengthens the execution case for DeCharge’s ambitious network vision.

Breakpoint 2025: Superteam Demo Day: Encifher (Rishabh Gupta)

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Breakpoint 2025 D3

Overview

  • Solana’s growth as an “internet capital market” is constrained by a lack of robust, on-chain trading/privacy infrastructure suitable for institutional-scale capital.
  • Encrypt.trade positions itself as a compliant, audited privacy engine that plugs into top Solana DeFi venues (starting with Jupiter) rather than competing with them.
  • Its “cryptographic co-processor” enables encrypted state and computation via ZK, threshold crypto, and enclaves, creating a general-purpose privacy layer beyond just DeFi.
  • Live integration, sub-5s private execution, $12M+ volume, and 4,000+ wallets indicate early product–market fit and practical scalability on Solana.
  • For Solana investors, a credible team and growing cross-ecosystem integrations (e.g., Near Intents) position Encrypt.trade as key compliance-friendly privacy infrastructure that can attract institutional and external-chain liquidity into Solana.

Rishabh Gupta

Founder of Encrypt.trade (Encifher), building a privacy engine for Solana DeFi.
Background: 4+ years in crypto, ex-Goldman Sachs, backed by Alliance DAO, prior experience building production-grade cryptographic systems.


1. The Need for On-Chain Privacy on Solana DeFi

  • Notes that ~85 million tokens launched on Solana last year, positioning Solana as an “internet capital markets” hub and a decentralized NASDAQ.
  • Argues that this vision cannot be fully realized without robust on-chain privacy for trading and capital flows.
  • Points out that existing privacy solutions are either not live, too slow, or require users to leave familiar DeFi apps and move to separate products.
  • Frames privacy not just as a user preference, but as critical infrastructure for serious capital and institutional participation.

Takeaway: On-chain privacy is presented as a missing but critical layer for Solana to fully mature into a global, institutional-grade financial market.


2. Introductions: Encrypt.trade as a Privacy Engine for Solana

  • Encrypt.trade positions itself as a “privacy engine” specifically for Solana DeFi, rather than a standalone app silo.
  • Focus is on allowing users to interact with existing, deep-liquidity platforms (e.g., Jupiter, Drift) while maintaining privacy.
  • Emphasis on “compliant privacy,” suggesting a design that can work within regulatory frameworks rather than enabling opaque, non-compliant flows.
  • Designed to scale with Solana’s performance profile, promising sub-5-second private execution that tracks network throughput.

Takeaway: Encrypt.trade aims to be a foundational privacy layer that plugs into leading Solana DeFi venues rather than competing with them.


3. Core Technology and Horizontal Scaling Potential

  • Introduces a “cryptographic co-processor” concept for Solana programs, enabling encrypted state and computation over that encrypted state.
  • Combines zero-knowledge proofs, threshold cryptography, and enclaves to achieve private computation with verifiability.
  • Enables on-chain programs to maintain encrypted state, opening use cases beyond DeFi (e.g., potentially other privacy-sensitive applications).
  • Claims horizontal scalability across different use cases, not limited to swaps or trading.

Takeaway: The underlying tech is positioned as a general privacy computation layer on Solana, with DeFi as the first but not only application.


4. Product UX and Integration with Existing DeFi (Jupiter First)

  • Already live with Jupiter, Solana’s primary DEX aggregator, indicating real integration and traction rather than a conceptual demo.
  • UX flow: users wrap their assets into encrypted assets, then trade via Jupiter as usual—minimizing user friction and preserving familiar interfaces.
  • Supports trading any asset type privately: long-tail tokens, blue chips, memecoins, and tokenized stocks.
  • Adds a “private send” feature for confidential transfers, not just trading, enhancing general-purpose financial privacy.

Takeaway: By integrating directly with Jupiter and using a simple “wrap-then-trade” model, Encrypt.trade lowers UX barriers for users to adopt private DeFi on Solana.


5. Performance, Security, and Compliance Positioning

  • Claims private execution in under 5 seconds, addressing a common concern that privacy adds latency and user friction.
  • States the system has undergone “two layers of audits,” signaling a focus on security and readiness for real capital usage.
  • Uses the term “compliant privacy,” hinting that the design can accommodate regulatory and institutional requirements (an important signal for investors).
  • Explicitly states that the system scales with Solana “in practice,” not just in theory, addressing investor concerns about real-world performance.

Takeaway: Encrypt.trade emphasizes audited, fast, and scalable privacy, aligning its value proposition with institutional and serious DeFi users rather than purely retail speculators.


6. Traction Metrics and Ecosystem Expansion

  • Reports over $12 million in volume processed so far, indicating early but tangible product-market fit.
  • Mentions 4,000 unique active wallets have interacted with the protocol, showing real user adoption.
  • Announces an upcoming partnership with “Near Intents” to help users from other ecosystems privately bridge/liquify into Solana.
  • Positions Solana as the “hub for onchain finance,” with Encrypt.trade as a privacy ramp for external capital via multi-chain routing.

Takeaway: Early usage metrics plus cross-ecosystem onboarding partnerships suggest Encrypt.trade is positioning itself as a key privacy gateway for liquidity flowing into Solana.


7. Team Background and Investor Signaling

  • Founder has a traditional finance background (Goldman Sachs), which can appeal to institutional investors looking for familiarity with regulatory and risk requirements.
  • Backing from Alliance DAO, a notable accelerator/investor in crypto, adds credibility and network effects.
  • Highlights experience building “multiple production grade cryptographic systems,” which de-risks execution on a complex technical roadmap.

Takeaway: A credible, technically experienced team with reputable backers increases the likelihood of sustained development and institutional trust in Encrypt.trade as Solana’s privacy layer.

Breakpoint 2025: Superteam Demo Day: Fundl (Josip Volarević)

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Breakpoint 2025 D3

Overview

  • Traditional crowdfunding like Kickstarter offers poor user retention, high risk for backers, and almost no upside sharing, making it inefficient compared to crypto-native models.
  • Fundl positions itself as “Kickstarter with pointsomics,” letting early backers share in a project’s later financial success, turning support into investment-like participation.
  • The model separates early, high-risk R&D funding on Fundl from later, lower-risk pre-sales on platforms like Steam or Kickstarter, economically rewarding early believers.
  • Early traction includes rapid raises (e.g., $8K in under an hour) and crypto-native consumer products, suggesting emerging product–market fit in web3-aware niches.
  • For Solana investors, Fundl represents a thesis on tokenless upside-sharing, aligned incentives, and real-world creator/consumer demand flowing through a Solana-based crowdfunding stack.

Josip Volarević

Founder & developer on Solana since 2021; has helped 200+ founders raise over $6M via VCs, hackathons, and grants; now building Fundl, a web3-native crowdfunding platform.


1. Problem with Traditional Crowdfunding (Kickstarter Limitations)

  • Kickstarter has launched ~300,000 projects over 15 years with $9B pledged, but in crypto terms that’s equivalent to only a handful of token launches (“nine fracoin launches”).
  • User retention is poor: ~90% of users stop using Kickstarter after backing just two projects.
  • Main reasons: high risk for backers—creators fail to deliver, rug, or simply don’t meet expectations.
  • Kickstarter has effectively become a pre-sale/marketing tool where creators must invest heavily (e.g., ~$20K in ads) upfront to raise successfully.
  • Backers get products (if all goes well) but almost no meaningful upside if a project later becomes very successful.

Takeaway: Legacy crowdfunding is inefficient, high-risk for early supporters, and doesn’t share meaningful upside with the earliest believers.


2. Introduction to Fundl: “Kickstarter with Pointsomics”

  • Fundl is positioned as a crowdfunding platform that fixes early-backing downsides by giving early supporters a share in later success.
  • Josip describes it as “Kickstarter with pointsomics”: early backers can profit if the project later sells successfully.
  • Backers are incentivized not just by the product but by participation in potential upside, making support more like an investment than a simple pre-order.
  • The platform is inherently web3-native and aligned with crypto’s culture of rewarding early adopters and community members.

Takeaway: Fundl introduces an incentive-aligned model where early supporters can capture upside, making crowdfunding more investment-like and potentially more attractive to crypto users.


3. How Fundl Works for Creators and Backers

  • Example flow: a video game developer raises the first $50,000 on Fundl from ~200 early believers to build a prototype.
  • After the prototype is built, the creator goes to Steam or Kickstarter to raise an additional ~$500,000 via traditional pre-sales.
  • If this larger, downstream fundraise is successful, the early Fundl backers who funded R&D share in the resulting profits.
  • The model separates early, risky R&D funding (on Fundl) from later, lower-risk pre-sales (on Web2 platforms), while ensuring early backers are economically recognized.

Takeaway: Fundl creates an economic bridge between early high-risk support and later mainstream crowdfunding, aligning incentives across a project’s funding lifecycle.


4. Early Traction & Live Projects

  • The first project on Fundl, an animated comic by an Emmy winner, raised $8,000 in under one hour—evidence of strong initial demand and execution.
  • A second active project is a crypto-themed poker set, with chips themed by major assets: orange for Bitcoin, blue for USDC, black for Solana.
  • Users can visit the platform (“funfun”) to back and potentially profit from sales if the product scales.
  • These early case studies showcase Fundl’s applicability to creative and consumer products with clear retail demand.

Takeaway: Early Fundl launches show rapid fundraising and clear product-market fit for crypto-savvy consumer and creator projects, signaling potential upside for Solana-aligned investors.

Breakpoint 2025: Superteam Demo Day: GameShift (Karthik Makayee)

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Breakpoint 2025 D3

Overview

  • GameShift has spun out from Solana Labs into an independent, venture-backed AI gaming infrastructure company focused on Solana, with a seed round opening soon.
  • Its flagship product, Omicas, is an AI game engine designed for real-time generative gameplay, solving latency and cost constraints to make AI-native, on-chain games viable at scale.
  • An Omicas IP marketplace will enable granular attribution, remixing, and royalty tracking for AI-generated and derivative game assets, aligning tightly with Solana’s NFT/IP economy.
  • GameShift Pulse aims to be a “Steam for Solana games,” combining analytics, discovery, storefront, and launcher capabilities to concentrate traffic and data across Solana gaming.
  • By inheriting and extending Solana Labs’ Web3 APIs, GameShift strengthens its position as core middleware, lowering integration friction and potentially driving more game and user volume onto Solana.

Karthik Makayee

Founder/leader at GameShift (acquired from Solana Labs); team has been building on Solana since 2021.


1. GameShift’s Evolution and Strategic Positioning

  • GameShift has transitioned from a Solana Labs initiative to an independent team that acquired the product and is now driving it forward.
  • The team has several years of Solana-native experience (building since 2021), indicating strong ecosystem alignment and technical familiarity.
  • They are preparing to open a seed round in January (with Seedl), signaling an upcoming capital raise and growth phase.
  • The roadmap spans AI game infrastructure, IP monetization, and Web3 APIs, positioning GameShift as a full-stack gaming platform on Solana.

Takeaway: GameShift is evolving from an internal Solana Labs project into a venture-backed, independent platform aiming to be core infrastructure for AI-driven, on-chain gaming.


2. Omicas: AI Game Engine for Real-Time, Generative Gameplay

  • Omicas is GameShift’s first major product: an AI game engine that generates game content (assets and experiences) from a small base asset set.
  • It uses “state-of-the-art models” to expand limited assets into rich game content, assembled at runtime rather than pre-generated.
  • The engine dramatically reduces latency compared to typical generative AI games—from 2–5 seconds down to milliseconds—enabling real-time, responsive gameplay.
  • Cost efficiency is a core value proposition: the system avoids exponential increases in cost as games get more complex or as prompts deepen.
  • Omicas introduces a new method called “constructive AI,” claimed to be more efficient for assembling game content; a paper on this will be released, suggesting defensible IP and thought leadership.

Takeaway: Omicas aims to make generative AI gaming viable at scale by solving latency and cost issues, which could unlock new types of on-chain and AI-native game experiences.


3. Omicas IP Marketplace and Attribution Layer

  • Alongside the engine, GameShift is launching an Omicas IP marketplace that leverages constructive AI’s structure to enable precise attribution of assets and derivatives.
  • The marketplace will track contributions and derivations of art and game assets, enabling artists to create derivative work and remix content across different games (“jars”).
  • This structure creates a programmable IP layer where ownership, royalties, and remix rights can be transparently tracked—highly relevant for Web3 and NFTs.
  • For investors, this combines AI-generated content with on-chain IP monetization, potentially creating new revenue streams for creators and platform fees for GameShift.

Takeaway: The Omicas IP marketplace targets the commercial side of AI-generated game content, enabling attribution, remixing, and monetization in a way that could be well-suited to Solana-based IP and NFT economies.


4. GameShift Pulse: Analytics, Discovery, and Distribution

  • GameShift will launch “GameShift Pulse,” a public-facing platform combining:
    • End-to-end analytics,
    • Game discovery,
    • Storefront functionality,
    • And a launcher.
  • This aims to be both a data layer and a distribution hub for games built with GameShift/Omicas and likely other Solana-native games.
  • For developers, it centralizes analytics and player acquisition; for the ecosystem, it could serve as a specialized “Steam for Solana games” with better visibility and tooling.
  • As a discovery and analytics layer, Pulse could become an important traffic and insight hub in the Solana gaming stack.

Takeaway: GameShift Pulse is positioned as a unified analytics and storefront/launcher platform, potentially becoming a key distribution and data channel for Solana gaming.


5. Web3 Infrastructure Continuity from Solana Labs

  • GameShift will continue to support and build on the existing Web3 API infrastructure originally created at Solana Labs.
  • This infrastructure likely abstracts wallet, asset, and transaction complexity for game developers, making it easier to onboard traditional game studios into Solana.
  • Maintaining and extending this stack preserves continuity for existing integrators and strengthens GameShift’s role as foundational middleware in the ecosystem.
  • For investors, this suggests low switching costs for developers already using Solana Labs’ tooling and a pathway for broader dev adoption.

Takeaway: By owning and extending Solana Labs’ Web3 gaming APIs, GameShift positions itself as a core middleware provider, smoothing the path for mainstream game developers into the Solana ecosystem.

Breakpoint 2025: Superteam Demo Day: Latinum.ai (Brendan Regan)

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Breakpoint 2025 D3

Overview

  • AI agents are becoming a default commerce layer, with Latinum.ai building merchant-first “agentic commerce” infrastructure to capture this growing, AI-mediated transaction flow.
  • Latinum offers a third path for merchants between centralized AI platforms (e.g., OpenAI) and costly DIY builds, preserving data, customer relationships, and strategic control.
  • The platform deploys a single commerce-configured agent and catalog across multiple channels (messaging apps, sites, branded UIs, even ChatGPT), enabling true omnichannel AI shopping.
  • Latinum is extending X42 and stablecoin-based checkout to support multi-item baskets, positioning Solana infra as the backbone of automated, agent-driven e-commerce payments.
  • The team is opening a funding round, presenting a near-term opportunity for Solana-aligned investors to gain exposure to AI-native commerce infra and evolving payment standards.

Brendan Regan

Founder of Latinum.ai — presenting “merchant-first infrastructure for agentic commerce” built on Solana and X42 for AI-native, cross-platform e‑commerce.


1. The Rise of AI Agents and “Agentic Commerce”

  • 2025 is described as “the year of the agent,” with AI agents increasingly mediating online interactions and purchases.
  • Regan argues 2026 will be “the year of agentic commerce,” where AI agents don’t just assist but actively execute transactions on behalf of users.
  • He cites recent Black Friday / Cyber Monday data: over $60B of commerce was AI-assisted, showing strong early traction for this model.
  • The core thesis: AI agents will become a default shopping layer, and infrastructure for them will be strategically important.

Takeaway: Latinum.ai is positioning itself at the infrastructure layer of a rapidly growing AI‑driven commerce trend, which may become a key surface for transaction volume.


2. The Merchant Dilemma: Centralized AI vs. DIY

  • Regan frames a key strategic choice for merchants:
    • Option 1: Go “all in” on ChatGPT (OpenAI), upload product catalogs, and effectively concede customer and data control to a centralized platform.
    • Option 2: Build in-house AI systems by hiring engineers to stitch together best-in-class AI tools, which is costly and time-consuming.
  • He criticizes the first option as putting merchants “inside [Sam Altman’s] garden,” with the platform owning leverage and customer relationships.
  • The DIY route offers control but is impractical for many merchants due to complexity and cost.
  • This framing sets the stage for Latinum as a “third option.”

Takeaway: There is a clear gap in the market for merchant-controlled AI commerce infrastructure that avoids dependence on major centralized AI platforms.


3. Latinum: Merchant-First Infrastructure for Agentic Commerce

  • Latinum positions itself as that “third option” — a merchant-first agentic commerce platform.
  • Merchants upload their product catalog to Latinum; Latinum combines it with:
    • MCP (Model Context Protocol) and UI components, and
    • An AI agent configured for commerce.
  • The platform then deploys that agent across multiple front-ends: WhatsApp, Telegram, brand sites, online stores, or even as a ChatGPT app.
  • Core value: merchants get full omnichannel AI agent capability without ceding their data or rebuilding from scratch.

Takeaway: Latinum aims to make AI agents a plug-and-play capability for merchants, giving them cross-platform reach while preserving data ownership and control.


4. Deployment Across User Platforms and Channels

  • Latinum’s deployment layer allows the same underlying agent and catalog to appear wherever customers already are:
    • Messaging apps (WhatsApp, Telegram),
    • The merchant’s own store or website,
    • Branded experiences, and
    • Even within ChatGPT as an app, if desired.
  • This architecture anticipates a fragmented front-end world where AI agents must operate consistently across multiple UX contexts.
  • For merchants, this promises higher conversion by keeping the buying experience persistent and context-aware across channels.

Takeaway: By abstracting the agent from the front-end, Latinum makes it easier for merchants to reach customers in all the environments where AI agents will live.


5. Payments & Checkout: X42, Stablecoins, and Basket Support

  • Latinum integrates a checkout layer using X42 and stablecoins to enable AI-native payments.
  • X42 is described as a simple “paywall” or payment protocol that attaches to any endpoint:
    • When accessed, the endpoint returns a “payment required” status code.
  • Current X42 limitations: lacks support for multiple items or baskets, which is essential for e-commerce.
  • Latinum has proposed an upgrade to the X42 specification to add multi-item/basket functionality.
  • Once added, merchants’ checkout can emit an X42 signal that Latinum’s browser extension or agent can capture and process for payment.

Takeaway: Latinum is not just consuming existing infra; it is actively shaping the X42 standard to support full e-commerce functionality, which is relevant to investors tracking protocol-level payment evolution on Solana.


6. User Experience Vision: AI Browsers and Automated Shopping

  • Regan gives a concrete UX example:
    • A user wants to buy multiple items (e.g., 10 Black Friday deals).
    • They drop the list into an “AI browser,” which then crawls the internet for an hour to source the items.
    • When the user returns, all 10 items are assembled in a browser extension/cart.
  • Merchants’ checkouts emit X42 events during this process; the browser extension captures those signals and orchestrates payment.
  • Benefits:
    • For merchants: higher conversion, as agents remove friction between discovery and checkout.
    • For consumers: reduced need to manage many tabs or refind items (“those Nike trainers you found two weeks ago”).

Takeaway: Latinum is targeting a future where shopping is largely agent- and browser-driven, with Solana-based checkout happening in the background, creating a potentially large transaction channel for the chain.


7. Fundraising and Next Steps

  • Regan states explicitly that Latinum is opening a funding round early next year.
  • He invites interested parties to reach out for more information.
  • The talk is framed as both a product vision pitch and a signal that the project is entering a capital-raising phase.

Takeaway: Latinum is moving from vision/prototype toward capitalized growth, making it a near-term candidate for investors focused on Solana-native AI + commerce infrastructure.

Breakpoint 2025: Superteam Demo Day: Lavarage (Alexander Ho)

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Breakpoint 2025 D3

Overview

  • Attention-based tokens (memes, prediction markets) are emerging as a new, high-velocity asset class that Solana is well-positioned to host due to speed and low fees.
  • There is a structural inefficiency between how fast new tokens launch and how slowly leverage products list them, creating opportunity for infra that closes this gap.
  • Lavarage provides a margin-liquidity backend for any on-chain market, enabling instant, one-click leverage on newly launched Solana tokens.
  • Early traction (3,000+ markets, focus on tokens <24h old, profitable lending) suggests real demand for leveraged trading and yield on these new markets.
  • For Solana investors, infrastructure like Lavarage is a leveraged bet on an “attention tokenization super cycle,” where growing speculative activity could drive usage, fees, and ecosystem value.

Alexander Ho

co-founder of Lavarage (also referred to as “Lage”/“L”), a margin-liquidity protocol built on Solana focused on leveraged trading for newly launched and attention-driven tokens.


1. Convergence of Tokenization and Decentralized Trading

  • Describes “two revolutions” colliding on-chain: tokenization of everything and the ability to trade anything in a decentralized way.
  • Highlights memes and prediction market tokens as “tokenization of attention” tied to news, trends, and events.
  • Emphasizes that these are highly engaging, fast-moving markets that spin up and start trading almost instantly.
  • Frames attention as one of the most valuable assets being monetized and financialized through these markets.

Takeaway: The rapid rise of attention-based tokens (memecoins, prediction tokens) is creating a new high-velocity asset class that demands better on-chain trading and capital infrastructure.


2. Problem: Capital Efficiency Lag in New & Spontaneous Markets

  • New markets/tokens appear and trade quickly, but leverage products (CEX or perpetual exchanges) list them much later.
  • By the time leverage is available on centralized venues, early traders often become “exit liquidity” for insiders or earlier entrants.
  • This lag creates a structural disadvantage for traders who want early leveraged exposure to new narratives and tokens.
  • The mismatch between spontaneous market creation and slow leverage market development is framed as a core inefficiency.

Takeaway: There is a critical time gap between token launch and availability of leverage, causing missed opportunities and poor capital efficiency for traders.


3. Solution: Lavarage as a Margin Liquidity Layer for Any Onchain Market

  • Positions Lavarage as a “margin liquidity layer” that can plug into any on-chain market, rather than being a siloed exchange.
  • Describes the protocol as two-sided: lenders supply margin liquidity, and traders access instant margin in a single click.
  • Focuses on enabling leverage on “any token, even ones created minutes ago,” tackling the timing gap directly.
  • Emphasizes that the product is optimized specifically for margin trading behavior, not general-purpose borrowing.

Takeaway: Lavarage aims to be the default leverage backend for new on-chain markets, enabling instant margin on newly launched tokens and improving capital efficiency across the ecosystem.


4. Product Design & User Behavior: “Traders Are Not Looking for a Loan”

  • The lending/borrowing mechanics are abstracted away for the trader; the UX is oriented toward fast, simple leveraged trades.
  • Ho notes that traders “are not looking for a loan, they are looking for dopamine,” highlighting UX and speed over complexity.
  • Margin positions can be opened “in one click,” which is critical for capturing fast-moving trends and narratives.
  • On the lender side, the design makes it “as simple as one click” to open new markets, enabling rapid expansion of supported assets.

Takeaway: The protocol is built around behavioral reality—traders want instant leverage and simple UX, while lenders need a low-friction way to deploy capital into many markets.


5. Traction, Market Coverage, and Profitability Signals

  • Their Solana-based lending pool has already supported over 3,000 markets.
  • Around one-third of these markets are tokens launched within the last 24 hours, underscoring their focus on very new assets.
  • Ho states that lending has been “sustainably profitable,” suggesting a viable yield model for liquidity providers.
  • Claims that current traction proves strong demand and validates the model ahead of a planned scale-up.

Takeaway: Early usage metrics and profitable lending dynamics indicate real market demand for instant leverage on new tokens, which may be attractive to both traders and yield-seeking lenders.


6. Strategic Positioning: Riding the “Attention Tokenization Super Cycle”

  • Frames the broader thesis as an “attention tokenization super cycle,” implying a long-term trend, not a short fad.
  • Positions Lavarage as infrastructure to bring capital efficiency to this cycle across memes, prediction markets, and other attention-driven tokens.
  • Calls for collaboration: “Let’s build together,” signaling openness to integrations with other protocols and markets on Solana and beyond.
  • Suggests timing is ideal now, with the model proven and infrastructure ready to scale with the next wave of attention markets.

Takeaway: If attention-based tokens continue to grow, Lavarage seeks to be a key leverage and liquidity primitive in that ecosystem, potentially benefiting from increasing on-chain speculative activity.

Breakpoint 2025: Superteam Demo Day: MetEngine (Harsh Prashant Ghodkar)

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Breakpoint 2025 D3

Overview

  • Solana is positioned as the core “Internet capital market,” opening fee-generating market-making and LP opportunities—once exclusive to TradFi—to everyday on-chain users.
  • The main constraint to capturing this value is no longer regulation but analytics: Solana’s ~1 TB/day of data requires sophisticated real-time tools to extract profitable LP and trading insights.
  • MetEngine provides a low-latency (“XM for LPing”) analytics layer with sub-5 ms processing, real-time pool heat maps, and visibility into top market makers to optimize liquidity deployment.
  • With 8,000 users, $92M in routed volume, and $4M in reported user profits, MetEngine demonstrates that accessible, high-speed analytics can materially boost LP returns for retail participants.
  • For Solana investors, the talk underscores Solana’s role as the execution and data hub for Internet-native capital markets and highlights tooling like MetEngine as critical infrastructure that can deepen liquidity, increase fee flows, and attract more retail capital on-chain.

Harsh Prashant Ghodkar

Co-founder of MetEngine, presenting at Solana Breakpoint 2025 on tools for Internet-native capital markets and LP (liquidity provider) optimization on Solana.


1. Solana as the “Capital of Internet Capital Markets”

  • Harsh frames Solana as the core hub for “Internet Capital Markets,” emphasizing its role in democratizing market-making and liquidity provision.
  • References a global asset base of over $500 trillion to highlight the potential scale of value that can move into Internet-native markets.
  • Contrasts traditional finance (TradFi), where access to market-making fees is restricted to licensed, high-net-worth participants, with Solana where these opportunities are open to retail users.
  • Notes that retail LPs on Solana have collectively earned $2.76 billion in fees this year, underscoring the real revenue potential for users.

Takeaway: Solana is positioned as an open, retail-accessible capital market where fee income from market-making—once reserved for Wall Street-style players—is now available to anyone on-chain.


2. The Data Problem: 1 Terabyte per Day on Solana

  • Solana produces approximately 1 terabyte of data per day, creating an immense information surface for trading and LP strategies.
  • Harsh argues there are not yet enough high-quality analytics tools to extract “alpha” (profitable insights) from this firehose of on-chain data.
  • Emphasizes that while the opportunity is large, the barrier is now analytical rather than regulatory—users must be able to interpret and act on blockchain data in real time.

Takeaway: The key bottleneck for capitalizing on Solana’s markets is no longer access, but having the analytics to convert massive data output into actionable trading and LP decisions.


3. MetEngine’s Product: “The XM for LPing”

  • Positions MetEngine as the “XM for LPing” — a high-speed, real-time data analysis platform specifically focused on liquidity provision.
  • Claims sub-5 millisecond processing for analytics and “lowest transaction landing,” designed for latency-sensitive LP and market-making decisions.
  • Demo includes a customizable heat map (e.g., a Kaido mind-share heat map) showing all pools on Solana, updated in real time, highlighting where capital and activity are concentrated.
  • Users can immediately see the best current positions and identify top market makers, turning raw blockchain data into accessible intelligence.
  • No licenses or institutional access are needed: “you just need to know how to read the blockchain,” with MetEngine providing that interpretive layer.

Takeaway: MetEngine offers a low-latency analytics layer on top of Solana that transforms raw on-chain data into real-time, visual tools for optimizing LP and market-making strategies.


4. Performance, Users, and Monetized Alpha

  • Over the past year, MetEngine has processed $92 million in trading volume through its platform.
  • The product has 8,000 users, suggesting early but meaningful traction in a specialized DeFi analytics niche.
  • These users have collectively made $4 million using the platform’s insights, which Harsh frames as “alpha” they do not lock behind paywalls or exclusive clubs.
  • The value proposition is explicitly retail-friendly: users only need a Phantom wallet to start; no large capital base or institutional status is required.
  • The closing message to the audience is to “go print some fees,” reinforcing the focus on fee income as a core use case.

Takeaway: MetEngine reports tangible user and revenue outcomes—$92M volume and $4M in realized gains—indicating that its real-time analytics can materially improve LP profitability for everyday Solana users.

Breakpoint 2025: Superteam Demo Day: Pye (Erik Ashdown)

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Breakpoint 2025 D3

Overview

  • Validators on Solana are evolving into asset managers, and Pye provides infrastructure for them to offer custom lockups, hedging, and DeFi yield services to institutional stakers.
  • Pye’s Programmable Stake Accounts (PSAs) add a flexible, tokenized layer over native stake accounts, splitting principal and future rewards into tradable SPL tokens without moving underlying SOL.
  • This enables “stake trading” and structured products (fixed yield, hedged yield, derivatives) via an order-book-based market, turning staking flows into a new on-chain yield/derivatives arena.
  • PSAs improve economics and incentives: validators gain stable, higher-margin revenue and fee share from Pye, while stakers get better terms, liquidity, and control over future rewards.
  • Backed by top crypto investors and validators representing ~4% of Solana stake, Pye is positioning as core staking-finance infrastructure—potentially increasing capital efficiency and financial depth around SOL staking, which is relevant for long-term Solana investors.

Erik Ashdown – Pye (stake infrastructure / DeFi on Solana)

Pye is building “stake trading” infrastructure on Solana to turn idle staked SOL into productive capital, primarily targeting validators, institutional stakers, and sophisticated DeFi users.


1. The Emergence of Validators as Asset Managers

  • Validators are evolving from pure infrastructure providers into asset managers serving institutional clients.
  • Institutional stakers increasingly demand:
    • Custom lockups
    • Hedging options
    • The ability to trade future staking rewards
    • Access to DeFi and higher-yield strategies.
  • Current native staking tools on Solana don’t give validators or stakers sufficient flexibility to meet these new requirements.
  • Pye’s mission is to help validators:
    • Attract and retain more stake
    • Generate more revenue
    • Provide better user experience for stakers.

Takeaway: Validators are becoming financial service providers, and Pye is positioning itself as core infrastructure to support that transition on Solana.


2. Programmable Stake Accounts (PSA) as a New Primitive

  • Pye has built “Programmable Stake Accounts” (PSAs) as an upgrade to Solana’s native stake accounts.
  • PSAs allow granular control over:
    • How MEV, priority fees (tip income), and inflation-based rewards are handled and split.
  • They support time-locks, letting stakers commit stake to a validator for specified periods.
  • PSAs enable tokenization of:
    • The principal (staked SOL)
    • The future staking rewards into two distinct SPL tokens, while the underlying SOL never leaves the stake account.
  • This structure underpins “stake trading” without compromising stake security or leaving the validator domain.

Takeaway: Programmable Stake Accounts create a flexible, tokenized layer on top of native staking, enabling financial engineering around stake without moving the underlying SOL.


3. Stake Trading, Structured Products, and New Markets

  • With time-locked and tokenized stake/rewards, both the stake and future staking rewards become tradable assets.
  • Predictable maturity and reward flows enable:
    • Trading of the yield leg (future rewards)
    • Trading/transfer of locked principal positions
    • Creation of structured financial products around staking (e.g., fixed-yield, hedged yield, or derivative strategies).
  • PSAs are being integrated into an order-book based trading system (not just AMMs), giving more sophisticated price discovery and liquidity options.
  • Over time, Pye plans to add strategy layers on top (structured yield and other DeFi strategies).

Takeaway: By turning stake and rewards into tradable tokens on an order book, Pye opens a new class of yield and derivatives markets built directly on top of Solana staking.


4. Economics and Incentives for Validators and Stakers

  • Locking stake via PSAs allows:
    • Stakers to negotiate or receive better commission terms in exchange for commitment.
    • Validators to enjoy more predictable and stable revenue.
  • A portion of Pye’s trading fees is shared back with the originating validators, creating:
    • A new, non-disruptive revenue stream for validators.
    • An incentive for validators to integrate PSAs and promote Pye’s stake trading to their delegators.
  • For stakers:
    • Increased transparency and visibility over staking rewards.
    • More control and utility over what they do with those rewards (e.g., selling forward, hedging, leveraging DeFi).

Takeaway: Pye aligns incentives by giving validators new fee revenue and revenue predictability, while offering stakers better economics, visibility, and liquidity around their staking positions.


5. Funding, Adoption, and Strategic Positioning

  • Pye announced a $5 million funding round:
    • Led by Variant
    • With participation from Coinbase, Electric Capital (implied “NE”?), Anagram, and others.
  • Validators participating in the round collectively represent about 4% of the Solana network’s stake, signalling early validator alignment.
  • Pye is targeting:
    • Validators who want to differentiate on revenue and DeFi access
    • Institutional and sophisticated stakers who need custom lockups and yield strategies.
  • The project aims to be core infrastructure rather than a competing validator or liquid staking protocol.

Takeaway: With strong investor backing and early validator alignment, Pye is positioning itself as a foundational staking-finance layer for the Solana ecosystem, potentially relevant to anyone investing in Solana’s validator and DeFi infrastructure stack.

Breakpoint 2025: Superteam Demo Day: Ranger Finance (FA2)

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Breakpoint 2025 D3

Overview

  • Ranger Finance is building a Solana-native “DeFi command center” that aggregates liquidity and venues to offer smart-ordered, cross‑margin trading with a focus on best execution for active/perp traders.
  • The roadmap shifts Ranger from a single UI to a full execution platform (Bulk, Pacifica, cross‑margin engine, APIs), targeting power users and institutional/programmatic flows.
  • Current traction (~$5B volume, ~$25M TVL) underpins an aggressive $100B volume target, positioning Ranger as an aspiring top-tier Solana execution layer if growth persists.
  • A “Futaki‑based” token model emphasizes fair launch, large public allocation (40% ICO), pay‑for‑performance, fee discounts, and buy‑and‑burn, explicitly aiming to align token value with protocol usage and reduce insider risk.
  • The project is raising $6M via ICO on a launchpad with recent strong performers, using the capital for team and GTM expansion—an early-stage, higher‑risk/high‑upside bet for Solana investors seeking exposure to DeFi trading infrastructure.

Fatu – Ranger Finance

Founder at Ranger Finance, presenting at Solana Breakpoint “Superteam Demo Day”


1. Ranger Finance’s Core Product: A DeFi “Command Center”

  • Ranger is building a “DeFi command center” focused on solving trading fragmentation across wallets, interfaces, and venues.
  • The product is positioned as the first smart-ordered cross‑margin trading terminal on Solana.
  • Core value proposition: best execution for traders – lowest slippage, lowest fees, and minimal price impact.
  • Target users are active/perp traders who currently need to juggle multiple UIs and wallets to optimize fills and costs.

Takeaway: Ranger aims to become the primary execution layer for serious Solana traders by aggregating liquidity and optimizing execution across venues with a cross‑margin engine.


2. Product Roadmap & Platformization of Execution

  • Near-term strategy is to turn their execution engine into a broader platform rather than just a single trading UI.
  • Q4 milestones:
    • Acquisition of “Voter” (likely an existing product/user base or tech asset).
    • Introduction of Ranger USD (a stable or internal unit of account for trading/settlement).
    • Reached ~$25M in TVL.
  • Next year:
    • Launch of “Bulk” and “Pacifica” products combined with a cross‑margin engine (expanding product suite and margin capabilities).
    • Q2 target: full Ranger app launch alongside an API suite for programmatic/institutional users.

Takeaway: Ranger is evolving from a single trading tool into a full execution platform with margin, products, and APIs that can attract both power users and more institutional or systematic participants.


3. Growth Metrics and Volume Targets

  • Current year (presumably 2025) volume is close to $5B traded through Ranger’s systems.
  • Ambitious target for next year: $100B in trading volume.
  • Growing TVL (~$25M) plus volume metrics signal traction that may support token and platform value accrual if growth continues.

Takeaway: Ranger is positioning itself as a rapidly scaling Solana trading venue with clear volume and growth ambitions that, if met, would push it into the top tier of DeFi execution platforms on the chain.


4. Token Design & “Futaki-Based” Paradigm

  • Presenter argues “most tokens go to zero” due to:
    • Rampant insider dealings.
    • Front‑loaded demand and back‑loaded supply.
    • Weak or nonexistent fundamental value.
  • Ranger introduces a “Futaki‑based token” (new paradigm as framed by the team):
    • Fair launch on “Manad/Medal” (platform referenced as “metal/medal”, used for raising).
    • Early real ownership for community.
    • “Unruggability” emphasized (less room for team/insider abuse).
    • Pay‑for‑performance structure, implying incentives tied to actual platform usage and success.
  • Tokenomics:
    • 40% of total supply allocated to the ICO.
    • Future “hard utility” planned: fee discounts and a buy‑and‑burn mechanism, linking token value to protocol revenue/usage.

Takeaway: Ranger is deliberately pitching a more investor‑aligned token model with large public allocation, explicit utility, and mechanisms designed to counter typical DeFi token failure modes.


5. Fundraise & Market Context

  • Raising $6M via ICO, described as the largest minimum raise on the Medal/Manad launch platform to date.
  • Funds earmarked for:
    • Team/“dev” expansion.
    • Go‑to‑market push and growth.
  • Cites recent launches on the same platform (Solo, Umbra, Avichi) as trading significantly higher post‑launch—framing the raise and listing as attractive to investors based on recent performance of comparable tokens.

Takeaway: Ranger is using a sizable, high‑profile raise on a launchpad with a track record of strong post‑launch performance to position its token sale as a potentially compelling opportunity for Solana‑focused investors.


6. Team & Engagement

  • Team includes:
    • Fatu (presenter/founder).
    • FU Barrett.
    • Kobe.
  • Call to action: interested parties can reach out about:
    • Participating in the ICO.
    • Using Ranger vaults.
    • Getting more involved with the project.

Takeaway: A small but named core team is seeking capital, users, and partners, signaling early-stage but active execution with an open door to investors and contributors.

Breakpoint 2025: Superteam Demo Day: Solana ID (Simon Molitor)

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Breakpoint 2025 D3

Overview

  • Identifies a large, under-served ~$2B performance marketing opportunity on Solana, where most current crypto advertising lacks attribution and ROI measurement.
  • Positions Solana ID as core ad infrastructure, routing targeted user acquisition spend through a unified layer that combines on-chain behavior and off-chain data.
  • Uses wallet-based tiers, badges, and reputation to let projects reach high-value user segments instead of chain-wide “spray and pray” campaigning.
  • Builds a two-sided network of perk partners (advertisers) and display partners (apps), taking a toll on ad spend while enabling precise, performance-based perks.
  • Early traction (15+ campaigns, $1M+ run through, 15k+ users, MetaMask partnership) signals growing adoption; for investors, this is a leveraged bet on Solana’s user growth and ad market maturing with web2-style performance tools.

Simon Molitor – Solana ID

Co-founder of Solana ID, a user acquisition and on-chain advertising infrastructure project on Solana.


1. The Problem: Crypto Marketing Is Broken

  • Current crypto marketing is described as “blind spray and pray”: vague brand spend (KOLs, events, sponsorships) with little attribution.
  • Projects struggle to track campaign performance or measure outcomes like conversions and return on ad spend (ROAS).
  • There is a large and growing market for targeted ads on Solana; Simon estimates a ~$2B opportunity over the next 12 months.
  • He claims ~85% of the web2-style performance marketing opportunity in crypto is still untapped.

Takeaway: There is a massive gap between web2 performance marketing capabilities and what crypto projects on Solana use today, creating a large monetization and efficiency opportunity.


2. Solana ID’s Value Proposition & Targeted Ad Infrastructure

  • Solana ID aims to become the layer through which all targeted ads on Solana run, leveraging on-chain and off-chain data.
  • On-chain data is used to discover and segment the target audience based on wallet behavior and activity.
  • Off-chain data is plugged into the system to further refine and personalize targeting options (e.g., demographics or behavioral attributes not visible on-chain).
  • The vision: every targeted ad on Solana routes through Solana ID within 12 months, making it core infrastructure for user acquisition.

Takeaway: Solana ID positions itself as the central performance marketing and targeting infrastructure on Solana for all user acquisition spend.


3. Targeting Model: Tiers, Badges, and On-Chain Reputation

  • Solana ID uses a simple tier system to classify “high-value users” based on on-chain behavior.
  • More advanced targeting uses “badges” for specific behaviors: NFT trading, liquidity provision, staking, and similar activities.
  • Logging in with a wallet allows Solana ID to check a user’s on-chain reputation and assign them relevant perks or ads.
  • This structured on-chain reputation and behavior model is what powers precise targeting.

Takeaway: By quantifying wallet behavior and on-chain reputation, Solana ID enables advertisers to reach specific, high-value user segments rather than broadcasting to the entire chain.


4. Two-Sided Network: Perk Partners and Display Partners

  • Perk partners:
    • These are Solana projects that want to acquire users (Solana ID’s direct customers).
    • They run performance campaigns via Solana ID and distribute targeted “perks” (rewards, incentives) to desired users.
  • Display partners:
    • High-traffic Solana apps that integrate Solana ID’s display network.
    • They monetize their traffic by showing targeted perks/rewards to their users, earning from ad spend.
  • Users on these third-party apps log in with their wallet; Solana ID checks their on-chain reputation and surfaces relevant rewards right in the app front end.
  • This model creates a win–win–win: perk partners acquire better users, display partners monetize better, and Solana ID sits in the middle of the flow of value.

Takeaway: Solana ID is building an ad/perk network on Solana that links ad buyers (projects) with inventory (apps), capturing a middle-layer toll on targeted user acquisition.


5. Solana ID Hub: User-Facing Layer and Wallet Aggregation

  • The Solana ID Hub is a user-facing app where users sign up and link multiple wallets to one profile.
  • Over 15,000 users are already registered, with many having added several wallets, increasing data richness and targetability.
  • A more complete view of user activity across wallets makes campaign targeting more efficient and reduces fragmentation.
  • Users are incentivized: signing up and linking wallets increases their chances of receiving valuable perks and rewards.

Takeaway: The hub grows a rich, consented user graph across wallets, improving the accuracy and value of Solana ID’s targeting for advertisers.


6. Performance Marketing Stack: Analytics and Measurement

  • Perk partners get a campaign dashboard similar to web2 ad platforms.
  • They can track key metrics: click-through rate, conversion rate, and return on ad spend (ROAS).
  • This level of measurement is “very normal in web2” but largely missing in crypto, where few teams track granular campaign performance.
  • By providing these tools, Solana ID aims to shift crypto marketing from guesswork to data-driven growth.

Takeaway: Solana ID brings familiar web2 performance analytics to on-chain campaigns, helping projects optimize spend and justify marketing budgets.


7. Traction, Partnerships, and Growth Signals

  • Over 15 campaigns already launched, with more than $1M in campaign funding run through the platform.
  • Integrated with 5+ high-traffic Solana apps in the display network.
  • Over 15,000 users have signed up for the Solana ID holder app; ~5,000 joined in a single week due to a major partnership with MetaMask.
  • The team emphasizes they are “settlers, not tourists” in the ecosystem, positioning themselves as long-term builders of core Solana infrastructure.
  • Core team: Simon (co-founder), Pierre (marketing lead, “marketing wizard”), and Ben (growth).

Takeaway: Early but meaningful traction, key integrations, and a high-profile MetaMask partnership suggest Solana ID is already capturing real spend and positioning itself as default ad infra on Solana.

Breakpoint 2025: Superteam Demo Day: Tapedrive (Zelimir Fedoran)

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Breakpoint 2025 D3

Overview

  • Centralized cloud storage is increasingly criticized for high costs, outages, and exploitative data use, pushing users toward decentralized alternatives.
  • The global storage market is enormous and growing rapidly, especially from AI workloads, while decentralized storage still holds only a tiny share.
  • Existing decentralized storage projects have underperformed mainly due to poor UX and complexity compared with Amazon S3, not lack of demand.
  • Tape Drive uses Solana as a high-throughput control plane to deliver S3-like simplicity, scalable decentralized storage, and on-chain payments/staking.
  • For Solana investors, Tape Drive represents a potential high-leverage bet on AI and data growth flowing through Solana-based infrastructure, with early traction on core protocol components and room for ecosystem partnerships.

Zelimir Fedoran

Founder of Tape Drive, a decentralized cloud storage project built on Solana, focused on simplifying storage infrastructure for web and AI workloads.


1. The Problem with Centralized Cloud Storage

  • A few major centralized providers currently control most global data storage and pricing power.
  • These providers significantly mark up prices above underlying cost.
  • User data is monetized via advertisers and used to train AI systems, raising privacy and ownership concerns.
  • In the past year there were 12 “catastrophic outages,” collectively causing billions in economic losses.
  • These outages and practices are weakening the perceived moat of centralized cloud and pushing companies to explore decentralized alternatives.

Takeaway: Growing dissatisfaction with centralized cloud providers on cost, reliability, and data usage is creating an opening for decentralized storage solutions.


2. Market Opportunity for Decentralized Storage

  • Global storage revenue was about $250B last year and is projected to reach ~$700B within a few years.
  • Despite this huge and rapidly growing market, decentralized storage currently captures only a small portion of it.
  • The gap represents a significant upside for solutions that can match centralized providers on UX and reliability.
  • AI and data-heavy applications are driving especially strong growth in storage demand.

Takeaway: The storage market is massive and expanding fast, and any decentralized solution that can compete on usability stands to capture substantial value.


3. Why Existing Decentralized Storage Hasn’t Won Yet

  • Leading decentralized storage projects often have steep learning curves for developers and users.
  • Workflows are complex compared with the simplicity of services like Amazon S3.
  • Many solutions do a poor job handling small files, even though small web and AI data objects represent a huge volume of real-world usage.
  • This UX friction is a key barrier to adoption for enterprises and builders who want a “set it and forget it” experience.

Takeaway: Existing decentralized storage has underperformed primarily due to poor user experience and lack of S3-level simplicity, not because of lack of demand.


4. Tape Drive’s Value Proposition and Architecture

  • Tape Drive’s core bet is to replicate the convenience of S3: create storage in ~30 seconds and then not have to think about it.
  • Designed to feel like S3 for developers, emphasizing simplicity and “just works” behavior.
  • The system scales with every additional node in the network, aiming at virtually infinite scale.
  • Built on Solana, chosen as “the blockchain with the most volume,” leveraging its throughput for the control plane.
  • An on-chain program manages payments, staking, consensus, and other coordination tasks.
  • The “Tape Network” handles the actual data storage and code execution off-chain, coordinated via the on-chain program.

Takeaway: Tape Drive aims to bring S3-like simplicity and scalability to decentralized storage using Solana for on-chain coordination and payments.


5. Current Progress and Near-Term Outlook

  • The team has already solved many of the “hard issues” identified earlier, especially the entire on-chain control plane.
  • Core infrastructure for payments, staking, and consensus is reportedly already built.
  • Significant work remains on other components (likely UX, tooling, integrations, and network growth).
  • Positioned to benefit directly from the boom in AI and the surge in data storage and processing needs.
  • Founder is actively seeking conversations with Solana builders and teams needing decentralized infrastructure, implying openness to partnerships, early adopters, and possibly investors.

Takeaway: Tape Drive has key foundational pieces already working on Solana and is now focused on expanding capabilities and adoption as AI-driven storage demand accelerates.

Breakpoint 2025: Superteam Demo Day: Trepa (Jong-Chan Chung)

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Breakpoint 2025 D3

Overview

  • Trapper transforms prediction markets from binary bets into continuous numerical forecasting, directly rewarding closeness to the true outcome.
  • The product uses a simple UI and graded, exponential payout curve where the top 50% of most accurate forecasters earn, boosting both engagement and data quality.
  • Early Solana deployment and the Breakpoint M&M demo validate UX, on-chain execution, and the “wisdom of the crowd” effect for generating accurate numeric signals.
  • Trapper positions itself as a high-resolution data layer whose forecasts can feed trading, research, and other prediction platforms, adding potential value to the Solana ecosystem.
  • A domain-native founding team with prior prediction and macro experience, plus credible backing, strengthens execution odds and makes Trapper a notable Solana-native bet for investors.

Jong-Chan Chung (John), Co‑founder of Trapper

Trapper: a newly launched Solana app that rewards precise numerical predictions rather than binary “yes/no” bets.


1. From Binary Prediction Markets to Numerical Forecasting

  • John argues current prediction markets are mostly binary (yes/no, up/down), which “kills precision.”
  • Example: a market on “Will the highest temperature be less than 25°?” wrongly rewards someone who guessed 31 over someone who guessed 24 if the actual is 25, despite 24 being closer.
  • This structure punishes forecasters who are more accurate but directionally “wrong” relative to the binary condition.
  • Trapper instead focuses on predicting the exact number (price levels, election margins, macro data, sports stats), not just direction.

Takeaway: Trapper’s core innovation is shifting prediction markets from binary outcomes to continuous, numerical forecasts, aligning rewards with actual accuracy.


2. Trapper’s Product Design and Incentive Structure

  • Users “slide to your number” to make a prediction, then “stake your conviction” with capital.
  • Returns are tied to how close your prediction is to the real outcome, with ROI increasing exponentially as accuracy improves.
  • Payouts are available to the top 50% of closest predictions, rewarding a wide set of forecasters rather than only a single winner.
  • The design aims to make on-chain prediction more intuitive and engaging for retail users, with both “cash and clout” as incentives.

Takeaway: Trapper offers a simple UI and graded reward curve that financially and reputationally rewards more precise predictions, potentially increasing user engagement and data quality.


3. Early Traction on Solana and Demo Day Experiment

  • Trapper launched on Solana just four days before the talk, emphasizing Solana as the execution layer.
  • As a live experiment at Breakpoint, they asked 50 attendees to predict the exact number of M&M’s in a jar.
  • The actual count was 979; the closest prediction was 975, demonstrating very high accuracy in aggregate.
  • The distribution of estimates formed a classic bell curve centered around the true value, illustrating the “wisdom of the crowd” and the kind of data Trapper can surface.

Takeaway: Early usage on Solana and the Breakpoint experiment showcase that Trapper can quickly generate accurate, structured prediction data with a smooth user experience.


4. Data Value and Positioning Relative to Existing Markets

  • John highlights that Trapper creates “high-resolution” numerical prediction data rather than coarse binary signals.
  • This numerical data is described as “complementary and upstream” to traditional prediction markets, suggesting other platforms or traders could use it as an input signal.
  • Over time, Trapper’s dataset could become valuable for trading, research, or risk modeling across crypto and broader markets.

Takeaway: Trapper is positioning itself not just as a betting app, but as a data-generating platform whose precise crowd forecasts could become a valuable signal layer for investors and other prediction markets.


5. Founding Team and Backing (Signal for Investors)

  • Two co-founders from Germany who met on the Polymarket subreddit, highlighting native experience in prediction markets.
  • Leon is a fullstack engineer who previously built trading alerts for prediction markets.
  • John has experience predicting the effects of monetary policy, signaling macro and forecasting expertise.
  • They state they are “backed by some of the best in the space,” implying credible early investors (though not named).

Takeaway: An experienced, prediction‑market‑native team with investor backing increases the credibility of Trapper as a potentially meaningful player in the Solana prediction/data ecosystem.

Breakpoint 2025: Superteam Demo Day: Triad Markets (Davi Cardoso)

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Breakpoint 2025 D3

Overview

  • Brazil-first, consumer entertainment–style prediction market on Solana, targeting a large LatAm audience underserved by US-focused platforms.
  • Web2-friendly UX with fiat on/off-ramps and embedded live streams driving mass adoption signals Solana can onboard mainstream users without exposing blockchain complexity.
  • Planned on-chain parlays on Solana create a differentiated, higher-margin betting product that can boost protocol volume and fee generation.
  • Fully on-chain USDC order book with ~$30M cumulative volume showcases Solana’s performance and transparency for real-money consumer apps.
  • For Solana investors, Triad exemplifies a high-traction, localized, real-world use case that can expand Solana’s user base and transaction flow in a major emerging market.

Davi Cardoso – CEO & Co‑founder, Triad Markets (Brazil)

Brazil-focused prediction market platform built with a web2‑friendly experience on top of Solana.


1. Building a Brazil-First, Consumer-Focused Prediction Market

  • Triad is positioning itself as the first major prediction market in Brazil, targeting Latin American users rather than US-centric regulation and attention.
  • The founders (Davi, his cousin, and his brother) explicitly aim to differentiate from US players like Kalshi and Polymarket by focusing on local markets and culture.
  • The product goal is to make prediction markets feel like ESPN, TikTok, or a sports betting app (not a “boring finance dashboard”).
  • This consumer UX focus is meant to pull in mainstream web2 users rather than only DeFi‑native traders.

Takeaway: Triad is betting that a localized, entertainment-first user experience in Brazil/LatAm can capture a large, underserved prediction market audience outside the US.


2. Web2-Friendly Experience & User Acquisition at Scale

  • Triad has already integrated major on/off-ramps (“picks on in the off ramp”) to simplify deposits/withdrawals for mainstream users.
  • The platform is built so “anybody from web2 can use” it, hiding blockchain complexity behind a familiar betting interface.
  • They recently hosted live streams directly inside the platform (not on YouTube or Twitch), with ~200,000 concurrent viewers.
  • These streams were tied to live prediction markets, so users could watch and bet in one place, driving engagement and liquidity.

Takeaway: Triad is demonstrating strong early traction and user engagement by combining embedded media and betting in a web2-like interface, a positive sign for growth and volume.


3. Product Innovation: On-Chain Parlays

  • Triad plans to be the first prediction market to offer on-chain parlays (combined bets) on Solana; they highlight that neither Polymarket nor Kalshi have this.
  • Example: a user can bet that Brazil wins a match, with exactly 3 goals and 2 yellow/red cards, risking a small amount for a large potential payout.
  • Parlays significantly increase possible market combinations and potential user upside, making the app more similar to advanced sports betting platforms.
  • This feature could be a key differentiator in attracting serious bettors and increasing protocol volume and fee revenue.

Takeaway: On-chain parlays give Triad a unique, higher-margin product that could meaningfully increase betting activity and differentiate it from existing prediction markets.


4. On-Chain Infrastructure & Traction Metrics

  • Triad operates a USDC-denominated, fully on-chain order book for its markets, leveraging Solana’s performance.
  • The platform reports about $30 million in cumulative trading volume to date.
  • Running everything on-chain supports transparency and composability, potentially making it more attractive to DeFi-integrated partners and institutional users over time.
  • The combination of on-chain infrastructure with web2 UX suggests a hybrid approach: crypto-native backend, mass-market frontend.

Takeaway: With $30M in on-chain USDC volume and an order-book structure, Triad shows early traction and a credible base for scaling as a transparent, Solana-native prediction market in Brazil.

Breakpoint 2025: Superteam Demo Day: Watt Protocol (Vladimir Picha)

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Breakpoint 2025 D3

Overview

  • Current staking on Solana is largely emissions-based, diluting holders and leaving billions in tokens unstaked and idle.
  • Volatility is reframed as a productive input that can generate sustainable yield from market activity rather than inflation.
  • Watt Protocol enables liquid staking for almost any Solana token, targeting “real, non-dilutive yield” instead of reward emissions.
  • Stakers keep price exposure without lockups, liquidation risk, or impermanent loss, and the protocol is already live with more tokens coming.
  • For investors, broader, non-dilutive staking could improve capital efficiency on Solana and create new yield opportunities across many ecosystem tokens.

Vladimir Picha

Co-founder of Watt Protocol (referred to as “Vat Protocol” in the talk), presenting at Solana Breakpoint 2025. Focus: a new approach to liquid staking for Solana-based tokens.


1. Problems With Current Staking Models

  • Most existing staking programs rely on token emissions (“money printer” mechanics), which dilute all token holders over time.
  • Non-stakers suffer the most from dilution, effectively subsidizing rewards to stakers.
  • A large number of tokens on Solana still have no staking program at all, representing billions of dollars in idle, non-yielding capital.
  • This lack of staking for many tokens is framed as a major capital inefficiency in the crypto markets.
  • Current approaches encourage short-term incentives via emissions instead of sustainable, real-yield mechanisms.

Takeaway: Current staking models are both dilutive and capital-inefficient, leaving a large portion of token market cap underutilized.


2. Rethinking Volatility and Yield

  • Market volatility is usually perceived negatively (price swings, emotional “mood swings” between getting rich and going broke).
  • The speaker reframes volatility as an opportunity: it can be harnessed to generate yield whether prices move up or down.
  • The goal is to allow token holders to earn from market activity instead of purely from inflationary rewards.
  • This framing appeals to both traders and long-term holders who want returns independent of simple price appreciation.

Takeaway: Volatility can be transformed from a risk factor into a source of sustainable yield based on market activity.


3. Watt Protocol’s Liquid Staking Solution

  • Watt Protocol provides liquid staking for “basically any token” on Solana, not just SOL or a small set of majors.
  • Users can earn “real, non-dilutive yield” generated from market activity (not inflationary token emissions).
  • Stakers retain exposure to the token’s price upside while avoiding:
    • liquidation risk,
    • impermanent loss, and
    • lockups.
  • The product is already live on mainnet, not just in test or concept phase.
  • A new version of the protocol is in development, with plans to list additional tokens.
  • The team is actively looking to onboard more token projects and invites token issuers/founders to collaborate.

Takeaway: Watt Protocol aims to unlock non-dilutive, liquid staking for a broad range of Solana tokens, offering yield from market activity with no lockups or DeFi-style risk profiles, which could materially improve capital efficiency on Solana.

Breakpoint 2025: Superteam Demo Day: Xelio (João Vasco Martins)

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Breakpoint 2025 D3

Overview

  • Xelio targets users in emerging markets (starting with Nigeria) who earn in stablecoins but lack a unified, compliant way to use them for everyday banking and payments.
  • It seeks to be a full “financial operating system” on Solana, abstracting crypto complexity so users can pay bills, invest, and save in stablecoins through one platform.
  • Product strategy centers on low-friction access via SMS and WhatsApp “banks,” enabling Solana wallets and payments without requiring a dedicated app or reliable internet.
  • Improving crypto regulation in emerging markets is a key tailwind, reducing compliance risk and enabling deeper integration with local financial systems.
  • A new partnership with Solstice (USX) adds yield-bearing savings to Xelio, turning it into both a payments rail and a deposit/yield hub on Solana—potentially boosting TVL, transaction volumes, and user retention for Solana-based investors.

João Vasco Martins – Xelio (sometimes spelled “Zelio” in transcript)

Founder/operator of Xelio, a Solana-based financial platform focused on bringing stablecoin-powered banking and savings products to users in emerging markets, with a current focus on Nigeria.


1. The Problem: Using Stablecoins in Emerging Markets

  • Martins highlights that people paid in stablecoins but living in countries like Nigeria face major friction using that money in a compliant, everyday way.
  • Local fintech infrastructure is fragmented: users must juggle multiple apps to move between crypto and real-world payments.
  • There is limited interoperability between services, making it hard to pay rent, bills, and everyday expenses directly from crypto.
  • The pain point is not just on-/off-ramping but achieving a seamless, regulated “banking” experience when income is in stablecoins.

Takeaway: There is a large and growing user base in emerging markets being paid in stablecoins but lacking a unified, compliant financial stack to actually use them for daily life.


2. Xelio’s Vision: A Financial Operating System for Stablecoins

  • Xelio is positioning itself as a “financial operating system” built around stablecoins, not just a single app.
  • The goal is to cover the full financial lifecycle: making payments, paying rent and bills, investing, and savings, all from the same system.
  • The platform is designed for accessibility “for everyone,” emphasizing inclusion in markets where traditional banking is weak.
  • Focus is on abstracting away crypto complexity so end-users can treat it like normal banking.

Takeaway: Xelio aims to become the core financial layer for stablecoin users in underbanked regions, potentially capturing significant transaction and savings flows on Solana.


3. Product Launches: SMS Bank and WhatsApp Bank

  • Xelio launched an SMS-based “bank” earlier in the year, giving anyone a Solana wallet accessible directly via SMS.
  • This SMS bank enables crypto transactions and payments without requiring an internet connection, critical in low-connectivity regions.
  • After user demand for more features, Xelio launched a more advanced WhatsApp “neo bank” that functions like a full banking interface within WhatsApp.
  • The WhatsApp bank supports richer functionality than SMS, aligned with user behavior in markets where WhatsApp is already a dominant communications and business tool.

Takeaway: By embedding Solana wallets into SMS and WhatsApp, Xelio reduces adoption friction and could scale user acquisition quickly in markets where smartphone apps and data connectivity are limited or fragmented.


4. Timing and Regulatory Context

  • Martins notes that compliance environments in many emerging regions are becoming more “friendly” toward crypto.
  • This regulatory shift is framed as a catalyst that makes now an optimal time to build crypto-finance products.
  • He implies that the next five years may be as or more attractive for crypto builders than the previous five, due to this regulatory tailwind.

Takeaway: Improving regulatory attitudes toward crypto in emerging markets create a more favorable backdrop for stablecoin-centric platforms like Xelio, which may lower legal risk and support institutional partnerships.


5. Partnerships and New Savings Product with Solstice (USX)

  • Xelio works with multiple partners to deliver a complete financial ecosystem to users.
  • Martins announces a specific new partnership with Solstice to bring USX (a stable, yield-bearing asset/product) to “every single wallet” in emerging markets via Xelio.
  • This integration is framed as a “new way to save” and as a disruption to traditional savings, implying higher or more accessible yields.
  • Early users can pre-sign up for a “multiplier” on yield, and there is a rolling waitlist for access, indicating a go-to-market strategy focused on incentivizing early adoption.
  • The emphasis on yield and savings signals that Xelio is moving beyond payments into longer-term capital retention and growth products.

Takeaway: The Solstice–USX integration positions Xelio not only as a payments rail but as a gateway to crypto-native savings yield in emerging markets, which could drive deposit growth and user stickiness on Solana.

Breakpoint 2025: Superteam Demo Day: Xitadel (Ryot Seo)

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Breakpoint 2025 D3

Overview

  • Identifies a core funding gap in Web3: lack of debt financing forces projects into discounted token/equity sales, creating persistent sell pressure and misaligned incentives.
  • Proposes Xitadel, an overcollateralized, fixed-yield debt protocol on Solana that lets projects borrow stable liquidity (e.g., USDC) against idle native tokens instead of selling them.
  • Structures loans as simple, tradable “corporate bond” tokens with predictable fixed yield and maturity, improving clarity of risk/return for investors.
  • Targets a broad collateral base—protocol treasuries, VCs, DAOs, and RWA holders—enabling global, cross-border secured lending on Solana’s infrastructure.
  • For Solana investors, this expands Solana’s DeFi stack into corporate-style credit markets, potentially increasing on-chain capital efficiency, reducing forced token sell pressure, and attracting institutional lenders seeking transparent fixed-income yields.

Ryot Seo

Founder of Xitadel (spelled “Citadel” in the transcript), presenting at Solana Breakpoint 2025 Superteam Demo Day on an on-chain debt financing protocol built on Solana.


1. The Problem: Web3 Projects Can’t Access Debt Financing

  • Ryot argues that unlike traditional startups, Web3 projects effectively have no access to classic debt financing; they mostly rely on selling tokens/equity.
  • In TradFi, founders can go to a bank and raise capital via loans or other debt instruments, which is usually more capital efficient than equity.
  • In Web3, selling tokens/equity is often “the only option,” which he frames as structurally inefficient for builders.
  • Equity/token sales typically come with steep discounts (e.g., 50%), immediately creating potential selling pressure in the market.
  • Some investors hedge by shorting the token to create delta-neutral positions, which may be financially rational for them but is negative for token price and project optics.

Takeaway: The current Web3 funding model over-relies on discounted token sales, causing misaligned incentives and selling pressure, and lacks the healthier alternative of structured debt financing.


2. Xitadel’s Solution: On-Chain Overcollateralized Debt Financing

  • Xitadel is building an overcollateralized, fixed-yield debt financing protocol for Web3 projects on Solana.
  • Projects can post their “idle” native tokens as collateral and borrow liquid assets (e.g., USDC) against them.
  • Example: A project like Jupiter could deposit $300M worth of tokens as collateral and borrow $100M in USDC, retaining upside while unlocking working capital.
  • This gives projects a way to fund operations without having to sell large amounts of their token into the market.
  • The model is positioned as analogous to corporate bonds: a clear principal plus fixed yield, with a defined maturity and redemption.

Takeaway: Xitadel enables projects to unlock capital from their treasuries via overcollateralized on-chain loans, introducing a corporate-bond-like funding channel to Web3.


3. Product Design: Fixed-Yield, Tradable “Corporate Bond” Tokens

  • The borrowing mechanism issues a tradable debt instrument that acts like a bond: it starts at a base price and accretes to a higher fixed value at maturity.
  • Example given: a bond-like token issued at $1 would be redeemable at $1.13 at maturity if the interest rate is 13%.
  • These instruments are tradable on secondary markets, providing liquidity to lenders/investors before maturity.
  • At maturity, holders can redeem for the principal plus the fixed interest, assuming the borrower remains solvent/collateralized.
  • This design targets predictable yield for investors and clear cost of capital for projects.

Takeaway: Xitadel packages on-chain loans as simple, fixed-yield, tradable instruments, making crypto-native “corporate bonds” accessible on Solana.


4. Market Scope: Beyond Protocols to VCs, DAOs, and RWAs

  • Ryot emphasizes that Web3 protocols are only a “tiny little fraction” of potential users who sit on idle tokenized assets.
  • Other target users include VCs, DAOs, and other entities with large, underutilized token holdings.
  • He explicitly references RWAs (real-world assets): tokenized buildings or similar assets can be used as collateral to borrow money.
  • Example: A building owner in Nigeria could tokenize the property and borrow against it, potentially accessing capital from lenders in places like London.
  • This points toward cross-border, permissionless collateral markets using Solana as the settlement layer.

Takeaway: The protocol aims to serve a broad collateral market—protocol treasuries, VCs, DAOs, and RWA holders—opening a path for global, on-chain secured lending.


5. Current Status and Call to Action

  • Ryot notes “our dev is already up,” indicating a live or test deployment of the protocol.
  • The team is present at Breakpoint and has already participated in a “builder round,” suggesting early traction or funding.
  • He directs attendees to search “BP soul” (likely Breakpoint Solana-related URL or tag) to find the app or demo.
  • Invites questions and engagement, positioning this as an early-stage but active product rather than a purely conceptual pitch.

Takeaway: Xitadel’s on-chain debt financing protocol is already deployed in an early form, with active development and early community/funding engagement on Solana.

Breakpoint 2025: Swig: The Future of Smart Wallets on Solana (Justin Blumenthal)

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Breakpoint 2025 D3

Overview

  • Swig introduces seedless, programmable smart accounts on Solana that replace brittle seed-phrase wallets with Web2-style authentication (email, SMS, passkeys, existing wallets).
  • A native onchain policy engine with granular roles and permissions enables advanced security (limits, time locks) and automated DeFi strategies directly at the wallet layer.
  • The architecture is optimized for Solana’s performance, claiming far lower compute costs than competing smart wallets, supporting high-volume consumer and DeFi use cases.
  • Early integrations with Glider, Anchorage, Avichi, and Corvettz/X42 indicate real traction across consumer DeFi, institutional access, payments, and identity-aware finance.
  • For Solana investors, Swig strengthens the chain’s wallet and account abstraction layer—reducing UX friction, enabling institutional-grade controls, and potentially accelerating app and user growth on Solana.

Justin Blumenthal

CEO of Swig; presenting “Swig smart accounts” — a programmable, seedless wallet infrastructure built on Solana, targeting both consumer and institutional DeFi use cases.


1. The Problem: Traditional Wallets Are Brittle and User-Hostile

  • Current crypto wallets are described as brittle, clunky, and unforgiving: loss of a seed phrase means permanent asset loss.
  • This experience is seen as a key barrier to broader adoption, frustrating even long-time builders.
  • Swig is positioned explicitly as a solution to this seed-phrase and UX problem.

Takeaway: Swig is built to remove the core UX and security pitfalls of traditional seed-based wallets.


2. Swig Smart Accounts: Programmable, Seedless Wallets on Solana

  • Swig offers “hyperprogrammable, open-source wallets” deployed on Solana and across the broader SVM.
  • It eliminates seed phrases: users log in via email, SMS, passkeys, or existing wallets; Swig then binds that identity to a smart account.
  • Once authenticated, users control a programmable account rather than a static keypair-based wallet.
  • The design aims to bridge Web2-style login simplicity with full onchain control and composability.

Takeaway: Swig replaces seed phrases with Web2-style authentication tied to a highly programmable smart account, aiming to unlock mainstream and enterprise adoption on Solana.


3. Policy Engine & Roles: Advanced Security and DeFi Automation

  • Swig includes a native onchain policy engine (no TEEs or trusted external hardware), integrated directly into the contract.
  • Users and developers can define granular policies:
    • Session limits, time-based limits (e.g., daily spend caps).
    • Token-based and oracle-based limits (e.g., rules based on SOL price).
    • Complex DeFi strategies, such as auto-rebalancing when an asset hits a price threshold.
  • Swig uses a slot-based architecture supporting up to ~65,000 roles on a single wallet, maximizing programmability.
  • Each role combines an authority (who can act) and permissions (what they can do), enabling fine-grained control over wallet behavior.

Takeaway: Swig’s role-based, onchain policy engine enables sophisticated security controls and automated DeFi strategies directly at the wallet layer.


4. Performance & Cost: Designed for Scale on Solana

  • Swig is explicitly designed to be flexible without sacrificing performance or adding latency.
  • Compute unit costs for standard actions (like SPL token transfers or account creation) are described as orders of magnitude lower than other smart wallets.
  • This addresses a key request from developers: programmability without program bloat or UX lag.

Takeaway: Swig claims significant performance and cost advantages versus other smart wallet solutions, which is critical for high-volume DeFi and consumer apps on Solana.


5. Key Integrations & Early Customers: Adoption Signals

  • Glider Launch on Solana

    • Glider is now live on Solana powered by Swig after previously being blocked by insufficient wallet tooling.
    • Swig enables Glider’s customers to use:
      • Gasless paymaster functionality.
      • Dynamic portfolio sub-accounts.
      • Complex DeFi auto-rebalancing strategies.
    • Signals that Swig can unlock real products that were previously unable to launch on Solana.
  • Institutional DeFi: Anchorage

    • Swig is working with Anchorage to provide safe, secure access to Solana DeFi for institutions.
    • Indicates traction with regulated, institutional players who need strong policy controls and reliability.
  • Neo-banking & Payments: Avichi

    • Swig powers Avichi’s neo-banking payment card on Solana.
    • Avichi required 24/7 uptime without reliance on trusted offchain infrastructure — a fit for Swig’s fully onchain architecture.
  • Authentic Finance / Onchain Identity: Corvettz & X42

    • Swig is supporting Corvettz’s X42 facilitator on Solana for “authentic finance” use cases.
    • Suggests applications in identity-aware or regulated financial workflows.

Takeaway: Early integrations across consumer DeFi, institutional DeFi, and payments/neo-banking suggest Swig is becoming a foundational wallet layer for multiple high-value verticals on Solana.


6. Open-Source Stack & Call to Builders

  • Swig is live today, with open-source SDKs available in TypeScript and Rust.
  • The team invites developers building in DeFi, institutional, and payment-card/neo-banking categories to adopt Swig and give feedback.
  • Positioning as open-source infra lowers integration friction and encourages ecosystem-wide experimentation.

Takeaway: Swig is already production-ready and open-source, aiming to become a standard smart account/wallet infrastructure layer for the Solana ecosystem.

Breakpoint 2025: The Future of Tokenized Funds: How Institutional Asset Managers Scale Onchain

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Breakpoint 2025 D3

Overview

  • Plume and WisdomTree are launching five institutional-grade tokenized RWA vaults on Solana, giving DeFi users direct access to yield from Treasuries, equities, and private credit.
  • The partnership separates roles clearly: WisdomTree manages and tokenizes offchain assets, Plume distributes to DeFi users, and Solana provides fast, low-cost execution and composability.
  • WisdomTree brings scale and credibility (≈$140B AUM, 15 tokenized funds, low minimums) as a major institutional bridge for RWA exposure on-chain.
  • Vault tokens are designed as core yield-bearing collateral for Solana DeFi, with real cash-flow backing and broad integration potential across lending, trading, and other protocols.
  • For Solana investors, this signals growing institutional adoption, deeper RWA liquidity, and a roadmap of expanding products and capital flows into the Solana ecosystem through 2026 and beyond.

Shu Kima & Meredith Hannannah

Shu Kima – Chief Strategy Officer, Plume
Meredith Hannannah – Head of Business Development, Digital Assets, WisdomTree (global asset manager with ~$140B AUM)


1. Launch of Institutional-Grade Tokenized Vaults on Solana

  • Plume is bringing 5 institutional-grade vaults to Solana, featuring WisdomTree’s tokenized treasury and credit strategies.
  • These vaults will hold real-world assets (RWAs) such as U.S. Treasuries, equities, and private credit, managed by WisdomTree.
  • Users deposit stablecoins into the vaults and receive a yield-accruing token in return.
  • Yield on these tokens is sourced from WisdomTree’s offchain asset management and brought onchain.

Takeaway: This launch creates a direct, DeFi-native way for Solana users to access institutional-grade yield from tokenized real-world assets.


2. Role Breakdown: Plume, WisdomTree, and Solana

  • Plume acts as the distribution layer, connecting Solana DeFi users to large asset issuers.
  • WisdomTree is the yield generation layer, managing the real-world portfolios and bringing their cash flows onchain.
  • Solana serves as the execution layer, providing high-speed, 24/7 trading, deep liquidity, and DeFi composability.
  • The collaboration is presented as a three-way partnership focused on scalable, onchain institutional products.

Takeaway: The stack is clearly delineated—WisdomTree runs the assets, Plume distributes them, and Solana powers the DeFi execution.


3. WisdomTree’s Tokenized Funds & Investor Access

  • WisdomTree manages approximately $140B and currently offers 15 tokenized real-world asset funds.
  • These tokenized products cover U.S. Treasuries, equities (stocks), and higher-yield private credit.
  • They are available to global institutional investors and U.S. retail investors, with minimums starting as low as $1.
  • The focus is not just token issuance but utility—enabling actual onchain use cases rather than passive holdings.

Takeaway: WisdomTree is positioning itself as a major institutional bridge to onchain RWAs, with accessible minimums and a broad fund lineup.


4. Utility, Composability, and Solana DeFi Integration

  • Vault tokens are designed to be composable within Solana’s DeFi ecosystem (e.g., lending, trading, collateral).
  • Solana’s 24/7 market and fast, low-cost infrastructure enable real-time trading and redemptions of vault tokens.
  • The presence of “verifiable real cash-flowing assets” backing these vault tokens is emphasized as a key differentiator.
  • The aim is to make the user experience simple: deposit stablecoins, receive a yield-bearing token, and use it across DeFi.

Takeaway: These vaults are meant to function as core yield-bearing building blocks for Solana DeFi, backed by real-world income streams.


5. Multi-Chain Strategy and Future Roadmap

  • WisdomTree follows a multi-chain strategy to “meet investors where they are” across different blockchain ecosystems.
  • Onchain access removes traditional barriers like brokerage accounts and jurisdiction-driven platform fragmentation.
  • Investors can interact via their own wallets, WisdomTree’s wallets, or partner platforms like Plume.
  • WisdomTree signals intent to deepen its involvement in the Solana ecosystem, with more initiatives anticipated in 2026.

Takeaway: The Solana integration is part of a broader multi-chain RWA strategy, with expectations of continued expansion and new products on Solana.

Breakpoint 2025: The Most Delightful Way to Earn Yields on Your SOL: Sanctum (FP)

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Breakpoint 2025 D3

Overview

  • Native SOL staking is secure but UX-heavy (epochs, stake accounts), limiting mainstream participation and leaving network security under-optimized.
  • Liquid staking has emerged as the dominant, user-friendly yield path, with Sanctum already powering >$2B TVL via major partners as core Solana yield infrastructure.
  • Even current liquid staking tokens confuse users on actual returns (APY vs. price changes over time), highlighting a gap in clear yield communication.
  • The new Sanctum app reframes staking as a simple, emotionally engaging experience with daily synchronized yield updates and explicit earnings tracking.
  • For Solana investors, Sanctum’s UX-first, product-led approach could expand the staking base, deepen SOL liquidity, and strengthen Sanctum’s role as critical yield middleware in the ecosystem.

FBA

FBA, co-founder at Sanctum, presenting a new UX-focused way to earn yield on SOL through the Sanctum app and broader liquid staking infrastructure on Solana.


1. Why Staking SOL Matters and Current UX Problems

  • FBA assumes the audience believes in SOL as a long-term asset and emphasizes that everyone should hold and stake Solana to secure the network and earn yield.
  • Describes native staking as “version one”: users delegate SOL directly to validators, which is good for network security but has poor user experience.
  • Native staking forces users to understand technical concepts like epochs, activation/deactivation delays, and splitting/merging stake accounts.
  • This complexity is seen as a major barrier to broader staking participation and optimal network security.

Takeaway: Native staking is powerful but too complex for mainstream users, creating demand for better UX around earning yield on SOL.


2. Liquid Staking on Solana and Sanctum’s Role

  • Liquid staking is framed as the “next evolution” of earning yields on Solana, with a much better UX.
  • Liquid staking tokens behave like any other token in a wallet: users “buy to start earning yield and sell to exit,” which is easier to understand than native staking mechanics.
  • FBA calls liquid staking tokens “first-class citizens” in wallets, which has driven strong adoption.
  • Sanctum has helped major partners (Jupiter, Bybit, DeFi DevCore, and others) integrate liquid staking and collectively contributed to over $2 billion in TVL.
  • Liquid staking tokens automatically accrue yield over time, reflected in their value going up versus SOL.

Takeaway: Liquid staking has become a dominant, user-friendly way to earn SOL yields, and Sanctum is already a central infrastructure provider with multi-billion-dollar TVL.


3. UX Limitations of Today’s Liquid Staking Tokens

  • Despite improved UX, liquid staking tokens still have issues from a user perspective.
  • Users must effectively solve a “math problem” to understand how much they actually earned: buy price vs. sell price vs. time held.
  • APY and total return are not intuitively obvious to most users; tracking performance over months can be confusing.
  • This gap shows that even successful liquid staking products can be made simpler and more transparent.

Takeaway: Current liquid staking products win on accessibility but still fail to clearly communicate yield and performance, leaving UX improvements on the table.


4. Introducing the Sanctum App: “The Most Delightful Way to Earn Yields on Your SOL”

  • FBA announces the new Sanctum app as a rethinking of “the cleanest and simplest Solana staking experience,” built on Sanctum’s liquid staking expertise.
  • The design philosophy is “delight first”: the app prominently features Sanctum’s playful blobs and an overall cute, uplifting aesthetic.
  • The team invests significant effort into making users feel “loved and cared for,” with an emphasis on emotional experience, not just financial function.
  • A core feature is synchronized daily yield updates across all users on Solana, giving everyone “something to look forward to” every day.
  • The app clearly shows how much yield a user has earned over time, addressing the prior pain point of opaque or confusing returns.
  • Initial product scope is intentionally small and focused: a tight, delightful core experience now, with more features planned for the future.
  • FBA invites people to join the waitlist and mentions physical swag they’re giving away at the conference.

Takeaway: The Sanctum app focuses on radically simplifying and beautifying the SOL yield experience—daily, synchronized yields and clear earnings tracking—aiming to drive broader staking adoption and stickier user engagement.


5. Investor-Relevant Implications

  • Sanctum already underpins a large portion of Solana liquid staking activity (>$2B TVL), anchored by major ecosystem players; this positions it as key yield infrastructure for SOL.
  • By removing UX friction and emphasizing emotional/delightful design, Sanctum is targeting mainstream adoption, which could increase overall staking participation and network security.
  • Synchronized daily yield and transparent earnings views may increase user retention and reduce churn versus more technical staking interfaces.
  • The focus on a minimal but polished v1 with future expansion suggests a product-led growth strategy that can compound as more users onboard through partners and the Sanctum app itself.

Takeaway: For Solana-focused investors, Sanctum represents a maturing layer of yield infrastructure—shifting from technical staking tools to consumer-grade products that could broaden the SOL staking base and deepen liquidity in the ecosystem.

Breakpoint 2025: The UAE: The New Wall Street of Digital Finance: Solmate (Marco Santori)

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Breakpoint 2025 D3

Overview

  • Rockaway X and Solmate are merging to form a Solana‑centric, revenue‑driven NASDAQ vehicle (SLMT) that combines a large SOL treasury with infrastructure, liquidity, and venture investing.
  • Rockaway X is expanding high‑performance Solana infrastructure (validators + ultra‑low‑latency Zila “RPE”) into the UAE, improving execution for trading and DeFi on Solana.
  • The combined platform is rolling out market‑neutral DeFi credit and curated Solana vault products, aiming to grow Solana TVL and yield opportunities.
  • Solmate shareholders gain public‑market exposure to SOL staking economics plus a curated portfolio of Solana ecosystem ventures.
  • Strategically, Solana is being positioned as the core chain for tokenized finance routed through the UAE, which aims to become a “new Wall Street” for digital assets.

Speakers

Victor (Rockaway X) – Founder of Rockaway X, an infrastructure, liquidity, and asset‑management firm deeply involved in Solana since early testnet days; lead investor and anchor in Solmate’s $300M PIPE / DAT.
Marco Santori (Solmate) – Executive at Solmate (ticker: SLMT), a NASDAQ‑listed company with a large, growing SOL treasury, focused on Solana staking and on‑chain capital markets, especially in the UAE.


1. Rockaway X–Solmate Combination and Strategy

  • Rockaway X invested $50M as the anchor investor in Solmate’s $300M Solana-focused PIPE/DAT.
  • After initial discussions, both sides chose to shift Solmate’s “DAT business” into a revenue and earnings-focused business by combining entities.
  • The merger was announced the previous Thursday and is expected to close in 30–60 days; the teams are already operating together.
  • Post‑merger Solmate will integrate Rockaway X’s three business lines: infrastructure, liquidity products, and asset management.
  • The combined entity will center its strategy on Solana and on making the UAE a core hub for digital finance.

Takeaway: The Rockaway X–Solmate merger consolidates a major SOL treasury with a full‑stack infra/liquidity/VC platform, creating a more revenue‑driven, Solana‑centric public company.


2. Rockaway X Infrastructure: Global Validators and “Zero Latency” RPC

  • Rockaway X ran one of the first manual testnet validators for Solana in Prague and now stakes roughly $1B in assets across ~50 blockchains.
  • They are a “double zero” (likely reference to Solana infra contributor) and operate connections from major European hubs (London, Amsterdam, Frankfurt, Prague, Oslo).
  • They are about to connect the UAE into this network, supporting the region’s ambitions in digital finance.
  • New product: Zila (zero-latency.io) – an “RPE” (Remote Procedure Execution) service, essentially an ultra‑low‑latency RPC located very close to Solana leaders.
  • Zila follows Solana leaders globally so that program transactions execute right next to the current/next leader, significantly reducing latency for developers and traders.

Takeaway: Rockaway X is extending a high‑performance, low‑latency Solana infrastructure footprint into the UAE, which should benefit latency‑sensitive trading and DeFi activity on Solana.


3. Liquidity & Yield: Market‑Neutral DeFi Credit and Solana Vault Curation

  • Rockaway X operates a market‑neutral private credit DeFi fund that lends to protocols (e.g., Huma, Kamino, HR, Solstice, Morpho on EVM).
  • Performance: ~19% net in the prior year and on track for ~15% net this year, with zero defaults since 2022, including through the FTX crash.
  • Fund size is ~$150M, deployed across ~40 DeFi protocols; USD in / USD out structure (not stablecoins), offering monthly liquidity and an ~8x Sharpe ratio to investors.
  • They see large opportunity in vault curation (like on Morpho V2 in EVM)—a role where capital allocators design and manage DeFi yield strategies.
  • There is ~$8B in vault TVL, but only ~12% is on Solana; Rockaway X aims to increase Solana’s share.
  • Newly announced: launch of vault curation on Solana in partnership with Kamino, Exponent, and Midas, targeted for January, to drive more yield options and TVL into the Solana ecosystem.

Takeaway: Rockaway X is bringing its proven, market‑neutral DeFi credit expertise and curated vault products to Solana, which could materially boost Solana TVL and attract yield‑seeking capital.


4. Asset Management & Venture Investing on Solana

  • Rockaway X has a long‑running asset‑management arm focused on venture capital.
  • They led the seed round of Solana and continue to back core Solana ecosystem projects (double zero, Kamino, Squads, Exponent).
  • A new investment is being co‑led in Bedhawk (details forthcoming), indicating ongoing commitment to early‑stage crypto infrastructure and DeFi.
  • All these investment activities roll into Solmate via the merger, giving the public company exposure to a curated portfolio of Solana ecosystem ventures.

Takeaway: The combined platform gives Solmate shareholders direct exposure to a pipeline of early‑stage Solana and DeFi projects, reinforcing Solana’s long‑term growth story.


5. Building “Solana City” and Physical Presence in Dubai

  • Rockaway X has opened Solana City in Dubai, a branded co‑working space located in Al Quoz (Q is by Alphabet).
  • The space is positioned as a community and working hub for builders and partners in the Solana ecosystem.
  • This physical presence underscores the strategic importance of the UAE as an operational base for Solana‑centric businesses.

Takeaway: Establishing Solana City in Dubai signals a long‑term, on‑the‑ground commitment to building Solana’s developer and business ecosystem in the UAE.


6. Solmate’s NASDAQ‑Traded SOL Treasury and Staking Strategy

  • Solmate (ticker: SLMT) is a NASDAQ‑traded company that has raised a $300M PIPE and is focused on building a large SOL treasury.
  • The corporate strategy is laser‑focused on using that SOL treasury for staking and validator operations on Solana.
  • Step one of their UAE strategy is to accumulate stake—first via Solmate’s own treasury, then by attracting third‑party stake.
  • With sufficient stake and infra, they intend to offer comprehensive transaction landing services (i.e., blockspace and order‑flow services) to the broader market.

Takeaway: Solmate is effectively a public‑markets vehicle for large‑scale SOL staking and validator economics, with growth tied to Solana network usage and staking yields.


7. UAE as the “New Wall Street” of Digital Finance

  • Current global setup: ~30% of Solana stake resides in Frankfurt; major matching engines sit in Tokyo; historically there was a gap in between.
  • The UAE recently started validating Solana transactions, and Solmate/Rockaway believe they produced the first block validated from the UAE—currently at roughly 1 block every 4 minutes.
  • The UAE is attractive due to:
    • Clear, crypto‑friendly regulation and legal frameworks.
    • Existing talent and human capital attracted to the region.
    • High‑quality infrastructure: fiber optics, data centers, and connectivity.
    • A government perceived as aligned with digital‑finance ambitions.
  • Strategic vision:
    1. Build stake in the UAE (via SOL treasury + external delegations).
    2. Attract market participants (traders, hedge funds, market makers, exchanges) by making the UAE a low‑latency, well‑regulated hub between Europe and Asia/US.
    3. Expand into tokenization, turning the UAE into a global center for on‑chain capital markets.
  • They reference the SEC Chair’s view that most financial markets will be tokenized within two years; while aggressive, they see it as plausible.
  • Rather than “fixing” legacy Wall Street (e.g., T+2 to T+0), they aim to leapfrog it by building a new, fully on‑chain Wall Street from scratch in the UAE.
  • Ambition: generate 3–5% of UAE GDP from this digital‑finance stack, a very large macro target if realized.

Takeaway: The long‑term thesis is that the UAE can become a major global hub for tokenized finance on Solana, capturing a meaningful slice of national GDP and serving as a “new Wall Street” for digital assets.


8. Implications for Crypto and Solana Investors

  • Concentrated bet on Solana as the settlement and execution layer for tokenized capital markets.
  • Creation of a liquid, NASDAQ‑listed proxy (SLMT) for exposure to SOL staking + infra + DeFi yield + Solana VC within one entity.
  • Expansion of low‑latency infra (Zila) and UAE‑based validators could improve execution quality for high‑frequency and institutional traders on Solana.
  • New vault curation and DeFi credit products on Solana may drive higher TVL, yield opportunities, and protocol revenues.
  • The UAE’s regulatory and infra positioning may draw institutional capital and trading flows between Europe and Asia, strengthening Solana’s role in global crypto markets.

Takeaway: If successful, this strategy could make Solana a core backbone of institutional digital finance routed through the UAE, with SLMT and associated DeFi protocols as key investable beneficiaries.

Breakpoint 2025: This House believes that Solana culture is cooked.

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Breakpoint 2025 D3

Overview

  • Early Solana’s unified “chewing glass” builder monoculture has given way to many fragmented subcultures (DeFi, memecoins, NFTs, AI, institutions, regional scenes), changing what “Solana culture” means.
  • This fragmentation powers innovation but also fuels toxic PvP, public protocol feuds, and perceived monopolistic behavior, which can damage optics for new users and especially institutions.
  • Other leaders argue culture isn’t “cooked” but stress‑tested: Solana has repeatedly resolved conflicts (e.g., NFT spam vs network stability) through cooperation while remaining open, accessible, and “fun.”
  • The ecosystem is clearly maturing—large global attendance, real revenue, and institutional builds—yet must consciously curb toxicity and monopoly dynamics to sustain healthy growth.
  • For investors, Solana offers high competitive dynamism and strong traction, but protocol selection should factor in teams’ cultural behavior, governance approach, and ability to collaborate within this evolving multi‑subculture environment.

Panel: “This House believes that Solana culture is cooked.”

Participants (from transcript context):

  • Brian – early Solana builder since 2021, associated with Jito (JTO) / DeFi side
  • Pedro Miranda – Solana Foundation, leads consumer / “fun” side, ex-Metaplex
  • Ramsay – Solana Foundation, institutional + DeFi + “resident DJ” role
  • Eden – long‑time community member, early ecosystem participant
  • Moderator + audience questions

1. From “chewing glass” monoculture to fragmented subcultures (Brian)

  • Describes early Solana (2021–2022) as a tiny, unified “chewing glass” monoculture: tools were bad, chain unstable, but everyone aligned on one mission—prove Solana could rival Ethereum.
  • Early products (Phantom, Mango, first perp DEXs, Anchor tooling) were celebrated universally because any real app on mainnet was a survival win.
  • FTX collapse (late 2022) intensified this monoculture: “ship or die,” 75 devs, chain under existential threat; Bonk becomes a symbol of re‑injecting users and capital and is cheered by the whole ecosystem.
  • Today, Solana is “hundreds / thousands of subcultures” with little overlap (e.g., Jito vs Jupiter communities, memecoin streamers vs suit‑wearing institutional builders, Chinese Solana scene vs New York builders).
  • Contrast with other chains: Bitcoin and Ethereum still have clear, monolithic cultural narratives; Solana’s success has fragmented and “dissolved” the original unifying culture.

Takeaway: The early survivalist, builder‑only Solana monoculture is gone, replaced by many discrete, often non‑overlapping subcultures—evidence that the original “Solana culture” is effectively “cooked.”


2. Fragmentation, subcultures, and PvP: cultural cost of success (Ramsay & Brian)

  • Ramsay agrees Solana’s culture is now a tapestry of subcultures, each chasing liquidity, users, and market share—DeFi teams, memecoins, NFT apps, AI, institutions.
  • Points to concrete PvP conflicts: Jito vs Harmonic, Jupiter vs Titan vs Dflow, Magic Eden vs competitors; these public fights on Twitter create negative optics for new users and institutions.
  • Institutions actively question why core infrastructure teams (e.g., routers) are arguing online, which can undermine confidence in the ecosystem’s maturity and governance.
  • Argues that subcultures are necessary for scaling (similar to web2 brands each having their own culture) but warns that current behavior—public infighting, monopolistic tendencies, toxic timelines—hurts aggregate growth.
  • Frames “Solana culture is cooked” as: the old, unified culture has died; what exists now is a competitive patchwork that must evolve into a healthier meta‑culture if the ecosystem wants sustainable growth.

Takeaway: Subcultures are inevitable and even necessary for innovation, but the current level of public PvP and fragmentation is culturally and reputationally damaging, especially for institutional adoption.


3. “Cooked” or battle‑tested? Culture as cooperation through conflict (Pedro)

  • Pedro argues the proposition is “categorically false”: Solana’s culture is not dead; it has been stress‑tested and strengthened.
  • Highlights a key historical example: 2021 Metaplex NFT mints were repeatedly crashing the network; some DeFi builders wanted Metaplex contracts block‑listed, but validators and the community refused and instead improved the network to handle the load.
  • Uses this as proof that competing interests (NFT vs DeFi) can cooperate to find network‑positive solutions instead of censoring each other—evidence of a resilient culture that supports experimentation even when it’s painful.
  • Emphasizes accessibility and “fun” as core cultural pillars: anyone on crypto Twitter can reach top engineers and push for changes; builders like Ramsay bridge degen usage and institutional sales.
  • Points to hard metrics: Solana apps have generated roughly $1.5B in revenue YTD and attracted institutions (e.g., JP Morgan, Western Union) to build natively on Solana, which he attributes partly to this open, engaged culture.

Takeaway: Solana culture manifests in how the community resolves conflicts (e.g., NFT spam vs network stability) and remains open, accessible, and “fun” while delivering strong revenue and institutional traction.


4. Growth, institutionalization, and whether culture “grows up” or dies (Eden)

  • Eden recalls the earliest days: ~75 devs in hacker houses, a handful of women, small Discords, and very friendly, welcoming vibes—the cultural hook that drew her in.
  • She argues that the presence of ~7,000 Breakpoint attendees from 120 countries, plus tens of thousands online, directly contradicts the idea that culture is “cooked.”
  • Frames current discomfort as growing pains: Solana has moved from purely degen NFT mints and memecoins to serious products, institutional attention, and a more mature ecosystem.
  • Acknowledges toxicity exists—primarily on Twitter—and says it’s harmful but not representative of the whole culture; emphasizes that people caring enough to debate culture publicly is itself proof culture is alive.
  • Rejects the claim that Solana culture has died and been reborn; instead, she believes it has evolved continuously, strengthening through extreme drawdowns, FTX fallout, and recovery.
  • Criticizes monopolistic behavior as negative for cultural and ecosystem health, suggesting the community should resist monopoly dynamics to maintain diversity and resilience.

Takeaway: The community’s survival through crises, rapid expansion, and global turnout at Breakpoint indicates an evolving, maturing culture—not a dead one—even if it must address toxicity and monopoly risks.


5. Toxicity, monopolies, and investor optics

  • Across both sides, there is agreement that:
    • Toxicity on crypto Twitter is a real problem and hurts perception.
    • Monopolistic behavior by leading teams is bad for ecosystem diversity and long‑term health.
    • Public PvP between major protocols can confuse new users and worry institutions.
  • For investors, this signals:
    • High competition for market share within Solana verticals (DEX routers, NFT marketplaces, LSTs, etc.), which can be both a sign of vitality and a source of execution risk.
    • Governance and soft‑power dynamics (reputation, public behavior, ability to collaborate) are key factors when assessing protocol durability.
  • Both sides end up converging on a shared call to action: spend less energy on public feuds and more on building “NASDAQ on-chain”–scale products and infra.

Takeaway: While conflict and competition drive innovation, excessive toxicity and monopoly attempts are recognized internally as strategic risks, particularly for institutional capital and long‑term investor confidence.


6. What “cooked” actually means: cyclical culture and Phoenix analogy (Closing remarks)

  • Brian and Ramsay clarify they don’t claim Solana culture is “cooked forever” but that the original culture is cooked now and has already been replaced by new forms.
  • Use the phoenix metaphor: like a phoenix rising from ashes, Solana’s culture has gone through death‑and‑rebirth cycles (chewing‑glass monoculture → fragmented subcultures → future, more integrated phase).
  • Eden and Pedro push back on the “death” framing, preferring “evolution” and "maturation" over collapse; all sides agree the culture is changing and will keep changing.
  • The panel collectively underscores that it’s up to current builders, founders, and users to decide what the next phase of Solana culture will be, especially how to handle disagreement and competition.

Takeaway: There is broad consensus that Solana’s culture is in a transitional phase—whether you label the original version “cooked” or “grown up,” its next iteration will be defined by how the ecosystem handles subcultures, competition, and collaboration from here.

Breakpoint 2025: Update From Solana Mobile: The Seeker Economy: Solana Mobile (Emmett Hollyer)

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Breakpoint 2025 D3

Overview

  • Seeker has achieved meaningful product–market fit (150k+ devices, strong Seed Vault/dApp Store usage), de-risking the market thesis for crypto-native smartphones.
  • The Solana dApp Store is already driving billions in on-chain volume and real app traction, reinforcing Solana’s consumer-facing growth story.
  • Expansion via MediaTek and OEM partners could scale Solana-ready phones from hundreds of thousands to millions, materially increasing network reach and usage.
  • TPIN and the Guardian network create a decentralized mobile trust layer, reducing platform and centralization risk—important for long-term institutional and retail confidence.
  • The SKR token and expanded builder programs (grants, hackathons) provide a clear incentive and coordination framework to bootstrap further ecosystem growth and align value with the community.

Emmett Hollyer

General Manager, Solana Mobile. Talk focused on Seeker device traction, Solana Mobile’s broader platform strategy, token incentives, and plans for 2026.


1. Seeker Adoption & 2025 Performance

  • Seeker is positioned as Solana’s “definitive web3 mobile device,” focused on security (Seed Vault), usability, and an integrated app ecosystem.
  • 150,000 Seeker devices have been shipped, validating that this is more than a niche or novelty product.
  • Users strongly value Seed Vault’s secure asset protection and “magical” seamless signing experience, plus direct access to Solana dApps via the Solana dApp Store.
  • 2025 is framed as a “breakthrough year” with clear product–market validation for crypto-native smartphones.

Takeaway: Solana Mobile has demonstrated real user adoption and demand for a crypto-first smartphone, de-risking the “is there a market?” question for investors.


2. Solana dApp Store Growth & Usage Metrics

  • Over 225 dApps have launched on the Solana dApp Store during “Seeker Season.”
  • These dApps have already driven more than $1.8 billion in transaction volume over just a few months.
  • Seeker is positioned as the “most obvious launchpad in crypto” for teams: instant distribution, crypto-native users, and monetization opportunities.
  • Case studies:
    • Moonwalk Fitness: 27,000+ downloads and all-time highs in daily active usage post-Seeker launch.
    • PNA: One-third of its user base now comes from Seeker devices, with those users collectively holding $13M+ in protocol assets.
    • Crypto Fantasy League: Went from hackathon submission to top featured app with thousands of downloads in weeks.

Takeaway: The Solana Mobile ecosystem is already generating significant on-chain volume and real traction for dApps, strengthening Solana’s consumer-facing narrative.


3. Expansion Beyond Seeker: MediaTek & Hardware Strategy

  • Next phase is moving from a single, Solana-first device to a broader hardware ecosystem and more hardware partners.
  • Solana Mobile is partnering with FXTech and, through them, with MediaTek and its TE partner Trustic.
  • Goal: package the full Solana Mobile stack (Seed Vault, dApp store, etc.) for deployment on additional Android devices.
  • MediaTek ships ~46–50% of all Android devices globally (around 2B phones per year), making this integration a major distribution opportunity.
  • Solana Mobile is already in discussions and negotiations with some of the world’s largest hardware manufacturers to embed Solana capabilities directly into their phones.

Takeaway: By targeting MediaTek and OEMs, Solana Mobile is positioning itself to move from 150k devices to potentially millions of crypto-capable phones, which is highly relevant for long-term Solana ecosystem growth.


4. TPIN & the Guardian Network: Decentralized Mobile Trust Layer

  • Solana Mobile is building TPIN, a new network architecture that connects phones, users, and hardware manufacturers without a central gatekeeper.
  • Instead of a single company controlling trust and security, TPIN relies on a decentralized set of “Guardians,” analogous to validators in Solana’s L1 network.
  • Guardians don’t validate transactions; they ensure app safety (non-malicious), device integrity (not compromised), and overall ecosystem security.
  • Initial Guardian commitments for 2026: Helios, 0ero, Anza, Triton, and Jito (JTO).
  • Solana Mobile is actively inviting additional parties to join as Guardians to expand and secure the ecosystem further.

Takeaway: TPIN and the Guardian model aim to create a decentralized trust and security layer for mobile, reducing platform risk and increasing credibility for institutional and retail adoption.


5. SKR Token: Incentive & Coordination Mechanism

  • SKR will serve as the coordination and incentive layer aligning users, developers, and hardware manufacturers.
  • Objective: ensure that as the ecosystem scales, value flows back to the community rather than remaining centralized.
  • Token distribution highlights:
    • 30% earmarked for community airdrops.
    • 10% reserved for future community treasury proposals.
    • 25% allocated to a growth and partnerships fund for dApp teams and hardware builders.
  • SKR is explicitly framed as the “fuel” for the ecosystem flywheel: incentivizing app development, device integrations, and user engagement.
  • SKR token launch is planned for January (2026 implied by timeline context).

Takeaway: SKR introduces a clear, investor-relevant tokenomics structure intended to bootstrap growth and align incentives across all ecosystem participants.


6. Developer & Builder Support: Grants, Hackathons, and Distribution

  • Solana Mobile is expanding its builder grants program to support both infrastructure/tooling and consumer dApps.
  • Grants aim to provide funding, resources, and access to help builders scale within the Solana Mobile ecosystem.
  • A second Solana Mobile hackathon is scheduled for Q1 2026 following strong outcomes from the first.
  • Hackathon benefits:
    • Prize money and public exposure.
    • Featured placement in the Solana dApp Store.
    • Co-marketing and mindshare driven by Solana Mobile.
    • Direct access to Solana Mobile’s technical, marketing, and operations experts, plus hands-on support from the top phone salesman “Inatakeno.”

Takeaway: Solana Mobile is aggressively investing in developer incentives and distribution support, creating a strong pipeline of new apps and infrastructure that can drive on-chain activity.


7. User Activation & Forward-Looking Outlook (2026 and Beyond)

  • There are still users who own Seeker devices but haven’t activated them; Hollyer encourages them to turn devices on and claim their Genesis token.
  • For those without a device, Solana Mobile is actively selling Seekers online and via in-person events/booths.
  • Current metrics: 150,000 devices, hundreds of dApps, billions in transaction volume—framed as proof that “web3 and mobile belong together.”
  • 2026 roadmap highlights:
    • SKR token launch in January.
    • Guardians coming online in 2026.
    • New hardware partners bringing Solana Mobile capabilities to more devices.
  • The core narrative: 2025 proved viability; 2026 is framed as the year Solana Mobile becomes “truly inevitable” at global scale.

Takeaway: With live usage, a clear token launch, decentralized security plans, and OEM expansion, Solana Mobile is positioning itself as a key driver of Solana’s next phase of consumer and on-chain growth.

Breakpoint 2025: Welcome to Community Day: Superteam (Aditya Shetty), Superteam (Anh Tran)

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Breakpoint 2025 D3

Overview

  • Community Day at Solana Breakpoint 2025 is structured around Superteam Demo Day, showcasing 20–25 grassroots teams that emerged from the Superteam ecosystem worldwide.
  • The program moves from rapid-fire early-stage demos in the morning to youth-focused discussions, awards, and major product keynotes in the afternoon, offering a full view of the Solana builder pipeline.
  • Superteam is positioned as a global on-ramp turning community members into funded founders, with many presenting teams already raising pre-seed or more and operating real products with active teams.
  • Multiple country chapters (e.g., Vietnam and others) highlight Superteam’s geographically diverse reach, strengthening Solana’s network effects and local builder onboarding.
  • For investors, the curated 2‑minute demo format creates a concentrated discovery venue of already-backed, founder‑led Solana startups across various verticals.

Superteam (host / MC)

Aditya Shetty & Anh Tran, Superteam core contributors, introducing “Community Day” and the Superteam Demo Day segment at Solana Breakpoint 2025.


1. Setting the Stage: Community Day & Superteam Demo Day

  • The session opens Day 3 at Breakpoint on the “Lockin” stage, framed as “Community Day” centered around Superteam and its members.
  • The hosts acknowledge it’s the end of a long conference week and emphasize gratitude for attendees showing up early and in person, plus those watching via stream.
  • They highlight that this day is focused on the broader Solana community—especially builders who have grown through Superteam chapters around the world.
  • The morning program is defined as a rapid-fire demo day: ~20–25 teams presenting in 2‑minute slots, all of whom emerged from the Superteam ecosystem.

Takeaway: The event is explicitly positioned as a showcase of grassroots builders from the Superteam community and a celebration of the global Solana ecosystem at Breakpoint.


2. Structure of the Day & Program Highlights

  • Morning: 25 teams participate in the “Solana Superteam Demo Day,” each with a tight 2‑minute demo to present products, traction, and vision.
  • Midday: A fireside chat is planned with the youngest members of the Solana / Superteam community, underlining a focus on next‑generation builders.
  • Afternoon: An awards show plus “amazing product keynotes” are promised, implying announcements or reveals from key Solana projects later in the day.
  • The MC frames the schedule as “really packed,” signaling a high density of projects and content relevant to builders and potential investors.

Takeaway: The day’s agenda is designed to move from early-stage community builders in the morning to higher‑profile awards and product keynotes in the afternoon, offering a full pipeline view from grassroots to flagship Solana products.


3. Superteam’s Role in the Solana Ecosystem

  • Superteam is described as an on‑ramp into Solana: many presenting teams “found their path onto Solana through Superteam” and were onboarded via different country chapters.
  • The host emphasizes that Superteam is “not the leads, not the events, not the merch,” but the members themselves—those writing code, producing content, and shipping products.
  • The projects presenting have, in many cases, already raised capital: “almost everyone” has raised pre‑seed or more, via accelerators, token launches, or other mechanisms.
  • These are not just hackathon experiments: the teams are described as having “real products” and actively “building teams.”

Takeaway: Superteam is framed as a global talent and project funnel for Solana, converting community members into funded founders with live products—relevant for investors scouting early-stage ecosystems.


4. Global Reach of Superteam Chapters

  • The MC explicitly calls this audience “the global Solana community” and “Superteam” in one room.
  • Attendees are invited to shout out their countries; “Vietnam” is clearly audible, signifying active regional communities.
  • The host notes that multiple countries have their own Superteam chapters, each playing a role in onboarding local builders to Solana.
  • The “real alpha” for attendees is said to be:
    • Meeting peer Superteam members from all over the world.
    • Forming connections with other builders and teams present.

Takeaway: Superteam’s footprint spans multiple countries and provides local entry points into Solana, which strengthens network effects and diversifies the project pipeline geographically.


5. Investor-Relevant Signals About Presenting Teams

  • The MC states that 20–25 teams presenting:
    • Came through Superteam pipelines.
    • Have raised pre‑seed or more.
    • Include teams funded via accelerators or token launches.
  • All presenters are positioned as founders rather than hobbyists, building products with teams behind them.
  • The short 2‑minute format is intended to maximize exposure to many investable projects in a compressed window, analogous to a traditional startup demo day.
  • The projects are implied to span multiple verticals, though specific categories are not listed in this segment.

Takeaway: The demo day is deliberately curated as a pool of early-stage, already‑backed Solana startups, making it a concentrated discovery venue for investors interested in the Solana ecosystem.


6. Kickoff and Transition to Demos

  • After setting expectations, the MC transitions quickly to the first demo, signaling the shift from framing to execution.
  • The first founder introduced is “Joseph with fun” (project name “fun”), marking the beginning of approximately an hour of founder pitches.
  • The emphasis is that each slot is only two minutes, creating a fast‑paced environment where founders must focus on core value proposition and traction.

Takeaway: The prepared framing immediately gives way to a streamlined lineup of founder demos, embodying Superteam’s emphasis on shipping and showcasing concrete products rather than high‑level talk.

Breakpoint 2025: Welcome to Day 3: Solana Foundation (Rebekka Revel)

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Breakpoint 2025 D3

Overview

  • Day 3 is framed as a high‑energy, emotionally resonant continuation of Breakpoint, underscoring strong community cohesion and sustained engagement.
  • A “stacked” schedule signals a heavy concentration of meaningful talks and announcements, implying robust project activity and ecosystem growth.
  • Kicking off with a focus on privacy and encryption elevates these areas from niche to core strategic themes within Solana’s roadmap.
  • The introduction of Yanick as a leading “Mr. CEO of privacy” highlights the emergence of serious, founder‑led privacy infrastructure efforts on Solana.
  • For investors, the program signals that community strength plus next‑gen privacy/encryption primitives are key drivers of future value and differentiated use cases on Solana.

Rebekka Revel

Host/MC for Breakpoint 2025 Day 3, representing the Solana Foundation and opening the morning program.

1. Setting the Tone for Breakpoint Day 3

  • Rebekka opens Day 3 with high energy, emphasizing the community atmosphere and emotional connection at the conference (“filling our hearts with so much joy,” “bazillion hugs”).
  • She highlights that the conference has reached its third day, signaling continuity and sustained engagement from attendees.
  • The phrase “stacked stacked lineup” suggests a dense schedule of high‑value talks, implying strong project activity and ecosystem momentum on Solana.

Takeaway: The Solana Foundation positions Day 3 as a high‑energy, community‑driven day with a heavy slate of significant announcements and content, reinforcing the perception of a vibrant, active ecosystem.

2. Emphasis on Privacy & Encryption Innovation (Intro to Yanick)

  • Rebekka introduces the first featured speaker, Yanick, described as “revolutionizing privacy and encryption.”
  • She refers to him as “Mr. CEO of privacy,” suggesting he is a founder/CEO of a leading privacy‑focused project within the Solana ecosystem.
  • The framing indicates that privacy and encryption are being treated as front‑and‑center themes at this stage of the conference, not niche concerns.
  • By opening Day 3 with this topic, the program implicitly signals that privacy infrastructure may be a strategic priority for Solana’s future development and applications.

Takeaway: The selection and framing of Yanick as the opening speaker underscores that advanced privacy and encryption solutions are emerging as a key investment and innovation theme on Solana.

Breakpoint 2025: Winners of the Colosseum Cypherpunk Hackathon

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Breakpoint 2025 D3

Overview

  • Hackathon showcased leading Solana projects across DeFi (Yumi Finance), stablecoins/payments (MC Pay), infrastructure, consumer apps (Capola), RWAs (Autonom), and experimental models (Attention Markets), highlighting where new value may emerge.
  • Yumi Finance, MC Pay, Capola, Autonom, and Attention Markets are the primary category winners and form a concentrated watchlist for early-stage Solana investors.
  • Infra and open-source winners (unnamed infra champion, Simui Wallet) plus the university winner Pythia indicate continued strengthening of Solana’s developer tooling and talent pipeline—supportive of long-term ecosystem value.
  • Grand Champion Odd Ruggable, a Solana-native hardware wallet, underscores the strategic focus on secure, chain-specific custody—important for larger asset holders and institutional participation.
  • Colosseum will invest in a top-10 subset of winners and bring them into its accelerator, making these teams the highest-signal early-stage Solana bets coming out of this hackathon.

Clay (Colosseum / Solana Startup Arena team)

Organizer and host for the Colosseum Cypherpunk Hackathon awards, presenting winners across tracks and outlining next steps (investment, accelerator, future hackathons).


1. DeFi Track Winners

  • 5th place: Hoba
  • 4th place: Archer
  • 3rd place: Rect
  • 2nd place: Cormos
  • 1st place (DeFi track winner): Yumi Finance
  • Yumi Finance emerges as the leading DeFi project from thousands of submissions, signaling it as a key name to watch in the Solana DeFi ecosystem.

Takeaway: Yumi Finance is positioned as the most promising DeFi protocol from this hackathon cohort and may warrant investor attention among emerging Solana DeFi projects.


2. Stablecoin Track Winners

  • 5th place: SPEND
  • 4th place: Merkantil
  • 3rd place: Cloak
  • 2nd place: Credible
  • 1st place (Stablecoin track winner): MC Pay
  • MC Pay stands out as the top stablecoin-focused project, indicating potential innovation in payments or stablecoin UX on Solana.

Takeaway: MC Pay is highlighted as the most compelling new stablecoin/payment solution from the hackathon, potentially important for stablecoin and payments adoption on Solana.


3. Infrastructure (Infra) Track Winners

  • 5th place: Hyperstack
  • 4th place: Pine Analytics
  • 3rd place: Ionic
  • 2nd place: Corbits
  • 1st place (Infra track winner): name not fully captured in transcript
  • The infra track emphasizes tools and building blocks (analytics, protocol infra, etc.) that can improve developer and user experience across Solana.

Takeaway: A new cohort of infra tools—especially analytics and protocol infrastructure—emerged, which can strengthen the underlying capabilities of the Solana ecosystem and support future growth.


4. Consumer Track Winners

  • 5th place: Toaster.trade
  • 4th place: (implied) additional consumer project, not clearly named in transcript
  • 3rd place: Fora
  • 2nd place: Superfan
  • 1st place (Consumer track winner): Capola
  • Capola leads the consumer category, suggesting a strong user-facing product likely aimed at mass-market or end-user engagement on Solana.

Takeaway: Capola is the top consumer-facing product from the hackathon and may be a key project for driving mainstream user adoption on Solana.


5. Real-World Assets (RWA) Track Winners

  • 5th place: Watchtowwer
  • 4th place: Pencil Finance
  • 3rd place: Legacy
  • 2nd place: Borfi
  • 1st place (RWA track winner): Autonom
  • Autonom is recognized as the strongest RWA project, highlighting continued interest in tokenization and on-chain representation of real-world value on Solana.

Takeaway: Autonom stands out as a leading RWA initiative, reinforcing tokenized assets as a growing theme for investors tracking Solana-based financial innovation.


6. Undefined / Experimental Track Winners

  • 5th place: Humansship ID
  • 4th place: Solana ATM
  • 3rd place: Play Pin
  • 2nd place: Echo
  • 1st place (Undefined track winner): Attention Markets
  • The “undefined” track captures experimental and cross-category ideas, with Attention Markets winning—likely exploring new incentive or attention-based economic models.

Takeaway: Attention Markets tops the experimental category, signaling investor-relevant innovation in new business models and incentive structures on Solana.


7. Special Awards (University & Open Source)

  • University Award (best student-led team): Pythia
    • Highlights strong student/academic participation and future founder pipeline.
  • Best Open-Source Submission (benefiting entire Solana ecosystem): Simui Wallet
    • A wallet project recognized for open-source contribution, which can drive tooling, UX, and overall ecosystem robustness.

Takeaway: Pythia and Simui Wallet show that student teams and open-source infrastructure remain core to Solana’s long-term growth and developer ecosystem.


8. Grand Champion & Hardware Wallet Innovation

  • Grand Champion: Odd Ruggable
  • Odd Ruggable is a “brand new Solana-native hardware wallet and companion app.”
  • The team is a four-time hackathon participant, indicating persistence and growing maturity.
  • A Solana-specific hardware wallet can materially improve security and user experience for asset holders on the network.

Takeaway: Odd Ruggable’s selection as grand champion underlines the strategic importance of secure, Solana-native custody solutions for investors and power users.


9. Investment, Accelerator, and Future Hackathons

  • The team will publish a winners and honorable mentions blog post immediately after the event.
  • From all winners, Colosseum will select a top 10 cohort to receive direct investment through its venture fund.
  • These top 10 will also join the next accelerator cohort, providing them with funding, support, and increased likelihood of reaching market.
  • Dates for the 2026 hackathon will be announced next, with more chances for teams to compete and iterate.
  • Colosseum also runs an “eternal program” that operates year-round when hackathons are not active, offering ongoing support and opportunities.

Takeaway: Beyond prizes, the hackathon serves as a deal flow engine—Colosseum’s follow-on investments and accelerator support position selected projects as strong candidates for early-stage investors focused on the Solana ecosystem.

Conference Summary