RaaS #490: Kalshi Obliterates ATH!

Nasdaq to List Tokenized Stocks, MicroStrategy of Solana, and Moar!

CoinShares is going public in the U.S. via a $1.2B SPAC merger with Vine Hill, listing on Nasdaq. With $10B in AUM and 34% EU market share, it joins BlackRock, Fidelity, and Grayscale in the top ETP managers, bringing its proven model stateside to tap growing U.S. demand.

Nasdaq wants to list tokenized stocks and is asking the SEC to redefine what a security is. If approved, it would bring blockchain into the core of U.S. markets, moving tokenization to Wall Street infrastructure. The SEC now has to decide if it’s ready.

Sharps now holds 2M SOL ($400M), positioning itself as Solana’s MicroStrategy with the largest SOL treasury. A new video outlines their vision, hinting that STSS could become the flagship asset treasury for Solana, just as MSTR did for BTC.

Clearly, Tomasz knows something we don’t.

Centralized infra might win short-term battles, but the future is hybrid: decentralize where it matters, infra, compute, data, centralize where it helps, UX. Tempo reignited the debate, but DeAI, decentralized GPUs, and agent ecosystems show there’s more to build than just pump coins.

Prediction markets just hit warp speed: Kalshi clocked $150M in daily volume, nearly doubling last week’s ATH. What used to be election-week spikes is now baseline demand. This is what real PMF looks like.

After 30 days on Polymarket, Yugi realized prediction markets aren’t gambling, they’re conviction-based trading games. Quick flips bleed PnL; the real edge is sizing into long-term, mispriced markets with strong theses. Treat it like trading, not roulette.

Ethereum’s UX overhaul is in motion. The EF is rolling out fast confirmations, SNARK-based proving, and interoperability standards to kill latency and fragmentation. From 13min to sub-30s finality, plus intent-aware infra, all aimed at making cross-chain UX feel like one chain.

So over!

Kite AI recently raised $33M from PayPal Ventures, General Catalyst, and a16z-adjacent CVCs to build stablecoin-native infra for autonomous agents. With backers like SBI, Samsung, LayerZero, and Temasek’s Vertex, they’re positioning as the base layer for agentic payments.

Crypto funds saw $352M in outflows last week, reversing the prior $2.5B inflow streak. Despite better Fed rate cut odds, investor appetite waned, especially in ETH, which bled $912M. BTC saw $524M inflows, but trading volume dropped 27%, signaling a broader cool-off.

Hyperliquid is holding a validator vote to choose who will issue USDH, its native stablecoin. The real debate isn’t institutions vs. natives, it’s about alignment. Native teams may be riskier but offer deeper ecosystem commitment, while institutions bring compliance but less focus.

Kinto is shutting down after failing to recover from July’s CPIMP exploit, which drained 577 ETH. The team returned ~76% to Phoenix lenders, is offering goodwill grants to Morpho victims, and will distribute remaining assets via a claim contract. Withdrawals close Sept 30.

Sui-based DeFi platform Nemo Protocol was hacked for $2.4M just before planned maintenance, with smart contracts now paused. Vaults are reportedly safe, but user assets aren’t displaying, and the team has gone silent. It’s part of a grim 2025 trend, with $2.17B+ stolen YTD.

A weekly roundup of 10 must-read crypto posts curated by Hoeem after 30–50 hours of scrolls. Includes alpha on HyperEVM airdrops, MetaGame narrative trading, job vs crypto risk, prediction markets (both sides), and essential CT follows. Solid CT-native curation.

The next bull run is brewing, bigger than ICOs, more chaotic than memecoin season. Trump-era macro broke the halving cycle, regulation is unlocking trillions, and stablecoin flows are climbing. Belief assets, creator markets, and DeFi are forming the early meta. Don’t fade it.

Jokerace lets anyone spin up onchain contests: vote-to-earn, pay-to-submit, and a reward pool for the winners. Clean UX, flexible rules, zero bots. It’s not just fun, it’s an incentive-aligned primitive for discovery, consensus, and coordination. Feels inevitable.

Top Gainers: TA, MYX, OPEN, XNY, ELA.

Turned a “rug” into six figures. Bought the TRUMP coin & hedged on Polymarket in case it was a hack. If fake: hedge pays. If real: coin moons. It was real. Net result? Over $100K profit.

Zoomers fear committing to a path, afraid of collapsing infinite potential. But the true meta isn’t optionality, it’s executing with idiosyncratic edge. Start conventional, incubate access and leverage, then tilt into high-risk, high-convexity plays. Mark yourself to destiny, not the market.

BitMine now holds $9B in ETH, over 2M coins, cementing its lead as the largest Ethereum treasury. It also bet $20M on a Worldcoin-aligned firm, sending OCTO up 3,000%. As ETH ETFs bleed $788M, BitMine is doubling down, holding 1.7% of supply and backing Ethereum’s AI/token economy future.

That’s all for today, happy Monday!