Exactly. Rising yields aren’t automatically bearish. When growth is strengthening of the underlying economy and investors are willing to take more risk, bonds can sell off while equities, venture capital, commodities and, yes, crypto do well (I.e. capital is seeking higher returns due to less risk in growth) I still think we’re in the same broader business cycle that began with the 2022 bear market, now entering its final 12–18 months. Hence, the upside from here will be quicker than most think and higher yields can actually be a positive signal of that.

Solana just closed its third consecutive monthly activity record: ~3.2B successful non-vote transactions in September, up 7.5% from August. Real activity, compounding. @solana is the chain with the most economic activity.

.@solana just raised its quarterly activity record by 40%. 14.2B non-vote transactions in Q3, up 45% from Q2. That included over 7B spot DEX transactions, 2.4B in the Trading category and 831M perp DEX transactions. The long term activity trend is becoming hard to ignore.

Tokenized commodities on @solana just closed a record month and quarter. $263M in September spot volume, nearly double the prior monthly high. Q3 reached $362M, 11% above the previous record. RWA expansion is moving well beyond tokenized equities.

Just use @blockworksres

"@Blockworks measured all-in execution cost for tokenized $MU (September 3–16) and $SPCX (August 27–September 9) against the underlying midpoint, including DEX fees and network charges. For sub-$100 orders Backpack tokenized securities on Solana came in at 0.12% and 0.11% respectively, versus 5.42% and 4.29% on Robinhood Chain. For $100–$1,000 orders: 1.6 bps and 2.7 bps versus 43.7 bps and 34.7 bps. Across a seven-stock basket of paired $5,000 tests, Backpack showed lower quoted cost in 78% of pairs." x.lingyaoai.com/minnus/status/20958482…

RT @toly: Did we earn it?

Tokenized-equity spot volume on @solana hit a new monthly high in September. $4.35B traded, 3.4x August and 24% above the prior record. Liquidity begets liquidity, as the deepest market becomes the easiest place to launch the next asset. I expect this trend to continue

.@solana just closed its third consecutive monthly activity record. ~3.2B successful non-vote transactions in September, up 7.5% from August. Q3 also reached a record 8.92B, 18% above the prior quarterly high (validator votes and failed transactions excluded)

Study solana:BPxxfRCXkUVhig4HS1Lh7kZqV6SPJhzfEk4x6fVBjPCy

RT @toly: 🫖🫛🍑

Very confident @solana wins the tokenized equities game. It moved back into the lead yesterday with 34% of AMM spot volume, ahead of Robinhood at 27% and BNB at 25%. Liquidity begets liquidity. As more assets and apps choose the same chain, distribution improves, volume deepens and the flywheel compounds. This is why understanding market structure matters so much when making predictions and investments. As seen in the research below.

solana:DEW9dSN6QpWyNthphCpMmAbZP1Q4cEKR9xQXAri98WDP +96% and solana:8t5C4AWDg4CroMChxdo7rG2e8nJM31QG2GG7Czx9X7x2 +102% in 24 hours. If that momentum keeps trading activity elevated, it’s a major tailwind for solana:6GmAFSYs4gk3FDao5FzzySQpPZaWsa4rUJHacpMpUNgx revenue

.@sunrise listed assets have grown from under $20M in weekly spot volume at the start of 2026 to nearly $980M today, with activity now spread across more than 80 assets. @solana's onchain market is not just getting bigger but getting materially broader

Looks like the bottom could be in for solana:6GmAFSYs4gk3FDao5FzzySQpPZaWsa4rUJHacpMpUNgx At a ~$241M market cap, today’s reported buyback pace annualizes to 83% of that valuation. Will be a great play if activity even just holds from here @LaunchOnSF

Agree with this. Where orders enter in a market is an underappreciated part of the discussion. If we’re trying to build a better system than TradFi, it’s worth asking why everyone should have to race to the same physical location to compete. Crypto has a chance to change that by letting orders enter from multiple locations while still trading in one shared market. And it is one of @toly's visions for @solana

solana:6GmAFSYs4gk3FDao5FzzySQpPZaWsa4rUJHacpMpUNgx generated $574K in revenue on September 28 versus Pump’s $2.32M, taking roughly 20% of their combined revenue. However, across September 6 to 28, STONK’s share was 42% Relative to STONK’s market cap, that revenue still looks very attractive if it can sustain it

Back from holidays and this chart still shocks me. 187M spot DEX trades on @solana last week, versus 235M on NYSE. And two weeks earlier, it actually flipped NYSE. Obviously, it isn’t exactly like for like: different assets, trading hours and automated activity. But that isn’t really the point. When moving, trading and settling assets becomes trivially cheap, financial activity that was previously uneconomical becomes possible. We’re not just recreating existing exchanges onchain. We’re building a financial system that could support orders of magnitude more activity, a much wider range of use cases and participation from anyone, anywhere.

Tokenized assets have been @Raydium's largest source of swap revenue in 6 of the past 8 weeks. 46% last week, versus 33% from memes. The shift from memecoins to RWAs is one of the biggest potential rerating catalysts for many @solana projects.