RaaS #609: RWAs Hit $15B on Ethereum!

Pumpfun Flips Hyperliquid in Revenue, Cryptodotcom Scores OCC Trust Charter Nod, and Moar!

RWAs on Ethereum just crossed $15B market cap, up 200% year-over-year. This milestone could pull even more TradFi liquidity onchain, making Ethereum the default rail for real-world yields and potentially boosting L2 activity if volatility stays low.

EtherFi teamed up with FalconX and M11 Credit for DeFi's first institutional restaking deal, channeling weETH into Cap's protocol for extra rewards on Symbiotic for ETH holders. It's a blueprint for big money to tap restaking without retail risk. If it scales, expect more structured products that blend CeFi stability with DeFi upside.

NEAR AI launched a super app that blends crypto wallets with AI tools and swaps across 35 chains, enables P2P trades, and manages AI-managed assets from one spot. This could bridge AI agents to onchain finance, unlocking automated economies where bots handle payroll or trades without exposing your data.

Robinhood Ventures has just launched to democratize private markets with no accreditation gates and no minimums. Vlad Tenev's move could flood everyday investors into VC deals, shaking up illiquid assets and maybe even tokenizing more startups if adoption takes off.

Pumpfun overtook Hyperliquid as the third-biggest protocol by weekly revenue. The memecoin launcher meta is still printing cash, but it also highlights how degens can eclipse infrastructure in bear phases.

Your daily dose of bite-sized crypto news.

1. Vitalik sold another 3,788 ETH (~$7.3M) over three days, per Arkham.

2. Fermah's Universal Proof Market is now live on mainnet.

3. Concrete launches non-custodial vault curation on Morpho.

4. Miden announced its v0.13 testnet with major dev updates.

5. Ostium added USD/KRW and KR2550, the first-ever Korean assets on their platform.

WLFI was allegedly hit with a coordinated attack targeting USD1, hacked cofounder accounts, paid FUD influencers, and massive WLFI shorts. But the 1:1 backing held par, and this resilience might build trust in WLFI's model amid growing attacks.

Anthropic called out DeepSeek, Moonshot AI, and MiniMax for using 24K fake accounts to scrape 16M+ Claude interactions. Industrial distillation is real, and it could spark tougher API defenses or even policy pushes against foreign model theft.

What a year this week has been.

Top Gainers: ESP, SKR, POWER, STEEM, TIRA.

High-signal reads are worth your time, all in one place.

1. Hyperliquid's pivot to "exchange for everything" from perps to commodities, and now HIP-4 prediction markets on unified margin. As TradFi assets climb to 18% of volume, this could make Hyperliquid the prime brokerage for onchain everything.

2. Ethereum to enshrine private transfers with a simple "Private Send" button via intent transactions and a fork-upgradeable system contract. Wallets could integrate today via Privacy RPC, and if L1 adopts, it unlocks payroll/institutional flows without broadcasting balances.

3. Castle Labs argues 99% of crypto assets need to zero out. Top 5 hold 84% of cap, unlocks flood $17B over 5 years, and most protocols fail as businesses. Rotate to revenue-aligned winners like Hyperliquid, this shakeout could finally separate utility from speculation.

4. Agents ditching tourist payments for B2B terms with credit, invoices, and relationships as they consolidate niches. Stablecoins win here over cards (no micros, no high fees), build arbitration/statements now, and agents could make stables the default for automated economies.

5. Spacecoin added small satellites as a component of its infrastructure to build a resilient network by powering the system with smallsat constellations in LEO. This will transcend the limitations and bottlenecks of traditional, centralized internet service providers in the ecosystem.

Cryptodotcom received conditional approval from the OCC for a national trust bank charter. Another big step toward regulated and mainstream infrastructure.

Spire Labs crossed $1B in transaction volume and is now live on Base as the fastest-growing RPC on Ethereum.

That’s all for today!