All Talks

Overview

• dupe.com leverages an established 1M monthly user base to integrate token incentives for enhanced user engagement and growth.
• The platform’s accidental token launch quickly gained $6M trading volume, proving brand-backed tokens can generate rapid traction.
• Tokens lower customer acquisition costs by rewarding organic referrals and enable curated marketplaces with stakeholder participation.
• Solana’s fast, low-cost transactions facilitate cross-border commerce, expanding dupe.com’s global reach.
• Crypto-native platforms like Believe accelerate fundraising and liquidity for startups entering the Solana ecosystem, reducing traditional barriers.

Speakers

• Bobby Ghoshal, co-founder of dupe.com, a Web 2 startup turned crypto token issuer
• Imran Khan, host/moderator, crypto community figure discussing tech and crypto trends

1. Introduction to dupe.com and User Base

• dupe.com is positioned as the "front door to deals on the internet," helping users save money on purchases.
• The site has a strong existing user base with 1 million monthly active users and thousands of brand partners.
• Prior to token launch, dupe.com operated successfully as a Web 2 product with product-market fit.

Takeaway: dupe.com’s established user base and brand credibility provide a strong foundation for introducing tokenized incentives without starting from zero.

2. Accidental Entry into Crypto and Token Launch

• Bobby accidentally launched the dupe.com token via Coin Rails 20 days prior to the talk, initially treating it like buying a domain.
• The initial trading volume hit $6 million shortly after launch, signaling early community interest.
• After consultation with legal and crypto experts, dupe.com embraced the crypto space as a growth and engagement vehicle.

Takeaway: Even accidental or opportunistic token launches, when backed by existing brands, can quickly generate significant traction and open new growth avenues.

3. Using Tokens to Accelerate Growth and Engagement

• dupe.com leverages its token to incentivize user behaviors like daily active use, coupon searches, clicking through brand partner links, and making purchases.
• Tokens also enable creating a curated marketplace where stakeholders can stake tokens on products, improving user experience by surfacing the best deals.
• Cross-border commerce is unlocked using Solana’s fast and cheap transactions and stablecoin payments, serving international users seamlessly.

Takeaway: Token incentives integrated within a mature product can both improve user engagement metrics and expand global reach, enhancing long-term growth prospects on Solana.

4. Lowering Customer Acquisition Cost (CAC) with Tokens

• The token acts as a cost-effective acquisition tool compared to traditional ad spends on Facebook and Google.
• It encourages organic user growth by rewarding users for inviting friends and family to the platform, boosting referral marketing.
• dupe.com is able to attract engaged, high-quality users at lower CAC, fueling explosive growth potential.

Takeaway: Tokenomics can transform marketing and growth strategies, reducing costs while increasing retention and network effects in the Solana ecosystem.

5. Believe Platform and Fundraising Advantage for Techfounders

• Believe provides a crypto-native platform where startups can launch products and raise capital quickly through community support (“first 100 believers”), bypassing months of traditional fundraising.
• Liquidity and wallet voting serve as novel proxies for product-market fit in crypto, contrasting with traditional metrics like churn rates in Web 2.
• dupe.com’s experience validates Believe as a potentially game-changing tool for Web 2 founders looking to enter crypto with less friction and faster liquidity.

Takeaway: Believe and similar crypto-native fundraising platforms lower barriers for startup growth and liquidity, potentially accelerating innovation on Solana and attracting more high-quality projects.

6. Vision for dupe.com’s Future with Crypto Integration

• The goal is mainstream adoption by “normie” users unfamiliar with crypto, focusing on invisible UX and making token usage seamless and fun.
• Plans to scale significantly with a large marketing budget to multiply the user base quickly.
• Further token integration into the app will enhance retention, user monetization, and decentralized marketing through community incentives.

Takeaway: dupe.com aims to become a leading mainstream gateway into crypto by simplifying user experience and leveraging token economics, positioning itself as a high-growth project on Solana.

Overall Investor Takeaway: dupe.com exemplifies how established Web 2 platforms can accelerate growth, reduce user acquisition costs, and enable global commerce by integrating Solana-powered crypto tokens seamlessly—highlighting promising innovation and adoption drivers for Solana’s ecosystem in 2025.

Overview

• Mobile-first design is essential for mainstream crypto adoption, emphasizing simplicity and accessibility beyond traditional traders.
• Growth areas include tokenized real-world assets, decentralized AI, increasing DEX volume, and advanced derivatives on Solana.
• Regulatory challenges slow onboarding but create competitive advantages for compliant, resource-rich platforms like Robinhood.
• Mobile wallets enable real-world usage in emerging markets, leveraging Solana’s fast and low-cost transactions.
• Investors should focus on mobile crypto products and Solana’s ecosystem as key drivers of long-term user growth and on-chain activity.

Johan Kerbrat

Johan is the GM of Robinhood Crypto with a background including CTO at Robinhood Crypto, creator of Ironfish, and experience at Airbnb. He focuses on mobile-first crypto adoption, emphasizing user experience and accessibility for mainstream users.

1. The Importance of Mobile in Crypto Adoption

• Crypto is accessed 24/7, unlike traditional markets, making mobile a natural choice for constant, on-the-go access.
• Mobile-first design targets a broad audience beyond sophisticated traders, reaching mainstream and mobile-only users globally.
• Robinhood Crypto emphasizes mobile but also maintains a powerful desktop platform ("Robin Legend") with advanced trading features for professional users.
• Mobile wallets, especially non-custodial ones with gasless transactions, are crucial to reduce complexity and support daily active users.
• Web3 and DeFi adoption will accelerate through simplified mobile experiences rather than through browser extensions, which are seen as overdone.

Takeaway: Mobile-first crypto products, especially wallets and trading platforms improving user experience, are key to driving mainstream adoption and increasing on-chain activity on Solana.

2. Emerging Trends and Opportunities in Crypto and Web3

• Tokenization of real-world assets is gaining real momentum after years of hype—showing practical use cases on Solana and beyond.
• Decentralization of AI models using crypto for micropayments could democratize AI training and content compensation.
• Increased usage of decentralized exchanges (DEXs) is notable, with DEX volume now representing 20-25% of total crypto trading volume versus 5% a few years ago.
• Future mobile crypto products will focus on advanced derivatives and perpetual contracts, further expanding market complexity and accessibility.
• Institutional involvement via ETFs and related products stabilizes prices and brings liquidity, but on-chain activity and fractionalized ownership remain the eventual long-term trend.

Takeaway: The Solana ecosystem stands to benefit from growth in tokenized assets, decentralized AI, DEX usage, and new derivative products, alongside growing institutional participation.

3. Regulatory and Infrastructure Challenges

• On-ramp processes (fiat-to-crypto) remain the biggest friction point for mobile crypto product adoption globally.
• Tight regulatory requirements create high barriers to entry, benefiting incumbents like Robinhood with resources to build compliant user-friendly on-ramps.
• Competition and innovation in on-ramp infrastructure are beginning to improve transfer speeds and reduce costs, signaling forthcoming enhancements in user experience.

Takeaway: Regulatory hurdles slow mobile crypto onboarding but also create moat advantages for established players; improved on-ramp solutions could unlock faster user growth on Solana.

4. Real-World Crypto Usage and Global Adoption

• Johan shared firsthand experience from El Salvador, where stablecoins and wallets replace traditional banking in everyday transactions.
• Mobile crypto wallets are not just for investment but enable payments, commerce, and financial services in regions with unstable local currencies.
• This real-world utility highlights the global potential of mobile-first crypto applications, especially in emerging markets.

Takeaway: Mobile wallets leveraging Solana’s low-cost, fast transactions can drive exponential growth in underbanked regions, creating new demand beyond speculative trading.

Overall Summary

Johan Kerbrat and Robinhood Crypto see mobile as the critical interface for mainstream crypto adoption, with a focus on simplifying user experience and enabling daily use cases like DeFi, NFT trading, and payments. Innovations in tokenization, AI decentralization, and derivatives signal growth areas for the Solana ecosystem. Regulatory complexity poses challenges but also strengthens incumbents. Additionally, emerging markets demonstrate the real-world transformative potential of crypto-powered wallets, suggesting Solana's infrastructure could be integral to the next wave of users globally by 2027.

Overview

• Geonet delivers centimeter-level precise positioning globally, enabling advanced robotics with decentralized infrastructure and tokenomics.
• The network outpaces competitors in coverage and accuracy, supporting diverse applications like robotics, drones, and precision farming.
• Established enterprise clients, government partnerships, and revenue with strong token buyback underpin token value and sustainability.
• DePIN model democratizes precision farming and accelerates adoption of real-world blockchain use cases.
• Upcoming consumer products and hardware integration aim to expand user base and boost Geonet’s ecosystem growth on Solana.

Mike Horton, GEODNET

1. Introduction to Geonet and Its Role in Robotics

• Geonet provides centimeter-level precise positioning and localization services for robots globally.
• The service delivers 1 cm XYZ accuracy almost anywhere, leveraging data from multiple global satellite constellations.
• Geonet operates with simple tokenomics connecting suppliers who run Geonet stations and users of the positioning service through buyback and burn mechanisms.
• Participation in Geonet can be through installing satellite reference stations or using Geopulse devices that validate the network and offer token rewards.
• The project is strongly integrated into the Solana ecosystem and supported by leading Web3 investors.

Takeaway: Geonet’s unique decentralized infrastructure and token model position it as a key player in enabling mass-market robotic applications on Solana, potentially driving demand for Solana tokens through network growth.

2. Demonstrations and Application Examples

• Compared to standard GPS, Geonet provides about 100 times greater accuracy, demonstrated through robot navigation and mapping applications.
• Enables robotic lawnmowers, drone operations, augmented reality experiences, and creation of high-definition maps combining Geonet data with LIDAR and cameras.
• Collaborating with other Web3 projects like Rover to develop scalable data products critical for autonomous driving technology.
• Geonet is the world’s largest precise positioning network with over 17,000 base stations and about 80% global population coverage within 2.5 years.

Takeaway: The fast growth and broad applicability of Geonet’s highly accurate positioning service demonstrate its potential to capture significant market share in robotics and autonomous systems, increasing ecosystem value.

3. Market Position, Enterprise Customers, and Revenue

• Geonet has surpassed other major players like Trimble in coverage and speed of network deployment.
• Validated by reputable organizations (National Geodetic Survey, USDA) for use in civil surveys and high-value applications.
• Over 40 enterprise customers and $4 million in data revenue, with 80% of revenue contributing to token buyback and burn.
• Strong community of 24,000+ members and partnerships with U.S. government entities, particularly in precision farming.

Takeaway: Established enterprise traction and government partnerships combined with token buyback mechanics provide a solid revenue foundation and long-term sustainability for Geonet’s token economy.

4. Enabling Precision Farming and DePIN Impact

• Focus on bringing precision farming technology to small farms (88% of farms), previously limited to large operations.
• DePIN infrastructure reduces costs to make precision agriculture affordable and accessible.
• Congressional testimony by the speaker highlights DePIN as a practical blockchain use case for building real-world infrastructure fast and affordably.

Takeaway: Geonet’s strategy to democratize precision farming through DePIN expands its market potential while showcasing blockchain’s real-world utility, supporting broader adoption of its tokens and services.

5. Robotics and Drone Ecosystem Development

• Geonet is building a system on a chip (SoC) reference architecture to enable affordable, mass-produced robots and drones locally in the U.S. and Western countries.
• This effort addresses the challenge of over 90% of small robots and drones currently being manufactured in China.
• The goal is to localize production and integrate positioning capabilities deeply into hardware to accelerate adoption.

Takeaway: By facilitating onshore manufacturing and integration of precision positioning into robotics hardware, Geonet could significantly boost the domestic robotics ecosystem, increasing demand for its services and tokens.

6. Market Outlook for Physical AI and DePIN’s Role

• Robots and self-driving vehicles represent a "physical AI" market potentially worth a quadrillion dollars by 2030, accelerated by AI advancements.
• 70% of world GDP is linked to physical labor, making robot automation a vast and transformative sector.
• DePIN is crucial for scaling projects like Waymo beyond limited locales by providing decentralized sensing, computing, connectivity, and energy infrastructure.

Takeaway: Geonet’s position at the intersection of DePIN and physical AI markets aligns it to benefit from the enormous growth potential of robotics automation globally.

7. New Product Announcement: Geonet on Seeker Phone

• Geonet will be integrated directly into the Seeker mobile phone, offering hyper-precise location accuracy on a consumer device.
• This will be the first mobile-only product launch, featuring trustless proof of location and an SDK for developers.
• Users can earn Geod tokens through in-app quests, expanding the token utility and network participation.

Takeaway: Launching mobile-based precision positioning can significantly broaden Geonet’s user base and drive increased token demand through consumer adoption and developer engagement.

Overall takeaway for investors: Geonet’s pioneering decentralized positioning network, robust enterprise traction, and strategic expansion into consumer and hardware markets position it as a high-impact project within the Solana ecosystem—potentially enhancing Solana’s utility and value while accelerating adoption in the burgeoning physical AI and robotics markets.

Overview

• Phantom is evolving from a crypto wallet to a comprehensive consumer finance platform to drive Solana’s mainstream adoption.
• Solana’s protocol strengths paired with Phantom’s UX innovations tackle major usability challenges hindering crypto growth.
• Addressing onboarding, security, and discovery bottlenecks enhances user acquisition, fund safety, and ecosystem engagement.
• New social features aim to amplify network effects, accelerating user retention and viral growth in the Solana ecosystem.
• Phantom’s user-centric approach and holistic focus on experience and security position it as a key driver for Solana’s long-term value and DeFi expansion.

Brandon Millman

Brandon Millman, CEO and co-founder of Phantom, a leading self-custody wallet in the Solana ecosystem.

1. Evolution of Phantom: From Crypto Product to Consumer Finance Platform

• Phantom is transitioning from being solely a crypto wallet to a comprehensive consumer finance platform built on Solana.
• The ultimate goal is to supercharge the Solana ecosystem and help builders compete with major DeFi and traditional finance platforms like Robinhood and Square.
• The vision is for wallets to become the center of consumers’ financial lives, enabling billions of users and millions of businesses globally via crypto’s borderless nature.
• Emphasizes crypto’s potential to create the first true internet-scale, global financial network unlike legacy, geography-bound fintech apps.
• Phantom’s experience onboarding millions of users (17 million monthly active users at peak) validates strong product-market fit and the expanding use of DeFi on Solana.

Takeaway: Phantom’s evolution into a full-stack consumer finance platform positions it as a key driver of Solana’s mainstream adoption and ecosystem growth.

2. Addressing Usability Challenges in Crypto

• Usability remains the biggest barrier to crypto adoption, particularly due to issues across the tech stack layers: protocol, interface, and application.
• Ethereum struggles with high transaction fees, slow speeds, and bandwidth issues that negatively affect user experience.
• Consumer interface problems like poor key management, fragmented discovery, and bad mobile compatibility also limit growth.
• Solana’s protocol layer solves these pain points with high throughput, low latency, and cheap fees, fostering smoother end-user experience and developer experimentation.
• Phantom focuses on modern UX innovations—eliminating seed phrases, adding language support, and better customer support—to complement Solana’s technical strengths.

Takeaway: Solana’s technical advantages, combined with Phantom’s UX improvements, create a compelling environment for scaling user adoption and DeFi activity.

3. Three Key Bottlenecks for Solana Ecosystem Growth

• Onboarding: Making signup as seamless as traditional apps with fast, secure, and enjoyable onboarding processes that include personalization (e.g., usernames).
• Security: Prioritizing user and fund safety through innovations like token spam detection (including acquiring Simple Hash), transaction simulations, and integrated one-on-one customer support to combat scams and phishing.
• Discovery: Solving the problem of what users do after initial transactions by enabling social engagement features to highlight trending ecosystem activity and drive network effects.

Takeaway: Phantom’s focus on onboarding, security, and discovery directly tackles friction points limiting growth in Solana’s user base and transaction volume, enhancing long-term ecosystem health.

4. Social Features to Drive Network Effects

• Upcoming product enhancements will include a social feed tab showing trending activity, user buys/sells, and “whale” moves within Solana.
• Real-time push notifications will engage users instantly, reinforcing involvement and discovery.
• Social sharing in crypto adoption is critical, as word-of-mouth remains a dominant driver of new user onboarding.
• These features aim to create compounding growth and virality for the entire Solana ecosystem by amplifying social signals and community engagement.

Takeaway: Phantom’s integration of social discovery tools is designed to create powerful network effects, accelerating user engagement and growth of Solana-based apps and tokens.

5. Lessons and Best Practices for Building in Web3

• Obsess over user onboarding experience (UX).
• Focus not only on new users but also on retention and ongoing engagement.
• Take ownership of user education and integrate customer support directly into the product.
• Leverage Solana’s strengths—speed, composability, and fluidity—to build superior user experiences.
• Recognize that onboarding, security, and discovery must be holistically addressed to drive sustainable growth.

Takeaway: Phantom’s user-centric and ecosystem-first philosophy provides a strong foundation for sustainable growth of Solana’s DeFi ecosystem and long-term value appreciation.

Overall Summary

Brandon Millman’s talk highlights Phantom’s strategic shift from a custodian wallet to a mass-market consumer finance platform leveraging Solana’s unique protocol advantages. By addressing key adoption barriers in onboarding, security, and discovery—alongside introducing social features to boost network effects—Phantom aims to catalyze exponential growth in Solana’s ecosystem. For investors, this signals strong potential for increased usage, developer activity, and overall liquidity in Solana’s on-chain economy, supporting bullish outlooks on the Solana token and ecosystem assets.

Overview

• Blockchain Links (Blinks) simplify and embed blockchain transactions across Web3 platforms via a unified API, boosting developer efficiency and user transaction volume on Solana.
• Dialect Alerts deliver real-time, actionable notifications to over a million wallets, with new mobile push notifications expanding user engagement and retention.
• Dialect’s tools significantly reduce engineering complexities in blockchain integration, enabling faster development of seamless UX in native apps.
• By addressing key Web3 UX challenges, Dialect aims to drive broader Solana ecosystem growth and mainstream adoption.
• Investors should view Dialect’s innovations as pivotal infrastructure that enhances Solana’s scalability, user activity, and long-term ecosystem value.

Chris Osborn

Founder and CEO at Dialect, a New York-based builder on Solana, presenting at Accelerate 2025

1. Blockchain Links (Blinks): Enabling Actions in the Right Place

• Blockchain Links (Blinks) are developer toolkits launched with the Solana Foundation designed to embed blockchain actions anywhere—especially across Web3 native environments like wallets, exchanges, and crypto messaging platforms.
• Blinks simplify performing blockchain transactions, eliminating complicated workflows, redirects, and SDK integrations by providing a simple API that returns ready-to-sign transactions.
• Integration examples include Backpack wallet embedding dozens of blockchain actions and Monad enabling 10% of its testnet transactions via Blinks on launch day with simple user flows.
• AI agents are also using Blinks to call blockchain transactions easily without heavy SDK integrations, speeding up integration by an order of magnitude.
• Blinks act as a unifying, predictable API across protocols to improve developer efficiency and user experience by putting blockchain actions right where users intend to execute them.

Takeaway: Blockchain Links promise to significantly boost user transaction volume and developer productivity across Solana by simplifying interaction workflows, potentially accelerating ecosystem growth and adoption.

2. Dialect Alerts: Delivering User Actions at the Right Time

• Dialect’s alert stack is a mature product used by hundreds of Solana projects, delivering over 100 million alerts to more than one million wallets, helping users engage with relevant blockchain activity.
• A major new extension is the Dialect Mobile Alert Stack, which supports native mobile environments (Swift, Kotlin, React Native) and includes Firebase messaging to enable push notifications easily.
• The Dialect Mobile Alert Stack is launching soon, with Jupiter wallet as a first partner integrating push notifications and an in-app alert feed for trade and transaction updates within the mobile app.
• These alerts allow projects to re-engage users effectively and create real-time, actionable experiences crucial for Web3 adoption.

Takeaway: Dialect’s expanding alert infrastructure, especially into mobile push notifications, improves end-user engagement and retention on Solana, contributing to healthier protocol activity and ecosystem vibrancy.

3. Solving Web3 UX Problems with Developer Tools

• Chris emphasized that the core UX problem in crypto today stems from overly complicated interactions (excessive clicks, confusing wallets, browser extensions).
• Dialect focuses on reducing engineering effort for blockchain integration by up to 95%, enabling teams to build polished UI and seamless product experiences faster.
• The goal is to prove Web3 can deliver a superior UX compared to Web2 by enabling seamless, user-friendly interactions directly in native apps and environments.
• By providing these developer tools, Dialect aims to catalyze broader Solana ecosystem development and adoption via better products.

Takeaway: Tools like those from Dialect that dramatically reduce integration friction and improve UX will be critical enablers for Web3 scaling and mainstream adoption on Solana, supporting long-term ecosystem value.

Overview

• Early crypto hype was driven by premature ideas and over-capitalization, causing misdirected investment.
• Tokenization of real-world assets is a key growth area, benefiting from institutional interest and improved infrastructure.
• Public blockchains have won over private ones; sustainability demands genuine utility and differentiation.
• Beware of hype cycles, crowded markets, and unclear regulatory environments.
• Limited overlap exists between AI and blockchain; investors should avoid conflating the two without clear use cases.

Kathleen Breitman

Kathleen Breitman is the co-founder of Tezos, a blockchain platform launched from a 2018 fundraiser by the Tezos Foundation. She has been observing cryptocurrency trends since 2017 and brings a perspective of reflection on industry maturity and innovation.

1. Reflections on Crypto Trends Since 2017

• The early hype in 2017 was driven by ideas like commodifying data ("data is the new oil") and monetizing internet activities through dApps, which she views as fundamentally flawed or premature.
• The "blockchain, not Bitcoin" trend prioritized private blockchains over public ones, driven mainly by corporate interests, but this did not end up being dominant.
• Many 2017-era ideas were ahead of their time or incompatible with blockchain’s nature; the industry was immature and over-capitalized, leading to irrational capital deployment.
• She draws a parallel to the 19th-century railroad boom: lots of capital chasing fundamental yet mundane infrastructure challenges without standardization or efficient outcomes.

Takeaway: Early hype cycles often misdirect capital; focus on structural industry maturation and tangible utility rather than trendy or speculative narratives.

2. Current Trends and the Emergence of Real-World Assets (2025 Outlook)

• Real-world assets tokenized on-chain (including equities and commodities) are gaining significant traction and show promise as a transparent, low-cost way to represent financial products.
• Tezos pioneered real-world asset tokenization early on, with about $1 billion in real estate securitized on-chain as early as 2019.
• A critical shift has occurred from primary issuance focus (creating tokens) toward robust secondary market infrastructure, regulatory clarity, and institutional interest.
• Stablecoins and DeFi ecosystems have enhanced confidence and usability, improving the viability of tokenized assets.
• Despite regulatory uncertainties from governments like the U.S., there is progress and experimentation particularly where administrations are less hostile.

Takeaway: Tokenization of real-world assets represents a major growth area with increasing institutional adoption and infrastructure maturity, supported by stablecoin and DeFi developments.

3. Industry Maturity and the “Ship or Die” Mentality

• The cryptocurrency space remains over-capitalized, leading to many projects duplicating efforts without differentiation or sustainable models.
• Subsidized early activity skews competition; once subsidies fade, many projects fail or retreat.
• The core promise of crypto remains lowering costs for decentralized financial transactions — the original “punk-rock” ideal that motivated early pioneers.
• Public blockchains have decisively won over private or permissioned chains for broad infrastructure use.
• The industry is moving towards honest acceptance of project limitations and open nihilism (e.g., projects like Farcoin) rather than pretending all innovations are revolutionary breakthroughs.
• Relaxed political/regulatory pressure (in contrast to Biden-era hostility) facilitates more genuine experimentation.

Takeaway: Sustainability requires projects with clear differentiation and real utility; beware of crowded markets and shameless hype. Public chains and decentralization remain the foundational values.

4. The Role of AI and Cryptocurrency

• There is often misplaced conflation between blockchain technology (accounting software) and AI applications, which she sees as largely unrelated.
• While AI is a hot trend, the functional overlap with cryptocurrency infrastructure is minimal at this point.

Takeaway: Be cautious of hype linking AI and blockchain without clear practical synergies.

Overall Summary

Kathleen Breitman’s talk offers a seasoned perspective emphasizing that many early crypto trends failed due to immaturity or over-speculation. Currently, tokenized real-world assets stand out as a meaningful innovation with growing infrastructure and institutional adoption, particularly on public blockchains like Tezos. She advises investors to focus on projects delivering genuine financial transaction improvements while being wary of overcrowded, subsidy-driven competition and irrelevant hype, including misapplied AI enthusiasm.

Overview

• Solana is doubling down on the US market, leveraging improving regulatory clarity to fuel ecosystem growth and innovation.
• Hardware advances like the Seeker crypto phone aim to remove UX barriers and enable mainstream mobile crypto adoption.
• Viral crypto apps on Solana rely on token-driven mechanics and curated engagement, creating new user acquisition models.
• Novel asset classes such as tokenized personal time and social tokens are expanding Solana’s capital market potential.
• Integration of Web 2 companies with crypto tokenomics signals maturation and broader adoption prospects for Solana’s network.

Raj Gokal, Co-founder of Solana

1. Importance of Holding Solana Conference in the US

• Solana’s largest Foundation HQ is in New York City, emphasizing commitment to the US market.
• Hosting Accelerate 2025 in the US aims to engage American builders, especially those from Web 2, to accelerate crypto mainstream adoption.
• The US regulatory environment is opening up, with active legislation around stablecoins and crypto market structure.
• Policy Day at the conference creates opportunities for builders and lawmakers to collaborate and shape future crypto regulations.

Takeaway: The US is becoming central to Solana’s growth, with regulatory clarity improving and driving adoption and innovation, which may increase Solana ecosystem value and stability.

2. Vision for Solana Product Builders & Market Trends

• Raj encourages building products people want, similar to how Uber and Airbnb rebuilt traditional marketplaces.
• Emphasis on creating internet-native capital markets ahead of regulatory clarity.
• Builders are focusing on consumer-centric (consers) experiences that drive product traction.
• The convergence of product innovation and government policy presents unique opportunities for founders.

Takeaway: Solana’s growth is fueled by early-stage builders focused on real-world adoption and capital markets, signaling potential for valuable long-term ecosystem projects.

Tuli, Co-founder of Solana Labs & Anatoly’s Colleague; Nikita Beer, Advisor to Solana Foundation

3. Solana Mobile & “Seeker” Crypto Phone Launch

• Shipping date for Seeker phone set for August 4, 2025.
• Seeker integrates hardware-level crypto cold storage security with user-friendly mobile UX, akin to Apple Pay.
• Introduction of TPIN security architecture enables trustless, cryptographic control over apps, removing intermediaries like app stores.
• Solana mobile software stack is open for other OEMs, allowing broader hardware adoption.
• This innovation could drastically improve user onboarding and transaction conversion for mobile crypto apps.

Takeaway: The Solana Mobile ecosystem’s hardware and software advances could drive mass adoption by reducing UX friction and regulatory gatekeeping, potentially increasing user engagement and Solana utility.

4. Crypto Virality & Differences from Web 2

• App virality in crypto may revolve more around token-driven mechanics rather than traditional content virality.
• Improved App Store approvals for crypto apps open new opportunities to build consumer apps on Solana.
• Successful crypto apps curate viral content carefully, limiting spam and focusing on engagement longevity.
• Focus areas include live streaming, creator tokens, and composite token economies vs. over-fragmented “token per post” models.

Takeaway: Virality in crypto apps on Solana hinges on innovative product design and curation, suggesting that projects addressing these challenges stand to gain user adoption and network effects.

Ikram and Sam Lessons, Former Venmo Co-founder & Early Solana Investor

5. Jelly Jelly Token and Venmo 2.0 Vision

• Jelly Jelly launched a memecoin that surged to $250M market cap in hours, demonstrating viral potential.
• The token integrates meaningfully into the app’s social engagement and tipping mechanics.
• Jelly bridges the gap between social media and crypto by making money “fun” and rewarding community-building.
• The product focuses on simplicity, transmissibility, remixability, and creating meaningful community involvement.
• Jelly’s model shows how crypto can modernize social media interactions and economics by rewarding users in real money for engagement.

Takeaway: Jelly’s success exemplifies how meme tokens integrated with social apps on Solana can drive user growth and engagement, hinting at new social-financial use cases with strong network effects.

Cause, Founder of Time.f Fun

6. Tokenizing Time as a New Capital Market on Solana

• Time.f Fun enables users to monetize their time by creating tradable, ownable, and programmable tokens representing their available time.
• Allows creators to cut spam by requiring payment for access, while unlocking equity in personal time for fans/investors.
• Offers multiple engagement modalities: paid DMs, calls, group chats, and auctions.
• Empowers creators with passive revenue via trading fees on their time tokens.
• Echoes Naval Ravikant’s advice that true wealth comes from equity—not renting out time—and applies it via crypto infrastructure.

Takeaway: Time.f Fun pioneers tokenizing personal equity on Solana, representing an innovative asset class that can expand creator monetization and diversify the ecosystem’s utility.

Bobby (CEO, Dook.com) and Imran (Founder, Alliance DAO)

7. Tech Startups Launching on Solana with Token Economics

• Dook.com is a Web 2 deal discovery platform with over 1 million monthly active users.
• Launched a native token just 20 days ago and found unexpected crypto community uptake.
• Initial legal uncertainty was addressed with advice and collaborations, ensuring compliance.
• Advocates for established Web 2 companies to adopt crypto token models integrated with product-market fit.
• Plans to expand virality with share-to-earn mechanics to drive user acquisition and engagement growth.
• Bullish on explosive growth prospects across crypto markets in 2025.

Takeaway: Web 2 companies moving into crypto using Solana and token economics could drive mainstream adoption and accelerate Solana network growth and transaction volume.

Overall Conference Themes & Investor Implications

• Solana is focusing heavily on US market growth, regulatory clarity, and attracting builders with real-world product needs.
• Hardware innovations like the Seeker phone could solve critical UX bottlenecks and broaden user adoption.
• Viral product design in crypto differs from Web 2 but shows early success, particularly with token-based incentives and social apps.
• New asset types, including tokenized time and community tokens, are emerging as fresh capital market primitives on Solana.
• Established Web 2 platforms and startups venturing into crypto signal a maturing ecosystem with diversified user bases.
• Regulatory engagement and policy-focused events at this conference highlight Solana’s proactive approach to compliance and long-term sustainability.

Final Takeaway: Solana is transitioning into a more mature, user-friendly, and regulation-conscious ecosystem driven by hardware innovation, novel asset classes, and powerful new social use cases, positioning SOL and its ecosystem for significant growth opportunities in 2025 and beyond.

Overview

• Solana is evolving into a global unified market integrating permissioned and permissionless assets, enhancing liquidity and accessibility.
• Jupiter is a key infrastructure provider in Solana’s DeFi ecosystem, offering diverse tools that support over $2 trillion in volume and 7 million assets.
• Jupiter Lend, launching in July 2025, introduces advanced lending features with higher loan-to-value ratios and improved liquidation mechanics.
• The vision focuses on blending DeFi and TradFi assets on a single platform to create a universally accessible financial market.
• Investors should note Jupiter’s central role and innovations as strong indicators of Solana’s growing maturity and long-term value potential.

Kash Dhanda, Jupiter

Kash Dhanda is a lead at Jupiter, a significant player in Solana's DeFi ecosystem, focusing on creating a unified global market that bridges traditional finance (TradFi) and decentralized finance (DeFi).

1. The Historical Parallel of Currency and the Current State of Solana

• Dhanda draws a parallel between the 19th-century U.S. wildcat banking era and the current explosion of permissionless asset issuance on Solana.
• Historically, localized and fragmented currencies allowed communities to transact but were limited by physical constraints and market inefficiencies.
• Today, Solana’s blockchain technology enables global, virtual connectivity and effective markets, overcoming those past constraints.
• There’s been an unprecedented issuance of tokens on Solana (3.7 million new tokens) and massive trading volumes ($600 billion quarterly on DEXes).
• The transition is from fragmented permissionless asset issuance to a combined model integrating permissioned and permissionless assets in a unified global market.

Takeaway: Solana is rapidly evolving into a global unified market that combines the best of traditional and decentralized finance, enhancing liquidity and asset accessibility worldwide.

2. Jupiter’s Role in the Global Unified Market

• Jupiter is positioned as a central infrastructure/player in Solana’s global unified market with over $2 trillion in lifetime volume and 7 million assets supported.
• Jupiter offers a full product suite: DEX aggregator, Jupiter Onboard (on-ramp/bridge), Jupiter Mobile (native, self-custodial trading app), Jupiter Spot (spot trading), and Jupiter Per (perpetuals platform).
• Jupiter Pro helps users discover new tokens instantly across launchpads at significantly lower costs than competing tools.
• Jupiter Portfolio tracks DeFi positions across 80+ protocols, recently upgraded.
• Jupiter provides developer APIs that have generated more than $500 million in revenue for partners, emphasizing the platform's ecosystem value.
• Simple integration tools like the Jupiter Terminal allow easy DeFi inclusion with minimal coding.

Takeaway: Jupiter is integral to Solana’s DeFi ecosystem, offering comprehensive tools and infrastructure that enhance user experience and drive liquidity and innovation.

3. Announcement and Details of Jupiter Lend—Advanced Money Market on Solana

• Jupiter Lend, launching July 2025, is announced as the most advanced money market on Solana, powered by the Ethereum-first protocol Fluid.
• Fluid is a top DeFi protocol with $2B market size and $900 million in active loans on Ethereum, now partnering with Jupiter to bring innovation to Solana.
• Jupiter Lend offers exceptionally high loan-to-value (LTV) ratios (90% on SOUL tokens vs. typical 75%), enabled by a vastly improved liquidation engine with 0.1% liquidation fees (100x improvement).
• The money market uses a two-layer structure: a unified liquidity layer consolidates capital to improve efficiency and composability, and a protocol layer offers lending and borrowing protocols.
• Jupiter Lend allows users to deposit funds for competitive yields, borrow at excellent rates, and utilize tokenized debt positions in other DeFi activities.
• The system encourages third-party innovation by enabling permissionless building on top of Jupiter’s liquidity pool.
• Early access is available via a waitlist starting from the talk, signaling imminent adoption.

Takeaway: Jupiter Lend represents a major DeFi innovation on Solana, with enhanced capital efficiency, higher borrowing power, and lower liquidation penalties—poised to significantly expand lending and borrowing activity on the network.

4. Vision for a Combined DeFi and TradFi Global Unified Market

• The ultimate goal articulated is not competition but integration—DeFi plus TradFi in one unified, accessible, global market.
• Tokenized equities (traditionally permissioned assets) are being brought on-chain through partners such as Superstate and Kraken.
• Universal access is paramount, enabling anyone worldwide with internet to participate and benefit.
• Jupiter plans to keep expanding its product ecosystem to encompass swapping, trading, lending, borrowing, and portfolio tracking in a seamless way.

Takeaway: The vision of a global unified market backed by Solana and facilitated by Jupiter signals growing maturity in the ecosystem, broader asset inclusion, and greater accessibility—key drivers for long-term value creation.

Summary

Kash Dhanda’s talk at Accelerate 2025 centered on Jupiter’s pivotal role in creating a global unified financial market on Solana, blending DeFi and TradFi assets. Innovations like Jupiter Lend, offering superior lending/borrowing terms and capital efficiency, underscore the expanding and maturing DeFi landscape. Jupiter’s comprehensive product suite and developer tools position it as an essential ecosystem hub, making it crucial for investors interested in Solana’s growth and DeFi’s evolving market dynamics.

Overview

• Vision of a decentralized AI economy centered on user data ownership and trustworthy AI agents working for individuals.
• Active policy engagement driving data portability laws, enabling user control and interoperability.
• Development of Frequency and DSNP protocols to provide foundational infrastructure for portable, user-controlled social graphs on Solana.
• Ambitious bid to acquire TikTok U.S. assets aims to transition users from attention to intention economy within a decentralized ecosystem.
• Combined technological and legislative approach positions Project Liberty as a key driver for privacy-first, user-empowered AI and social applications on Solana.

Michael Casey

Chairman, Decentralized AI Society; collaborator with Project Liberty

1. Vision for a Decentralized AI Economy and Personal Data Ownership

• The talk centered around creating an AI economy based on decentralized, privacy-preserving, open, and self-sovereign principles, contrasting with centralized AI models.
• Emphasized the concept of “agentic economy” where AI agents act as fiduciaries working for individuals, not for centralized platforms or “the league.”
• Used analogy from sports history to highlight importance of personal ownership and control, comparing current AI agent control risks to past athlete league control.
• Project Liberty’s goal is to build infrastructure (Frequency protocol) enabling users to control their data and maintain portability across platforms.
• Highlighted risks in crypto trading where AI agents or bots might be working against users (e.g., front-running), reinforcing the need for trustworthy, user-controlled agents.

Takeaway: Project Liberty’s emphasis on user data sovereignty and trustworthy AI agents directly addresses critical trust issues in the evolving AI and crypto landscape, offering a potentially foundational layer for Solana ecosystem projects focused on AI and data privacy.

2. Policy Impact and Data Portability Legislation

• Project Liberty actively engages in policy, complementing its technology efforts with legal frameworks to reinforce data ownership rights.
• Celebrated the passage of Utah’s new law granting individuals full data portability and interoperability rights, influenced by Project Liberty’s work.
• New York and Vermont are poised to introduce similar legislation, signaling a growing movement toward shifting control from platforms to users.
• Drew historical parallels to the 1996 Telecom Act mandate for phone number portability to emphasize the significance of data portability laws.
• Highlighted collaboration between policymakers and technologists as essential for shaping a trustworthy, user-centric internet.

Takeaway: Emerging laws supporting data portability and interoperability could accelerate adoption of Solana-based privacy and social graph protocols, strengthening user empowerment and infrastructure scalability.

3. Frequency and DSNP Protocols: Infrastructure for User-Controlled Social Graphs

• Frequency is a single sign-on system; DSNP (Decentralized Social Networking Protocol) is an open standard for social graph interoperability.
• The social graph (all digital connections and interactions) is currently fragmented and owned by centralized entities like Meta.
• DSNP enables users to own and port their social graph across platforms, creating a unified, user-controlled digital identity.
• Collaborates with top academic institutions (MIT, Stanford, Harvard, Georgetown) to build robust, scalable technologies.
• Millions already use this infrastructure daily, making digital experience seamless and user-centric.
• Compared DSNP’s role to TCP/IP and HTTP protocols but focused on connecting people and enabling decentralized services, including those on Solana.
• Aspires to provide humans a “seat at the bargaining table” with AI-driven machines by granting property rights over their data.

Takeaway: DSNP and Frequency provide foundational infrastructure that enhances the Solana ecosystem's ability to offer privacy-respecting, portable user identity and social data, opening doors for innovative decentralized social and AI-driven applications.

4. People’s Bid for TikTok and Shifting Internet Economies

• Project Liberty is involved in a high-profile bid to acquire the U.S. assets of TikTok, aiming to place its 170 million U.S. users inside the new decentralized ecosystem.
• If successful, would move users from the current attention economy to an “intention economy,” where users control and specify what they engage with.
• Success depends on Chinese government’s willingness to proceed and compliance with U.S. laws around the transaction.
• Even without TikTok, other large platforms are joining the ecosystem via Frequency and DSNP, underscoring a broader platform-building effort beyond TikTok.

Takeaway: Acquisition of TikTok’s U.S. assets could be a major catalyst for mass adoption of decentralized identity and data portability solutions, fueling growth and user engagement across Solana-based platforms, but multiple large platforms indicate the ecosystem’s resilience and long-term prospects.

Overall Summary

The talk by Michael Casey emphasized Project Liberty’s multi-pronged strategy combining innovative decentralized protocols (Frequency, DSNP) with progressive data portability laws to empower users in an AI-driven digital world. The vision seeks to shift control from centralized platforms to people, enabling trustworthy AI agents and a portable social graph—building blocks for the future Solana ecosystem. The TikTok bid, while still uncertain, exemplifies the potential scale of these efforts to transform internet economies toward user sovereignty.
For investors, Project Liberty’s approach represents a strategic foundation for privacy-first, user-controlled data infrastructure that can significantly boost Solana’s positioning in the upcoming AI and decentralized social economy.

Overview

• Farcaster enables user-owned, portable social graphs, disrupting traditional centralized social networks.
• Integration with Solana introduces cheap, instant micropayments and wallet-embedded social apps.
• Cross-chain interoperability aims to simplify user experience and expand social graph reach across multiple blockchains.
• The vision centers on a permissionless, monetizable social ecosystem fostering innovation and new revenue streams.
• Addressing content quality and leveraging on-chain data are key to scaling and enhancing user engagement on Solana-based social platforms.

Speakers

• David, Founder of Tapestry, provider of open social graph data stored on Solana.
• Linda Xie, Developer Ecosystem Lead at Farcaster, focused on growing apps in the Farcaster network.

1. Ownership of Social Graphs

• Social graphs (followers, connections) currently live in silos controlled by centralized platforms.
• Farcaster aims to let users fully own their social graph data, enabling portability across platforms and apps.
• Developers benefit by accessing open social graph data, allowing users to onboard instantly without rebuilding networks from scratch.
• This represents a major user experience and network effect improvement enabled by composability, a key Web3 principle.

Takeaway: Farcaster’s open, user-owned social graph model could disrupt traditional social networks and drive increased user retention and developer activity on Solana.

2. Farcaster’s Unique Features and Solana Integration

• Farcaster is a permissionless social network where every user has a crypto wallet by default, enabling instant, cheap global micropayments.
• Embedded wallets simplify user interactions with on-chain apps and creators monetize directly.
• Solana support is now live on Farcaster, opening extensive possibilities due to Solana’s low fees and speed.
• SNS airdrop of SOL to Farcaster users accelerates onboarding and user acquisition on Solana.
• Collaboration between open protocols and projects like Tapestry improves developer tools and user experiences.

Takeaway: Farcaster’s Solana integration could drive additional utility and demand for SOL by creating a vibrant, monetizable social ecosystem on-chain.

3. Cross-Chain Social Graph Interoperability

• Social graphs and crypto assets exist across multiple chains, posing UX challenges.
• Farcaster supports bridging tokens and aims to abstract away chain complexity for seamless user experience.
• The embedded wallet is designed to allow users to interact with various apps and chains without friction.
• Long-term vision is chain-agnostic social graphs accessible from any interface.

Takeaway: Cross-chain functionality, anchored by Solana’s performance, enhances the interoperability and scalability of the Farcaster social graph, potentially increasing the value proposition of Solana infrastructure.

4. Future Vision for Farcaster and the Open Social Ecosystem

• In 2 years, Farcaster aims for users to fluidly port their follower data across many clients (e.g., Coinbase Wallet, TikTok-like apps, Twitter equivalents).
• This user empowerment contrasts with the locked-in social networks of Web2.
• Open social graphs will enable a rich developer ecosystem with new kinds of social apps not possible before.
• Monetization of social interactions is simplified on-chain, enabled by cheap Solana fees, sparking a new social economy.
• This model avoids issues faced by Web2 platforms that stifled builder innovation through deplatforming.

Takeaway: Farcaster’s vision of a permissionless, monetizable social graph economy on Solana could catalyze broad adoption, developer innovation, and new revenue streams, benefiting the Solana ecosystem.

5. Challenges and Needed Innovations in Web3 Social

• Spam and low-quality content remain major barriers to mainstream adoption of Web3 social networks.
• Farcaster and client apps focus on surfacing high-quality, personalized content beyond just crypto topics.
• There is a need for better on-chain data sources (e.g., streaming/music consumption, other user behavior) to improve recommendation and spam filtering.
• Tapestry is working on enriching social graph data with multiple on-chain signals to empower developers.

Takeaway: Addressing content quality and integrating broader data sets on-chain are crucial steps toward scaling Farcaster and similar projects, improving user engagement and long-term viability of Solana-based social protocols.

Overall Summary

This talk highlights Farcaster’s pioneering effort in building an open, permissionless social graph on Solana, emphasizing user ownership and interoperability across chains. The integration with Solana unlocks instant, cheap micropayments and an embedded wallet that simplify monetization and app interactions. Farcaster’s vision of portable social data across clients and chains could transform social networking, creating a rich ecosystem for users and developers while leveraging Solana’s network effects. Challenges remain around spam and content relevance, but solutions are actively being developed. For investors, Farcaster represents a compelling use case driving real utility and demand for Solana’s blockchain infrastructure.

Overview

• Whiskey barrels are emerging as liquid, high-yield tangible assets, supported by tokenization and robust tracking.
• Advanced digital monitoring and data-driven production improve product consistency and create premium, differentiated whiskey offerings.
• Supply chain transparency enhances consumer trust and brand loyalty through real-time provenance and lifecycle insights.
• Increasing market liquidity and innovative fund structures, combined with on-chain token ownership, boost investability and secondary market activity.
• Rich cultural narratives paired with technological innovation add intangible brand equity, fostering consumer engagement and asset appreciation.

Speakers

• Dan Callaway: Master Blender for Lofted Spirits, Bardstown Bourbon Company, and Green River. Known for innovative blending and technologically advanced distillery practices.
• Chuck Morton: Founder of Whiskey Advisors and Managing Director of the North American Whiskey Fund, actively invests in whiskey barrels and manages liquidity in whiskey assets.
• Moderator from Baxis: Focus on whiskey-related investment, leveraging technology to track barrels on-chain.

1. Whiskey as a Tangible Asset and Investment Vehicle

• Whiskey barrels are increasingly viewed as liquid, tangible assets with financial returns comparable to bonds.
• Chuck Morton's fund targets about a 28% IRR over 4-5 years, taking advantage of the current buyers’ market.
• Whiskey investment benefits multiple stakeholders: investors earn returns, brands get capital for growth, and consumers enjoy higher-quality products.
• Tokenizing barrels on-chain enhances transparency, provenance, and investor confidence, reinforcing whiskey’s status as a reliable asset class.
• The industry has learned from failures like Scottish whiskey funds losing barrels by applying robust tracking and traceability measures, including federal registration and UCC filings.

Takeaway: Whiskey barrel investments, especially with modern tracking and tokenization, offer a unique, liquid, and high-yield asset class that may provide predictable returns alongside diversification.

2. Innovation and Technology in Whiskey Production and Maturation

• Bardstown Bourbon Company employs advanced digital tracking (via Baxis’ Athena product and Heli system) to monitor barrel conditions: temperature, humidity, and maturation environment in real time.
• Data-driven blending and maturation enable more efficient selection of barrels for blends, leading to better and more consistent products.
• Custom distillation allows brands to create distinct profiles from 500+ production variables, moving beyond generic bulk whiskey offerings.
• The ability to "future-proof" blends with data on barrel maturation helps match supply with brand/product goals well in advance.
• New experiments like French oak barrels from Notre Dame repairs and Indian whiskey barrel finishing demonstrate innovation that blends tradition with unique flavor exploration.

Takeaway: Technological innovation in whiskey production adds value by allowing highly customized, traceable, and premium products, potentially leading to greater consumer demand and brand differentiation.

3. Supply Chain Transparency and Consumer Experience

• Transparency is becoming a key differentiator: consumers will soon be able to view the full lifecycle of the whiskey in their bottle—from fermentation through aging to bottling.
• Traceability increases consumer appreciation of flavor profiles and origins, potentially increasing demand and loyalty.
• Brands benefit from digital dashboards that provide real-time insights into inventory, maturation progress, and quality metrics without physically visiting a rickhouse.
• Transparency reduces risk and builds trust for investors and consumers alike, addressing problems of provenance that have plagued the industry.

Takeaway: Enhanced transparency and provenance create a competitive edge for brands and build consumer trust, which can boost sales and long-term brand value.

4. Liquidity, Market Dynamics, and Future of Whiskey Finance

• The whiskey barrel market is becoming more liquid, aided by technology that simplifies auditing, tracking, and valuation.
• Funds like the North American Whiskey Fund provide capital upfront to distilleries, allowing them to finance production while investors enjoy returns over maturation terms.
• Whiskey funds buy strategic barrels in bulk, eventually selling to brands after maturation when they meet IRR targets.
• Tokenization of barrels on platforms like Baxis ensures secure, auditable asset ownership and increases secondary market liquidity.
• Despite myths, traditional maturation remains the gold standard; however, technology aids in optimizing and innovating within this traditional framework.

Takeaway: The evolving whiskey finance ecosystem—with fund structures, tokenization, and digital tracking—supports strong liquidity and financial innovation, enhancing investability.

5. Cultural and Historical Value Enhancing Brand Narrative

• Whiskey’s heritage as “America’s original cryptocurrency” highlights its long-standing value as a store of wealth, proof of work, and exchange medium.
• Unique projects like the Cathedral French Oak bourbon, involving wood from Notre Dame, merge cultural history with branding, creating compelling narratives.
• Such stories and innovations add intangible brand equity that can enhance demand and market premium.

Takeaway: Distinctive brand stories and heritage-based innovation can drive consumer engagement and premium pricing, contributing to brand strength and asset appreciation.

Overall Summary for Investors:

The conversation highlights how innovations in technology, transparency, and financial structuring are transforming whiskey from a traditional, opaque market into a modern asset class with increased liquidity, predictable returns, and consumer engagement. For Solana ecosystem investors, partnerships with platforms like Baxis that tokenize whiskey barrels on-chain offer a promising intersection of tradition and blockchain innovation, enhancing trust and market efficiency in whiskey investments.

Overview

• Solana Labs is strategically hosting its first major U.S. conference to foster compliance and growth within a clearer regulatory framework.
• Emphasis on building consumer-focused crypto products that drive real-world adoption and parallel Web2 success stories.
• Active engagement with policymakers aims to create favorable and transparent regulations, reducing investment risks.
• Encouragement for startups to leverage current market openness and seek investor backing, signaling fertile ground for innovation.
• Overall, Solana is positioning itself for sustainable growth by aligning product development, regulation, and investor interest in the U.S. market.

Raj Gokal

Raj Gokal, Co-founder of Solana Labs, discussing the strategic importance and vision behind hosting the first major Solana conference in the United States.

1. Significance of Hosting the First Major Solana Conference in the U.S.

• Previous Solana conferences were held internationally (Amsterdam, Portugal, Singapore, Abu Dhabi), but this is the first major one in the U.S.
• Raj’s personal connection to the U.S. and belief in the "American dream" drives the commitment to building and sustaining a compliant crypto business domestically.
• Solana Labs maintains its largest Solana Foundation headquarters in New York City.
• Hosting the conference in the U.S. is intended to inspire and empower local Web2 product builders to transition into crypto.
• The U.S. regulatory environment is evolving positively, creating new opportunities for builders to engage with policymakers.

Takeaway: The U.S. focus indicates Solana Labs’ commitment to building within a clearer regulatory framework, which may improve the longevity and legitimacy of Solana projects in a critical market.

2. Emphasis on Consumer-Focused Products and Market Transformation

• Raj draws parallels between the disruptive impacts of Web2 companies like Uber and Airbnb and the anticipated transformation of finance and capital markets via crypto.
• He emphasizes the importance of building products that people genuinely want, aligning with evolving regulations.
• Highlighting builders like Nikita (co-founder of Venmo) who are creating leading consumer apps that are starting to trend toward internet-native capital markets.
• The conference aims to showcase innovative consumer applications on Solana that are gaining traction in app stores and user engagement.

Takeaway: Solana’s push for consumer-centric products signals potential growth in user adoption and practical use cases, increasing the network’s value proposition and ecosystem viability.

3. Unique Opportunity to Engage with Policymakers and Navigate Regulation

• The conference includes a significant presence of policymakers working on current legislation to define clear regulatory pathways for stablecoins and market structure.
• The Solana Policy Institute and lawmakers are active participants, aiming to foster fair and clear regulatory language.
• Builders have the chance to directly communicate with regulators, which can influence laws favorable to crypto innovation.
• These relationships may help reduce regulatory uncertainties that have historically hindered crypto growth in the U.S.

Takeaway: Close collaboration with policymakers may lead to regulatory clarity, reducing investment risks and potentially accelerating Solana’s ecosystem growth.

4. Advice to Builders and Startups on Maximizing Opportunities

• Raj encourages product builders and startups to actively engage with investors at the conference, specifically pitching to Helius (Mert) for investment.
• The focus is on bold, forward-thinking builders ready to capitalize on the current openness in policy and market conditions.
• The environment is portrayed as ripe for ambitious innovators aiming to make a significant impact in crypto and finance.

Takeaway: Early-stage projects on Solana may find increased investor interest and support, highlighting opportunities to discover and back promising innovators within the ecosystem.

Overall, this talk underscores Solana’s strategic push into the U.S. market, its alignment with emerging regulatory frameworks, and its focus on consumer adoption and innovation—all attractive factors for investors seeking growth potential within the Solana ecosystem.

Overview

• The talk highlights the historical model of Bell Labs’ E.A.T., showcasing how art-technology collaboration drives innovation.
• A new decentralized E.A.T. initiative aims to democratize creative tech development globally using blockchain principles.
• Collaboration with Solana Foundation and Columbia University will foster events and projects that merge decentralized tech with art.
• Emphasis on decentralized futures in the creator economy promotes shared ownership and sustainable cultural production.
• Integrating arts and humanities in tech development supports ethical innovation, aligning with Solana’s community-driven ecosystem.

Lance Weiler, Decentralized Futures and Columbia University Digital Storytelling Lab

1. Historical Inspiration: E.A.T. (Experiments in Art and Technology)

• Bell Labs in the 1960s fostered a progressive environment merging engineers and artists to create innovative technology-driven art.
• Billy Klüver spearheaded collaborations that led to breakthroughs in technology such as live video projection, fiber optics, wireless sound, and interactive environments.
• The original E.A.T. initiative ran from 1966 to 2001, leaving a lasting legacy on art-driven technology innovation.
• These cross-disciplinary collaborations spurred new forms of creativity and technological development simultaneously.

Takeaway: The historical synergy between art and technology at Bell Labs illustrates how interdisciplinary collaboration can drive breakthrough innovation—a model that may inspire new decentralized creative tech ecosystems.

2. Proposal: A Decentralized Version of E.A.T.

• Lance Weiler proposes a decentralized incarnation of E.A.T., enabling artists, engineers, technologists, and creators globally to collaborate without gatekeepers.
• The idea is to create an incubator space for bold, experimental projects fueled by decentralized technology principles.
• This initiative reflects a push toward democratizing innovation and making creative tech development more inclusive and accessible.

Takeaway: The decentralization of creative innovation fosters a broader base of contributors, potentially accelerating development in technologies that could increase Solana’s ecosystem use cases and community engagement.

3. Collaboration with Solana Foundation and Columbia University

• A partnership has been announced to hold a series of events including dinners, hackathons, conversations, and prototype showcases focused on decentralized art and technology.
• Initial gatherings are planned around major industry events like NFT NYC and include venues such as Lincoln Center and The Skyline.
• The initiative encourages open participation and collaboration from anyone interested in exploring decentralized technology fueled by art and creativity.

Takeaway: This collaboration signals growing institutional support for Solana within the creative and cultural sectors, which could drive organic growth and innovative project development on the Solana blockchain.

4. Context: Decentralized Futures and the Creator Economy

• The emerging creator economy is viewed as increasingly automated and extractive; decentralized futures seek to build alternative models emphasizing shared authorship, participatory design, and open access.
• The goal is to rethink cultural production in ways that allow broader ownership and sustainable creative practices.
• Decentralized art and technology may increase access and meaningful co-creation, reshaping how culture and technology evolve together.

Takeaway: Projects that redefine ownership and collaboration in the creator economy align well with blockchain’s decentralization ethos, possibly increasing demand for platforms like Solana that facilitate such interactions.

5. Closing Thoughts: Role of Arts and Humanities in Shaping Technology

• Lance notes the critical opportunity to shape generative tools and technologies ethically and creatively before they are shaped by external forces.
• The arts and humanities can provide valuable perspectives in guiding technology development to ensure it serves broader human values.
• This moment represents a unique convergence of tech, art, and decentralized innovation aimed at a sustainable and inclusive future.

Takeaway: Integrating humanities with tech development may mitigate risks associated with rapid automation and AI, favoring blockchain ecosystems like Solana that emphasize community-led innovation and ethical technology use.

Overview

• Exchange Art is an artist-led, culture-first Solana marketplace emphasizing education, collaboration, and community over short-term profit.
• Comprehensive educational programs and mentorship reduce barriers to entry, broadening the artist and collector base.
• Active collaboration with other Solana marketplaces fosters ecosystem synergy and network effects.
• Innovative tools like dynamic pricing and a physical gallery in NYC bridge digital and traditional art worlds to expand adoption.
• Engagement with established traditional artists enhances cultural legitimacy and supports mainstream acceptance of Solana NFTs.

J.T. Liss

J.T. Liss, President of Exchange Art and involved with BONK, spoke about the future of one-on-one art within the Solana ecosystem and emphasized an artist-led, culture-first approach to Web 3 art markets.

1. Exchange Art as an Artist-Led Marketplace

• Exchange Art is uniquely artist-led and operated, focusing on culture rather than purely on leaderboards or profit.
• The platform aims to build a grassroots cultural movement akin to hip-hop or punk cultures that grew from underground origins.
• Key values highlighted are education, collaboration, opportunity, and outreach as pillars for sustainable growth.

Takeaway: Exchange Art’s artist-driven model prioritizes culture and organic growth, which may foster long-term value and resilience in the Solana art ecosystem.

2. Education as a Core Component

• The platform offers daily educational content including writings and live Spaces covering art history, culture, and professional development.
• Quarterly workshops educate both artists and collectors, addressing onboarding and crypto fundamentals.
• A dedicated team supports newcomers in understanding wallet safety and crypto basics—a critical barrier for traditional artists entering Web 3.
• The grants program combines financial support with mentorship, enabling artists to exhibit globally in over 60 countries.

Takeaway: Robust education and mentorship support reduce friction for new users, broadening adoption and strengthening the Solana art market’s base.

3. Collaboration with Other Marketplaces

• Although competing with other platforms, Exchange Art actively collaborates with marketplaces such as Malo, Drip, Foster, and Threeland.
• Past and upcoming joint initiatives include collaborations during major events like Art Basel and NFTYC.
• Shared gallery exhibitions, for example at NFT Paris, encourage ecosystem synergy rather than isolated competition.

Takeaway: Collaboration within the Solana NFT ecosystem may increase network effects, creating a more vibrant and interconnected marketplace.

4. Expanding Artist Opportunity and Innovative Tools

• Exchange Art launched dynamic pricing tools allowing artists to price artwork in USD but sell it in various SPL tokens, enhancing collective token utility.
• Continued focus on global exhibitions and physical art events aims to increase artist visibility beyond digital-only formats.
• Upcoming brick-and-mortar gallery in New York City, opening in 2025, marks a major step bridging traditional and digital art worlds.
• Multiple grant programs (Arts Ambassador, Creator grants, Bunk Art Masters commissions) continue to support artist growth.

Takeaway: Innovation in pricing mechanics and bridging physical-digital art increases adoption potential and showcases Solana’s ecosystem versatility.

5. Outreach to Traditional Art Communities

• Exchange Art actively integrates renowned traditional artists into the Web 3 ecosystem, helping legitimize and expand the platform’s reach.
• Notable collaborations include figures involved in pioneering street art and prominent mural projects in NYC and other cities.
• Such outreach builds cultural legitimacy and attracts diverse artist communities to Solana.

Takeaway: Inclusion of established traditional artists builds credibility for Solana NFTs and can catalyze mainstream adoption.

Overall Summary

J.T. Liss emphasized building a culture-led, artist-first Web 3 art ecosystem that values education, collaboration, opportunity, and outreach over short-term speculation. The approach focuses on long-term growth and legitimacy of one-to-one art on Solana, integrating traditional and digital art worlds, and innovating marketplace features while fostering a strong global community.

Takeaway: Exchange Art’s culture-driven, innovative, and collaborative approach positions it as a foundational player in Solana’s art ecosystem, potentially driving sustained growth and wider adoption of Solana NFTs.

Overview

• Pangu Token had a historic $1.6B airdrop to 6M wallets, boosting community-wide engagement on Solana.
• Pudgy Penguins is a leading crypto-native brand with massive cultural impact and global reach.
• The project shows strong business growth, strategic brand partnerships, and viral market momentum.
• Key initiatives include pioneering NFT/token ETFs, staking infrastructure, and crypto government advisory roles.
• Expanding into retail, gaming, media, and Web3 tooling signals broad ecosystem growth and future scalability.

Luca Netz

CEO of Pudgy Penguins

1. Pangu Token and Historic Airdrop

• Launched on December 16th, Pangu distributed over 50% of its supply to Pudgy Penguin holders and OG Solana community members.
• It was the largest airdrop on Solana at $1.6 billion to 6 million wallets, currently the eighth biggest in crypto history.
• $500 million of the airdrop went to prominent Solana ecosystem users, including Phantom, Magic Eden, and Jupiter stakers.
• Pangu is positioned as the "people’s token," symbolizing broad community inclusion in Solana.

Takeaway: The historic and large-scale airdrop fostered deep community engagement and broad token distribution, strengthening Pangu’s position in Solana’s ecosystem.

2. Pudgy Penguins as a Crypto-Native IP and Brand

• Pudgy Penguins is described as the world’s most popular crypto-native IP, aiming to become the mascot of crypto globally.
• The project leverages internet culture, especially meme and GIF distribution, with over 50.7 billion GIF views on Giphy alone.
• Across all social channels, their character Pangu has amassed over 120 billion views in six months.
• Positioned as a highly recognizable and culturally integrated brand with a global holder community.
• Emphasizes inclusivity and broad accessibility as core to its appeal.

Takeaway: Pudgy Penguins’ strong cultural presence and wide adoption enhance its brand value, providing sustainable long-term ecosystem engagement.

3. Internet Capital Markets and Business Growth

• Pudgy Penguins exemplifies a hybrid model combining viral brand appeal with significant financial growth.
• Their business is generating tens of millions of dollars, with year-over-year growth doubling.
• Collaborations with established brands like Vandy and Pokémon, and public visibility including presence on the New York Stock Exchange.
• Demonstrates a blend of Lindy effect (long-term cultural endurance) and serious market traction.

Takeaway: The project’s solid revenue growth combined with viral cultural momentum makes it a compelling investment aligned with internet capital market trends.

4. Key Milestones and Ecosystem Initiatives in 2023

• Filed for the first-ever NFT and token Combined ETF (Pangu and Pudgy Penguins).
• Launched a Pangu validator to contribute actively to Solana’s network security and offer staking opportunities.
• Became official government advisers to influence crypto legislation and advocate for mainstream crypto adoption.
• Focus on making crypto concepts accessible and understandable to lawmakers through Pudgy Penguins’ easy-to-grasp brand.

Takeaway: Regulatory engagement and innovative ETF filings position Pudgy Penguins strategically for long-term ecosystem influence and adoption.

5. Expansion and Future Product Plans

• Extensive retail penetration with over 10,000 global retailers, including Walmart and Target.
• Presence in entertainment venues via 500 arcade machines at locations like Dave & Buster's and Chuck E. Cheese.
• Multi-book publishing deal with Penguin Random House and launch of an animated series.
• Strategic partnerships with major Asian brands like Line Friends and Lay.
• Expanding footprint into amusement parks and collaborations with Pez, Vandy, and The Hundreds.
• Running the largest Telegram mini-game globally (Pangu Clash) and an upcoming AAA mobile game release with Mythical Games.
• Plans for Web3 tooling expansions such as an AI trading bot.
• Promises major media productions including movies and TV shows slated for 2025.

Takeaway: Huge diversification into retail, entertainment, media, and gaming sectors coupled with cutting-edge Web3 tools indicates robust ecosystem growth and increased user engagement potential.

Summary

Luca Netz of Pudgy Penguins detailed how the project leverages meme culture, innovative token distribution, and broad real-world integration to solidify its position on Solana. The combination of strong community, extensive partnerships, regulatory involvement, and media expansion plans points to a significant growth trajectory for the Pudgy Penguins ecosystem and its Pangu token. Investors can view Pudgy Penguins as a flagship Solana project driving user adoption through cultural relevance and diversified business strategies, with 2025 set for major developments.

Overview

• Decentralized Science (DSI) on Solana enables faster, democratized research funding through tokenized community ownership, addressing delays in traditional models.
• Academic commercialization faces IP and control challenges, but blockchain tokenization offers new revenue and governance models.
• Federal funding cuts create demand for alternative decentralized funding, especially for underfunded areas like vaccines and longevity.
• Promising DSI projects include AI-driven drug discovery and longevity research, benefiting from reduced costs and quicker timelines on Solana.
• The future of decentralized science on Solana could disrupt biotech funding, making SOL a strategic asset for innovation-focused investors.

Speakers

• Paul Kohlhaas, CEO and Co-founder of Bio, a Solana-based launchpad for decentralized scientific community projects.
• Mark Sadam, Vice President of commercialization at New York University, managing IP commercialization and startup formation.
• Matt Abbott, Tech Transfer Manager at Newcastle University, UK, focusing on medical faculty inventions and exploring decentralized science (DSI).

1. Decentralized Science (DSI) and Solana’s Role in Scientific Research Funding

• DSI represents a new model of funding scientific research through decentralized autonomous organizations (DAOs) using crypto technologies.
• The Bio launchpad on Solana is pioneering this space, partnering with institutions like Newcastle University to fund and commercialize research quickly.
• Traditional research funding is slow (6-12 months typical), whereas Vita DAO successfully funded a research project in just four weeks with robust due diligence.
• Tokenization enables community ownership of research projects, providing liquidity and democratizing investment in early-stage science.
• There is ongoing work to migrate projects like Vita DAO to Solana, partially to leverage Solana’s blockchain speed and lower costs.
• DSI can fill gaps left by cuts in traditional funding sources like NIH, which recently reduced budgets by $2.2 billion, threatening the pace of US scientific research.

Takeaway: The integration of Solana with decentralized science funding platforms presents a significant opportunity to accelerate research funding, democratize investment, and potentially increase the value and utility of Solana in healthcare and biotech innovation.

2. Challenges and Opportunities in Commercializing Academic Research

• The traditional university commercialization process is lengthy and involves complex IP ownership issues, impacting startups' ability to scale.
• Universities typically license IP to startups or established companies, which then control the product development while the university retains ownership.
• The decentralized token ownership model complicates traditional stakeholder dynamics but may offer new revenue-sharing models without forfeiting control.
• Solana-based DSI projects must carefully establish clear legal and economic frameworks to avoid ownership-control conflicts.
• Early-stage academic discoveries are fundamental to blockbuster drugs and breakthroughs; however, commercialization bottlenecks remain.
• Universities and researchers require education and culture shifts to adopt tokenization and decentralized funding properly.

Takeaway: Understanding the evolving commercialization frameworks in academia, especially those adopting blockchain-based tokenization, is key to evaluating the risks and potential returns on Solana ecosystem investments related to biotech and medtech.

3. Impact of Budget Cuts and Federal Policy Shifts on Research Ecosystem

• NIH and other government funding cuts are provoking a funding crisis for many scientific disciplines, slowing progress.
• Areas like vaccines and antimicrobial resistance are particularly vulnerable due to low commercial incentives and pricing pressures.
• New funding models like DSI can provide bridges to sustain critical research areas at risk of disappearing.
• Flexibility from federal agencies and universities in IP and funding structures could enhance collaborations with decentralized projects.
• DSI and blockchain-based funding could also increase transparency and community involvement in research prioritization and impact.

Takeaway: Budget pressures on traditional research funding create a fertile environment for alternative decentralized funding solutions on Solana, potentially driving growth for projects that serve as funding bridges for neglected or underserved scientific areas.

4. Promising Research Areas Supported by Decentralized Funding

• NYU is focusing on AI and machine learning applications in healthcare, such as in silico drug discovery, which could benefit from decentralized funding models.
• Newcastle University’s funded project on longevity and autophagy activators exemplifies how decentralized funding accelerates research timelines.
• There is potential for decentralized science projects to conduct clinical trials in ways that dramatically reduce costs (e.g., $50 million down to crypto-funded scale).
• Building community around research—support experts, monetary backers, and social engagement—helps transition lab results to real-world applications faster.
• Public participation and feedback mechanisms integrated with token governance can increase visibility and accelerate innovation.

Takeaway: Projects in longevity, AI-driven drug discovery, and other cutting-edge fields benefiting from DSI on Solana may deliver outsized returns as they pioneer faster, cheaper pathways to market.

5. Vision and Future Outlook of Decentralized Science on Solana

• The panel highlighted that decentralizing science via tokens and DAOs is about accelerating scientific progress by involving broad communities.
• Tokenized research projects can transform how science is funded, governed, and connected with the public.
• If major clinical trials and approvals proceed through decentralized funding, this could revolutionize the biotech investment model.
• Educational efforts within universities and replicating success stories like Vita DAO will be critical for broader adoption.
• Solana offers scalable, low-cost blockchain infrastructure well-suited to the needs of community-driven scientific funding and governance.

Takeaway: The continued development of decentralized science platforms on Solana is positioned to disrupt traditional biotech funding models, potentially making SOL a strategic asset for scientific innovation investors.

Summary Takeaway for Investors

This talk underscored how Solana-powered decentralized science funding is uniquely positioned to accelerate research commercialization, especially in the face of traditional funding cuts and complex IP challenges. Investors interested in the Solana ecosystem should watch for growth in tokenized research projects, community-driven funding models, and partnerships with major universities, as these developments could drive both adoption and fundamental value for Solana-based assets.

Overview

• Two scaling approaches: transforming traditional businesses using crypto vs. building native Web 3 companies with unique crypto-driven models.
• Financing models vary between permanent capital holdings (Inversion) and traditional VC funding, with increasing discipline on product-market fit.
• Hardware integration is challenging but essential for efficient, passive crypto-enabled products, requiring high reliability and cost-effectiveness.
• Telecom and other large sectors are prime targets for crypto adoption due to scale, underused assets, and real-world utility.
• Investors should consider both transformative acquisitions using crypto efficiencies and innovative Web 3 startups as complementary paths to massive user onboarding and value creation.

Santiago Roel Santos

Founder and CEO of Inversion, a company aiming to bring a billion users on-chain by acquiring traditional businesses and integrating crypto efficiencies on the backend.

Ariel Seidman

CEO and founder of Hivemapper, a community-built mapping company utilizing crypto incentives to create decentralized mapping coverage worldwide.

1. Build vs. Buy: Two Approaches to Scaling Web 3

• Santiago advocates buying established traditional businesses and transforming them with crypto-led backend efficiencies, emphasizing crypto as an invisible cost-saving tool in existing operations.
• Ariel argues for building Web 3-native companies from scratch that leverage unique crypto capabilities, such as incentivizing widespread hardware adoption for mapping data generation.
• The debate centers on whether the first billion-dollar crypto revenue company will be a converted Web 2 company or an original Web 3-native startup.
• Ariel highlights that new technologies like crypto should be used to create fundamentally new business models, rather than merely replacing existing ones.

Takeaway: The market will likely see value both from transformative acquisitions that leverage crypto to cut costs and from innovative startups creating new business paradigms native to Web 3 technology.

2. Financing Models in Crypto: Permanent Capital vs. Traditional VC

• Santiago’s Inversion uses a hybrid financing approach inspired by Berkshire Hathaway—creating a crypto chain to hold acquisitions and recycle capital permanently rather than typical private equity exit timelines.
• This model enables buying multiple businesses, improving them via crypto integration, and supporting flexible fundraising tools like token borrowing or SPACs.
• Ariel’s Hivemapper opted for venture capital funding in a capital-intensive hardware business and has seen increased interest from both crypto and non-crypto VCs recently due to regulatory clarity and a focus on product fundamentals.
• The Web 3 VC environment is shifting toward traditional investment discipline, emphasizing real product-market fit over hype cycles.

Takeaway: New crypto business models may benefit from permanent capital vehicles enabling long-term value creation, while traditional VC remains viable especially for product-heavy startups with tangible user engagement.

3. Product Development: Hardware Challenges and Integration

• Ariel shared that building physical mapping hardware was challenging but essential to create a fully passive, cost-reducing product for users and an efficient decentralized map.
• Their U.S.-based manufacturing during COVID enabled rapid issue resolution and ensured quality and reliability—factors crucial for user adoption.
• Santiago emphasized cost-cutting as the key metric for integrating crypto in acquired companies, focusing on improving existing product quality and reliability rather than speculative revenue growth.
• Both agree that Web 3 products must at least match existing solutions’ performance to succeed; Hivemapper’s integration with companies like Lyft demonstrates this potential.

Takeaway: Hardware plus crypto solutions face upfront challenges but can unlock transformative cost efficiencies, while acquired businesses need clear pathways where crypto reduces operational friction visibly.

4. Market Opportunity: Telecom and Beyond as Catalysts for Web 3 Adoption

• Santiago sees telecom as an especially ripe sector for crypto transformation due to underutilized assets and significant user bases needing access to stablecoins and crypto rails.
• Acquiring such large businesses provides a user funnel and a real-world utility case for crypto applications, addressing go-to-market scale challenges.
• Ariel noted that executives increasingly recognize crypto-based cost-cutting tools like Hivemapper and Helium, indicating growing institutional acceptance.
• Web 3’s future depends on demonstrating tangible cost, data, or operational improvements that traditional businesses and their users want.

Takeaway: Large existing sectors like telecom could be primary drivers for crypto adoption by providing scale and real-world use cases that prove crypto’s economic benefits.

Overall Conclusions for Investors

The talk highlights two distinct but potentially complementary routes to scale Web 3: strategic acquisition and transformation of incumbent companies using crypto efficiencies, and building Web 3-native companies delivering fundamentally new capabilities. Financing innovations, product-market fit focused on cost reduction, and targeting sectors like telecom for adoption emerge as key trends. Investors should evaluate opportunities both in new crypto-native product builders and in vehicles that integrate crypto into traditional business models to unlock latent value and massive user onboarding.

Overview

• Web 3 music’s early hype has faded; success requires practical, industry-savvy solutions addressing complex rights and data issues.
• Fan engagement and community-building tools that integrate with existing music industry workflows are crucial for adoption.
• Blockchain’s main value lies in improving data transparency and distribution efficiency rather than flashy crypto features.
• Products must prioritize sustainable artist income and direct fan monetization beyond traditional touring.
• Investment opportunities focus on infrastructure and niche, user-friendly apps that unify data and appeal to both Web 3 natives and traditional industry players.

Clayton Blaha, Ray Jacobson, Dan Smith

Clayton Blaha is founder of Material Nonpublic, a consulting boutique integrating traditional media with blockchain; Ray Jacobson is CTO of Audius, a leading Solana-based music streaming platform; Dan Smith is from Artist House, a traditional music industry veteran with experience launching major artists.

1. Why Web 3 Music Isn’t Working

• Web 3 music, especially the NFT phase, had a moment during the pandemic but has yet to sustainably integrate with the broader music industry.
• The complexity of music rights and entrenched industry relationships present significant barriers to disruptive innovation.
• Capital and data access are hurdles; blockchain can theoretically address both but practical solutions remain elusive.
• Building music tech requires deep understanding of existing industry dynamics rather than attempting to completely rebuild from scratch.
• The early Web 3 music wave was driven by necessity (e.g., lack of touring during COVID) but now requires new, practical products.

Takeaway: Web 3 music’s initial hype period is over; lasting success depends on grounded, industry-aware solutions that address deep-rooted challenges.

2. Fan Engagement and Community as Central to Future Success

• Traditional music industry struggles with fan engagement; though they are aware, they lack effective solutions.
• Web 3 communities understand community-building well; tools like Discord have become mainstream even outside crypto circles.
• The future of music tech lies in building practical, user-friendly products that may or may not emphasize the blockchain tech visibly.
• Shifting focus from “Web 3 music” branding toward functional, fan-centered tools can grow adoption.
• Stakeholders such as managers and labels must not be alienated; they need to be part of the ecosystem for artist adoption.

Takeaway: Products that empower fan communities and integrate seamlessly into existing industry workflows have the highest adoption potential.

3. The Technology and Data Problem in Music Industry

• Music distribution and metadata management remain archaic—often relying on manual processes like SFTP and email passwords.
• Access to a global, open music data repository could unlock innovation for new platforms and apps competing with giants like Spotify.
• The real power of blockchain tech may lie under the hood, improving data transparency and availability rather than flashy crypto features.
• Artists want more income streams, but current Web 3 investment offerings often have unrealistic economics or appear as collectibles rather than meaningful revenue.

Takeaway: Technology that solves behind-the-scenes data access and distribution inefficiencies is a foundational opportunity for Web 3 music growth.

4. Music Industry’s Focus Has Shifted: Money and Fan Engagement

• The most urgent need for artists today is sustainable income and new ways to monetize fan relationships beyond traditional touring.
• Live touring economics have changed, making online fan engagement more crucial.
• Any blockchain-powered product must show clear value in terms of user base growth, monetization, and fan interaction rather than hype.

Takeaway: Financial viability for artists will drive adoption; products that help artists directly increase earnings and fan connections should be prioritized.

5. Competing Non-Crypto Music Tech Products and Data Overload

• The industry uses many different data platforms, leading to a data overload where more raw data isn’t helpful without integration or actionable insights.
• There is a strong need for plug-and-play solutions to unify diverse data sources for music professionals.
• Branding and user experience remain critical as users tend not to be loyal to technology per se but the value it delivers.

Takeaway: Integration and simplification of data workflows present a valuable entry point for new music tech products in both Web 3 and legacy markets.

6. The Future of Web 3 Music and Audius

• The future lies in lots of niche, culture-specific applications tailored to different music subcommunities, enabled by blockchain’s decentralized infrastructure.
• Blockchain’s benefits are inherent but should not be the main selling point; focus on building great experiences is paramount.
• Success means enabling diverse use cases across genres and communities rather than one-size-fits-all solutions.

Takeaway: Investing in ecosystem-level infrastructure and diverse specialized apps on Solana can capture varied music niches and build sustainable communities.

7. Getting Traditional Music Industry Back on Board

• The “Web 3” label itself is a barrier; traditional industry players want to hear about concrete benefits like user numbers, revenue opportunities, and easy adoption.
• Demonstrating practical functionality and clear business value will help bring traditional stakeholders back to the crypto space.

Takeaway: Clear communication of value and removing crypto jargon are key to winning traditional music industry support and scaling projects like Audius.

Overall Summary:
This talk highlighted that while Web 3 music has struggled to achieve lasting mainstream impact, the underlying blockchain infrastructure like Audius on Solana holds promise by addressing foundational inefficiencies in music data and fan engagement. Success will come from building practical, user-first products for specific music communities and integrating traditional stakeholders without alienation. For investors, opportunities lie in infrastructure projects and user-centric applications that focus on real-world industry challenges rather than crypto hype.

Overview

• Traditional media models undervalue creators, prompting demand for blockchain solutions that reward participation.
• Dreamnet on Solana offers a collaborative storytelling protocol with on-chain, composable narrative NFTs and AI integration.
• Community engagement drives rewards and influence over shared story worlds, enhancing user retention and activity.
• Use cases include AI-native content, interactive comics, RPGs, and fan-owned universes, broadening Solana’s entertainment ecosystem.
• Dreamnet’s 2025 launch and hackathon promise to accelerate Solana’s developer growth and ecosystem engagement.

Austin Hurwitz

Austin Hurwitz, Head of Strategy and Business Development at Doodles, a prominent NFT entertainment brand known for partnerships with global firms such as McDonald’s and Adidas.

1. The Future of Storytelling and the Current Media Model

• Traditional media models are described as broken, where creators publish and audiences consume without receiving due credit or value.
• AI companies currently scrape creator content to monetize without compensating the original creators.
• There is a clear need to shift from extractive media platforms to models that reward creators and communities directly.
• The talk sets the stage for introducing an innovative solution to this imbalance through blockchain-based storytelling.

Takeaway: A growing dissatisfaction with current content creation models opens opportunities for blockchain projects that incentivize creator participation and community engagement.

2. Introduction of Dreamnet: A Storytelling Protocol on Solana

• Dreamnet is presented as a storytelling protocol that enables collaborative and persistent creation of lore and narrative worlds.
• It acts like "GitHub for storytelling," where narrative elements (characters, items, scenes) become on-chain collectible assets.
• These assets are composable and can be used to build shared and evolving story universes referenced by AI agents.
• The protocol turns stories into marketplaces, enabling speculation and value accrual on narrative elements.
• Creators and holders earn fees and rewards as their assets are used, creating a flywheel for participatory intellectual property.

Takeaway: Dreamnet represents a novel approach to combining NFT assets with AI-driven, community-created content, potentially increasing Solana’s utility and appeal in gaming and entertainment sectors.

3. Community and Builder Participation in Dreamnet

• Dreamnet is designed for more than just builders; communities and fans can collect tokenized lore assets and contribute meaningfully.
• Fan engagement (e.g., interacting with content, completing quests, sharing narratives) generates rewards and influences the shared canon.
• Users can redeem points for early access to new content such as agents, story arcs, and universes, fostering deeper fan involvement.
• This model promotes a more equitable and incentivized creative ecosystem that rewards participation.

Takeaway: By integrating community rewards and engagement with blockchain storytelling, Dreamnet may drive higher user retention and transaction activity on Solana.

4. Use Cases and Ecosystem Potential on Dreamnet

• Dreamnet supports creation of AI-native streaming shows, interactive on-chain comics, agent-powered RPGs, fan-owned universes, and token-gated narrative hubs.
• It enables virtual events run by autonomous characters and remix platforms for community-created IP.
• The platform is positioned as a "playground for programmable storytelling," inviting diverse innovation from builders and creators.

Takeaway: Dreamnet’s broad creative use cases can facilitate expansive ecosystem growth on Solana, touching multiple entertainment verticals and attracting varied developer interest.

5. Partnership with Solana and Upcoming Events

• Dreamnet will launch on Solana in summer 2025, selected for its high throughput, financial and AI infrastructure, and exceptional user onboarding experience.
• A Character Agent Hackathon will start June 26 at Solana HQ in NYC, featuring Doodles’ lore agents for experimentation.
• The event offers $50,000+ in prizes and positions participants to influence this emerging model of creative economy.
• The call to action invites builders, creators, and brands who believe in open, agentic, on-chain IP to join the initiative.

Takeaway: The integration of Dreamnet with Solana marks a significant collaboration likely to boost Solana’s ecosystem growth and attract developer talent and community engagement leading into Accelerate 2025.

Overall, the talk signals an ambitious move by Doodles to leverage Solana to redefine storytelling using blockchain and AI. This could strengthen Solana’s position as a go-to platform for next-generation entertainment NFTs and community-centered IP, with strong implications for investors seeking exposure to evolving digital content models.

Overview

• Kid Labs decentralizes ticketing by giving venues data ownership and direct fan engagement, offering an alternative to Ticketmaster’s monopoly.
• The platform has gained traction with over 200,000 fans served and new major venue partnerships planned on Solana.
• Innovative DeFi-based liquidity pools and a dual-token ecosystem (Kid and Tix) create new financial incentives and revenue streams for venues and fans.
• Kid Labs addresses capital barriers by leveraging on-chain liquidity, enabling venues to bypass restrictive contracts and regain autonomy.
• The vision promotes decentralized governance and real ownership for venues, artists, and fans, potentially transforming live event economics on Solana.

Aman Namali, KYD Labs (Founder)

1. Background and Motivation for Kid Labs

• Aman Namali previously worked at Ticketmaster and Live Nation, focusing on improving ticketing experiences.
• During the pandemic, he observed venues and artists wanting greater access to their data and more direct engagement with fans.
• Frustrated by traditional virtual ticketing approaches and centralized control, he co-founded Kid Labs in 2022 to address these issues with a Web3 solution.
• Kid Labs aims to create an operating system for venues to use their data to reach fans directly and reduce reliance on middlemen like Ticketmaster.

Takeaway: Kid Labs is founded on the principle of decentralizing ticketing and empowering venues by leveraging data ownership and web3 tech, positioning itself as a strong alternative to legacy incumbents.

2. Kid Labs' Current Progress and Market Position

• Kid Labs has successfully serviced over 200,000 fans, with significant traction in New York.
• The startup has won customers from established players such as Dice by offering venues 30% more revenue.
• New deals with major venues like Hollow and two additional New York venues are set to onboard in Q3 2025, bringing those locations onto the Solana blockchain.
• The focus remains on expanding the number of venues using Kid’s platform through web3-enabled ticketing solutions.

Takeaway: Kid Labs shows promising growth, especially in competitive markets, by delivering better financial returns to venues, which is key for scaling adoption on Solana.

3. Challenges in Competing with Ticketmaster's Monopoly

• Ticketmaster holds monopoly power by owning commerce rights via exclusive deals with venues secured through large upfront capital investments.
• These deals restrict venues’ access to their own data and lock them into long-term contracts.
• Kid Labs lacks the large balance sheet Ticketmaster has but leverages on-chain liquidity and decentralized finance mechanics to circumvent this barrier.

Takeaway: Kid Labs is innovating on financial mechanisms to counter Ticketmaster’s capital lock-in strategy, aiming to unlock venues' autonomy and data on Solana.

4. Launch of Kid and Tix Token Ecosystem (Q3 2025)

• Kid Labs is launching a dual-token ecosystem with Kid and Tix.
• Fans can deposit USDC into venue-linked liquidity pools; these funds support venues’ production costs, addressing the liquidity hurdle.
• Liquidity providers earn Kid tokens as yield, which can be staked for governance and further rewards.
• Fans receive Tix tokens that can be used for purchasing tickets, merchandise, drinks, or exclusive access, replacing traditional service fees with rewards.
• The model aligns incentives among venues, fans, artists, and depositors, promoting shared ownership and mutual benefit.
• Kid token also features buyback and staking programs to enhance tokenomics and ecosystem engagement.

Takeaway: The Kid-Tix token model innovatively integrates DeFi mechanisms with ticketing, creating a new revenue and liquidity model that could disrupt traditional ticketing economics on Solana.

5. Vision for Decentralized Ticketing Ownership

• Kid Labs envisions their platform as a venue and artist-owned operating system, unlike centralized conglomerates.
• The network token provides a form of real ownership and governance, democratizing a market currently dominated by Ticketmaster.
• Investors and users can invest in and earn from the real revenue generated by live shows, leveraging blockchain transparency and decentralization.
• The approach empowers creators and fans, reducing costs and creating new incentives to participate in the live entertainment economy.

Takeaway: Kid Labs’ vision of decentralized, community-driven ticketing ownership could reshape the live event industry and drive significant value to Solana-based users and token holders.

Overall Takeaway for Investors: Kid Labs is building a Web3 ticketing ecosystem on Solana that challenges entrenched monopolies through decentralized liquidity pools and token rewards, positioning itself as a scalable platform that benefits venues, fans, and artists alike—potentially accelerating Solana’s adoption in live entertainment.

Overview

• PassEntry enables seamless blockchain-based loyalty through Apple/Google Wallet passes and self-custodial Solana tokens.
• Compression technology cuts transaction fees, making the system scalable for large fanbases.
• Attractive tokenomics reward user spending with interoperable tokens redeemable for real-world benefits.
• Frictionless onboarding mimics Web2 experiences, lowering barriers to Solana wallet adoption.
• Partnership with Oakland Ballers serves as a scalable pilot, validating Solana’s utility in mainstream commerce and fan engagement.

Nico Cary and Tom Rowbotham, PassEntry

Co-founders of PassEntry, a company partnering with Solana and the Oakland Ballers to innovate blockchain-based loyalty and membership programs using wallet passes.

1. Introduction of PassEntry and "One Tap Rewards"

• PassEntry issues Apple and Google Wallet passes for seamless membership, loyalty, and ticketing.
• They developed "One Tap Rewards," enabling on-chain transactions as easy as adding a boarding pass to a digital wallet.
• Fans earn loyalty points (Baller Bucks) simply by tapping their phone when paying, eliminating the usual app and QR code scanning friction.
• Each point earned is a self-custodial Solana token stored in the user’s wallet.

Takeaway: PassEntry introduces a highly user-friendly on-chain loyalty experience that can accelerate mainstream adoption of Solana's blockchain through everyday retail interactions.

2. Use of Compressed Tokens to Reduce Transaction Costs

• Standard Solana SPL tokens typically cost $0.20–$0.40 per user in fees, which becomes expensive at scale.
• PassEntry uses compressed tokens via Light Protocol, drastically lowering minting and transfer fees.
• This cost-effective token system makes it viable for large-scale applications like sports teams with thousands of fans.

Takeaway: The adoption of compressed token technology dramatically lowers operational costs on Solana, improving scalability and ROI for projects in the ecosystem.

3. Tokenomics and User Benefits

• Fans earn 2 Baller Bucks per dollar spent and 100 Bucks per game ticket used at check-in.
• Baller Bucks can be redeemed for merchandise and food discounts via an online marketplace.
• The points are fully interoperable Solana SPL tokens, giving users true ownership and flexibility to spend them anywhere on Solana.

Takeaway: Simple and attractive tokenomics increasing fan engagement, potentially driving volume and value for the Baller Bucks token and signaling strong use cases within the Solana ecosystem.

4. Frictionless Onboarding and Wallet Creation

• Users receive email invitations to create wallets via Privy, linking wallets to email addresses for simplicity.
• The onboarding process mimics familiar Web2 login flows using Google or email sign-in.
• Wallets are self-custodial but created seamlessly in the background, with tokens accruing immediately.
• Passes can be added directly into Apple Wallet or Google Wallet, enabling quick access and easy tap-to-earn functionality.

Takeaway: PassEntry’s frictionless onboarding lowers barriers to blockchain adoption, which is critical for mainstream retail and fan engagement expansion.

5. Partnership with Oakland Ballers and Market Opportunity

• The Oakland Ballers (aka Oakland Bees) are an independent professional baseball team in the MLB Pioneer League.
• The Pioneer League testbed status means innovations proven here can scale across all MLB teams.
• The pass includes multipurpose features like fan engagement, push notifications, geo-fencing, data collection, and live updates.
• This integration can greatly enhance fan experience and create new marketing channels for merchant partners.

Takeaway: The collaboration with a sports team in a major league’s innovation league presents a strong case for wider adoption and validates Solana’s growing presence in real-world commerce.

6. Impact on Web3 Fan Experience and Solana Ecosystem

• The goal is to exceed traditional Web2 loyalty experiences by adding blockchain’s benefits invisibly and intuitively.
• Fans gain direct ownership of rewards, enabling authentic engagement and interoperability across merchants.
• Merchants receive enhanced marketing tools and new engagement models powered by Solana’s blockchain.
• The project tests and advances Solana’s utility in commerce and loyalty sectors, pushing broader crypto adoption.

Takeaway: PassEntry is a key example of practical Solana innovation driving user adoption by hiding blockchain complexity and delivering compelling value to both consumers and businesses.

Overall Summary:
PassEntry, in partnership with Solana and the Oakland Ballers, is pioneering a frictionless blockchain-based loyalty program using wallet passes that integrate seamlessly into Apple and Google Wallets. By leveraging compressed tokens, self-custodial wallets, and easy onboarding, they dramatically reduce costs and user friction, aiming to revolutionize fan engagement and loyalty on Solana. The pilot with the Oakland Ballers offers a promising proof of concept that could expand throughout Major League Baseball and beyond, enhancing Solana’s real-world utility and ecosystem growth — a significant positive signal for investors eyeing mass adoption drives on Solana.

Overview

• Highlighted inefficiencies and trust issues in traditional ticket marketplaces with high fees and scams.
• Showcased Solana’s blockchain as a solution to reduce middlemen, fees, and improve transaction security.
• XP platform offers a competitive marketplace with cheaper prices and ease of use, leveraging blockchain.
• Upcoming peer-to-peer ticket swap feature uses smart contracts for trustless, secure exchanges.
• Recent funding and team growth position XP for scaling and capturing significant ticket resale market share.

Mike Saunders

Founder of XP, former Grubhub executive, and Solana enthusiast focused on building blockchain-based marketplaces to reduce middlemen and fees.

1. Problems with Traditional Ticket Marketplaces

• Mike shares a personal story about accidentally purchasing concert tickets for the wrong day, highlighting the pain points of secondary ticket sales.
• Existing marketplaces like StubHub and SeatGeek have high fees (35-40% price spreads) and lack immediate guaranteed transactions.
• Peer-to-peer social media attempts to sell tickets are often rife with scams and trust issues.
• This illustrates a broader problem with current ticket reselling systems centered on middlemen and lack of trust.

Takeaway: There’s a clear market inefficiency and trust gap in ticket resales that blockchain technology can target for disruption.

2. The Promise of Blockchain and Solana

• Saunders discovered Solana and blockchain's potential to unbundle middlemen and create direct, trustworthy buyer-seller connections.
• He draws from his marketplace experience (Grubhub) to emphasize the downsides of centralized intermediaries.
• XP won the payments track at the 2023 Grizzly-thon hackathon, validating the technology's practical viability.
• The project aims to use Solana’s speed and low-cost transactions to improve consumer access and reduce fees.

Takeaway: Solana’s blockchain capabilities enable new marketplace models reducing friction and costs, with XP as an early proven example.

3. XP’s Current Platform and Market Position

• XP.tick currently offers 50 million tickets nationally, matching brokers from StubHub but at 20-30% cheaper prices.
• Buyers can pay in USDC and optionally connect via a Solana wallet for blockchain interaction.
• The interface focuses on ease of use to appeal to everyday customers not wanting complex crypto workflows.
• XP leverages blockchain to eliminate hidden fees and middlemen in ticket sales.

Takeaway: XP already competes with established platforms using blockchain-enabled efficiency to offer better pricing, suggesting growth potential in crypto ticketing.

4. Upcoming Peer-to-Peer Ticket Swap Feature

• XP is launching a new feature allowing fans to securely swap tickets peer-to-peer using smart contracts on Solana.
• The process involves escrowed USDC funds locked on-chain until proof of ticket transfer is verified.
• This trustless system prevents scams and streamlines exchanges even between strangers.
• Integration with traditional ticket providers (like Ticketmaster) enables the final validation step.
• This feature could significantly disrupt existing markets by removing middlemen and increasing transaction security.

Takeaway: The peer-to-peer swapping innovation leverages Solana’s smart contracts for a safer, cheaper secondary ticket market, potentially expanding user base and transaction volume.

5. Funding and Growth Outlook

• XP recently raised a funding round aimed at accelerating product development and scaling the platform.
• The team is hiring, signaling growth ambitions and readiness to tackle entrenched ticketing industry problems.
• Saunders encourages the community to follow XP on social media and engage with the project.

Takeaway: Fresh capital and active product development position XP to capture significant market share in blockchain-based ticketing on Solana.

Overall Summary for Investors:
Mike Saunders’ XP project is an innovative Solana-based marketplace tackling the inefficient and costly ticket resale industry. With a proven competitive platform, upcoming peer-to-peer smart contract ticket swaps, and recent funding for growth, XP demonstrates Solana’s real-world potential to disrupt centralized marketplaces and improve end-user experience in a high-demand sector.

Overview

• Sendcoin accelerates Solana’s agent and app ecosystem with AI integrations and multi-chain protocol support, driving strong developer engagement.
• The Solana App Kit simplifies mobile app development, enabling quick deployment of Solana-native iOS and Android apps with integrated protocols.
• Five MVP mobile apps demonstrate practical uses, aiming to boost user engagement and on-chain activity.
• Strategic focus on token-driven incentives and AI-powered development is expected to foster innovation and ecosystem growth.
• These initiatives position Solana for increased consumer adoption and utility, supporting long-term value potential for investors.

Yash Agarwal, Sendcoin

Yash Agarwal from Sendcoin presents at Accelerate 2025, discussing Sendcoin’s efforts to drive growth in the Solana ecosystem by accelerating agents and apps, with a focus on mobile-native applications and leveraging AI and tokens.

1. Building the Solana Agent and App Ecosystem

• Sendcoin began 2025 focusing on accelerating agent-based projects on Solana, highlighted by the Solana AI Hackathon with 400+ projects and $800M peak market cap from tokens launched.
• The Solana Agent Kit integrates 50+ protocols, supporting over 1,000 projects as a bridge between Solana blockchain and AI.
• Sendcoin plans to continue expanding the MCP (multi-chain protocol) stack and has a major banker partnership announcement forthcoming.

Takeaway: The agent ecosystem on Solana is rapidly evolving with strong developer engagement, potentially increasing Solana’s utility and adoption.

2. Introducing the Solana App Kit for Mobile-Native Solana Apps

• Recognizing mobile apps as critical drivers for user adoption, Sendcoin launched the Solana App Kit enabling developers to build mobile Solana apps for iOS and Android in 15 minutes.
• The App Kit integrates 50+ protocols such as Meteora, Radi, Jupiter, and wallets such as Preview, Turnkey, plus modular UI components for customizable app experiences.
• It supports a range of app types: AI, social, wallets, launchpads, and trading apps, simplifying the barrier to mobile Solana app deployment.
• Apps built with the kit can be directly published to the Solana DApp Store with easy connectivity to external wallets via Solana Mobile’s wallet adapter.

Takeaway: The App Kit lowers mobile app development barriers on Solana, likely accelerating end-user adoption and boosting on-chain activity—a positive for SOL demand.

3. Launch of Five MVP Mobile Apps Demonstrating the App Kit

• Sendcoin is releasing five minimum viable product (MVP) apps to validate ease of development and drive user engagement:
  • Mobile: an MCP client for swapping, staking, and launching memecoins via prompts.
  • Send Guys: a multiplayer game inspired by Fall Guys with SOL rewards and token sending.
  • Mobile-native launchpad aggregator supporting multiple launchpads with bonding curve configuration.
  • Social trading app enabling users to share trades and enable copy trading.
  • Jupiter-inspired wallet demonstrating token discovery, swapping, and wallet features.
• All apps will be available soon on both iOS App Store and Google Play Store.

Takeaway: Delivering consumer-ready apps with real utility should help increase Solana ecosystem adoption and on-chain transactions, fostering price support for SOL.

4. Strategic Focus on Tokens and AI for Growth

• Sendcoin envisions leveraging two strong elements: tokens as effective mechanisms for attention capital and AI-driven coding agents to accelerate app development.
• The convergence of tokens and AI is expected to significantly enhance the Send ecosystem and drive new innovative experiences on Solana.
• Yash emphasizes the dawn of web apps and encourages builders to experiment and innovate in this space.

Takeaway: This strategic emphasis on token incentives combined with AI-powered rapid development could lead to more innovative projects and increased ecosystem growth on Solana, enhancing long-term value.

Overall, Sendcoin’s efforts to create easy-to-use mobile development tools and deliver novel apps could materially increase Solana’s consumer adoption curve and developer activity, important indicators for investors watching Solana’s ecosystem momentum.

Overview

• Ray Chan traced 9GAG’s roots as a pioneering meme platform, offering a strong cultural foundation for Web3 meme projects.
• He highlighted NFTs as social status symbols and leveraged 9GAG’s community to launch successful meme-themed NFT collections.
• Memecoin ($MEME) expanded into public markets and institutional investing, aiming to bridge Web2 capital with Web3 memecoin investing, especially on Solana.
• The talk stressed the importance of evolving culture, dedicated communities, and long-term founder commitment in crypto project sustainability.
• Investors should note memecoin’s potential growth through established meme brands entering Web3 and the strategic integration of memecoins into mainstream capital markets.

Ray Chan, Founder of 9GAG / Memecoin ($MEME)

1. Origins and Evolution of Meme Culture and Memes Online

• Ray Chan shared the early history of 9GAG, starting as a platform for sharing funny pictures before the word "meme" was popularized.
• 9GAG was founded in 2008, focused on making the world happier through sharing humorous content.
• The company was an early pioneer in online meme culture and became the first Asian company to join 500 Startups and Y Combinator.
• Chan humorously noted he was not an early Bitcoin investor despite connections with Coinbase’s Brian Armstrong.

Takeaway: The long-standing cultural roots of meme communities like 9GAG provide a valuable foundation for building Web3 projects related to memes and community engagement.

2. Transition into NFTs and Web3 Communities

• Chan discovered NFTs in 2022 and joined the space relatively late compared to the boom years of 2020-2021.
• He quickly understood NFTs’ value as social identity and status symbols, akin to owning a luxury car but visible universally online.
• He participated actively in NFT communities and observed the gap between founders' engagement pre- and post-mint.
• Leveraged 9GAG’s legacy of community building to launch several NFT collections, including "You the Real MVP", "The Potatoes", and "The Captains".
• Achieved success with these meme-themed NFTs, including setting a record floor price for a free mint collection.

Takeaway: Well-established meme-based brands entering NFTs can create strong, loyal communities and drive high demand for related digital assets.

3. Launch of Memecoin and Expansion into Public Markets

• Chan and team launched Memecoin ($MEME), positioning it as a natural extension of their meme and community focus.
• The token successfully joined Binance Launchpool and became the largest launch project in 2023.
• Recently acquired a public company in Hong Kong named Meme Strategy (stock code 2440), echoing MicroStrategy’s Bitcoin strategy but focusing on Memecoin.
• The goal is to bridge Web2 capital markets with Web3 memecoin investing, attracting institutional and retail investors.
• Memecoin strategy includes acquiring assets like Solana, recognizing Solana’s prominence as an active chain for memecoin activity.

Takeaway: Memecoin’s integration with traditional public markets and institutional strategies could increase visibility and investment in the Solana-based memecoin ecosystem.

4. Reflections on Culture, Community, and Commitment in Web3

• Culture is dynamic and constantly evolving; respecting legacy while adapting is essential in crypto communities.
• Community is tied to specific phases—early supporters (the "batch") may disappear post-token launch especially in downturns, but they are crucial.
• Challenges in Web3 are inevitable but present growth opportunities for founders and projects.
• Commitment is critical; success often depends on persistence beyond early setbacks or token price declines.
• Chan emphasizes these principles drawn from his 17+ years of building meme and community platforms.

Takeaway: Long-term commitment and community cultivation are vital to projects’ sustainability in volatile markets, highlighting the value of founders with proven endurance like Ray Chan.

Overall Summary:
Ray Chan’s talk highlights the deep cultural connection underpinning memecoin projects like $MEME and how traditional meme platforms can successfully transition into Web3. His strategic move to merge memecoins with public company structures and institutional investment channels, along with a focus on Solana's active memecoin community, marks an important development for investors looking at sustainable growth in the memecoin space. The emphasis on dynamic culture, dedicated community, and founder commitment offers useful insights into navigating market cycles in crypto investing.

Overview

• Solflare is launching a crypto debit card integrated with Flexa to enable seamless, private, direct blockchain payments on Solana.
• Flexa’s blockchain-native, asset-agnostic payment system supports major US merchants and enables fast, KYC-free crypto transactions settled entirely on-chain.
• Merchant onboarding is complex and slow but critical to scaling real-world crypto payments and educating businesses on the benefits.
• Flexa is expanding globally into crypto-friendly markets, enhancing Solana’s international adoption prospects.
• Solflare plans to combine payments with yield features, increasing user engagement and driving demand for SOL assets.

Filip Dragoslavic (Solflare) and Trevor Filter (Flexa)

1. Crypto Payments Innovation and Solflare Card Launch

• Solflare is launching its Solflare debit card in about six weeks to enable users to pay with crypto easily.
• Users consistently express interest in better trading tools and crypto payment options.
• Integration with Flexa is a key partnership to drive seamless crypto payments for Solflare users.
• The goal is to move beyond traditional crypto credit/debit cards toward more direct blockchain payment solutions on Solana.

Takeaway: The upcoming Solflare card and Flexa integration signal strong user adoption potential and increased utility for Solana-based assets in daily payments.

2. Flexa’s Differentiation from Traditional Crypto Cards

• Flexa offers a private, asset-agnostic, and faster payment system connecting merchants directly with crypto.
• Users can pay with various coins (e.g., Sol, stablecoins) without KYC or exposing personal data.
• Payments are settled entirely on-chain, unlike credit/debit card systems that rely on analog payment rails.
• Flexa acts as an authorization layer on Solana’s blockchain, enabling privacy-preserving and seamless payments.
• This model aims to replace traditional payment networks rather than bolt crypto onto existing infrastructure.

Takeaway: Flexa’s blockchain-native model enhances Solana’s core value proposition by enabling secure, private, and direct crypto spending at merchants.

3. Merchant Adoption and Scale

• Flexa currently supports major US merchants like Chipotle, GameStop, Regal, Barnes & Noble, Ulta Beauty, and Dunkin’ Donuts.
• Plans to onboard more enterprise-scale merchants to allow everyday crypto payments across diverse retail verticals.
• Merchant integration requires extensive coordination, often involving multiple teams and extended timelines.
• Flexa and Solflare collaboration benefits from streamlined engagement through the Solana Foundation.

Takeaway: Large-scale merchant adoption demonstrates growing real-world use cases for Solana payments, which could drive network demand and ecosystem growth.

4. Challenges in Merchant Integration and Market Education

• Integration often takes a long time due to complex corporate structures and regulatory concerns.
• Merchants need education on crypto security, legality, and business benefits before adoption.
• Despite frustrations, Flexa is committed to long-term relationship-building and market education.
• Crypto payments remove the need for personal data in transactions, offering a fundamentally more private solution than credit cards.

Takeaway: Although merchant onboarding is slow, the secure and privacy-focused crypto payment model has the potential to disrupt entrenched payment networks, enhancing Solana’s competitive advantage.

5. Geographic Expansion and Regulatory Considerations

• Flexa operates in the US and is expanding into Central and Latin America, Europe, and Asia.
• El Salvador and other countries with crypto-friendly regulations and high inflation represent significant markets.
• Plans to enable payments in the European SEPA zone early next year to expand EU user access.
• Regulatory approvals (e.g., money transmitter licenses) remain a key factor in geographic rollout.

Takeaway: Flexa’s expanding global footprint aligns with Solana’s broader ecosystem growth, tapping into emerging markets with strong crypto adoption drivers.

6. Future Roadmap for Solflare

• Launch of the Solflare debit card with no paid marketing but high organic demand (25,000 on waitlist from 112 countries).
• Users hold significant on-platform assets (over $20 billion in SOL and USDC combined).
• Plans to introduce USDC yield options to allow users to earn on stablecoin holdings while maintaining instant payability.
• The emphasis is on integrating yield and payments within a single app for a smooth user experience powered by Solana.

Takeaway: Solflare’s product evolution toward integrated earning and spending on Solana enhances user stickiness and asset utilization, potentially increasing demand for SOL.

Overall, the conversation highlights significant advances in enabling practical, private, and scalable crypto payments on Solana with strong merchant partnerships and global expansion plans. The upcoming Solflare card and Flexa integration are key catalysts for driving real-world adoption of Solana, with meaningful implications for investors focused on ecosystem growth and utility.

Overview

• Chipped bridges mainstream culture and Web3, enhancing Solana’s visibility among diverse audiences, especially women.
• There is a clear market gap for user-friendly, real-world crypto payment infrastructure leveraging NFC technology.
• Tapstack offers a wearable wallet layer that turns physical products into programmable, engaging digital touchpoints.
• The platform enables cross-ecosystem rewards, fostering deeper user loyalty and ongoing engagement.
• With a developed tech stack and supply chain, Tapstack is positioned for scalable growth and mass adoption within Solana’s ecosystem.

Leah Winberg, Founder of Chipped and Co-founder of Tapstack

1. Introduction to Chipped and Its Cultural Impact

• Chipped is a microchip press-on manicure that shares social media by tapping a nail to a phone.
• The product has gained mainstream recognition with mentions in Forbes, New York Fashion Week, and collaborations with Solana, ENS, Polygon, and notable figures.
• The company focuses on redefining femininity within the tech space and expanding Web3 user adoption among women and allies.
• Upcoming culture-defining collaborations and global events are planned to onboard new users to Web3.

Takeaway: Chipped is successfully bridging mainstream culture and Web3, expanding Solana’s ecosystem visibility among new and diverse audiences.

2. The Gap in Consumer-Focused Crypto Infrastructure

• Despite existing NFC technologies in phones and wristbands, there is a lack of infrastructure for seamless real-world crypto payments and interactions.
• Current crypto innovations remain overly focused on complex solutions like launchpads, neglecting consumer-first applications.
• Leah questions why patented NFC devices (e.g., wristbands at festivals) fail to offer personalized, rewarding experiences beyond simple check-ins.

Takeaway: There is a significant market opportunity in developing user-friendly, consumer-oriented crypto payment solutions on Solana.

3. Vision for Tapstack: A Wearable Wallet Layer for Real-World Use

• Tapstack aims to transform physical interactions into valuable, seamless digital experiences through NFC-enabled products.
• The platform enables wearables and merchandise to become programmable wallets and touchpoints that foster ongoing engagement.
• Tapstack turns merchandise into dynamic channels for connection and rewards, converting one-time buyers into repeat users.
• The technology connects brands and protocols via a modular rewards engine allowing cross-ecosystem value unlocking.
• The approach stresses emotional and functional value, moving beyond simple marketing or digital badges to create meaningful user loyalty.

Takeaway: Tapstack positions itself as an infrastructure layer that could unify and enhance user engagement across Solana-based brands and broader Web3 consumer products.

4. Market Readiness and Infrastructure

• The team has identified critical missing components in consumer application and is working on filling those gaps.
• A complete tech stack and a world-class supply chain have been developed to support end-to-end delivery of Tapstack-enabled experiences.
• The solution is designed for real-world use, with an emphasis on simplicity and viral user appeal, which is key for mass adoption.

Takeaway: Tapstack’s readiness with both technology and supply chain support signals a strong potential for scalable growth within and beyond Solana’s ecosystem.

Overall Investor Takeaway: Leah Winberg’s Chipped and Tapstack projects showcase a tangible, consumer-driven innovation in the Solana ecosystem focused on real-world crypto payment adoption and engagement, highlighting promising avenues for growth and user acquisition in mainstream markets.

Overview

• Tokenized social networks like Zora turn posts and creators into investable tokens, creating new asset classes on Solana.
• Zora offers a familiar social media experience where every post is tradable, merging mainstream UX with crypto liquidity.
• Open markets replace ad-revenue models, enabling uncapped earnings and removing centralized platform restrictions for creators.
• Fans gain investment opportunities by buying into creators’ content early, increasing engagement and token growth.
• Expansion into creator profile coins and the Zora token deepens economic alignment, enhancing long-term value capture in the creator economy.

Dee Goens, Zora Co-founder

1. Definition and Concept of Tokenized Social

• Tokenized social refers to social networks where posts, profiles, and communities are tokenized assets with open markets.
• Tokens allow buying, selling, and investing, transforming content and creator presence into financial assets.
• Memecoins started this trend, proving internet creativity can form new capital markets.
• Zora facilitates launching content coins; founder coins are also a growing category in the space.
• Open markets at multiple levels (memecoin, content coin, creator coin) enable the emergence of a new creator economy.

Takeaway: Tokenized social networks like Zora create new asset classes by turning social content and creators into investable tokens, potentially unlocking new growth avenues in the Solana ecosystem.

2. Zora’s Platform and User Experience

• Zora’s platform looks similar to Instagram or TikTok but with every post tokenized and tradable.
• Creators across various fields (musicians, athletes, photographers) post tokenized content.
• The platform avoids the crypto "look," instead providing a familiar social experience empowered by underlying open markets.
• Users can buy, sell, and trade these tokens directly on Zora, benefiting financially by engaging early with content.

Takeaway: Zora merges mainstream social media user experience with crypto asset trading, potentially driving broad adoption and greater liquidity for Solana-based tokens.

3. Limitations of Traditional Social Networks and the Value of Open Markets

• Traditional social platforms monetize creators’ work primarily via ad revenue, which mostly benefits the platform giants like Meta and YouTube.
• Creators face capped earnings, geographic restrictions, and high eligibility barriers on centralized platforms.
• Open markets on Zora break these limits by allowing uncapped earnings and eliminating restrictions.
• Billions of dollars currently trapped in ad revenue on centralized platforms could flow directly to creators on tokenized social platforms.

Takeaway: The shift from ad-revenue-driven centralized networks to open market models on Solana could redirect substantial economic value to creators, fueling the growth of the creator economy.

4. Benefits for Creators and Fans on Zora

• Creators gain uncapped earning potential and direct monetization without restrictive eligibility.
• Fans and consumers gain investment opportunities by buying early into creators’ content with flexible investment sizes.
• Ownership incentivizes distribution and promotion of content, accelerating viral reach and platform participation.
• Example given of a creator in the UK earning $11,000 from lifestyle posts on Zora, demonstrating real monetary impact.

Takeaway: Zora’s system incentivizes both creators and fans to participate actively, potentially increasing engagement and token value growth within the Solana ecosystem.

5. Expansion to Creator Profile Coins and Ecosystem-Level Value

• Beyond content coins, Zora is launching open markets for creator profile tokens, letting fans invest directly in creators themselves.
• Creator coins enable value accumulation from all post interactions to flow back to the creator, enhancing incentives.
• The ecosystem’s growth is further anchored by the Zora token, which aligns creators, content, and audience around the new creator economy.
• This layered tokenization fosters a feedback loop multiplying value accrual at creator and ecosystem levels.

Takeaway: Launching creator profile coins and the Zora token represents a strategic expansion that could deepen creator-audience economic symbiosis and increase long-term value capture on Solana.

Overall investor takeaway: Zora’s tokenized social platform on Solana innovates by turning social content and creators into tradable assets with open markets, breaking centralized platforms’ limits and enabling new economic models with uncapped creator earnings and fan participation—positioning it as a key player in the evolving Solana creator economy space.

Overview

• Solana’s scalable and secure infrastructure now supports mainstream user onboarding via familiar, non-crypto platforms.
• Successful projects clearly define their user base—mainstream stablecoin users or crypto natives—for targeted product-market fit.
• Product simplicity and focused user flows are crucial to reduce friction and drive mass adoption.
• The ecosystem is evolving with strong collaboration between app developers and protocol engineers, enhancing privacy, security, and composability.
• Mature Solana infrastructure and user-centric innovation present significant opportunities for investors targeting mass adoption and sustainable growth.

Henri Stern

Co-founder of Privy, a company focused on building seamless user onboarding and wallet infrastructure to bring users on-chain, regardless of their crypto familiarity.

1. Making Crypto Mainstream: Closing the Gap and Getting Users On-Chain

• The crypto infrastructure gap has largely been closed over the past three years, especially within the Solana ecosystem, due to advances in scalability, usability, and security.
• The focus now is on bringing real mainstream users on-chain with user-friendly onboarding and wallet solutions.
• Privy builds infrastructure that meets users where they are, such as onboarding through familiar platforms like WhatsApp or using embedded wallets that don’t require crypto knowledge.
• The core takeaway: excuses around crypto infancy are no longer valid; building compelling, user-friendly crypto experiences is possible today.

Takeaway: The maturing Solana infrastructure enables broader mainstream adoption, suggesting that projects focused on user-friendly onboarding can capture significant user bases and market share.

2. Understanding Your User Base and Product-Market Fit

• Crypto products today generally cater to two core audiences: those focusing on compliance and stablecoins (targeting broad global fintech users) and those oriented toward self-custody, DEX, and play-to-earn (P2E) with more crypto-native users.
• Knowing exactly who you are building for is essential to defining product strategy and user experience.
• Products targeting mainstream users might onboard via non-crypto channels and should anticipate different monetization and lifetime value (LTV) models than those targeting crypto natives.
• Crypto's first trillion-dollar fintech company is likely to be built on stablecoin rails with global reach.
• For crypto-native users, network effects and trading behaviors become key value levers.
• Clearly defining the "lane" or core customer is advised to reduce friction and optimize product experience.

Takeaway: Projects that clearly identify and optimize for their target constituency—whether mainstream stablecoin users or crypto natives—are better positioned to capture market value and growth.

3. Product Simplicity and Design: Prune to Essentials

• Founders often make the mistake of launching with too many features, aiming to address every user segment at once; this can slow development and complicate UX.
• Simplification is key—focus on core user flows and progressively build from there.
• Avoid overwhelming users with choices such as an excessive number of wallet connection options.
• Your product should have a "golden path" for conversion, with optional exit ramps rather than multiple complex entry points.
• The product should dictate infrastructure choices, not the other way around; start with user experience and pick technology to serve the product.

Takeaway: Products with tight, focused feature sets that minimize user friction are likelier to succeed in mass adoption and generate strong user engagement on Solana.

4. Future Outlook: Bridging the Two Crypto Constituencies & Composability

• The divide between mainstream users (stablecoins) and crypto natives (meme coins, DEX users) will gradually lessen as improved UX and mental models emerge.
• New paradigms will teach users how to think about open, composable decentralized products—e.g., interoperable neobanks, yield staking across services.
• Privacy, transaction simulation, and security features like drain prevention are critical next steps for broad consumer trust and usability.
• The co-evolution of Solana protocol design, infrastructure, and application development is a major positive trend.
• Examples include confidential transactions designed with specific application feedback, and fast feedback loops between projects like Privy, Alliance, and Colise.
• This "water cycle" of apps influencing protocols without conflating the two preserves modularity and enables optimal user experiences.

Takeaway: Solana's ecosystem is evolving symbiotically, improving core protocol features informed by application needs, which bodes well for the durability and relevance of Solana-based projects.

Summary for Investors

Henri Stern’s talk underscores that Solana’s infrastructure is now mature enough to support large-scale, mainstream crypto adoption. Projects that focus on simplifying onboarding, clearly defining their user base, and building lean products optimized for user needs are most likely to thrive. The ecosystem’s healthy feedback loop between app developers and protocol engineers is accelerating innovation, enhancing user privacy, security, and composability. This positions Solana not just as a fast blockchain, but as a holistic foundation for diverse, user-centric financial and decentralized applications that can capture significant market share as crypto enters a more mature phase of growth.

Overview

• Solana Mobile announced the Seeker phone launch with new native assets and advanced hardware-level security (TPIN), enabling seamless, secure crypto wallets.
• Improved mobile UX and decentralized app distribution aim to reduce onboarding friction and boost user retention and app virality on Solana.
• The timing aligns with engineering readiness, regulatory clarity, and growing crypto user demand, positioning 2025 as a key inflection point for crypto-native devices.
• Viral success in crypto likely depends on tokenized social actions and live streaming rather than traditional Web2 virality models.
• Future growth focuses on creator tokens, spam-resistant microtransactions, and long-form crypto-integrated live streaming driving community engagement.

Speakers

• Pedro Miranda, former head of Consumer Growth at the Solana Foundation
• Anatoly Yakovenko, co-founder of Solana Labs and now leading Solana Mobile
• Nikita Bier, Solana Foundation advisor and growth/product expert

1. Solana Mobile Hardware and Software Announcements

• Solana Mobile announced the shipping date for the Seeker phone (August 4th).
• Introduction of a new native asset to the Solana ecosystem alongside the phone launch.
• Launch of TPIN, a new security architecture integrating cryptographic protections at the hardware level.
• Solana Mobile’s software stack is now open to other hardware manufacturers and OEMs, enabling a wider ecosystem of crypto-first mobile devices.
• The Seeker phone aims to combine cold storage security with daily-use hot wallet UX, making crypto wallets feel as seamless as Apple Pay.
• Anatoly emphasizes removing intermediaries and implementing cryptographic enforcement on-device rather than relying on centralized app store controls.

Takeaway: The Seeker phone and open software stack represent a major innovation in user-friendly, secure crypto interaction on mobile devices, potentially accelerating Solana's user adoption and broadening the ecosystem.

2. UX Challenges and Onboarding in Crypto

• Pedro highlights the critical UX problem in crypto onboarding; traditional wallets cause significant user drop-off due to friction.
• Nikita agrees that the current app store ecosystem and wallet signing flows are major conversion barriers for crypto apps.
• The integration of security features like TPIN and seamless transaction approvals on mobile can improve conversion rates and unlock new business models.
• Eliminating app store gatekeepers and enabling direct blockchain-based rule enforcement can reduce friction and rejections faced by crypto apps.
• Seamless microtransactions could help fight social media spam and enable new, spam-resistant social UX patterns on Solana-based platforms.

Takeaway: Improved mobile UX and decentralized app distribution can boost Solana app virality and user retention, creating growth opportunities for projects emphasizing user-friendly crypto interactions.

3. Timing and Market Readiness for Crypto Mobile Devices

• Anatoly explains the timing was driven more by engineering readiness and the commoditization of phone manufacturing than market calculations.
• Nikita sees growing user interest due to meme coins and expanding wallets, creating demand for better mobile crypto experiences.
• Regulatory and product infrastructure improvements have recently made launching crypto apps and devices more feasible.
• The ability to deliver experiences impossible on traditional iOS/Android due to app store constraints is a unique market opening for Solana Mobile.

Takeaway: The convergence of accessible manufacturing, improving regulatory environment, and expanding crypto user base makes 2025 a plausible inflection point for crypto-native hardware success.

4. Virality Dynamics in Crypto vs Traditional Apps

• Nikita observes that crypto virality has historically centered on token speculation rather than traditional content sharing or app invites.
• The Believe app is cited as an early successful example of viral crypto apps that use token minting tied to social actions (like tweets).
• Difficulty in getting crypto apps into mainstream app stores has been a major impediment, but recent policy shifts have improved approvals.
• Anatoly likens meme coin virality to a "beauty contest," where viral success depends on anticipating others’ behavior, complicated by large-scale spam.
• Longer-form, personality-driven streaming content might be better suited to sustaining viral crypto communities than short rapid content flips like TikTok.

Takeaway: Viral success on Solana may depend on new content-token hybrid models and streaming, rather than simply replicating Web2 viral mechanics, providing opportunities for innovative apps.

5. What’s Next: Builder Priorities and Categories to Watch

• Nikita highlights the evolution from pure speculation to “symbolic ownership” via tokenized products and communities (e.g., Believe app).
• Creator tokens remain an uncracked space due to legal/security concerns and creator hesitations on tokenizing content.
• Over-fragmentation (tokenizing every post or small unit) could dilute user engagement; broader movements or themes are preferred.
• Live streaming with integrated crypto payments (as planned by apps like PPFUN) is seen as a promising area for viral engagement on Solana mobile.
• Builders are encouraged to explore spam-resistant microtransaction models, creator token economies, and long-form content live streaming.

Takeaway: The next wave of Solana growth likely lies in community-driven creator tokens, crypto livestreaming, and well-curated viral token economies that move beyond simple speculation.

Overall Summary:
The talk reveals Solana Mobile’s hardware and software advances aimed at revolutionizing crypto UX on mobile devices, tackling key onboarding and security challenges. Combined with recent improvements in app store acceptance and a growing user base fueled by meme coins, the ecosystem is poised for viral apps that combine token economies with social content—particularly live streaming and creator tokens. For investors, these developments highlight increasing chances for mass adoption, novel revenue models, and an expanding Solana ecosystem driven by innovative mobile-first crypto experiences.

Overview

• Solana Mobile is launching its flagship Web 3 device, Seeker, with shipments starting August 2025, signaling growth in mobile Web 3 adoption.
• The platform aims to decentralize device access, governance, and app curation to empower the community and reduce centralized control.
• TPIN infrastructure ensures secure, verified, and scalable decentralized mobile interactions through hardware-software integration and guardian governance.
• The SKR token will facilitate decentralized governance and incentivize participation, potentially driving ecosystem value and engagement.
• Developer incentives, enhanced user experiences, and ecosystem expansion plans position Solana Mobile for sustained growth and increased network effects.

Emmett Hollyer

General Manager, Solana Mobile

1. Introduction and Seeker Launch Update

• Emmett Hollyer expressed excitement about mobile uptake in Web 3 and Solana's ecosystem growth around mobile.
• Seeker, Solana Mobile's flagship Web 3 mobile device, has transitioned from design and development into manufacturing and testing stages.
• Over 150,000 Seeker units have been sold so far, with shipments set to begin officially on August 4, 2025.
• Pre-order customers are urged to confirm shipping details, and additional units remain available for purchase globally.

Takeaway: The imminent launch of Seeker marks a critical milestone for Solana Mobile's hardware initiative, signaling an expanded user base and direct engagement with the intersection of mobile and Web 3.

2. Vision for Decentralizing the Web 3 Mobile Ecosystem

• Solana Mobile’s future direction involves decentralizing device access, distribution, and dApp store curation to empower community control.
• Expansion is planned beyond the Seeker device to include new device types and manufacturers leveraging a decentralized platform architecture.
• The platform aims to democratize ownership and decision-making through new governance mechanisms and token incentives.

Takeaway: Decentralization efforts aim to reduce reliance on centralized gatekeepers, potentially increasing ecosystem resilience, user adoption, and long-term value captured by stakeholders.

3. TPIN Architecture (Trusted Execution Environment Platform Infrastructure Network)

• TPIN is a new framework connecting secure hardware (Trusted Execution Environment - TE) with verified users, builders, and a guardian network to scale a decentralized mobile ecosystem.
• At the hardware layer, TPIN leverages cryptographic proofs from devices to verify identity, secure status, and unmodified software to foster trust.
• The platform layer performs on-chain verification of devices and dApps to ensure legitimacy without central gatekeepers.
• The network layer introduces a governance structure with 'guardians' who verify devices, curate apps, approve manufacturers, and govern platform policies.

Takeaway: TPIN represents foundational infrastructure ensuring secure, scalable, and decentralized Web 3 mobile interactions, which could increase user trust and platform adoption, supporting ecosystem growth.

4. Introduction of the SKR Token

• SKR is the native token of the Solana Mobile economy, designed to power verification across TPIN’s layers and coordinate decentralized governance.
• SKR will fuel the sustainable incentive model, facilitating ownership and value sharing among builders, users, and network maintainers.
• Details on SKR distribution and utility are forthcoming, but early indications suggest broad allocation favoring community participants.

Takeaway: The SKR token introduces a new economic layer that incentivizes participation and governance, with potential value appreciation tied to platform adoption and ecosystem activity.

5. Developer and User Benefits in the Solana Mobile Ecosystem

• Developers can reach global users directly without traditional app store gatekeepers or high fees, fostering innovation in payments, DeFi, AI, gaming, and more.
• A Solana Mobile Hackathon launching in June will provide prizes, marketing, and partnership support to stimulate developer engagement.
• Users gain exclusive access to cutting-edge dApps and rewards, secure asset custody (via Seed Vault), and ownership experiences enhanced by features like Seeker ID and one-tap signing.
• The redesigned dApp store focuses on discovery and seamless blockchain interaction, improving overall user experience.

Takeaway: Enhanced developer incentives and superior user experience position Solana Mobile to attract quality builders and engaged users, driving long-term ecosystem growth and token demand.

6. Future Outlook and Ecosystem Expansion

• Solana Mobile plans to extend the TPIN framework and SKR token to a broad range of devices and manufacturers while maintaining security and trust standards.
• This approach balances standardization and freedom for manufacturers, supporting a decentralized and open Web 3 mobile future.
• The ecosystem aims to democratize the mobile crypto experience, empowering both builders and users to share the value created.
• The team encourages ongoing interaction with the community via events, pre-orders, and direct builder engagement to nurture momentum.

Takeaway: The strategic expansion beyond a single hardware device into a broader decentralized mobile ecosystem positions Solana Mobile as a key player in Web 3 mobility, potentially increasing network effects and long-term valuation.

Overview

• Web3 products must create “magical” experiences by abstracting blockchain complexity to meet user expectations shaped by Web2.
• Slingshot demonstrates seamless, fully on-chain token trading with instant execution, showcasing Solana’s potential for user-friendly DeFi apps.
• Hiding on-chain mechanics while enabling unique blockchain benefits is key to mainstream Web3 adoption and user delight.
• Prioritizing intuitive, frictionless consumer experiences leveraging Solana’s speed and liquidity is critical for scaling the ecosystem.
• Investors should focus on projects that simplify onboarding and use cases, blending usability with advanced Solana-native functionality.

Nathan Clapp

Nathan Clapp, Senior Product Designer at Magic Eden and former magician, presented a talk titled "Ship or Die 2025: Magicians in Space: Creating Great Consumer Experiences." He draws an analogy between magic and product design in Web3, with a focus on how to make products feel magical and approachable for new users despite underlying blockchain complexities.

1. Magic as an Analogy for User Experience in Web3

• Magic is about breaking expectations within a known context; similarly, Web3 products must break constraints that users understand.
• Users familiar with Web2 expect seamless, frictionless experiences, while Web3 inherently involves many constraints (wallets, chains, gas fees).
• The challenge is creating delightful user experiences ("magic") without requiring users to understand or tolerate blockchain complexities.
• Context shapes what feels magical; a trick that amazes one group might seem normal or confusing to another.

Takeaway: UX innovation that abstracts blockchain complexity will drive adoption and user delight, critical for scaling Solana and Web3 projects.

2. Slingshot: A Case Study in Magical User Experience on Solana

• Magic Eden recently acquired Slingshot, a mobile-first, fully on-chain and non-custodial token trading app.
• Slingshot abstracts complexity for users by showing usual fiat balances (e.g., via Venmo) while underlying funds are fully on-chain USDC distributed across multiple chains.
• Transactions use a resource lock with off-chain signatures and liquidity reserves to enable instant trades without typical gas or delay.
• Users can instantly trade any token on supported chains, including new meme coins — an experience not possible in traditional centralized apps.
• Being fully on-chain also enables advanced DeFi tools like limit orders and dollar-cost averaging (DCA), which can be seamlessly offered to users.

Takeaway: Slingshot’s seamless on-chain experience highlights how advanced Solana-native apps can attract mainstream users by combining usability with blockchain advantages.

3. The Importance of Abstracting Blockchain Complexity for Mainstream Adoption

• New users should not be expected to learn blockchain mechanics or internal constraints to enjoy the benefits of Web3.
• Abstraction layers that hide on-chain complexity while empowering users with blockchain capabilities are essential.
• The “magic” comes not just from the mechanics but from enabling things only possible on-chain (instant trades, self-custody, cross-chain liquidity access).
• The challenge for builders is to remain aware of and respect constraints but focus on user-centric, delightful product experiences.
• If users don’t understand the constraints, builders must make the experience feel natural yet magical.

Takeaway: Projects focused on usability and seamless abstraction of blockchain complexity provide the most potential for user growth and network effect in Solana.

4. Vision for Web3 Consumer Experience

• The ultimate goal is to create products that feel familiar and frictionless while unlocking unique on-chain powers.
• Recognizing the context and expectations of new users is critical to delivering magic in product design.
• By focusing on experience first, leveraging Solana’s speed and liquidity, and abstracting complexities, Web3 products can offer truly unique and delightful experiences.
• Developers and investors should prioritize shipping intuitive consumer applications that deliver real on-chain value.

Takeaway: Solana ecosystem projects that simplify onboarding and everyday use while leveraging Solana’s technical strengths will be best positioned to capture mainstream market growth.

Overall, Nathan’s talk emphasizes that the future of Solana and Web3 adoption hinges on designing magical, user-friendly experiences that obscure blockchain complexity but retain unique on-chain capabilities, using Slingshot as a pioneering example.

Overview

• Time.Fund tokenizes personal time as a tradable equity-like asset on Solana, creating a new capital market.
• The platform enables creators to monetize time through paid interactions and secondary trade fees, enhancing creator economics.
• It offers a global, crypto-native alternative to traditional scheduling tools with broader financial incentives.
• Time.Fund demonstrates Solana’s capacity for scalable, programmable financial products tied to real-world value.
• This innovation could increase SOL token utility and drive ecosystem growth by attracting users and investors to novel asset markets.

Kaz (Kawz), Founder of Time.Fund

1. Concept and Vision of Time.Fund

• Time.Fund aims to monetize personal time by creating a capital market for time as an asset on Solana.
• Users sell, buy, and trade tokenized time, effectively turning time into an equity-like instrument with tradable value.
• The platform offers transparency and reduced spam by requiring payment for access to someone's time.
• Time tokenization allows creators to earn fees from secondary trades of their time.
• Time is programmable, enabling multiple applications and products to be built on tokenized time in the future.

Takeaway: Time.Fund introduces an innovative way to tokenize personal time, potentially creating a new asset class on Solana and increasing demand and use of SOL tokens through active marketplace trading.

2. Benefits for Creators and Users

• Creators can offer various products such as paid direct messages, group chats, voice/video calls, and auctions on a global crypto-native platform.
• Fans and early believers can invest in a creator’s time early, sharing in the upside as the creator’s value grows.
• Tokenized time unlocks equity in personal time, enabling creators to build generational wealth in a new and decentralized way.
• The platform is positioned as an alternative to Web 2 tools like Calendly with broader financial and engagement features.

Takeaway: Time.Fund enhances creator economics on Solana, potentially increasing platform adoption and ecosystem growth by bridging creator monetization with blockchain technology.

3. Market and Ecosystem Impact

• Time.Fund is a pioneering example of building capital markets on Solana for novel assets.
• It showcases Solana’s capabilities for global, scalable, and programmable financial products.
• By facilitating tokenized time trading, Time.Fund helps deepen liquidity and use cases in the Solana ecosystem.
• The product highlights ongoing innovation in Solana projects that aim to integrate real-world value with blockchain ownership models.

Takeaway: Time.Fund’s innovative market mechanics on Solana might drive greater user engagement and SOL token utility, signaling positive ecosystem growth trends for investors in Solana-based projects.

Overview

• Wallet activity on Solana reveals detailed behavioral insights, enabling personalized user experiences while preserving privacy.
• Combining blockchain data with AI allows dynamic profiling and contextual personalization on decentralized platforms.
• Solana apps can leverage this data to enhance user engagement and foster community without invasive data collection.
• This approach aligns with trends of user sovereignty and privacy, offering a competitive edge to Solana-based projects.
• For investors, these innovations can boost platform utility, user retention, and long-term ecosystem growth.

0xDesigner, Speaker at Accelerate 2025

1. Behavioral Residue and Personal Identity in Crypto Wallets

• The speaker opens with a psychological study showing how people infer personality traits from personal surroundings, likening this to how wallet activity reveals user traits.
• Wallet transactions and holdings provide deep insights into user behaviors, preferences, and motivations beyond simple asset ownership.
• Examples include identifying early adopters, art and culture enthusiasts, and different trading styles by analyzing wallet content and transaction history.
• Connecting a wallet to an app can allow creators to personalize user experiences without compromising privacy.
• Behavioral residue from wallets offers a rich data source comparable to social media algorithms but under user control.

Takeaway: Wallet activity in the Solana ecosystem is a rich source of behavioral insights that can enable more personalized and engaging user experiences, increasing the platform's utility and user retention.

2. New Paradigm: Combining Blockchain Data with AI for User Insights

• The challenge lies in interpreting a growing number of tokens and activities to infer meaningful user characteristics.
• AI agents and real-time search can bridge this gap by linking token metadata and user activity to build dynamic, accurate user profiles.
• This approach represents a convergence point between crypto and AI technologies.
• Such insights allow better prediction of user needs, suggest actions, and facilitate social graph creation based on shared on-chain behaviors.
• Privacy is maintained while enabling contextual personalization on decentralized platforms.

Takeaway: Integrating AI with Solana's on-chain data unlocks a new dimension of user personalization and analytics, potentially driving innovation and adoption in the Solana ecosystem.

3. Implications for Solana Ecosystem and App Developers

• Apps on Solana can leverage wallet data to serve personalized content and foster community building without traditional invasive data collection.
• Personalization can lead to higher user satisfaction and engagement, key factors for app success.
• Users maintain control over their data while offering meaningful context that benefits app developers.
• Building on this concept could help differentiate Solana-based applications by delivering richer, user-tailored experiences.
• The approach aligns with broader trends toward user sovereignty and data privacy in the crypto space.

Takeaway: The ability of Solana apps to use behavioral wallet data for personalization can create competitive advantages and enhance long-term user loyalty, supporting Solana’s growth and token value.

Overview

• Evolution from Venmo’s social payments to Solana-powered social crypto platforms like Jelly Jelly highlights growth in decentralized social money.
• Jelly Jelly’s viral memecoin illustrates the power of tokens to incentivize content creation and build engaged communities on Solana.
• Simplifying crypto through memes and rewarding real economic value enables broader mainstream adoption.
• Product-centric approaches focusing on user experience trump pure technical complexity for sustainable engagement.
• As Solana’s infrastructure matures, user-friendly social crypto apps present strong investment opportunities tied to ecosystem growth.

Sam Lessin

Sam Lessin, founder of Slow Ventures, first investor and adviser of Venmo, and investor in Solana and Jelly Jelly.

1. Reflections on Venmo and Early Payments Innovation

• Sam was one of the first investors and advisers in Venmo, witnessing it grow from early frustrations around peer-to-peer payments (e.g., paying a bartender).
• The initial "aha" moment involved the inception of trust required to share money easily between people.
• There is a strong parallel between Venmo’s early social payments innovation and the current crypto space.
• The idea of social money interaction that inspired Venmo now evolves with crypto—specifically on Solana and projects like Jelly Jelly.

Takeaway: Long-term innovation in social payments is evolving from centralized apps like Venmo to decentralized crypto ecosystems, signaling the growth potential in social crypto projects like Jelly Jelly.

2. Jelly Jelly and the Power of Meme Coins in Crypto Social Media

• Jelly Jelly’s memecoin launch went viral, reaching a $250 million market cap rapidly, though it settled to ~$30 million with ongoing engagement.
• The memecoin serves as a catalyst for community building and new forms of social media engagement on Solana.
• The coin rewards users for content creation and community-building efforts, introducing a symbiotic, meme-like relationship between currency and community.
• Jelly Jelly exemplifies how crypto can transform social interactions from mere "likes" to real economic value through tipping.
• This project reflects a "Venmo 2.0" concept—making crypto fun, social, rewarding, and accessible.

Takeaway: Jelly Jelly’s viral memecoin demonstrates the potential for crypto tokens to drive user engagement and social community growth on Solana, highlighting an investable trend toward social-fi models.

3. Making Crypto Mainstream and Accessible

• Simplification and transmissibility are key to broader crypto adoption; complicated concepts lose people quickly.
• Memes are a natural fit for mass communication and community-building since they are simple, remixable, and highly transmissible.
• Jelly Jelly leverages these meme properties with crypto to create an engaging, easy-to-understand product that rewards users.
• The direct economic impact—tipping creators with real value on Solana—adds meaningful engagement beyond traditional social media "likes."
• The project aims to onboard everyday users, like coffee shop baristas, by making crypto social, fun, and rewarding.

Takeaway: Projects simplifying crypto into playful, meme-driven social experiences on Solana may unlock mainstream adoption and widen userbase significantly.

4. Importance of Product Building Over Intellectual Complexity

• The crypto community contains intellectual and technical thinkers but product adoption depends on emotional and experiential user appeal.
• Jelly Jelly focuses on product-centric development rather than solely on the underlying crypto or DeFi technology.
• Real-world value comes from making users feel awesome and engaged, not just from intellectual concepts.
• "Venmo makes money taste like honey," and similarly, Jelly Jelly aims to "make money funny"—highlighting the importance of product experience.
• The announcement of user rewards (Jelly tokens for posting and referrals) fosters active participation and community growth.

Takeaway: Projects with strong product-market fit and community engagement on Solana have more sustainable value than purely complex technical innovations.

5. Vision For The Future of Crypto and Solana

• 5 years ago, Solana was in its infancy; now infrastructure improvements allow building apps like Jelly Jelly easily.
• The big opportunity is to continue building user-friendly, product-oriented applications that leverage Solana’s scalability and crypto’s unique capabilities.
• Sam Lessin emphasizes focusing on building good stuff that empowers people to exchange real value seamlessly.
• The discussion underscores that foundational crypto ideas have existed for years, but current infrastructure enables actual execution and mainstream impact.
• Looking forward, socially oriented crypto apps on Solana could become ubiquitous, combining fun, utility, and engagement.

Takeaway: As Solana’s infrastructure matures, well-designed social and utility-driven apps like Jelly Jelly are poised to drive ecosystem growth and token value appreciation.

Overall Summary for Investors:

The talk highlights the evolution from Venmo’s pioneering social payments to Jelly Jelly’s memecoin-powered social crypto platform on Solana. Key themes include community-driven growth, simplicity for mainstream adoption, and product focus over intellectual complexity. Jelly Jelly exemplifies how Solana’s scalable infrastructure enables next-gen social money apps that create real economic value and engagement—offering promising investment potential in socially enabled crypto ecosystems.

Overview

• Ledger has supported Solana since before mainnet launch, emphasizing secure self-custody as fundamental to crypto ownership.
• Advanced security features like clear signing and secure touchscreen improve user trust and transaction safety on Solana.
• Introduction of the Solana Edition Ledger Flex with soulbound tokens fosters direct community engagement and rewards early adopters.
• Ledger’s broad user base and focus on collaboration enhance Solana’s ecosystem growth and adoption potential.
• The partnership underscores a mature, security-focused ecosystem driving long-term investor confidence in Solana.

Ian Rogers

Ian Rogers, Ledger (hardware wallet provider supporting Solana)

1. Ledger's Longstanding Support for Solana and Self-Custody Importance

• Ledger supported Solana even before its mainnet launch, providing hardware wallet solutions for SOL users early on.
• Ledger’s approach involves an operating system plus secure hardware enabling safe digital asset custody.
• Emphasis on self-custody as the fundamental principle of crypto—owning your private keys is core to blockchain’s value proposition.
• Ledger offers retail and enterprise grade support ensuring secure transaction approval via secure screens.
• Clear signing is critical to help users understand what they’re approving, reducing risk of mistakes or scams.
• Self-custody and robust security underpin the protection of digital property rights in the new digital asset economy.

Takeaway: Ledger’s early and continuous support reinforces user confidence in secure self-custody for Solana assets, which remains vital for Solana’s ecosystem trust and growth.

2. Clear Signing and Security Innovations on Ledger Devices

• Ledger devices generate and store private keys inside secure elements (hardware chips designed specifically for security).
• The Ledger Flex device features a secure touchscreen powered by a chip similar to one used in credit cards, ensuring transaction approval visibility and security.
• Clear signing allows users to visualize transaction details on a secure screen before approval, enhancing security and user clarity.
• The Ledger Live app fully supports sending, staking, and token swapping on Solana with clear signing from self-custody to self-custody.
• This security approach is positioned as existentially important for building trust and user adoption in crypto.

Takeaway: Advanced security and clear signing features in Ledger hardware wallets improve user experience and safety, lowering barriers to Solana adoption and asset security.

3. Introduction of the Solana Edition Ledger Flex with Soulbound Tokens

• Ledger launched a special Solana Edition Ledger Flex device featuring a unique colorway and integrated with a soulbound token.
• Soulbound tokens are non-transferable tokens bound to a wallet proving ownership of a particular device or activity.
• The sales rollout includes exclusive windows for Solana token holders, Super Team members, Saga Seeker program participants, then the broader Solana community before general public availability.
• The token acts as a badge of early adoption and community membership, providing proof of ownership and enabling potential rewards or future on-chain benefits.
• This new approach fosters a direct on-chain connection between Ledger and the Solana community, aimed at rewarding loyal users and promoting ecosystem engagement.
• Ledger has a vast customer base that secures approximately 20% of the total crypto market cap, representing a powerful channel for Solana ecosystem partnerships.

Takeaway: The Solana Edition Ledger Flex and associated soulbound token initiative strengthen community engagement and potentially expand the user base with an innovative ownership and rewards model, benefiting Solana’s market demand and ecosystem growth.

4. Community Focus and Ecosystem Impact

• Ledger values Solana’s vibrant and user-experience-focused community, highlighted at events like Breakpoint.
• Emphasis on balancing ease of use without compromising security or self-custody, differentiating Ledger in the market.
• The soulbound token concept has already demonstrated organic community-driven on-chain activities and use cases with the Saga mobile phone.
• Ledger seeks active collaboration with Solana projects to build rewards and incentives tied to self-custody and secure storage.
• The partnership reflects mutual commitment to advancing user security, ownership, and product innovation in the Solana ecosystem.

Takeaway: Ledger’s deep engagement with the Solana community and innovative token-based incentives signal a maturing ecosystem with strong user loyalty and new opportunities for growth and adoption.

Overall Takeaway for Solana Investors: Ledger’s pioneering hardware wallet support, new Solana Edition product with soulbound tokens, and continued focus on secure self-custody reinforce the security, user trust, and community strength of the Solana ecosystem, positioning it well for sustained adoption and innovation into 2025 and beyond.

Overview

• d0ero is building a dedicated global fiber-optic network (N1 layer) to reduce latency and jitter for blockchain scalability beyond the public internet.
• Current Solana transaction speeds are limited by internet bottlenecks; d0ero’s infrastructure aims to unlock multi-million TPS throughput.
• The network models after private fiber used in high-frequency trading, bringing institutional-grade performance to public blockchains.
• d0ero’s permissionless and decentralized physical infrastructure challenges centralized tech monopolies, fostering resilience and new market opportunities.
• With a testnet live and Solana integration planned for late 2025, d0ero offers investors near-term potential to enhance Solana’s validator performance and ecosystem growth.

Austin Federa

Austin Federa, co-founder of d0ero, presenting at a Solana crypto conference on May 26, 2025. He discusses the development of a new physical internet infrastructure aimed at high-performance distributed systems, especially to support blockchain scalability and innovation.

1. New Physical Infrastructure for the Internet (N1 Network)

• d0ero is building a purpose-built physical network with fiber-optic cables running globally, creating a dedicated layer beneath the existing public internet.
• This network is not an L1 or L2 blockchain but a novel "N1" layer aiming to support high-performance distributed systems by reducing latency and network jitter.
• The public internet is currently highly variable in latency, which limits blockchain transaction speeds and validation efficiency.
• d0ero's network demonstrates consistently low and predictable latency, enabling better performance for blockchain operations and distributed consensus.

Takeaway: d0ero’s approach to building a physical network layer promises to overcome current internet limitations, potentially enabling much faster and more reliable blockchain infrastructure on the Solana network and beyond.

2. Limitations of the Public Internet and Need for Dedicated Networks

• Modern companies, including major tech firms and financial trading firms, operate private fiber networks to achieve faster data transmission than the public internet allows.
• The high-frequency trading industry exemplifies how dedicated fiber optics bring competitive advantages by reducing latency.
• Blockchain ecosystems face similar demands but rely mostly on the slower, less deterministic public internet.
• d0ero aims to bring this private-network performance model to public blockchains, enabling new levels of throughput and reliability.

Takeaway: As blockchain adoption grows, infrastructure that matches the performance of legacy industries will be crucial, and d0ero’s network could give Solana-based projects a significant edge by delivering institutional-grade speed and consistency.

3. Blockchain Scalability and Network Bottleneck

• While blockchain software clients like Firedancer and Agave can theoretically process over a million transactions per second, real-world performance is bottlenecked by internet network delays and jitter.
• Current Solana TPS (~7,000) is far below theoretical limits due to the constraints of the public internet.
• d0ero believes the future of scaling blockchains to millions or tens of millions TPS requires this new physical network infrastructure.
• Attempts to optimize the existing internet for blockchain have limited potential; building new dedicated networks is the more scalable solution.

Takeaway: Scaling blockchain throughput substantially beyond today’s public internet limits is essential to remain competitive, and networks like d0ero’s could unlock previously impossible transaction volumes on Solana.

4. Vision: Abundance and Competitive Alternatives to Big Tech Infrastructure

• d0ero’s mission is to enable permissionless, censorship-resistant global infrastructure by integrating multiple independent network contributors rather than a single proprietary network.
• This model promotes cooperation even among competitors, fostering verifiability and resilience.
• By increasing bandwidth and reducing latency drastically, d0ero aims to create entirely new use cases and markets that haven't been envisioned yet.
• Building this alternative physical infrastructure can level the playing field against dominant tech companies whose centralized infrastructure currently controls most blockchain user access.

Takeaway: d0ero’s vision challenges the monopoly of big tech on infrastructure, potentially democratizing network resources and enabling new entrepreneurial projects within Solana’s ecosystem and other blockchains.

5. Current Status and Strategic Positioning

• The d0ero testnet is operational and showing promising early results.
• Full launch is planned for Fall 2025 with native support for Solana, allowing Solana validators to exceed previous internet performance limits.
• d0ero is also focused on bringing crypto innovation and infrastructure back to the United States, partnering with regulated platforms like CoinList to foster a compliant, domestic crypto environment.

Takeaway: With a testnet live and integration with Solana on the horizon, d0ero represents a near-term infrastructural upgrade opportunity that could significantly enhance Solana’s validator performance and appeal to US-based developers and investors.

Overall Investor Takeaway:

d0ero is pioneering a fundamental shift in blockchain infrastructure by creating a new physical network layer tailored to blockchain’s needs. This could dramatically improve Solana’s transaction speeds and network reliability, opening the door to new high-throughput applications and competitive advantages over traditional financial and Web2 systems. Investors should watch d0ero’s development closely as it could become critical foundational infrastructure for the future of Solana and the broader crypto ecosystem.

Overview

• Stablecoins will evolve into a diverse ecosystem with multiple regional and specialized tokens rather than a single dominant player.
• Use cases are expanding beyond trading into payments, remittances, and corporate finance, boosting demand and ecosystem growth.
• Anticipated U.S. federal legislation will clarify regulations, encouraging institutional adoption but may impose constraints.
• USD-backed stablecoins will remain dominant, while local fiat stablecoins offer niche opportunities.
• Privacy features in stablecoins are emerging as important innovations, balancing regulatory transparency with user confidentiality.

Matt Homer

Matt Homer, General Partner at an early-stage VC fund specializing in stablecoins and crypto investing.

Joan (Robinhood)

Joan, SVP and GM of Crypto at Robinhood, overseeing crypto strategy and product integration.

Eric Kuhn (Gemini)

Eric Kuhn, Head of On-Chain Operations at Gemini, involved in Solana and stablecoin-related initiatives.

1. Winner-Take-All Dynamics in Stablecoins

• Consensus among panelists that stablecoins will not follow a winner-take-all pattern.
• Multiple stablecoins are expected to coexist, often specializing in regional or domain-specific use cases (e.g., Singaporean dollar stablecoins).
• Platforms like Robinhood and Gemini aim to support many stablecoins to serve diverse user needs.
• Current market has more than one dominant player, indicating room for expansion and variety.
• Stablecoins enable programmable, interoperable, and instant settlements, encouraging broad adoption across various industries.

Takeaway: The stablecoin market is likely to become a diversified ecosystem rather than dominated by a single token, creating multiple investment opportunities across regions and use cases.

2. Emerging Stablecoin Use Cases and Ecosystem Growth

• Stablecoins are increasingly used beyond crypto trades, including payments, remittances, and corporate treasury management.
• Acquisitions like Circle’s Hashnote and Stripe’s onboarding of businesses signal expansion into traditional finance sectors.
• Stablecoins are vital for 24/7 market operations when banks are closed.
• The Global Dollar network exemplifies innovation with revenue sharing among participants, fostering infrastructure improvements.
• Visa and Mastercard integrating stablecoins into debit card settlements hints at mainstream retail adoption.

Takeaway: Growing use cases in payments, remittances, and corporate finance will boost demand for stablecoins and drive ecosystem expansion on Solana and beyond.

3. Impact of U.S. Federal Legislation on Stablecoins

• Anticipated federal legislation expected to clarify regulatory frameworks and reduce uncertainty.
• Joan sees legislation as a catalyst for greater institutional and bank adoption.
• Eric warns regulatory caps on stablecoin supply or use could limit utility, advocating for proactive U.S. policy to sustain competition and innovation.
• There is ongoing work to tackle complexities like yield distribution in stablecoin frameworks.
• Legislation may shape how U.S. regulators interact with international stablecoins, affecting cross-border flows.

Takeaway: Regulatory clarity from U.S. legislation may unlock institutional participation in stablecoins, but strict regulations could also constrain market growth.

4. U.S. Dollar vs. Local Fiat-Backed Stablecoins

• Strong market preference and dominance for U.S. dollar-backed stablecoins reaffirmed.
• Robinhood supports Euro stablecoins due to user demand; regional stablecoins (Singapore, Hong Kong) poised to grow, enhancing FX and cross-border efficiency.
• Eric believes U.S. dollar stablecoins will remain paramount, analogous to the dollar’s global reserve status.
• While local fiat stablecoins may coexist and complement, they are unlikely to supplant the USD’s dominance.

Takeaway: USD-backed stablecoins will likely remain the primary investment focus, while regional stablecoins present niche opportunities tied to local economies.

5. Privacy Considerations for Stablecoin Payments

• Stablecoins designed with transparency to satisfy regulators, but privacy demands are rising.
• Joan advocates for privacy-preserving technologies (e.g., zero-knowledge proofs) to protect transaction details from competitors.
• Eric acknowledges the importance of privacy rights but doubts it will drive or hinder mass adoption, citing examples like Venmo’s public defaults.
• Both emphasize investing in privacy features to enable optional, secure, and private stablecoin payments.

Takeaway: Privacy enhancements in stablecoins represent an important technological frontier that may add value without impeding user adoption.

6. Exciting Innovations and Future Outlook for Stablecoins

• Joan sees stablecoins as a gateway to a broader future where traditional financial assets become tokenized on blockchain.
• Eric is enthusiastic about integrating on-chain dollars with major payment rails (Visa, Mastercard), enabling seamless spending of crypto-backed USD.
• Matt highlights possibilities like non-custodial neobanking for user-first, intermediary-free financial experiences based on stablecoins.

Takeaway: Stablecoins will be foundational to tokenizing traditional finance and integrating crypto with everyday payment systems, driving long-term value creation on Solana and in the broader crypto space.

Overview

• CoinList is re-entering the U.S. market to broaden access to vetted token launches, enhancing liquidity and participation.
• Partnership with D0ero aims to improve Solana’s validator infrastructure, boosting network performance and reliability.
• Solana is positioned as a fast, low-cost decentralized Nasdaq for next-gen on-chain financial markets.
• CoinList focuses on compliant launches for revenue-generating companies, mitigating regulatory and token launch risks.
• The ecosystem encourages collaboration among founders, validators, and investors to foster a robust and accessible Solana market.

Raghav Bhatia, CEO of CoinList

1. CoinList's Return to the U.S. and Market Expansion

• CoinList recently returned to the U.S. market to facilitate vetted token launches for 330 million Americans.
• The goal is to reduce the waiting time for retail investors wanting access to new crypto projects.
• There is significant work ahead to enable broad access and inclusion in the crypto capital formation ecosystem.

Takeaway: CoinList’s renewed focus on the U.S. market could increase liquidity and participation in Solana-based token launches, potentially driving demand and adoption.

2. Partnership with D0ero: Infrastructure and Performance

• CoinList is collaborating with D0ero, a company focused on building robust crypto infrastructure and applications.
• D0ero is positioned as a high-performance validator solution to improve Solana’s network performance and reliability.
• Validators running D0ero can benefit from enhanced revenue opportunities and better performance metrics.

Takeaway: Improvements in Solana’s validator infrastructure through D0ero could strengthen network reliability and scalability, positively impacting the Solana ecosystem’s health.

3. Vision for Solana as a Decentralized Nasdaq

• Solana is described as a decentralized Nasdaq with sub-second transaction settlement and one-cent fees.
• The platform aims to be the foundation for the next generation of capital assets and financial markets on-chain.
• Emphasis on the importance of product-market fit for companies launching on Solana to drive real utility and economic activity.

Takeaway: Solana's strong performance features and focus on real-world product-market fit projects make it a promising platform for future growth in decentralized finance and capital markets.

4. CoinList as the On-Ramp for On-Chain Revenue-Generating Companies

• CoinList aims to be the gateway for launching companies on Solana that have achieved product-market fit and revenue generation.
• Their focus is on helping companies overcome regulatory hurdles and bad token launch experiences.
• They invite founders tired of regulatory uncertainty and large IPO costs to collaborate with them.

Takeaway: CoinList’s role as a curated launch platform for compliant, revenue-generating projects could increase the quality and sustainability of Solana-based offerings, reducing risk for investors.

5. Call to Action for Stakeholders

• Founders are encouraged to work with CoinList to avoid common pitfalls in token launches.
• Validators are urged to run D0ero to enhance network performance and earn revenue.
• Investors and users are invited to join CoinList and support growth within the American market context.

Takeaway: The combined efforts of founders, validators, and investors centered around CoinList and D0ero signal a maturing Solana ecosystem with stronger infrastructure and market accessibility.

Overview

• Thomas Uhm’s move from Jane Street to Jetto signals renewed institutional confidence in Solana’s ecosystem.
• Jetto focuses on infrastructure improvements like better network performance and aligned staking incentives, paralleling Jane Street’s approach.
• Addressing exit liquidity and scalable infrastructure is vital for unlocking broader institutional participation in crypto.
• Growing Solana’s user base through improved staking and usability is key to long-term ecosystem value and SOL appreciation.
• Institutional expertise and an infrastructure-first mindset foster greater ecosystem stability and credibility for investors.

Speakers

• Thomas Uhm, Chief Commercial Officer at Jetto, former 22-year veteran trader at Jane Street
• Colleen Sullivan, Moderator/Interviewer at the Accelerate 2025 Conference

1. Thomas Uhm’s Transition from Jane Street to Jetto and Crypto Focus

• Thomas spent 22 years at Jane Street, one of the largest, most influential trading firms, heavily involved in crypto trading until 2023.
• Jane Street scaled back crypto operations in 2023 due to increased regulatory enforcement in the US.
• After helping build an exotic options business for 18 months, Thomas realized he missed being actively engaged in crypto.
• He left Jane Street early 2025 and, after initially planning to take a break, was drawn to Jetto after meeting the team and learning about their mission.
• Joining Jetto, especially alongside CEO Rebecca Reddig, was an easy decision despite the difficulty of leaving a longtime employer.

Takeaway: Thomas’s move back to full-time crypto with Jetto signals greater professional confidence in Solana’s ecosystem and may reflect growing institutional commitment to the network.

2. Why Jetto and Why Solana? Similarities with Jane Street

• Jetto’s mission closely aligns with Jane Street's infrastructure mindset—focusing on enhancing market infrastructure rather than just making trades.
• Jetto’s core "block engine bundler" improves Solana’s network performance while redistributing rewards to validators and stakers, aligning incentives across stakeholders.
• Jetto also develops restaking products and liquid staking tokens that enhance security and maximize yield while simplifying user experience.
• Thomas emphasized the importance of focusing on solving specific problems within the Solana ecosystem that benefit both the network and its users.

Takeaway: Jetto's infrastructure-centric products directly strengthen Solana’s network performance and user incentives, potentially making the ecosystem more attractive to validators, stakers, and end users.

3. Institutional Adoption of Crypto and Market Infrastructure Challenges

• Institutional adoption has historically been hindered by lack of clarity around regulation and exit liquidity options.
• Thomas explained the importance of exit points in trade decisions—knowing how, when, and at what cost institutions can exit positions impacts portfolio sizing and risk.
• The crypto institutional landscape today is more resilient and decoupled from price cycles, with larger teams focused on long-term involvement regardless of market downturns.
• Jetto breaks the institutional market into buy side (allocators) and sell side (banks, prime brokers), acknowledging their distinct needs.
• Mature infrastructure and stable, scalable networks like Solana’s are crucial to supporting large institutional capital deployment and risk-taking.

Takeaway: Improving exit liquidity and network performance on Solana can unlock larger-scale institutional participation, a key driver of future ecosystem growth and capital inflows.

4. Growing the Solana User Base as a Core Focus

• The bull case for Solana is fundamentally tied to growing its user base—building scalable, efficient products that attract more users is paramount.
• While competition in development is healthy, the priority is for all projects to collectively advance Solana’s adoption and investment thesis.
• Jetto’s work in making staking and user experience easier helps attract and retain users, reinforcing network effects that benefit investors.

Takeaway: Projects like Jetto that simplify and enhance Solana’s usability will be instrumental in driving sustainable user growth, directly supporting SOL’s long-term value.

5. Personal Reflections and Perspective on the Crypto Journey

• Thomas humorously compared his new role at Jetto to being "The Intern," feeling like a newcomer eager to learn, despite his market experience.
• His decision to return to crypto reflects a passion for the space and optimism about emerging opportunities.
• The interview reveals Thomas’s collaborative spirit and a data-driven, infrastructure-first philosophy critical to navigating crypto’s evolving landscape.

Takeaway: Experienced institutional professionals bringing traditional finance discipline and infrastructure focus into Solana projects like Jetto can enhance ecosystem stability and credibility.

Overall Summary:
The discussion highlights Thomas Uhm’s return to crypto via Jetto, emphasizing the parallels between institutional market-making/infrastructure at Jane Street and Jetto’s mission to enhance Solana’s network performance and staking ecosystem. Institutional involvement is becoming more resilient but requires improved infrastructure and liquidity, areas where Jetto contributes meaningfully. Growing the Solana user base remains the key driver of value, and Jetto’s products help foster that growth by improving network security and user rewards. These factors suggest a promising trajectory for Solana’s ecosystem aligning with increasing institutional and user adoption.

Overview

• Wormhole’s open-source cross-chain infrastructure enhances Solana’s interoperability and institutional adoption by enabling seamless multi-chain asset issuance.
• Securitize leads in tokenized securities on Solana, driving growth in liquid, cash-flowing on-chain investments like tokenized treasuries and RWAs.
• U.S. regulatory clarity and government support for stablecoins and digital assets are fostering trust and ecosystem expansion.
• The future focuses on large-scale RWA tokenization and integration of traditional financial products with on-chain wallets on Solana.
• Investors can capitalize on growing on-chain alternatives to traditional finance, supported by evolving infrastructure and bridging DeFi with legacy markets.

Speakers

• S. Badreg, CEO, Wormhole Labs: Wormhole builds open source cross-chain infrastructure enabling asset and data transfer across blockchains, facilitating interoperability and multi-chain asset issuance.
• Michael Sunenshine, COO, Securitize: Leading one of the largest tokenization platforms, Securitize has facilitated over $4 billion in tokenized securities on blockchains including Solana. Focused on tokenized securities, especially tokenized treasuries and real-world assets (RWAs).
• Tom Murphy, Head of Communications, Securitize (moderator).

1. Wormhole’s Role in Accelerating Solana and Cross-Chain Growth

• Wormhole provides core open-source infrastructure to enable assets and data to move fluidly across blockchains, including Solana.
• This infrastructure has empowered smart teams to build diverse applications that solve current pain points on-chain.
• Institutions previously reluctant to engage directly with retail or DeFi environments are now leveraging Wormhole-enabled cross-chain tech to expand offerings.
• Wormhole’s technology enables asset issuers to issue native assets on multiple chains simultaneously, allowing seamless native transfers between chains, reducing operational overhead.
• The protocol supports proliferation of stablecoins and payments assets without limiting issuers to a single blockchain, enhancing flexibility and reach.
• Wormhole recently expanded to New York City to tap into talent and regulatory clarity benefitting the U.S. crypto infrastructure buildout.

Takeaway: Wormhole’s cross-chain infrastructure strengthens Solana’s ecosystem by enabling multi-chain asset issuance and institutional adoption, positioning Solana for broader interoperability and growth.

2. Securitize’s Momentum in Tokenized Securities and RWAs on Solana

• Securitize has onboarded roughly $4 billion in tokenized securities, focusing strongly on tokenized treasuries and private credit assets.
• The tokenized security market, especially tokenized treasuries, has grown over 800% in the past year, fueling demand for on-chain, liquid, cash-flowing investments.
• Securitize’s tokenized treasury products (e.g., BlackRock’s tokenized treasury fund) pay dividends daily on-chain, offering investors benefits not possible in traditional finance.
• Tokenized assets can enter the DeFi ecosystem for yield enhancement, borrowing/lending, and other financial strategies, creating new use cases.
• Misconception addressed: Tokenization alone does not guarantee liquidity—it depends on market demand and trading infrastructure.
• Securitize is expanding into tokenizing more traditional assets like equities and ETFs, exemplified by tokenizing Exodus, a public company.

Takeaway: Securitize’s rapid growth and focus on liquid, cash-flowing tokenized securities on Solana and other chains offer investors innovative, transparent, and yield-enhancing on-chain alternatives to traditional investments.

3. Regulatory Clarity and Market Opportunity in the U.S.

• Wormhole and Securitize view recent U.S. regulatory developments on stablecoins and digital assets as a positive catalyst for growth.
• U.S. government and Treasury support for stablecoin adoption signals a strategic push towards digital dollars to address inflation and economic challenges.
• Opening clear regulatory pathways encourages building trustless, transparent, and instant-settlement systems domestically, attracting global stablecoin issuance and infrastructure development.
• Tether’s rise as a major buyer of U.S. treasuries signals latent demand for digital dollars and tokenized collateral.
• Tokenized treasuries may increasingly serve as reserve assets for stablecoins, shifting market-maker and exchange preferences towards yield-bearing on-chain assets.
• NYC’s expanding crypto talent pool and Wormhole establishing an office there underline the city’s growing role as a U.S. crypto infrastructure hub.

Takeaway: Regulatory clarity and government support in the U.S. are driving expansion of stablecoins and tokenized treasuries, increasing Solana-based investment opportunities and ecosystem development.

4. Future Outlook: Real-World Assets, Infrastructure, and Convergence of Traditional and On-Chain Finance

• Wormhole anticipates massive real-world asset (RWA) tokenization on Solana, propped up by large strategic investments (e.g., JP Morgan collaboration).
• They see blockchain performance improvements and stablecoin proliferation as crucial to supporting scaled payments and asset issuance globally.
• Broader adoption of blockchain for global payments and real-time settlements is expected to increase.
• Securitize foresees convergence between traditional brokerage and retirement accounts with on-chain wallets, bringing traditional financial products directly accessible on chains like Solana.
• The ongoing maturity of tokenization will expand product wrappers and underlying exposures available on-chain, blurring lines between conventional and crypto finance.

Takeaway: The next wave of growth lies in RWAs and seamless integration of traditional financial products into on-chain Solana wallets, potentially reshaping investing and accelerating blockchain adoption.

Summary

This fireside chat highlights the rapid acceleration and institutionalization of tokenization on Solana, driven by Wormhole’s multi-chain interoperability infrastructure and Securitize’s leadership in tokenized securities. Regulatory progress in the U.S. is catalyzing ecosystem growth and stablecoin adoption. Investors can expect expanding opportunities in cash-flowing tokenized treasuries, real-world assets, and innovative DeFi integrations, all supported by evolving infrastructure that bridges traditional finance with blockchain.

Overview

• Tokenization via Republic and Solana enables retail investors to access private equity with low minimums, breaking traditional barriers.
• Solana’s scalable, efficient blockchain infrastructure supports fractionalized investing and future lending/trading innovations.
• Regulatory, educational, and liquidity challenges remain, requiring gradual market adoption and ongoing innovation.
• Employee participation at Hamilton Lane exemplifies early social impact and democratization of wealth creation through tokenization.
• The initiative highlights institutional recognition of crypto’s role in expanding access and driving private market growth.

Speakers

• Victor Jung, Head of Digital Assets, Hamilton Lane
• Andrew Durgee, Representative from Republic

1. Democratization of Private Markets via Tokenization

• Hamilton Lane is a major traditional private markets firm aiming to open private equity investments to retail investors.
• Private markets have historically been accessible only to institutional or accredited investors due to regulatory restrictions.
• The new initiative allows fractional investments in private equity starting at $500 via Republic's platform, a significant reduction from the previous million-dollar minimum.
• Tokenization and blockchain technology are key enablers to making private market investments cheaper, faster, and more accessible.
• The move is socially motivated to expand wealth creation beyond the wealthy elite.
• This product has already achieved successful uptake and employee participation at Hamilton Lane, allowing even employees previously ineligible to invest in their own funds.

Takeaway: Tokenization on Solana and Republic’s platform is breaking down traditional barriers, enabling retail investors to enter private markets for the first time, potentially increasing demand and liquidity for tokenized private equity assets.

2. Solana’s Role and Advantages in Retail Crypto Investing

• Solana is recognized as a leading retail-oriented blockchain with over 100 million wallets, making it ideal for delivering fractionalized investment products.
• The ecosystem’s efficiency, scalability, and custodial solutions are essential to enable these retail-focused private market investment products.
• Hamilton Lane and Republic see Solana’s ecosystem lending and trading innovations as frameworks they hope to leverage for future product offerings like lending on crowdfunded companies.
• The emphasis is on building a scalable primary market first, with liquidity and lending innovations coming once scale is achieved.
• There is appreciation of Solana’s focus on cheaper, faster, better solutions tailored for next-gen retail investors.

Takeaway: Solana’s scalable and retail-focused architecture is central to advancing tokenized private markets, making it a critical infrastructure for future digital asset innovations.

3. Challenges and Future Outlook in Private Market Tokenization

• Regulatory and accreditation barriers still limit broadening access globally, but significant progress is being made notably in the U.S.
• Education and awareness are major hurdles; many retail investors aren’t aware of the superior risk-adjusted returns and stability of private markets versus highly volatile public assets like Bitcoin.
• Without large-scale adoption, liquidity and secondary market functions like lending and trading will not mature.
• Hamilton Lane and Republic emphasize a social mission combined with commercial goals to overcome inertia and educate the market.
• Further tokenization innovations and announcements are expected but not imminent, reflecting a gradual roadmap.

Takeaway: While early tokenized private market products are promising, broad adoption, regulatory clarity, and ongoing innovation are needed to realize full liquidity and value potential in the Solana ecosystem.

4. Employee Participation and Broader Social Impact

• This initiative is notable for enabling Hamilton Lane employees themselves to invest equitably with fractional amounts, a first for the firm.
• The effort aims to democratize wealth creation across socioeconomic lines and generations.
• The partnership with Republic is seen as a model for socially responsible investing that promotes access rather than exclusivity.
• Scaling this effort internationally remains a goal and challenge.

Takeaway: Democratization efforts within established firms like Hamilton Lane signal growing institutional acknowledgment that crypto and tokenization can bridge social and financial divides in investing.

Overall, the talk underscores how private markets tokenization via Solana and Republic is opening new investment pathways for retail participants. This is seen as a key driver of growth and innovation in Solana’s ecosystem and the broader digital assets landscape.

Overview

• Early collaboration between Circle and Solana established a scalable, efficient platform for DeFi and financial applications using USDC.
• Solana supports hundreds of millions of users, addressing UX and regulatory challenges to drive mainstream stablecoin adoption.
• Technological advantages in speed, cost, and predictability reduce financial risks and enable large-scale capital market activities on-chain.
• Vision includes democratizing capital markets with smart contract-driven IPOs and credit systems to cut costs and increase accessibility.
• Investors should note Solana’s leading position in building a high-growth, low-cost on-chain economy backed by stablecoin innovation and regulatory progress.

Jeremy Allaire and Anatoly Yakovenko

Jeremy Allaire is the co-founder and CEO of Circle, the company behind USDC stablecoin. Anatoly Yakovenko is the founder and CEO of Solana Labs, the team behind the Solana blockchain.

1. Early Collaboration and Launch of USDC on Solana

• Anatoly recalls early days of Solana, highlighting the breakthrough of very fast transaction times (~1.2 seconds) and very low fees (sub one cent) compared to Ethereum at that time.
• Jeremy emphasizes Circle’s vision to create a digital dollar on the internet that can scale across everything from micropayments to multi-billion-dollar capital market transactions.
• Both highlight the importance of USDC as a low-risk, stable asset that underpins development of DeFi and finance applications on Solana.
• Early collaboration focused on replicating capital markets on-chain using USDC as a foundational building block.

Takeaway: The strong early partnership between Circle and Solana was foundational in establishing Solana as a platform for scalable, stable, and efficient financial applications, setting the stage for its growth and DeFi adoption.

2. Current State of Mainstream Adoption and Market Scale

• Solana now supports hundreds of millions of users with infrastructure robust enough for mainstream applications.
• User experience barriers, like complex gas fees and wallets, are being addressed via abstractions, sponsored gas, and cross-chain interoperability.
• Regulatory clarity and legal certainty around fully reserved stablecoins like USDC are critical next steps.
• The upcoming U.S. "Genius Act" (pending legislation) is expected to formalize stablecoins as a fully recognized component of the monetary base (M1), dramatically expanding their use cases.
• Both see the total addressable market for on-chain electronic money as huge ($90+ trillion globally).

Takeaway: Solana’s scalability and user experience improvements position it well to capitalize on mainstream stablecoin usage and payments, with upcoming regulatory clarity poised to unlock massive new market potential.

3. Maintaining Solana’s Technology Edge and Risk Reduction in Finance

• Anatoly frames blockchains’ core value as risk elimination in finance—through settlement guarantees (Bitcoin), verifiability (Ethereum smart contracts), and now speed/cost improvements on Solana.
• High throughput and low-latency infrastructure reduce variability in transaction costs and times, enabling capital markets scale on-chain.
• This ability to handle large-volume transactions securely and quickly is key for making Solana the backbone of large financial flows and complex DeFi protocols.
• The technical innovations continually expand the scope of financial applications possible on Solana beyond simple payments.

Takeaway: Solana’s technological improvements around speed, cost, and predictability reduce financial risks and create unique opportunities for large-scale on-chain capital markets and institutional applications.

4. Vision for Internet Capital Markets and On-Chain Economy

• Jeremy envisions layered capital markets with real-time convertibility between assets, leveraging USDC and new products like USYC (yield-bearing collateral).
• He highlights the development of endogenous capital markets where credit and capital formation happen natively on-chain, potentially resembling marketplaces like Google AdWords but for credit delivery.
• Anatoly’s vision includes decentralized IPOs run entirely by smart contracts without intermediaries, dramatically cutting costs (from $25 million) and friction.
• Such innovations would democratize access to capital markets, accelerate innovation, and increase public participation in equity.
• The idea of removing costly legacy processes and intermediaries is a long-term goal with transformative economic impact.

Takeaway: The evolving ecosystem on Solana aims to transform capital formation and credit markets by enabling founders and users to engage directly through smart contracts, reducing costs and unlocking a more efficient, inclusive financial system.

Overall Summary

The fireside chat with Jeremy Allaire (Circle) and Anatoly Yakovenko (Solana Labs) reflects on the early collaboration that seeded Solana’s success with USDC stablecoin integration, highlighting the critical role of stablecoins as a foundational financial primitive. They discussed significant progress toward mainstream adoption through improvements in infrastructure scale, user experience, and regulatory clarity, with the US regulatory environment poised to enable large-scale on-chain stablecoin use.

Technologically, Solana’s speed, low cost, and predictable transaction characteristics uniquely position it to reduce financial risk and handle large institutional flows and complex decentralized finance applications. Looking forward, the speakers envision a future of internet capital markets where capital raising, credit, and asset trading happen transparently, efficiently, and affordably on-chain, radically lowering barriers to participation and innovation.

Investor takeaway: Solana’s ecosystem, powered by Circle’s stablecoin innovations and regulatory advancements, stands at the forefront of transforming global finance into a high-speed, low-cost, user-friendly on-chain economy with massive growth potential.

Overview

• Solana DeFi growth depends on expanding collateral types, especially tokenized real-world assets (RWAs) and large tokens, to drive stablecoin demand.
• ONRE Finance brings on-chain reinsurance to Solana, offering high, uncorrelated yields (~20%) by combining real-world insurance and stablecoin returns.
• Kamino will integrate ONRE tokens as collateral, enhancing Solana’s credit market liquidity and enabling leveraged exposure to structured real-world yields.
• Reinsurance tokens provide diversified, lower-risk real-world asset exposure, addressing DeFi’s need for sustainable and uncorrelated yield options.
• The collaboration between Kamino and ONRE signals a maturation of Solana DeFi toward institutional-grade, TradFi-integrated financial products.

Mark Hull (Kamino) and Dan Roberts (Henri / ONRE Finance)

1. Solana DeFi Current State and Growth Challenges

• Solana DeFi TVL (~$10B) and stablecoin supply (~$12B) significantly lag behind Ethereum’s ($70B and ~$120B, respectively).
• Mark highlighted the need to bring more tokens and real-world asset (RWA) collateral into Solana DeFi to drive growth.
• Emerging tokenized assets such as Bitcoin tokens (e.g., xBTC) and tokenized stocks/funds are attracting interest as collateral.
• The goal is to increase stablecoin demand through compelling collateral options, fueling overall ecosystem growth.

Takeaway: Growth in Solana DeFi will rely heavily on expanding collateral diversity with tokenized real-world assets and large ecosystem tokens to increase demand and usage.

2. Introduction of ONRE Finance and On-Chain Reinsurance

• Dan Roberts introduced ONRE Finance (formerly Names.com), launching an on-chain reinsurance pool on Solana.
• Reinsurance provides a highly diversified, uncorrelated yield asset class with modeled returns around 12%, combined with stablecoin yields (~8%) leading to overall yields exceeding 20%.
• ONRE Finance offers true composability—allowing users to earn combined uncorrelated real-world insurance yield plus crypto-native stablecoin yield.
• Initial liquidity incentives aim to deploy $30M, potentially delivering yields up to 40% during this phase.
• This product brings a new structured financial asset to DeFi with less correlation to traditional crypto market cycles, offering risk-abated high yields.

Takeaway: ONRE Finance introduces an innovative, scalable, and high-yield real-world asset exposure on Solana with uncorrelated risk, potentially enhancing portfolio diversification and yield opportunities.

3. Synergies Between Kamino and ONRE Finance

• Kamino, as a Solana DeFi credit marketplace, plans to integrate ONRE tokens as collateral, enabling users to leverage their exposure through borrowing and lending.
• This integration supports both retail and institutional users seeking high-quality, leveraged yield exposure on Solana.
• Mark pointed out that Solana’s maturing ecosystem and demand for yield are prime for adoption of such RWAs and structured financial products.
• Liquidity provision on platforms like ORCA is enabling 24/7 tradability for typically long-term reinsurance commitments.
• Kamino’s role includes building out liquid credit and lending markets around these new asset tokens to boost DeFi liquidity and usage.

Takeaway: Kamino’s upcoming support for ONRE tokens as collateral and lending assets will deepen Solana’s credit market and improve liquidity for innovative, real-world asset-backed yields.

4. Understanding and De-Risking Reinsurance for DeFi Users

• Dan explained reinsurance as insurance for insurance companies, providing a globally diversified risk basket covering various insured events (fire, flood, cyber, health, etc.).
• This diversification dramatically reduces risk concentration, making the asset class lower risk compared to typical crypto-native assets.
• Emphasis was placed on the need for education within DeFi as this structured product model is novel and unfamiliar to many crypto users.
• The global scale of reinsurance (hundreds of millions to trillions in capital) far exceeds current on-chain amounts, indicating large growth potential.
• Combining traditional risk diversification with crypto composability and 24/7 liquidity is a key innovation.

Takeaway: Reinsurance tokens provide risk-mitigated, diversified real-world asset exposure on-chain, representing a promising route to sustainable, uncorrelated DeFi yields on Solana.

5. Market Impact and Future Outlook

• The launch of ONRE Finance represents a "ship or die" moment, reflecting the growing push to deliver next-generation financial products on Solana.
• Integration of RWAs like reinsurance into Solana DeFi signals maturation from earlier memecoin-driven growth toward institutional-grade assets.
• The partnership between Kamino and ONRE highlights a broader trend of TradFi and DeFi convergence on Solana.
• With projected massive growth in the reinsurance market size, digital assets provide a scalable solution to capital demands.
• Investors should watch for further collaboration and integration of these financial product layers to support Solana’s DeFi ecosystem expansion.

Takeaway: The fusion of real-world structured finance and crypto-native yield on Solana marks a significant advancement that could catalyze ecosystem growth and attract institutional liquidity.

Overall Investor Summary:
The talk showcased a pivotal moment for Solana DeFi’s evolution—introducing diverse, real-world structured assets like reinsurance with compelling, risk-abated yields. Integrations like ONRE Finance with credit protocols such as Kamino promise deeper liquidity, user sophistication, and institutional engagement, positioning Solana to better compete with Ethereum in DeFi activity and stablecoin usage.

Overview

• Apollo launched its flagship private credit fund tokenized on Solana, offering stable, low-volatility yields accessible via KYC.
• Securitize provides compliant infrastructure enabling regulated real-world assets to be used seamlessly in DeFi protocols.
• Drift’s platform facilitates leveraged strategies on tokenized credit assets, boosting yields from 9% to 17%.
• Solana’s fast innovation cycle supports rapid integration of TradFi assets with decentralized finance, enhancing portfolio diversification.
• Industry experts foresee massive DeFi growth and democratization of institutional-grade real-world yield opportunities for retail investors.

Christine Moy

Partner at Apollo, with over a decade of experience in tokenization of real-world assets and former leader of JP Morgan’s blockchain program.

Reid Simon

Representative of Securitize, focusing on tokenizing securities for permissionless DeFi use and enabling regulated assets to interact within crypto ecosystems.

Cindy Leow

Co-founder of Drift, a capital-efficient DeFi platform on Solana enabling leveraged strategies for real-world assets.

1. Launch of Apollo’s Flagship Credit Fund Tokenized on Solana

• Apollo’s flagship private credit fund (Acret) is publicly available on Solana via Securitize, marking the first tokenization of private credit on a permissionless blockchain.
• Tokenized fund offers a sustainable, low-volatility yield (~9%), independent of crypto market’s typical yield volatility.
• Drift has launched a leverage strategy increasing the yield from 9% to up to 17%, enabling crypto users to enhance returns on private credit exposure.
• Investors can participate by completing KYC on securitize.io and accessing Acret tokens for their portfolios.

Takeaway: Tokenization of Apollo’s private credit fund on Solana creates an opportunity to access traditionally illiquid, stable-yielding real-world credit assets with enhanced returns, expanding yield options beyond volatile crypto-native products.

2. Apollo’s Approach to Real-World Asset (RWA) Yield Generation

• Apollo is a $750 billion asset manager, with $550 billion dedicated to credit investments across various sectors including aviation, logistics, corporate lending, and consumer financing.
• Apollo’s proprietary credit engine creates scalable, differentiated alpha that isn’t closely correlated with public crypto markets.
• Apollo aligns with investors by investing its own balance sheet (~90% ownership in the fund), emphasizing risk management and capital preservation.
• The fund strategy offers diversified, sustainable yield sources suitable for integration into crypto portfolios.

Takeaway: Apollo’s deep real-world credit expertise and alignment of interests provide a credible, scalable yield option on Solana, making its tokenized fund a compelling long-term investment in stable income generation.

3. Securitize’s Role in Permissioned Asset Tokenization and DeFi Integration

• Securitize issues the tokenized securities and provides technological infrastructure enabling their use in DeFi protocols.
• Introduction of S Token Vaults allows compliant asset transfer — tokens serve as collateral while securing ownership rights and regulatory compliance.
• This approach unlocks liquidity and lending opportunities for traditionally illiquid private credit assets within permissionless DeFi protocols.
• Regulatory onboarding (KYC and investor qualifications) remain, but movement of tokens in DeFi is seamless among authorized participants.

Takeaway: Securitize’s vaulting technology bridges traditional asset regulations with DeFi liquidity, enabling tokenized real-world assets to gain broader utility and improve yield opportunities in decentralized finance.

4. Drift’s Capital-Efficient DeFi Platform and Leveraged Yield Strategies

• Drift provides a capital-efficient DeFi platform on Solana that supports tokenized real-world assets like Acret.
• Enables users to deploy leverage on tokenized credit assets to increase yield from 9% to as much as 17%.
• Supports innovative strategies such as looping stablecoin borrowings backed by SOL liquid staking tokens (LSTs) into private credit investments.
• Demonstrates new paradigms combining crypto native yield sources with real-world asset yields for portfolio diversification.

Takeaway: Drift’s DeFi platform on Solana facilitates innovative yield enhancement strategies using tokenized RWAs, promoting deeper integration of TradFi assets into scalable decentralized finance ecosystems.

5. Innovation, Speed, and Ecosystem Synergy on Solana

• Tokenization and DeFi innovations are moving rapidly with open-source collaboration in Solana’s ecosystem.
• Traditional finance’s long, bureaucratic innovation cycles contrast with crypto’s ability to iterate fast by deploying real money smart contracts directly.
• The Solana network’s builders and investors create a high-agency environment where product testing and development happen live, accelerating adoption and product evolution.
• Importance of combining DeFi and real-world assets to offer diversified crypto portfolios that mitigate volatility risks.

Takeaway: Solana’s fast-paced, collaborative environment enables rapid product innovation and integration of real-world assets, positioning it as a leading platform for next-generation financial products blending TradFi reliability with crypto flexibility.

6. Vision for DeFi TVL and Broader Impact on Investors

• Panelists estimate DeFi TVL could grow significantly, with figures mentioned between $5 trillion to $15 trillion+ in the next five years.
• More important than TVL is democratizing access to “excess spread per unit of risk” — alpha typically reserved for large institutions and sovereign funds.
• Tokenized real-world assets on-chain can enable personalized, scalable retirement and savings products for retail investors.
• Macro and regulatory tailwinds support the convergence of TradFi and DeFi on programmable chains like Solana.

Takeaway: Beyond mere total value locked, the real opportunity lies in opening institutional-grade, real-world yield generation to everyday investors through tokenization, with Solana as an ideal platform to achieve this future.

Overall Investor Takeaway:
The tokenization of Apollo’s private credit fund on Solana, facilitated by Securitize and enhanced by Drift’s DeFi platform, represents a landmark for integrating stable, real-world credit yields into permissionless blockchain ecosystems, offering investors new avenues for stable, scalable, and diversified yield generation within the growing Solana ecosystem.

Overview

• Tokenization of public equities on Solana enables 24/7 trading, instant settlement, and global accessibility, expanding liquidity and market efficiency.
• Internet capital markets on blockchain offer new capital formation paths and earlier public listings, democratizing investment access worldwide.
• Regulatory clarity and scalable infrastructure are critical challenges but represent key opportunities as Solana aims to mature its tokenized equities ecosystem.
• Integration with DeFi and 24/7 global trading create novel financial products and enhance investor engagement beyond traditional markets.
• Network effects from growing issuer and user participation strengthen Solana’s position as a leading platform for on-chain equities and innovative capital markets.

Michael Hubbard

Chief Strategy Officer at Superstate (company focused on bringing traditional equities on-chain, working with Soul Strategies)

Jason Urban

Global Head of Trading at Galaxy Digital (a diversified asset management and trading firm deeply involved in crypto and Solana ecosystem)

1. Tokenization of Public Equities on Solana

• Soul Strategies (publicly traded in Canada) aims to enable its stock to be tradable on Solana blockchain, enabling 24/7 trading with instant settlement and low costs.
• This initiative represents one of the first steps toward moving traditional financial assets like stocks onto blockchain platforms.
• Galaxy Digital sees roles for firms like theirs in market making, liquidity provision, and ensuring price parity across venues (traditional exchanges and Solana).
• The effort requires cooperation between multiple players and infrastructure—not a single company’s responsibility.

Takeaway: Tokenization and on-chain trading of equities will expand Solana's ecosystem, improve liquidity, and increase the accessibility and efficiency of trading SOL and related assets.

2. The Emergence of Internet Capital Markets

• The panel discussed how capital markets can evolve from traditional exchange-centric venues to internet/ blockchain-based capital markets.
• Benefits include direct on-chain equity raises, settlement in SOL or stablecoins, on-chain bonds, new share classes, and dividend payments on-chain.
• Foreign/global access to capital markets is expanded since blockchain is global and not limited by country-specific regulations.
• Smaller companies may go public earlier in their life cycle on Solana than traditional big exchanges like NYSE or NASDAQ, creating a “middle ground” for growth-stage companies.
• Tokenized equities on platforms such as Solana enable novel capital formation methods and investor engagement beyond traditional structures.

Takeaway: Investors could gain exposure to more diverse and earlier-stage companies through Solana’s on-chain capital markets, which could democratize access to growth opportunities globally.

3. Regulatory and Infrastructure Challenges

• Regulatory clarity remains a key hurdle; U.S. and Canadian regulators are responsive but the interplay between traditional regulatory structures (filings, transfer agents, trust companies) and on-chain listings is complex.
• The U.S. regulatory environment is becoming more innovation-oriented and is critically important as a global market hub; clearer rules could accelerate tokenized stock adoption.
• Scalability and infrastructure to handle large transaction volumes on Solana must improve but technological capabilities are advancing.
• Maintaining price parity across traditional and on-chain venues requires liquid markets and coordinated infrastructure including market makers and validators.

Takeaway: Regulatory clarity and scalable infrastructure are essential next steps for tokenized equities to mature on Solana, representing both a risk and opportunity in the near term.

4. Advantages of 24/7, Global On-Chain Trading

• Continuous 24/7 trading on Solana contrasts with traditional market hours, allowing for global trading anytime, especially useful during overnight or weekend market-moving events.
• Global access allows retail and institutional investors from previously underserved markets (e.g., Southeast Asia, Latin America) to easily hold tokenized stocks.
• Differences in investor behaviors by region may create new dynamics and experimentation in trading patterns initially.
• Tokenized equities become composable with DeFi applications (e.g., AMMs, lending protocols), enabling entirely new financial products and experiences impossible with traditional securities.

Takeaway: 24/7 global trading and DeFi integration could significantly increase demand and utility for Solana tokenized equities, creating greater liquidity and novel investment opportunities.

5. Future Capital Raising and Investor Engagement Models

• Current regulatory frameworks allow for on-chain private placements and possibly shelf statements with settlement in crypto (e.g., SOL), making capital raises on-chain viable today.
• Longer term, the panel anticipates new models such as token sales or democratized bidding processes on-chain, which go beyond traditional equity issuance.
• Innovative investor engagement strategies could include airdrops or other blockchain-native distribution methods, though regulatory compliance and fairness across venues remain concerns.

Takeaway: On-chain capital raising could enable new, more accessible ways for companies to get funding and for investors to participate, potentially reducing friction and broadening participation.

6. Growing Ecosystem and Network Effects on Solana

• As more issuers, DeFi protocols, and users enter the space, a powerful network effect will emerge, accelerating growth and the adoption of tokenized equities on Solana.
• Integration with trading platforms and DeFi tools (such as Jupiter) will unlock additional value for investors and companies.
• Industry leaders see themselves as early “gateways” facilitating the mainstreaming of on-chain equities trading.

Takeaway: The accelerating growth and network effects in the Solana ecosystem increase the likelihood of Solana becoming a dominant platform for on-chain equities and innovative financial products.

Overall Takeaway for Investors:
The panel highlights a transformative shift toward tokenized public equities trading on Solana, with benefits including global access, 24/7 trading, instant settlement, and composability with DeFi. While regulatory clarity and infrastructure scalability remain challenges, the growing ecosystem and evolving capital markets on blockchain present significant growth and investment opportunities in the Solana ecosystem.

Overview

• Franklin Templeton leads institutional tokenization on Solana, focusing on regulated real-world assets like government money funds.
• Innovations such as instant transfers and patent-pending intraday yield improve efficiency and appeal to institutional users.
• Maintaining regulatory compliance in-house builds trust with regulators and supports growth of new asset classes and impact investing.
• Solana’s high speed, reliability, and user experience are validated for handling large-scale, institutional tokenization.
• Tokenized ETFs and collateral use cases signal rising institutional adoption and ecosystem maturation with substantial capital inflows.

Roger Bayston, Franklin Templeton – Tokenized Traditional Finance on Solana

1. Franklin Templeton’s Journey to Blockchain and Tokenization

• Franklin Templeton was the first traditional asset manager to launch a tokenized fund on Solana.
• Roger Bayston has been with Franklin Templeton since 1991, championing distributed ledger technology (DLT) as a way to innovate asset management.
• Early realization that blockchain could improve traditional financial ledgers and user experience without decentralization or creating new coins.
• Use case emphasized was tokenized government money funds, traditionally “boring” assets but critical due to scale.
• Regulatory engagement, especially with the SEC, was complex and required extensive education that the firm was using blockchain to improve, not circumvent regulations.

Takeaway: Franklin Templeton’s early adoption of Solana for tokenized real-world assets (RWA) confirms the growing bridging of traditional finance and crypto ecosystems, highlighting Solana’s credibility in institutional finance.

2. Innovations Enabled by Tokenization on Solana

• Instant transferability of tokenized money funds (“Benji”) enables near-instant transactions, replacing older systems.
• The blockchain is the source of truth for transactions, eliminating secondary record-keeping.
• Introduction of patent-pending “intraday yield” — yield starts accruing immediately after transfer, rather than in daily cycles.
• This innovation is especially valuable for institutional users focused on collateral management and interest accrual granularity.
• The money market (about $7 trillion in assets) represents a vast opportunity for on-chain transformation.

Takeaway: Tokenization on Solana delivers tangible yield and efficiency improvements, potentially attracting large institutional flows into the ecosystem and boosting token utility and adoption.

3. Future Potential of On-chain Tokenized Assets at Franklin Templeton

• Franklin Templeton manages $1.5 trillion+ but expects only part of current assets to migrate on-chain in the near term.
• A key competitive advantage: keeping transfer agency functions in-house aligns regulatory compliance and builds trust with regulators.
• The focus is on unlocking new asset classes and dimensions beyond traditional risk-return, such as impact investing.
• Tokenization expands opportunity sets rather than merely digitizing existing assets, aiming for better client outcomes.
• “Matrix” approach to assets involves multi-dimensional optimization in portfolio management.

Takeaway: Beyond digitizing existing funds, Franklin Templeton’s vision suggests broad, innovative use of blockchain to create new, diverse investable products within Solana’s ecosystem.

4. Why Solana? Suitability and Speed for Institutional Tokenization

• Franklin Templeton presented usability and safety criteria to the SEC, emphasizing protecting savers’ assets.
• Money funds were chosen first due to their already transactional nature and integration in money supply (M2).
• Speed and user experience on Solana are essential—transactions with tokenized money funds like Benji can be near-instant.
• Solana’s blockchain performance fits the need for high velocity and real-time transaction confirmation.

Takeaway: Solana’s speed and reliability have institutional validation, strengthening its position as a preferred blockchain for tokenization of large-scale, regulated financial products.

5. Next Asset Classes & Product Development: ETFs and Collateral Use

• Franklin Templeton is working on a Solana ETF (“EASY”), enabling easy Solana investments through traditional brokerage accounts.
• Institutional interest is growing, especially from crypto-native hedge funds using stablecoins as collateral.
• The tokenized money fund yield complements stablecoins, enabling yield management within collateral frameworks.
• Market makers prefer standardized, commoditized products over highly idiosyncratic assets; tokenization may expand liquidity in areas like private funds through collateral utility.
• The emphasis is on creating utility for high-quality collateral in DeFi rather than just speculative tokenization.

Takeaway: The introduction of tokenized ETFs and growing collateral use cases for Solana-based assets indicate enhanced institutional adoption, making the ecosystem more attractive for diversified investment exposure.

6. Advice for Builders Bringing Institutional RWA to DeFi

• Persistence is key: regulatory and technical challenges require long-term commitment.
• Willingness to pivot quickly when strategies or technologies don’t work is crucial.
• Trust is foundational—builders must focus on “trustworthy software” because asset managers rely heavily on trust to attract and retain users.
• The Solana brand needs to be associated with trusted experiences to foster repeated usage.

Takeaway: Successful institutional integration on Solana hinges on resilient, trustworthy development efforts, reinforcing the ecosystem’s reliability and appeal for large-scale adoption.

7. Market Outlook: Traditional Mutual Funds and Digital Assets

• Roger predicts trillions of dollars currently in mutual funds will increasingly add digital asset allocations.
• Tokenized ETFs act as a bridge, bringing crypto-native assets into traditional finance portfolios.
• This institutional capital inflow will enable projects like Solana to achieve long-term adoption and market penetration.

Takeaway: The gradual entry of traditional trillions into digital assets via tokenized ETFs and funds on Solana signals strong growth potential and ecosystem maturation.

Overall Investor Summary: Franklin Templeton’s pioneering efforts on Solana with tokenized money funds and upcoming ETFs demonstrate serious institutional commitment and regulatory approval. Innovations like intraday yield and instant transferability enhance user experience and unlock new asset classes. Solana’s speed and security make it the preferred blockchain for these efforts, positioning the ecosystem for significant mainstream capital inflow and long-term growth.

Overview

• CME launched Solana futures in March 2025, signaling growing institutional acceptance and regulatory clarity.
• CFTC is advancing crypto derivatives regulation, aiming to enable perpetual futures and update rules for evolving market models.
• CME is introducing smaller-size “spot-quoted futures” and partnering with retail platforms to broaden market access.
• Innovations like tokenized collateral and expected stablecoin legislation will enhance market efficiency and stability.
• These developments position Solana for increased liquidity, institutional participation, and integration into regulated finance.

Rebecca Reddig, Commissioner Summer Mersinger (CFTC), and Giovanni Visioso (CME Group)

Panel discussion focusing on the growing derivatives market in crypto, with emphasis on Solana futures and regulatory developments in the U.S.

1. Launch of Solana Futures on CME and Its Importance

• CME began trading Solana futures on March 17, 2025, marking the third crypto futures product after Bitcoin and Ether.
• Solana futures are offered in both institutional size contracts and microcontracts, attracting both institutional and retail traders.
• The launch signals increasing regulatory clarity and market maturity, moving beyond the chaotic early phase of crypto.
• Liquidity providers such as Jane Street support these products, enhancing market depth and trading efficiency.
• Futures products like these at CME are foundational for potential growth of related products like ETFs.
• Canada already has several spot-based ETFs on Solana, and CME has futures-based ETFs, indicating institutional infrastructure is evolving.

Takeaway: The introduction of Solana futures on a major regulated exchange like CME reflects growing institutional acceptance and regulatory clarity, which is likely to enhance Solana’s market accessibility and liquidity over time.

2. Regulatory Perspectives and Future CFTC Developments

• Commissioner Summer Mersinger highlighted advancements in crypto derivatives regulation, noting a rise in new products and participants.
• She emphasized the importance of enabling truly perpetual futures contracts in the U.S., which are popular offshore but not yet allowed domestically.
• The CFTC is focusing on updating regulations to fit evolving market structures, including more disintermediated and DeFi-like models.
• Rulemaking will be the preferred approach to adjust regulations rather than ad hoc decisions, aiming to balance innovation with necessary investor protections.
• Anticipates that better regulatory fit will bring more offshore trading into U.S.-regulated markets, improving transparency and oversight.
• The upcoming stablecoin legislation is seen as a critical catalyst for further crypto market advancement.

Takeaway: Continued regulatory evolution at the CFTC, including potential approval of perpetual contracts, could unlock new trading formats and increase onshore institutional participation, supporting overall ecosystem growth and market stability.

3. CME’s Strategy on New Crypto Derivative Products and Market Expansion

• CME is launching “spot-quoted futures” — long-dated, small-size futures (e.g., 1/100th Bitcoin), appealing to retail and smaller institutional traders.
• These products offer operational ease, capital efficiency, and regulatory certainty compared to many offshore, unregulated perpetual products.
• The new futures contracts are designed to complement, not cannibalize, existing monthly/quarterly futures by targeting different investor needs.
• CME is also expanding beyond crypto to include equity indexes, attracting diversification-minded investors.
• Partnerships with retail trading platforms like Robinhood and Interactive Brokers will help bring new customer segments into regulated CME markets.
• This strategy aims to grow liquidity and broaden market participation in regulated environments.

Takeaway: CME’s innovative smaller-size regulated futures products paired with retail platform integration are poised to broaden accessibility and attract new participants to the Solana ecosystem and the wider crypto derivatives market.

4. Exciting Innovations and Future Outlook

• Tokenized collateral for clearing house margin calls is seen as a transformative innovation, potentially increasing efficiency and reducing risks.
• The expected onshoring and regulation of perpetual futures trading could boost market liquidity and integrity.
• The panelists anticipate a new asset class designation for crypto at CME soon, enhancing the legitimacy and institutionalization of digital assets.
• There is optimism around the U.S. stablecoin regulatory framework advancing, which would further legitimize and grow crypto markets.
• These advancements collectively point toward a more efficient, diverse, and regulated crypto derivatives marketplace over the next year.

Takeaway: Continued infrastructure improvements and regulatory advances, including tokenized collateral and stablecoin legislation, promise to strengthen the Solana ecosystem’s integration with institutional finance and improve market efficiencies.

Overall Investor Summary:
The introduction of regulated Solana futures on CME and ongoing regulatory modernization at the CFTC are key developments indicating increased institutional acceptance and market maturity for Solana and broader crypto assets. Innovations like spot-quoted futures and tokenized collateral, coupled with expanding retail access through established brokerage platforms, suggest growing liquidity and investor participation in the Solana ecosystem. Supportive regulatory clarity and anticipated stablecoin legislation stand to further legitimize and accelerate crypto adoption, making Solana a more compelling asset within a robust and regulated marketplace.

Overview

• Figure is integrating traditional lending assets into Solana-based DeFi to offer stable, yield-generating products with 8–9% returns.
• Launched the first SEC-registered yield-bearing stablecoin with plans to bridge it onto Solana, enhancing stablecoin utility and trust.
• Democratize Prime will bring $600 million in loan assets monthly onto Solana, unlocking new lending yields for DeFi users.
• Prime brokerage lending, typically institutional, will be made accessible in DeFi with yields around 8% and leveraged returns up to 17%.
• Figure is committed to open access and collaboration with Solana, bridging real-world assets and DeFi innovation for scalable financial infrastructure.

Todd Stevens

Todd Stevens is the Chief Capital Officer at Figure, a company focused on lending and capital markets with a strong emphasis on blockchain technology.

1. Figure’s Blockchain and Lending Strategy

• Figure has been in business for eight years, originating 6,000 to 7,000 loans per month on blockchain.
• Originally began with a traditional approach but has always aimed to transition to blockchain-based asset trading.
• Currently pivoting its capital markets strategy to integrate with DeFi on Solana, aiming to access new and improved audiences.
• Focused on bringing stable, middle America loan products (e.g., loans to borrowers with 750 FICO scores) into the DeFi ecosystem with reliable cash flows offering 8–9% returns.

Takeaway: Figure’s move to onboard traditional lending assets into Solana-based DeFi could create stable, yield-generating opportunities for investors seeking reliable returns.

2. Yield-Bearing SEC Registered Stablecoin and Solana Integration

• In February 2025, Figure launched the first SEC-registered yield-bearing stablecoin in the U.S.
• This product is designed to offer yield irrespective of regulatory changes, such as the proposed Genius Act.
• Figure plans to bridge this stablecoin onto Solana via Wormhole and distribute it through Kamino.
• This integration is expected to unlock significant value and adoption within Solana's DeFi ecosystem.

Takeaway: The introduction of an SEC-registered yield-bearing stablecoin on Solana may drive greater investor confidence and participation in the ecosystem’s stablecoin markets.

3. Lending Assets Coming to Solana via Democratize Prime

• Figure currently warehouses $600 million in loans monthly, paying banks about 8% for the service.
• The new product, Democratize Prime, will allow these loans to come onto Solana, redirecting that yield to Solana ecosystem participants.
• This strategy aims to open access to correlated lending assets in DeFi, an asset class previously underserved.
• The product enables lending and borrowing activities linked directly to real-world loan production on blockchain.

Takeaway: Democratize Prime could enable DeFi users on Solana to access lucrative loan-backed yield streams that traditionally resided in opaque and centralized financial channels.

4. Democratizing Prime Brokerage in DeFi

• Prime brokerage is a multi-billion-dollar banking business largely limited to large hedge funds due to counterparty risk.
• Figure is partnering with large borrowers and hedge funds, an $850 billion total addressable market, to bring these opportunities into DeFi.
• The platform aims to enable the DeFi community to access prime brokerage lending products with yields around 8%, or leveraged returns up to 17%.
• This offering provides DeFi users with access to credit previously exclusive to institutional players.

Takeaway: Bringing prime brokerage lending to the Solana DeFi ecosystem could unlock institutional-grade opportunities and diversify DeFi lending markets beyond retail-focused assets.

5. Vision for Open Access and Collaboration with Solana

• Figure seeks to provide open access to all its loan collateral through DeFi, allowing users to buy loan production or lend directly.
• The company wants to facilitate leveraging and pledging of collateral into the Solana ecosystem.
• Expressed strong commitment and enthusiasm about collaborating with the Solana community to scale these offerings.
• Emphasized the goal to blend real-world asset lending with DeFi innovation to build new market infrastructure.

Takeaway: Figure’s full commitment to integrating and innovating within Solana’s DeFi ecosystem signals a growing bridge between traditional finance and decentralized finance, providing new avenues for investment and liquidity.

Overall, Todd Stevens’ talk highlighted Figure’s strategy to leverage Solana’s blockchain to bring traditional lending assets, SEC-compliant stablecoins, and prime brokerage products into DeFi—potentially creating new, stable yield sources and broadening access to institutional-grade financial products for the Solana community and investors.

Overview

• Centrifuge pioneers tokenization and on-chain management of real-world assets (RWA), aiming to vastly improve financial infrastructure.
• Institutional adoption of RWA tokenization is growing, supported by favorable regulation and major players entering the space.
• Their permissioned light model blends compliance with DeFi, unlocking liquidity and investor access to institutional-grade assets.
• Launching on Solana, Centrifuge integrates with key protocols to build a compliant, liquid, and composable RWA ecosystem.
• Investors should watch Centrifuge’s role in driving Solana’s RWA adoption, which may boost demand for SOL and related DeFi projects.

Bhaji Illuminati, Centrifuge

1. Real-World Assets (RWA) and Financial Innovation

• Centrifuge has been a pioneer since 2017 in tokenizing real-world assets, focusing not just on tokenization but on improving asset management and distribution on-chain.
• They have several industry firsts under their belt, including the first stablecoin minted with RWAs (with MakerDAO), the first RWA lending market (2021), and the first on-chain fund (Block Tower).
• The goal is to create a more efficient financial infrastructure that could potentially 10x financial services by integrating real-world assets on blockchain.
• The early challenges they faced involved infrastructure gaps, such as lack of reliable service providers and oracles for RWAs and mismatches in yield and duration that made early RWA integration with DeFi imperfect.

Takeaway: Centrifuge’s long-term commitment and pioneering work position them to unlock significant value in RWA integration, a key growth area within the Solana ecosystem.

2. RWA 2.0 and Market Dynamics

• The current RWA growth is driven by increasing stablecoin market capitalization ($250B) and expanding DeFi protocols ($116B), with stablecoin issuers seeking to outsource reserve asset management.
• Large financial institutions like BlackRock, Apollo, and Janus Henderson are entering tokenization, validating the market opportunity and bringing flagship products on-chain.
• Improved regulatory clarity and supportive regulation provide a positive environment for onshore innovation related to RWAs.
• Centrifuge emphasizes that DeFi utility can be enhanced by creating more creative, liquid on-chain structures for RWAs beyond simple tokenization.

Takeaway: Growing institutional adoption and favorable regulation create promising headwinds for RWA-related protocols built on Solana, increasing their long-term viability and adoption.

3. Permissioned Light Model: Bridging Compliance and DeFi

• Centrifuge proposes a "permissioned light" approach—a hybrid model combining a compliant, regulated on-chain fund structure with freely transferable wrappers.
• This approach balances the speed and permissionless characteristics of DeFi with the security and compliance demands of assets from traditional finance.
• It allows RWAs to be integrated into DeFi ecosystems, enabling secondary markets, lending, collateral use, and instant redemption.
• Retail investors gain access to these liquid RWA products, bridging institutional-grade assets with wider market participation.

Takeaway: The permissioned light model could unlock new liquidity and utility layers for institutional RWAs within Solana’s DeFi ecosystem, expanding investor access and fostering deeper composability.

4. Centrifuge Launch on Solana and Ecosystem Integration

• Centrifuge announced the launch of their platform on Solana, bringing their DRWA token (a freely transferable security token) to enable RWA utility on Solana.
• They have key partnerships with major Solana DeFi protocols such as Radi (trading), Kamino (borrowing and lending), Lulo (savings products), Wormhole (cross-chain), and Pith.
• The focus is on building an institutional-grade RWA ecosystem purpose-built for Solana, enabling broader DeFi participation while ensuring compliance.
• Centrifuge’s integration aims to expand liquidity and use cases for RWAs on Solana, supporting both institutional and retail investors.

Takeaway: Centrifuge’s Solana launch and deep ecosystem partnerships could significantly enhance the RWA landscape on Solana, potentially increasing demand for SOL and associated DeFi projects supporting these assets.

Overall, Bhaji Illuminati and Centrifuge position themselves as key facilitators of the next phase in integrating real-world traditional assets with DeFi, specifically leveraging Solana’s fast, composable ecosystem to create new financial opportunities.

Overview

• Comparison of Solana’s Original Token Program and Token 2022 highlights increased flexibility and composability for compliant tokenization.
• On-chain compliance approaches balance between strict KYC enforcement and ecosystem compatibility, impacting protocol integration.
• Asset seizure extensions provide crucial regulatory tools but can limit interoperability with DeFi protocols.
• Composable compliance with Solana Attestation Service supports unified, transparent KYC attestations across protocols.
• Emerging global compliant token platforms on Solana indicate growing institutional adoption and regulatory alignment.

Taylor Johnson

Founding partner of Exote, with a background in building fraud and compliance infrastructure for centralized exchanges and financial applications on Solana since 2020.

1. Tokenization on Solana: Original Token Program vs Token 2022

• Solana offers two token programs: the Original Token Program (full ecosystem support but no flexibility) and Token 2022 (extensible, mutable, and upgradeable but partial ecosystem support).
• The Original Token Program requires no contract deployment but lacks customization for transfers or metadata.
• Token 2022 supports composable token extensions that allow adding custom logic safely while preventing unauthorized changes to transfer amounts or recipients.
• Using Token 2022 accelerates Real World Asset (RWA) integrations by allowing reuse of pre-built logic instead of rewriting contracts.

Takeaway: Token 2022 represents a more flexible and forward-looking approach to building on Solana, potentially enabling more sophisticated compliant token products and driving innovation in the ecosystem.

2. On-Chain Compliance: Access Control and KYC Enforcement Methods

• Robust and granular access control is critical for compliance, ensuring that only authorized parties can update KYC data or move liquidity to reduce operational risk.
• Two main on-chain KYC enforcement strategies:
  • Transfer hooks: On-chain data about user KYC and jurisdiction is checked at every transfer, ensuring strict compliance but limiting protocol integrations.
  • Freeze/unfreeze authority: Has broader ecosystem support but relies on off-chain tracking for KYC status with no on-chain transparency.
• Each approach involves trade-offs between protocol compatibility and compliance data visibility.

Takeaway: Projects implementing compliant tokens must balance strict KYC enforcement with ecosystem integration, influencing which platforms benefit from regulatory-compliant token offerings.

3. Asset Seizure and Compliance Extensions

• Asset seizure capabilities are enabled through the Permanent Delegate Extension allowing admins to claw back or burn tokens when wallets are sanctioned.
• This extension limits some protocol interoperability, a significant design consideration.
• Asset seizure tools are vital for regulatory compliance and risk mitigation.

Takeaway: On-chain asset seizure features make compliance products safer and more attractive to institutional players, but may restrict token utility with broader DeFi protocols.

4. Composable Compliance and Solana Attestation Service

• Exote developed composable compliance leveraging the Solana Attestation Service, a generalized service allowing custom KYC data schemas.
• Institutions can attach attestations to wallets, creating transparent, on-chain records of compliance status.
• This solution facilitates interoperable compliance across multiple DeFi protocols.

Takeaway: Composable compliance services that unify KYC attestations on Solana can foster institutional trust and increase adoption of compliant on-chain assets.

5. Industry Examples of Compliant On-Chain Products

• Securitize (U.S. registered) uses robust access control and a flexible policy engine with multi-level KYC for securities tokenization.
• A Singaporean registered platform uses manager-configured approvals for deposit/redemption, supports token clawbacks, and employs transfer hooks for KYC.
• These examples demonstrate regional regulatory alignment and different architectural solutions for on-chain compliance.

Takeaway: Regulatory-compliant token platforms are emerging globally on Solana, suggesting growing institutional interest and diversification in Solana’s compliance ecosystem.

Overall, Taylor Johnson’s talk highlights the importance of compliant tokenization on Solana, emphasizing Token 2022’s extensibility, on-chain KYC enforcement trade-offs, asset seizure tools, and composable compliance solutions as key factors shaping future compliant products. Investors should watch these developments closely as they may enhance Solana’s appeal to regulated institutions and accelerate ecosystem growth.

Overview

• Solana is advancing infrastructure and products to support institutional-scale DeFi with deep liquidity and compliance-enabling token extensions.
• Innovations in credit and lending protocols enhance capital efficiency and create diverse yield opportunities for institutions.
• Market structure improvements and regulatory engagement aim to enable compliant on-chain trading of traditional assets.
• Strong ecosystem collaboration and protocol interoperability foster rapid innovation and institutional usability.
• Investors should monitor Solana’s progress on compliance, scalable trading frameworks, and real-world asset integrations as signals of growth potential.

Panel Speakers

• Eugene, Co-founder at Ellipsus Labs, focused on Solana DeFi liquidity and asset origination.
• Eduardo, DeFi Trading Manager at Galaxy Digital, experienced in institutional trading and cross-network insights.
• Nathan, from Orca, a leading Solana DEX specializing in concentrated liquidity and traditional asset tokenization.
• Mac Bren, Co-founder of Margin and Temporal, building credit infrastructure and research on Solana.

1. Preparing Solana DeFi for Institutional-Sized Markets

• Solana DeFi faces challenges scaling to institutional market sizes due to liquidity depth and protocol efficiency.
• Ellipsus Labs seeks to bootstrap liquidity without excessive incentives and launched GAVL product addressing liquidity for emerging assets.
• Solana’s speed and architecture give it potential to attract large players but current compliance tracking lags behind Ethereum.
• Deep liquidity pools, over-collateralization, and liquidation mechanisms mitigate some risks inherent in DeFi vs TradFi.
• Token-level whitelisting and compliance extensions on Solana provide a path for institutions to operate in a permissioned manner within DeFi.
• Institutions require compliance, risk management, and tailored product offerings without alienating DeFi-native users.

Takeaway: Solana is actively evolving infrastructure and products to support institutional scale and compliance, suggesting growing potential for large liquidity inflows and market maturation.

2. Compliance, Risk Management, and Token Extensions

• Compliance tracking on Solana is improving but still trails EVM ecosystems, needing sophisticated analytics for institutional adoption.
• Token extensions allow adding KYC/AML-driven whitelisting directly at the token level, enabling permissioned DeFi while preserving composability.
• Protocols must balance pure permissionless ideals with practical needs of institutions to safely onboard large funds.
• Standards for token extensions and compliance workflows are emerging, enhancing scalability across projects like Margin, Ellipsus, and others.
• Risk management varies: institutions focus on comprehensive portfolio risk and credit modeling, whereas DeFi focuses more on liquidation and collateral efficiency.

Takeaway: Solana’s token extensions and maturing compliance tools position it uniquely to bridge DeFi with institutional requirements, potentially accelerating mainstream adoption without sacrificing decentralization.

3. Product Innovation for Institutional DeFi Flow

• Margin builds on risk models to unify DeFi credit exposure across multiple venues, enabling borrowing against a comprehensive portfolio.
• Solana protocols are advancing term-out loan products and credit infrastructure, integrating credit risk frameworks necessary for institutional-grade finance.
• Increasing reliability in handling massive daily volumes allows building more complex, composable financial products on Solana.
• Existing protocols like Kamino, Drift, Orca, and Margin continuously ship new features aimed at scalability and institutional readiness.

Takeaway: Institutional-focused credit and lending innovations on Solana enhance capital efficiency, indicating growing opportunities for yield generation and diversified product offerings.

4. Market Structure and Regulatory Engagement

• Current Solana market infrastructure limits exchange efficiency due to single proposer per block to run matching engines; upcoming improvements like Multiple Concurrent Proposers (MCP) aim to enhance throughput.
• The emergence of Real World Assets (RWAs) with true terminal value is critical; without compelling on-chain products, institutional users may prefer traditional brokerage channels.
• Concentrated liquidity AMMs and market design are key to supporting diverse RWA asset classes (equities, private credit, mineral rights) often characterized by illiquidity and wide spreads.
• Orca and partners engage with the SEC through Project Open to pilot compliant equity trading frameworks on-chain to pave the way for regulatory clarity.
• Understanding the long tail of TradFi assets and adapting them on-chain exposes new trillions in potential market size for Solana DeFi.

Takeaway: Infrastructure upgrades and regulatory collaborations underway signal that Solana is positioning itself for compliant, institutional-grade trading of traditional assets on-chain.

5. Ecosystem and Cross-Protocol Integration Outlook

• Galaxy Digital highlights excitement around mature DeFi designs including term loans and protocols like Term Finance and Hyperliquid, indicative of broader market innovation.
• Integration of protocols such as USDG and M0PayPal facilitates institutional usability and boosts transaction volumes on Solana.
• The panel collectively praises continuous shipping and improvement among Solana projects, reflecting robust ecosystem health.
• Cross-venue composability and increasing protocol interoperability are creating a more unified user experience for institutions and sophisticated investors.

Takeaway: The Solana ecosystem’s vibrant and collaborative environment fosters rapid innovation and integration, making it increasingly attractive for institutional capital and sophisticated DeFi users.

Overall Summary:
The panel at Ship or Die 2025 emphasized Solana’s ongoing evolution towards supporting institutional DeFi, focusing on deep liquidity provisioning, compliance-enabling token extensions, credit infrastructure, and enhanced market structure. While challenges around compliance tracking and blockchain compute costs remain, concerted efforts from leading projects and Solana core developers are clearing the path for institutional market size scaling, real-world asset trading, and sophisticated credit products. Investors should watch for Solana’s development of compliant, scalable trading frameworks and its expanding ecosystem integrations as key indicators of long-term growth potential.

Overview

• Market data is essential for all financial markets, serving as a critical foundational element for price discovery and trading.
• The current market data ecosystem is fragmented, costly, slow, and controlled by intermediaries, creating inefficiencies and high barriers.
• Market data is a rapidly growing multi-billion-dollar asset class, integral to financial infrastructure and revenue models.
• Pyth Network provides a transparent, direct, and unified market data feed that eliminates intermediaries and rewards data originators.
• With strong adoption, partnerships, and scalability, Pyth aims to become the global standard for market data, boosting Solana’s financial infrastructure prominence.

Mike Cahill, Co-founder of Pyth Network

1. Importance of Market Data in Finance

• Market data is critical to the functioning of all financial markets, similar to how electricity underpins everyday life.
• It consists of bids, offers, and executed trades from various exchanges and trading venues.
• Without market data, price discovery and trading are impossible, highlighting its foundational role.
• Market data is pervasive across all geographies and asset classes—from equities to futures to cryptocurrencies.

Takeaway: Market data is the backbone of financial markets; any innovation improving access or quality can significantly impact efficiency and market functionality.

2. Current Problems with Market Data Ecosystem

• The market data infrastructure is fragmented, with multiple exchanges and alternative trading systems across regions.
• Accessing comprehensive market data today is expensive, slow, and controlled by middlemen who consolidate and resell it.
• The complexity involves negotiating multiple contracts with different data providers, leading to high costs and delayed access.
• The cost of market data has increased over 15-fold in 25 years despite the market being incomplete and opaque.
• The current system is designed for control and revenue preservation rather than broad and efficient access.

Takeaway: The broken market data system presents significant inefficiencies and opportunities for projects that can streamline and democratize data access, potentially lowering costs for market participants.

3. Market Data as a Valuable and Growing Asset Class

• Global market data revenues exceeded $30 billion in 2024.
• Exchange revenues from market data have increased significantly over time, now constituting over 30% of their income.
• Market data is one of the best-performing "asset classes," outpacing traditional assets like oil and gold in growth.
• Despite high revenues, traders themselves historically receive negligible direct payments for the data they generate.

Takeaway: Market data is a multi-billion-dollar and rapidly growing market segment that is becoming core to financial infrastructure value capture.

4. The Pyth Network Solution to Market Data Challenges

• Pyth Network offers a unified, normalized market data feed that integrates multiple asset classes and geographies into a single source.
• It eliminates intermediaries by collecting market data directly from traders and exchanges, paying those originators proprietary data rewards.
• Core principles include trust (data verified and disclosed from source institutions), transparency (data on blockchain for auditability), and directness (no middlemen or latency).
• Provides real-time, cryptographically signed data feeds accessible both on-chain and off-chain.
• Practical benefits: single integration, cross-asset coverage, low latency, low cost, and comprehensive availability 24/7.

Takeaway: Pyth Network addresses systemic inefficiencies by creating a transparent, direct, and comprehensive market data protocol, potentially lowering costs and broadening financial market access.

5. Impact and Adoption of Pyth Network

• Currently valued as a $1 billion protocol with 120 institutions supplying data and over 300 active price feeds.
• Over 550 applications built on Pyth across 100 blockchains, showing broad ecosystem integration.
• Key partnerships include major trading firms (Virtue, Jane Street), financial platforms (Revolut), and large crypto exchanges (Binance, Coinbase).
• Rapid onboarding of major global indices (S&P 500, FTSE 100) within weeks demonstrates scalability.
• Ambition to cover the price of every global asset—targeting approximately 100 million assets worldwide.
• Positioned as "electricity for the global financial market," emphasizing its foundational role in future markets.

Takeaway: Pyth's rapid growth, broad adoption, and global ambitions signal strong potential to become the leading market data infrastructure, increasing the utility and value of the Solana ecosystem and beyond.

Overall takeaway for investors: Pyth Network’s innovative, blockchain-backed market data protocol could revolutionize how trading data is sourced and consumed, lowering costs, increasing transparency, and positioning Solana as a critical infrastructure hub for global finance's data economy.

Overview

• R3 is integrating its private blockchain Corda with Solana to bridge traditional finance and decentralized finance ecosystems.
• Regulatory clarity and technological maturity support institutional adoption of tokenized assets on Solana.
• The hybrid architecture allows enterprises to maintain privacy while leveraging Solana’s public liquidity and scalability.
• Strong institutional interest in tokenizing real-world assets on Solana suggests an expanding addressable market.
• Continued innovation in compliance, infrastructure, and liquidity is crucial for Solana to become a global financial infrastructure.

David Rutter - Founder & Executive Chairman, R3

1. Convergence of Private and Public Blockchains

• R3 is integrating its private enterprise blockchain Corda with the Solana public chain, marking a significant move to bridge traditional finance (TradFi) and decentralized finance (DeFi).
• This convergence is driven by technological maturity (e.g., Solana's throughput and finality), shifts in regulatory landscapes, and growing demand from clients for access to public markets.
• Regulatory clarity, especially recent changes in the US and globally, has made it feasible for banks and financial institutions to engage more confidently with public blockchains.
• R3 plans to maintain privacy and workflow features from Corda while leveraging Solana’s ecosystem for liquidity and access.

Takeaway: The R3-Solana integration signals a maturing industry trend that could unlock large-scale institutional participation in Solana’s ecosystem, potentially increasing demand for SOL tokens.

2. Bridging TradFi and DeFi – Market and Technology Perspectives

• Historically, TradFi and DeFi were seen as separate with little collaboration, but the discussion emphasized tokenization as a unifying trend.
• TradFi institutions, such as large banks and digital exchanges (e.g., SDX), are eager to extend tokenized assets and bonds into public markets to reach a broader audience.
• Challenges like AML, KYC, and regulatory compliance remain critical but are being addressed through tested solutions and wallet technologies.
• R3 advocates a pragmatic approach where public chains provide liquidity and accessibility, while permissioning and compliance are enforced at the asset or application level.

Takeaway: Efforts to align TradFi regulatory standards with blockchain technology may enhance the legitimacy and adoption of Solana projects, potentially attracting high-quality institutional assets.

3. Architecture and Customer Options with Corda and Solana

• R3 is not forcing existing clients to abandon Corda but enabling them to use Corda’s privacy-centric workflows alongside Solana’s public blockchain capabilities.
• The strategy includes deploying a native Corda notary and consensus mechanism on Solana, allowing seamless interoperability.
• New customers can choose either direct builds on Solana or hybrid solutions through R3’s product offerings depending on their needs.
• This approach respects long-term customers’ investments and eases their transition toward public chain opportunities.

Takeaway: This flexible architecture approach could facilitate broader adoption of Solana without disrupting existing enterprise clients, enhancing ecosystem stability and growth prospects.

4. Institutional Reception and Market Potential

• Traditional financial institutions show “unanimous excitement” for R3 and Solana’s collaboration.
• R3 highlighted that some major systems, such as the entire Italian banking system and digital exchanges issuing tokenized bonds, already run on Corda and see immense benefit in public market exposure.
• Digital wallets may soon contain a diverse portfolio of digital assets including tokenized securities, real estate titles, and commodities like gold.
• This increases the addressable market for Solana beyond speculative DeFi into real-world asset classes.

Takeaway: Strong interest from established institutions in tokenized real-world assets on Solana promises potential for substantial liquidity inflows and ecosystem expansion.

5. Remaining Innovation Needs for Public Chains

• Real-time, 24/7 money movement and instant global collateral transfers remain core challenges to fully bridging TradFi and DeFi.
• Regulatory compliance (AML/KYC) is non-negotiable and requires continued innovation in areas like wallet security and permissioning.
• The DeFi ecosystem’s creativity (e.g., derivatives, staking) can inform TradFi product evolution, but foundational infrastructure upgrades are needed first.
• R3 underscores the importance of viewing liquidity as king and positioning Solana as a neutral, open infrastructure with application-level permissioning.

Takeaway: Continued innovation on infrastructure, compliance, and user experience layers within Solana will be critical to capturing institutional and retail adoption.

6. Vision for Solana as Global Financial Infrastructure

• Solana is envisioned as an asset-neutral base layer supporting a wide spectrum of assets and applications with permissioning handled at higher layers.
• This model mirrors the internet’s content-neutral infrastructure supporting diverse, heavily permissioned applications.
• R3 commits to enabling TradFi clients to bring investable, yield-generating products with diverse asset classes to the Solana ecosystem.
• Emphasis on attracting young, creative users who demand asset access, instant liquidity, and new financial utilities (e.g., instant borrowing against tokenized stock).

Takeaway: By targeting a broad demographic and asset-neutral infrastructure, Solana’s long-term value proposition is to become the foundational network for global digital financial assets.

Overall summary:
David Rutter’s fireside chat highlighted R3’s strategic partnership with Solana as a key step in the convergence of TradFi and DeFi, driven by improved blockchain technology, regulatory clarity, and institutional demand for tokenized real-world assets. The hybrid architecture combining R3’s Corda privacy features with Solana’s public liquidity and scalability offers a practical pathway for traditional financial institutions to embrace blockchain innovation. For investors, these developments suggest that Solana is advancing toward becoming a global financial infrastructure with growing institutional backing and diversified asset ecosystems, which could drive demand and long-term value for SOL tokens.

Overview

• Tokenization on Solana aims to unlock liquidity and accessibility for traditionally illiquid real-world assets, driving financial market disruption.
• Ondo Finance’s yield coins (OSG and USDY) offer yield-generating, transferable stablecoin alternatives for institutions and retail investors.
• Solana’s mature DeFi ecosystem enables regulatory-compliant, on-chain trading of traditional stocks and ETFs with integrated liquidity.
• Ondo’s vision of “Wall Street 2.0” combines DeFi transparency and accessibility with institutional compliance and protections.
• For investors, Ondo’s innovations position Solana as a leading blockchain for scalable, compliant tokenized capital markets with strong growth potential.

Nathan Allman

Nathan Allman, Head of Product at Ondo Finance, speaking at Accelerate 2025 about the tokenization of capital markets on Solana.

1. Introduction to Tokenization and Its Importance

• Tokenization represents ownership of real-world assets on public blockchains, bringing programmability, transferability, and global accessibility to traditionally illiquid assets.
• Focus is on enhancing access, not just the ability to hold assets but also to actively use them in DeFi ecosystems globally.
• Traditional finance assets like syndicated loans have historically been slow and illiquid, making tokenization appealing but challenging.
• Ondo Finance emphasizes leverage of tokenization to improve accessibility and liquidity rather than merely digitizing broken systems.

Takeaway: Tokenization, especially on Solana, aims to unlock broader access and liquidity for traditionally illiquid financial assets, positioning these markets for disruption.

2. Ondo Finance’s Yield Coins: OSG and USDY

• Ondo launched the first institutional yield coin, OSG, in early 2023, a permissioned fund holding short-term US treasuries with 24/7 transferability between qualified institutions.
• They followed with USDY, a permissionless yield coin designed for retail investors, functioning similarly to stablecoins but backed by yield-generating treasuries.
• USDY was introduced on Solana, gaining substantial traction; Ondo is the largest issuer of tokenized real-world assets on Solana with approximately $250M in assets under management.
• The product bridges the stablecoin use case with yield opportunities, expanding token functionality beyond no-yield stablecoins.

Takeaway: Ondo’s yield coins provide a novel, yield-generating stablecoin alternative on Solana, increasing the diversity and utility of tokenized cash assets accessible to both institutions and retail users.

3. Leveraging Solana’s DeFi Ecosystem for Tokenized Securities

• Solana’s robust DeFi infrastructure (trading, lending, derivatives) is now mature enough to support real-world asset tokenization beyond memecoins and native DeFi tokens.
• Ondo plans to launch a platform enabling on-chain trading of public securities (stocks and ETFs available via traditional brokers like Robinhood), making these assets quasi-permissionless outside the US and certain jurisdictions.
• Integrates native 24/5 liquidity from traditional markets, avoiding costly recreation of liquidity pools on-chain.
• Includes features like instant minting and redemption with KYC for primary issuance, while allowing free secondary market transfers.

Takeaway: This platform aims to create seamless, regulatory-compliant access to traditional stocks and ETFs on-chain, marrying institutional-grade finance with DeFi accessibility on Solana.

4. Vision for “Wall Street 2.0” and the Future of Internet Capital Markets

• Ondo envisions “Wall Street 2.0” or the “Internet Capital Markets,” combining DeFi’s transparency, composability, and 24/7 access with institutional-grade compliance and investor protections.
• The goal is a financial system that is fairer, more efficient, and accessible globally, breaking down traditional barriers in capital markets.
• 2025 is positioned as a pivotal year for tokenization, with Ondo driving innovation on the Solana blockchain.
• Emphasizes collaboration with DeFi protocols to broaden utility and distribution of tokenized assets.

Takeaway: Ondo’s vision points to a transformative era where Solana-based tokenization underpins a more open, efficient, and accessible capital market ecosystem, promising long-term growth and adoption opportunities.

Overall Investor Takeaway:

Ondo Finance is pioneering large-scale real-world asset tokenization on Solana, focusing on accessibility and integration with DeFi to unlock new liquidity and participation in traditional financial markets—this makes Solana a key blockchain for innovative capital markets products in 2025 and beyond.

Overview

• Defi Development Corp (DFD) rapidly formed with strong leadership and $66M+ capital, focusing on Solana staking and accumulation.
• Valuation premiums reflect growth expectations beyond current SOL holdings, driven by operational coin accumulation.
• DFD’s integrated validator and delegation partnerships create diversified yield streams, enhancing SOL per share growth.
• Prudent use of unsecured debt supports growth without liquidation risk amid crypto volatility.
• Focus on investor education and institutional evangelism aims to broaden Solana adoption and market recognition.

Matthew Sigel

Matthew Sigel, Managing Director and Head of Digital Assets at VANC, a mutual fund and ETF sponsor focused on crypto investing, with a strong bullish stance on Solana.

Parker White

Parker White, CIO and COO of Defi Development Corporation (DFD), a public crypto balance sheet company focused on Solana staking and accumulation.

1. Genesis and Capital Formation of Defi Development Corp (DFD)

• DFD was formed rapidly by acquiring Janover Inc. and rebranding, driven by Parker White and CEO Joseph, both former Kraken employees.
• Initial capital raise totaled about $42 million from prominent investors like Panta, Kraken, and Arrington; followed by a $24 million PIPE round soon after.
• The team leverages strong crypto industry relationships and experience, especially from Kraken, to accelerate growth.

Takeaway: Rapid capital deployment and experienced leadership provide a strong foundation for DFD's expansion in Solana staking and accumulation.

2. Valuation Premia of Crypto Balance Sheet Companies Over Coin Holdings

• White explains that valuation premiums over the NAV of crypto assets come from expected future growth, similar to paying for P/E multiples in traditional equities.
• Investors pay for not just current coin holdings but also anticipated increases in coin balance due to business operations like staking and delegation.
• The valuation model separates NAV from growth potential, reflecting future SOL accumulation per share rather than just current token price.

Takeaway: Premium valuations in crypto equities like DFD reflect expectations of accelerated coin accumulation and growth beyond just staking rewards.

3. Treasury Strategy and Yield Generation Beyond Staking

• DFD operates an in-house Solana validator to retain all staking fees, combined with third-party delegation partnerships (e.g., Kraken, Bonk) to increase delegated stake.
• Additional yield comes from strategic activities such as purchasing discounted locks on Solana and potentially issuing convertible bonds or equity.
• The business is profitable even without complex financial engineering, relying fundamentally on validator rewards and delegated staking.

Takeaway: DFD’s vertically integrated validator and delegation partnerships create diversified and scalable yield streams, driving SOL per share growth.

4. Use and Risks of Debt in Crypto Balance Sheets

• White stresses the importance of using debt prudently as a "turbocharger" rather than a risk-enhancing margin loan.
• Secured debt risks liquidation during volatility; unsecured debt represents a more manageable obligation and can be refinanced.
• DFD aims to leverage unsecured debt to grow capital efficiently while avoiding liquidation risk inherent to collateralized loans.

Takeaway: Prudent use of unsecured debt can enhance growth without the liquidation risks typical in volatile crypto markets, providing balance sheet strength.

5. Investor Education and Evangelism Around Solana

• White notes that many convertible bond and equity investors still require education on Solana fundamentals, such as staking economics and validator roles.
• The firm actively evangelizes Solana to institutional investors, comparing their strategy to MicroStrategy’s Bitcoin narrative but tailored to Solana.
• Awareness and understanding of Solana remain relatively nascent in institutional markets, representing opportunity for market expansion.

Takeaway: DFD is not only accumulating Solana but also pioneering institutional adoption and education, which could drive broader capital inflows into the ecosystem.

6. Managing Volatility and Risk Through Market Cycles

• White highlights the unavoidable volatility of crypto assets and cautions investors to size positions appropriately to avoid sleepless nights.
• Compared to traditional assets, crypto equities like DFD exhibit extreme price swings requiring disciplined risk management.
• He emphasizes transparency and realistic expectations in public markets, avoiding overpromising during bear markets.

Takeaway: Understanding and managing volatility is crucial; DFD promotes responsible investing aligned with crypto’s inherent price swings.

7. Measures of Success Looking Forward

• DFD’s primary success metric is "SOL per share growth," directly tying executive compensation to growth of Solana holdings on the balance sheet.
• Other success factors include market capitalization, liquidity, and volatility management.
• Long term, the goal is widespread institutional recognition of Solana akin to Bitcoin’s position, attracting diverse capital across equity, debt, and crossover investors.

Takeaway: SOL per share growth is the core performance metric, reflecting real asset accumulation and positioning DFD as a leading institutional Solana play.

Overall Investment Takeaway: Defi Development Corporation represents a novel investment vehicle that actively grows its Solana holdings through staking and strategic financial management, supported by strong industry relationships, innovative capital strategies, and institutional evangelism—making it a potentially compelling proxy for long-term Solana ecosystem exposure within public markets.

Overview

• Traditional finance and passive investing carry hidden risks, highlighting a need for innovation in tokenized assets.
• Current tokenization mainly repackages traditional assets without investment features; true potential lies in fiduciary tokens with embedded governance and legal accountability.
• Fiduciary tokens enable real-time enforcement, transparency, and reduce regulatory inefficiencies by coding fiduciary duties directly on-chain.
• Future tokenized securities will combine legal frameworks, blockchain programmability, and AI for enhanced trust, compliance, and investor participation.
• Investors should watch Simplify’s tokenized ETFs and Solana partnerships as indicators of evolving regulated, transparent, and participatory on-chain investment products.

Michael Green, Simplify

Michael Green is a traditional finance (trad-fi) professional and ETF provider, known for his critical views on Bitcoin and passive investing. He is focused on the future of tokenization and digital securities, and his firm Simplify is engaged in launching tokenized ETFs in partnership with Solana ecosystem players.

1. Critique of Traditional Finance and Passive Investing

• Mutual funds and ETFs are seen as outdated; they lack true innovation and mostly repackage existing products with leverage.
• Passive investing inflates asset prices artificially as investors continuously buy the same index components, reducing market discretion and increasing systemic risk.
• Large passive strategies create endogenous volatility, contributing to market crashes (e.g., XIV ETF collapse in 2018).
• Traditional regulation focuses on after-the-fact enforcement, which is inefficient and slow, exemplified by slow bankruptcies like FTX.

Takeaway: Traditional financial products and passive investing contain hidden risks and inefficiencies, signaling an opportunity for innovative tokenized assets to reshape investment.

2. The Potential and Current Limits of Tokenization in Finance

• Current crypto tokens function largely as collectibles without investment features due to regulatory constraints designed to avoid securities classification (no profit-sharing, governance, etc.).
• Tokenization today mostly wraps traditional products rather than creating digitally-native securities.
• Michael Green’s firm Simplify is launching the first tokenized ETFs in the U.S., partnering with Alpha Ledger, Ple, and the Solana Foundation, providing on- and off-chain access to traditional assets.
• The real innovation lies in fiduciary tokens that embed governance, enforce fiduciary duties, and enable true ownership with legal accountability on-chain.

Takeaway: Tokenized ETFs provide new ways to access traditional assets, but the future hinges on fiduciary tokens that align regulation and technology to bring trust and enforcement to on-chain investing.

3. Fiduciary Tokens: Embedding Trust and Regulation into Token Architecture

• Fiduciary tokens encode legal and fiduciary obligations directly into the token, reducing reliance on overloaded regulatory agencies like the SEC.
• These tokens allow for real-time enforcement of rules, such as ensuring use of proceeds aligns with investor promises, voting on mandate changes, and preventing misuse of funds.
• Digital tokens could function as autonomous “sentient bank accounts,” automatically alerting investors if their investments deviate from agreed terms.
• Regulators should be embraced as partners to develop truth-in-labeling models similar to FDA standards rather than adversaries subject to regulatory arbitrage.
• Programmable use of funds in fiduciary tokens can eliminate corruption and improve transparency, e.g., municipal bonds used strictly for school construction.

Takeaway: Fiduciary tokens offer a revolutionary approach to ensure regulatory compliance, investor protection, and trustworthy stewardship embedded directly in blockchain assets.

4. Vision for the Future of Regulated and Trustworthy Tokenized Securities

• The goal is to move from legal text to AI-readable and AI-enforceable securities, improving transparency and speed of compliance checks.
• Use of zero-knowledge proofs can balance privacy (HIPAA-like) with the need for auditability and trust.
• Investors should have more participatory rights beyond simply the option to exit, including votes on investment mandate changes triggered by AI alerts.
• Regulatory frameworks should be mirrored in smart contracts to provide built-in recourse and dispute resolution.
• The focus shifts from “code is law” trustlessness to “trust-enhancing” tokens that combine technology with stewardship and governance.

Takeaway: The next generation of tokenized securities will blend legal frameworks with blockchain programmability and AI to create truly accountable, transparent, and participatory investment vehicles.

Overall Summary for Investors

Michael Green emphasizes that while traditional finance and current tokenization models fall short, fiduciary tokens—programmable digital assets with embedded legal and fiduciary duties—represent the transformative future of investing on Solana and beyond. Simplify’s tokenized ETFs provide an entry point, but true innovation lies in integrating trust, regulation, and governance directly into on-chain assets, offering investors new levels of protection, transparency, and participation. Investors in Solana should monitor partnerships like Simplify’s and the Solana Foundation’s efforts as key signals for evolving, regulated tokenized investment products that can leverage Solana’s blockchain capabilities.

Overview

• Global crypto regulation is maturing with clearer, principle-based frameworks promoting market stability and compliance.
• Decentralization exists on a spectrum; transparent governance and control increase regulatory and investor confidence.
• Backpack Exchange integrates innovation with compliance, using hybrid architecture to balance decentralization and operational efficiency.
• Cryptography enhances compliance and transparency, enabling real-time, auditable financial activities beyond traditional systems.
• The regulatory future is collaborative, favoring projects that engage constructively with regulators and innovate responsibly.

Ken, Co-founder of Backpack Exchange

1. Global Crypto Regulatory Landscape and Principles-Based Regulation

• Regulation approaches worldwide vary widely: principles-based, rules-based, disclosure-based, merits-based, or retrofitting legacy laws.
• Recent international regulatory developments include the EU’s new regulations, Japan’s stablecoin laws, Korea and Hong Kong’s extensive rules, and Dubai’s attempt to become a crypto hub.
• U.S. regulators (SEC, CFTC, FinCEN) have shifted from enforcement-driven anti-crypto actions to implementing actual crypto-specific laws.
• Common regulatory principles center on preventing financial crimes, investor protection, market integrity, and systemic risk mitigation.
• "Same risk, same regulation" is often applied: traditional financial fraud and misconduct principles hold true in crypto contexts.

Takeaway: The regulatory environment is maturing globally with more concrete laws, so investors should expect clearer frameworks and possibly more compliance costs but also greater market stability.

2. The Nuanced Nature of Decentralization and Control in Crypto

• Decentralization is no longer a binary concept; control exists on a spectrum.
• Regulators are increasingly scrutinizing projects based on technical governance details rather than labels like "DeFi" or "decentralized."
• Key questions include: Is a smart contract immutable? Who holds upgrade keys or multisig control? Are liquidators custodial or non-custodial? Is there a centralized sequencer?
• True decentralization enhances regulatory principles by giving users confidence in security, fairness, and reduced systemic risk.
• Transparency about control and custody is crucial both for compliance and building user trust.

Takeaway: Projects with genuine decentralized governance and transparent controls may have regulatory advantages and a stronger long-term value proposition.

3. Backpack Exchange’s Approach to Innovation and Compliance

• Backpack combined a product roadmap with a regulatory compliance roadmap from the start.
• Their perpetual trading system includes seamless cross-chain capabilities and real-time profit & loss settlements, designed to mitigate custody and market risks.
• The trading engine is built like a Layer 2 blockchain with three independent nodes requiring consensus on every transaction, enhancing verifiability and reducing single points of failure.
• Despite some centralized components, strategic design choices balance throughput and risk, maintaining investor protection and market integrity.
• The team continually seeks to balance innovation with regulatory requirements and risk mitigation.

Takeaway: Backpack’s hybrid technical design that combines decentralization with necessary centralization elements for operational efficiency could offer a safer, more compliant trading experience.

4. The Promise of Cryptography and Web3 Technologies in Compliance and Transparency

• Compliance is not just about following rules but about fundamentally improving risk mitigation using cryptographic tools.
• Cryptography can enable proof of reserves, integrity checks, transparent market surveillance, and auditable financial activities better than traditional institutions.
• The vision is a fully publicly verifiable system where anyone can inspect operations and risk parameters in real-time.
• This model shifts trust from reliance on regulators alone to a more decentralized, transparent trust mechanism.
• Continued dialogue between regulators and the crypto industry is essential to co-develop pragmatic and innovative regulatory frameworks.

Takeaway: Projects leveraging cryptography for transparency and auditability may gain regulatory favor and investor confidence, potentially leading to better market adoption and valuation.

5. Outlook on Crypto Regulation: A Collaborative and Evolving Process

• Regulations are not unilateral mandates but evolving conversations between regulators and the crypto industry.
• Transparency, honesty about retained risks, and leveraging crypto’s technical advantages are key to shaping prudent future regulations.
• Innovation and regulation can coexist if regulators recognize the unique capabilities of crypto and blockchain technologies.
• The industry can expect a more collaborative regulatory environment over the coming decades.

Takeaway: The future regulatory landscape is likely to be more collaborative and adaptive, rewarding projects that engage openly with regulators and innovate responsibly.

Overview

• Accelerate Week features two focused conferences: "Scale or Die" for technical development and "Ship or Die" for ecosystem growth, highlighting Solana’s maturing ecosystem.
• The event balances institutional finance and policy discussions with product development and innovation, showcasing a dual strategic focus.
• Strong validator participation and community engagement emphasize network health, scalability, and transparent development.
• Networking and interactive experiences foster collaboration between developers, business leaders, and policymakers.
• For investors, the event signals growing market relevance through increasing institutional involvement and robust technical foundations.

Dan Albert and Jon Wong

Dan Albert: Executive Director, Solana Foundation
Jon Wong: Head of Engineering, Solana Foundation

1. Overview of Accelerate Week and Conference Structure

• Accelerate Week consists of two separate conferences: "Scale or Die" focusing on deep technical development and "Ship or Die" celebrating Solana’s ecosystem growth and future.
• "Scale or Die," held earlier in the week in New York, attracted over a thousand core contributors focused on Solana’s technology, cryptography, and infrastructure.
• "Ship or Die," the current event, is larger, with around 3,000 attendees including business leaders, policy makers, and tech innovators.
• The aim is to foster collaboration, showcase products, and set visions for blockchain’s future particularly in the U.S. context.

Takeaway: The large attendance and split focus indicate a maturing ecosystem with strong developer engagement and growing institutional and business participation, signaling Solana’s expanding market relevance.

2. Conference Logistics and Content Focus

• The venue features two stages with distinct themes: East Coast Stage focuses on institutional finance and policy topics such as Internet capital markets, TradFi, payments policy, and stablecoins.
• West Coast Stage emphasizes business building, product development, and mobile innovations within crypto.
• Event runs from morning until early evening with additional networking opportunities including sponsor booths with interactive demos and themed experiences like NFT galleries and photo booths.
• The organizers deliberately ensure a high-quality, engaging experience to counter common conference annoyances.

Takeaway: The structured thematic approach reflects Solana’s dual emphasis on bridging traditional finance integration and advancing user and developer-centric applications, critical for ecosystem growth and investment appeal.

3. Community and Ecosystem Engagement

• The event welcomes a diverse participant base—from crypto veterans to newcomers—highlighting Solana’s inclusive community approach.
• Initial talks feature validator teams like Fire Dancer and Anza, signifying focus on network health, scalability, and technical roadmap transparency.
• Emphasis on community-building, product demonstrations, and dialogue with policy makers reflects efforts to solidify Solana’s position within the broader regulatory and crypto landscapes.

Takeaway: Strong validator representation and community engagement underpin network reliability and innovation, enhancing Solana’s long-term investment fundamentals.

Overall, the talk set the stage for Accelerate Week as a pivotal moment for Solana to demonstrate ecosystem vitality, technological advancements, and increasing institutional engagement, all positive signals for investors interested in Solana’s growth trajectory.

Overview

• Solana’s development prioritizes speed, low costs, and user experience, solidifying its position as a high-performance blockchain.
• Firedancer client introduces significant performance breakthroughs, driving scalability and reliability for future network growth.
• Agave client continues to optimize throughput, latency, and block utilization, enhancing current Mainnet performance.
• Network-level innovations focus on distributed DDoS defenses and advanced consensus models to improve security and decentralization.
• The continuous pipeline of live, production-ready improvements positions Solana to compete with traditional finance and big tech, supporting long-term $SOL value growth.

Brennan Watt & Kevin Bowers

Brennan Watt is VP of Core Engineering at Anza, the company behind Agave, the dominant Solana validator client. Kevin Bowers is the principal architect behind Firedancer, a new high-performance Solana validator client developed openly and collaboratively with the community.

1. Introduction to IBRL and Solana’s Performance Philosophy

• IBRL (Increase Bandwidth, Reduce Latency) is the unifying principle driving Solana development efforts, focusing on enhancing speed and lowering costs.
• Solana’s competitive advantage is its high throughput, low transaction fees, and excellent user experience, not just decentralization.
• The talk highlights the engineering foundations fueling Solana’s scalable, low-latency blockchain.

Takeaway: Solana continues to prioritize real-world user experience and speed, reinforcing its market position as a low-cost, high-performance blockchain platform.

2. Firedancer Validator Client: Status, Goals, and Impact

• Firedancer is an open-source validator client designed to be a fully independent and high-performance alternative to Agave.
• Currently runs hybrid versions “FrankenDancer” on Testnet (about 33% stake) and Mainnet (6% stake).
• Focused on performance breakthroughs, including hardware-accelerated signature verification hitting millions of transactions per second.
• Firedancer replaces fundamental Agave components with more efficient solutions, aiming for high reliability (supporting up to 50 billion accounts) and ultra-high transaction throughput (millions of TPS expected).
• Emphasizes parallel cryptographic processing and transaction execution to dramatically reduce startup latencies and increase throughput.
• Community education and open sourcing are key to optimizing validator performance and promoting a robust validator ecosystem.

Takeaway: Firedancer’s innovations promise a more resilient, scalable, and performant Solana network, enhancing long-term network reliability and capacity to meet growing demand.

3. Agave Client: Recent Performance Improvements and Future Plans

• Agave is the incumbent validator client, maintaining high network performance with slot latencies under 400 milliseconds.
• Skip rates have dropped below 0.5%, minimizing missed block production and improving validator economics.
• Transaction confirmation latency is down to under 1 second for most transactions, significantly improving user experience.
• Block capacity is frequently maxed out, signaling strong demand for Solana blockspace.
• Ongoing work includes reducing memory allocations, optimizing hot code paths, and enhancing Turbine (Solana’s block propagation protocol) to support increased fan-out and reduce network hops.
• New consensus algorithm “Alpinenow” will enable broader block propagation fan-out, improving latency.
• The “Euler” transaction scheduler is evolving to better optimize fee markets and maximize throughput with real Mainnet workloads.
• Anza commits to aggressively scaling blockspace capacity on Mainnet for complex transaction types, promising genuine user-impacting gains in 2025.

Takeaway: Agave’s continuous optimizations are directly driving better speed, throughput, and block utilization on Solana Mainnet, positioning the network for sustained growth and improved user engagement.

4. Network and Ecosystem-Level Innovations: Tackling DDoS and Scaling Challenges

• Current validator filtering resources are siloed per node, requiring costly provisioning of high-end hardware to cope with potential denial-of-service (DoS) attacks.
• Future improvements aim to share filtering capacities across the validator network, creating a distributed defense to absorb large-scale attacks more efficiently.
• Initiatives like D0ero foster network acceleration technology and wide-area multicast networks tailored for decentralized protocols.
• Distributing filtering hardware and leveraging geographic diversity will make large-scale DDoS attacks a collective problem, increasing network resilience.
• The wider ecosystem continues to explore advanced consensus models and multi-leader setups to decentralize validator roles and streamline functionality.

Takeaway: Advances in network-level scaling and security will reduce operational costs and improve overall stability and uptime, making Solana more attractive to validators and users alike.

5. Vision and Market Position: Competing with Big Tech and Traditional Finance

• The developers emphasize that these performance leaps are not theoretical but live, production-ready technologies already deployed or close to launch.
• Solana aims to handle millions of transactions per second to compete with traditional financial systems and big technology platforms.
• A shared, unified state across DeFi, gaming, real-world assets, and stablecoins is becoming attainable due to this performance evolution.
• Both Firedancer and Anza frame their mission as relentless iteration without complacency—"ship or die" mentality.
• Investors should watch for continuous releases and improvements rather than fixed roadmaps.

Takeaway: Solana’s aggressive performance scaling and innovation pipeline reinforce its ambition and capability to challenge incumbent centralized financial and tech ecosystems, positioning $SOL for long-term value growth.

Overall Summary for Investors

The talk delivers significant optimism about Solana’s infrastructure evolution with two main validator clients, Firedancer and Agave, collaboratively pushing the network to new heights of speed and scalability. Continuous reductions in latency and improvements in block capacity reflect strong user demand and healthy network economics. Network-level innovations around distributed attack mitigation and multi-leader consensus broaden Solana’s resilience and decentralization prospects. Investors should be encouraged by these structural enhancements, which directly underpin Solana’s competitiveness, ecosystem growth, and the potential appreciation of $SOL as the platform gains market share and use cases.

Overview

• XT Stocks platform offers permissionless, self-custodied tokenized U.S. stocks accessible on Solana with DeFi benefits.
• Partnership with Solana and Kraken ensures strong ecosystem integration and immediate distribution to Kraken users.
• Enables 24/7 trading, on-chain collateralization, and composability with existing DeFi infrastructure and apps.
• Aims to solve traditional market limitations like restricted trading hours and custodial constraints.
• Potential to drive widespread adoption of tokenized assets, enhancing liquidity and innovation in the Solana ecosystem.

Mark Greenberg

Mark Greenberg, Head of Consumer Business at Kraken, presenting alongside David Henderson from Bakkt at the Solana Accelerator 2025 event.

1. Introduction of XT Stocks: Tokenized On-Chain Equities

• Kraken and Bakkt have partnered to launch XT Stocks, a platform delivering permissionless, self-custodied, on-chain tokenized stocks.
• XT Stocks provide regulated access to over 50 major U.S. stocks and ETFs at launch, making real-world assets accessible on-chain.
• The goal is to integrate traditional equities into the crypto space with all the benefits of DeFi: 24/7 trading, self-custody, and collateralization.
• This initiative aims to solve traditional market pain points like limited trading hours, custodial constraints, and regional trading difficulties.
• XT Stocks are designed to work seamlessly with existing DeFi infrastructure, apps, wallets, and exchanges without requiring new chains.

Takeaway: XT Stocks represent a groundbreaking bridge between traditional equities and DeFi, potentially expanding liquidity and usability of tokenized stocks on Solana and beyond.

2. Partnership with Solana and Kraken as Launch Partners

• Solana is an official launch partner for XT Stocks, ensuring deep integration and a robust DeFi stack from day one.
• The DeFi stack includes DEX liquidity, collateralized lending capabilities, and broad usability on-chain.
• Kraken will have day-one distribution rights, making these tokenized equities directly accessible to Kraken users immediately at launch.
• The focus is on making tokenized stocks genuinely usable in decentralized finance, not just simple tokenization.

Takeaway: The collaboration with Solana and Kraken provides a strong ecosystem foundation for XT Stocks, enhancing their utility, liquidity, and accessibility in the Solana crypto ecosystem.

3. Vision and Future Development of Tokenized Assets

• The vision emphasizes making tokenized equities permissionless, accessible worldwide, and compatible with multiple exchanges and DeFi protocols.
• XT Stocks aim to be a neutral, public-good infrastructure supporting widespread integration with other exchanges, DeFi apps, and chains.
• The team invites developers and platforms to collaborate and integrate XT Stocks to accelerate adoption and innovation.
• This initiative may transform traditional investment paradigms by enabling true on-chain ownership and composability.

Takeaway: XT Stocks could catalyze a new wave of asset tokenization across DeFi, driving innovation and unlocking new investment opportunities in the Solana ecosystem.

Overall Summary

Mark Greenberg and Bakkt's David Henderson announced XT Stocks, a new permissionless, self-custodied tokenized stock platform launching on Solana and distributed day one by Kraken. This project seeks to revolutionize how equities are accessed and used on-chain by merging traditional finance with DeFi capabilities like 24/7 trading, collateralized lending, and full composability. The collaboration signals important growth potential for Solana as a key hub for real-world asset tokenization and expands Kraken’s offering for global, permissionless asset trading.

Overview

• Integration of traditional finance and DeFi on Solana is advancing, driven by partnerships like Fidelity’s involvement.
• Solana’s ultra-fast on-chain settlement offers competitive advantages by reducing counterparty risk and boosting efficiency.
• Emerging hybrid trust models and on-chain identity verification aim to balance regulatory compliance with DeFi’s capital efficiency.
• Regulatory clarity on on-chain asset issuance and transfer agents supports institutional-grade infrastructure and asset migration.
• Enhanced dialogue between TradFi and DeFi stakeholders is crucial for accelerating institutional adoption of Solana’s ecosystem.

Speakers

• Cynthia Lo Bessette, Fidelity (Head of Digital Assets and Blockchain Initiatives)
• David Lu (DeFi representative, Solana ecosystem advocate)

1. Bridging Traditional Finance and DeFi: A Shared Vision

• Fidelity has a decade-long history in blockchain research and launched custody and asset management services for digital assets.
• Both parties recognize a mutual goal: improving access to capital and financial services via integration of traditional finance (TradFi) and decentralized finance (DeFi).
• Conversations between DeFi builders and traditional institutions must balance user experience with regulatory and governance considerations.
• The current crypto market cap (~$3.5 trillion) is small compared to traditional markets (~$40 trillion), highlighting the vast opportunity for growth.
• Industry collaboration and dialogue are essential for migrating significant institutional assets onto blockchain networks like Solana.

Takeaway: Collaboration between TradFi giants like Fidelity and DeFi projects on Solana signals growing institutional interest and potential capital inflows into the Solana ecosystem.

2. Speed, Cost, and Counterparty Risk: The Drivers for On-Chain Capital Markets

• Traditional markets have progressively compressed settlement times from T+5 days (1975) to T+1 day today in the U.S.
• On-chain transactions on Solana can settle in under one second, drastically improving speed and reducing counterparty risk.
• Not all asset types require immediate settlement; a calibrated approach to settlement speeds may help preserve market integrity.
• On-chain market efficiency enables new product structures, portfolio personalization, and broader capital allocation options.

Takeaway: Solana’s ultra-fast settlement times present a competitive advantage for attracting institutional trading, improving market efficiency, and reducing risks.

3. Trust and Efficiency in On-Chain Transactions

• Traditional finance relies heavily on trust and counterparties, whereas DeFi emphasizes trustless mechanisms with over-collateralization to mitigate risk.
• Over-collateralization, while facilitating trustless trades, is capital-inefficient.
• Potential improvements include hybrid trust models combining institutional counterparty reliability with blockchain transparency.
• Identity verification via automated on-chain methods (identity tokens, KYC integration) could reduce the inefficiencies of over-collateralization without compromising crypto’s ethos.
• Regulators are increasingly focused on enabling compliant cross-border transactions, creating openings for verified on-chain asset transfers.

Takeaway: Development of identity and trust frameworks on Solana can unlock institutional participation by balancing efficiency with regulatory compliance, reducing capital inefficiencies in DeFi.

4. Native Asset Issuance and Regulatory Progress

• The issuance of native tokens and conducting IPOs on-chain is becoming a near-term reality.
• Recent SEC guidance acknowledging transfer agents maintaining records on-chain is a milestone for legally compliant tokenized assets.
• Regulatory clarity fosters infrastructure development enabling institutional-grade bookkeeping and integration of on-chain assets into traditional back-office systems.
• This regulatory progress is expected to accelerate the move of assets on-chain and drive innovation in capital formation.

Takeaway: Regulatory recognition of on-chain asset issuance advances the legitimacy and scale potential of Solana-based capital markets, promising new growth avenues.

5. Improving Communication Between TradFi and DeFi Stakeholders

• Effective dialogue requires addressing the practical concerns of traditional institutions, including governance and regulatory compliance.
• DeFi builders should frame benefits in ways that align with institutional priorities.
• Building shared understanding catalyzes migration of assets from legacy finance to blockchain ecosystems.
• Conversations like the Accelerate event are critical to forging these connections and accelerating adoption.

Takeaway: Successful integration of TradFi with Solana’s DeFi ecosystem hinges on improved communication and mutual understanding, laying the groundwork for significant institutional engagement.

Overall Summary:
This talk emphasizes the ongoing and evolving integration of traditional finance and DeFi on the Solana blockchain, driven by unmatched transaction speed, emerging regulatory clarity, and collaborative efforts between institutions like Fidelity and blockchain innovators. For investors, these developments suggest increasing institutional adoption and mature infrastructure growth within the Solana ecosystem, signaling a promising environment for long-term asset inflows and innovation.

Overview

• Kraken launched tokenized equities on Solana to enable 24/7 permissionless access to real-world asset collateral and foster global liquidity.
• Their strategic vision emphasizes an open, interoperable ecosystem for tokenized equities usable across centralized and decentralized platforms.
• The focus on seamless, borderless user experience aims to accelerate adoption and practical utility within Solana’s ecosystem.
• Future trends highlight broad asset tokenization beyond equities, including real estate and collectibles, driving long-tail innovation.
• Kraken’s open, developer-friendly approach supports ecosystem growth by encouraging collaboration and avoiding closed, walled-garden models.

Speakers

Arjun Sethi, Executive at Kraken
Raj Gokal, Co-founder at Solana Labs

1. Launch of Tokenized Equities on Solana by Kraken

• Kraken announced the launch of two tokenized equities on the Solana blockchain, creating a new foundational trust layer for real-world assets on-chain.
• This move aims to provide 24/7 on-chain innovation with open, permissionless access to equities as collateral.
• The initiative seeks to overcome past fragmentation in tokenized equities markets by fostering global liquidity, not limited to single chains or walled gardens.
• Kraken, Backed (issuer), and Solana Labs are collaborating to push this development forward.

Takeaway: Kraken’s tokenized equities on Solana could open broad global access to equity collateral, potentially revolutionizing How real-world assets are utilized on-chain.

2. Vision and Strategic Roadmap of Kraken with Tokenized Equities

• Kraken is evolving beyond an exchange to a microservices and microproduct platform to scale financial innovation.
• The goal is not to create walled gardens but to enable an interoperable ecosystem where tokenized equities can be used anywhere—on centralized or decentralized platforms.
• Kraken views tokenized equities as a step toward providing borderless collateral that users can freely move and employ for loans, credit, or pledging.
• This approach challenges traditional fintech norms by emphasizing transparency, decentralization, and rapid innovation.

Takeaway: Kraken’s open, interoperable approach to tokenized equities may accelerate adoption and liquidity by fostering a permissionless environment.

3. User Experience and Accessibility of Tokenized Equities

• The user experience aims to be seamless, borderless, available 24/7, and permissionless.
• Users can leverage tokenized equities as collateral across platforms, not restricted to Kraken alone—supporting interoperability with exchanges like Coinbase, Binance, or DEXs like Radi.
• Kraken emphasizes enabling rather than controlling usage, hoping to spur a movement where tokenized equities are ubiquitous.
• Early excitement and experimentation (e.g., “Xbox memecoin”) illustrate market enthusiasm and grassroots engagement.

Takeaway: A user-friendly, permissionless ecosystem will drive faster adoption and practical utility of tokenized equities, enhancing Solana’s ecosystem value.

4. Internet Capital Markets and Future Asset Tokenization Trends

• The speakers envision a future with billions of tokenized assets, far beyond MAG (market-cap) power law dominance—enabling long-tail innovation.
• Tokenized equities are seen as a foundational element, but tokenization will also include real estate, art, jewelry, and more personal or novel assets.
• The next phase aims for real-time settlement, security, and permissionless transfer of assets on-chain.
• Meme coins and NFTs are considered forms of self-expression and experimentation leading to broader innovation.

Takeaway: The broad expansion into various tokenized asset classes could multiply opportunities across the Solana ecosystem and crypto markets.

5. Kraken’s Role Supporting Innovation and Developers in the Ecosystem

• Kraken intends to be an enabler rather than a gatekeeper—supporting developers to build interoperable solutions without forcing exclusivity.
• The company encourages collaboration with multiple chains and platforms, promoting open-source development principles.
• Kraken’s strategy contrasts with competitors who impose closed ecosystems, aiming to foster a diverse and healthy developer community.
• This approach should help accelerate new products and innovation within Solana and beyond.

Takeaway: Kraken’s developer-friendly, open ecosystem strategy could drive lasting growth and network effects for Solana’s tokenized asset landscape.

Overall Investor Summary

Kraken’s launch of tokenized equities on Solana represents a pivotal step toward interoperable, decentralized capital markets with borderless access to real-world assets. By embracing open innovation, seamless user experience, and wide developer collaboration, this initiative could unlock substantial liquidity and new use cases across global markets. For Solana investors, this development signals increased adoption, ecosystem vitality, and the potential for Solana to become a leading platform for tokenized real-world asset markets.

Overview

• Traditional capital markets are failing many investors, highlighting the need for more inclusive alternatives.
• Solana’s technology enables democratized asset ownership via tokenization, lowering barriers for both investors and issuers.
• The Solana ecosystem is rapidly growing with new token launches and regulatory-compliant capital formation tools.
• Internet capital markets on Solana can bridge private and public markets, expanding access to diverse investment opportunities.
• Long-term, Solana aims to foster mass financial inclusion by embedding investment in everyday life and addressing wealth inequality.

Akshay BD, Solana Foundation Business Development Team

1. The Problem with Traditional Capital Markets

• Traditional capital markets are increasingly inaccessible and ineffective for most people.
• The classic 60/40 portfolio model has failed to deliver returns, creating uncertainty among investors.
• Wage growth has not kept pace with capital gains, concentrating wealth with the top 1% and reducing economic mobility.
• Current capital markets favor accredited and wealthy investors, primarily via private markets, leaving retail investors sidelined.
• There is a widening gap between labor and capital owners that fuels societal and political tensions.

Takeaway: The traditional capital market model is broken and excludes many potential investors, suggesting a growing need for alternative solutions like blockchain-based markets on Solana to enable broader participation.

2. Vision for Internet Capital Markets on Solana

• Internet capital markets aim to democratize asset ownership by allowing anyone with a mobile phone to own productive assets.
• Crypto, especially Solana, provides the technological infrastructure to create bearer assets digitally, lowering barriers for investors and issuers alike.
• Examples like the Alaska Permanent Fund illustrate profit-sharing models that internet capital markets can scale globally.
• Reduced friction enables private and smaller companies to raise capital by tokenizing ownership and dividends without high costs or regulatory burdens.
• This model can empower small businesses (e.g., local coffee shops) to directly raise funds from their communities via token sales, linking Main Street with a new "internet Wall Street."

Takeaway: Solana’s ecosystem is positioned to revolutionize capital formation and asset ownership by bridging private and public markets, drastically expanding investor access to new investment opportunities.

3. Market Trends and Solana Ecosystem Growth

• Private markets continue to grow, but fewer public companies and continued concentration in major indexes limit retail investment opportunities.
• Solana has seen a significant increase in token launches and capital formation, illustrating its role as a platform for new types of assets.
• The growth of regional exchanges combined with Solana’s tokenization offers global liquidity and investor access without traditional compliance costs.
• The ecosystem supports the unbundling of complex financial products, enabling innovative and customized investment options that were not previously feasible.
• The technology stack now enables regulatory-compliant mini IPOS and direct listings, reducing onerous costs that keep smaller businesses off public markets.

Takeaway: Increasing tokenization and capital formation on Solana signal expanding investment avenues not available in traditional markets, making it a prime environment for diversified crypto asset exposure.

4. Societal Impact and Long-Term Outlook

• The labor-capital divide must be addressed to avoid social unrest—digital asset ownership can distribute wealth more equitably.
• Universal basic ownership, facilitated by crypto platforms like Solana, is presented as a sustainable solution as AI and automation reduce traditional job opportunities.
• The future of finance includes the financialization of a wide range of real, productive economic assets, extending far beyond superficial meme coins.
• Capital markets should be reimagined as accessible, everyday features enabling anyone in the economy to be an owner and investor.
• Solana’s vision over the next several years is to embed investment in daily life like social media embedded photography, creating mass financial inclusion.

Takeaway: Investing in Solana and its ecosystem aligns with a vision for a more inclusive and fundamentally innovative financial system that could become critical as economic conditions and technology evolve.

This talk frames Solana not just as a blockchain platform, but as a foundational technology for reshaping global capital markets to be more inclusive, efficient, and innovative, creating potentially massive new opportunities for investors in the ecosystem.

Overview

• Wormhole enables seamless cross-chain asset transfers, with $11.47B moved onto Solana and over 1B cross-chain messages processed.
• Its Native Token Transfers framework tackles liquidity fragmentation by centralizing token control, enhancing security and asset fungibility across chains.
• Wormhole is integrating Dogecoin into Solana, expanding mainstream crypto access and ecosystem liquidity.
• The protocol’s security features and multi-party verification improve resilience against exploits.
• Wormhole’s deep integration and continuous innovation solidify Solana’s position in interoperable Internet Capital Markets, supporting ecosystem growth and token value.

Robinson Burkey

Co-founder, Wormhole Foundation

1. Wormhole’s Role in Solana’s Internet Capital Markets

• Wormhole is an interoperability protocol that connects multiple blockchains to enable seamless asset transfers and value movement across chains, including Solana, Ethereum, and others.
• Since Solana’s inception, Wormhole has facilitated over $11.47 billion in value transferred onto the Solana network, helping grow Solana’s total value locked (TVL), which stands around $9 billion on Solana alone.
• Wormhole has processed over 1 billion cross-chain messages and helped issue more than 4,000 assets across chains, enabling many Solana applications to leverage cross-chain functionality.
• The protocol supports a broad spectrum of assets, from stablecoins like USDC, USDT to real-world assets (RWAs) like tokenized private credit and institutional assets.
• Over 100 applications in the Solana ecosystem integrate Wormhole for messaging, asset transfers, and more, underscoring its foundational role in Solana’s growth.

Takeaway: Wormhole underpins a significant portion of Solana’s cross-chain asset flow and liquidity, reinforcing Solana’s position as a leading blockchain with deep interoperability.

2. Addressing Liquidity Fragmentation with Wormhole Native Token Transfers (NT)

• Liquidity fragmentation is caused by multiple versions of the same asset (e.g., USDC) existing on a chain, leading to confusion and diluted liquidity, which hampers decentralized exchange (DEX) efficiency.
• Wormhole’s Native Token Transfers (NT) framework provides an open-source, flexible solution that enables multi-chain token issuance with integrator-owned deployments. This means asset issuers control the token contracts, not multiple bridge operators, preventing multiple fragmented token versions.
• NT includes key security features like pausing, rate-limiting (e.g., limiting transfer amounts between chains), and contract upgradeability, allowing asset issuers to better manage risk and potential exploits.
• Wormhole built its own blockchain ledger to track cross-chain activity (global accounting), enabling rapid detection of anomalies like infinite minting and containing potential hacks.
• The system supports flexible verification and can integrate with various messaging or verification systems beyond just Wormhole, making it future-proof and resilient to single points of failure.
• Threshold attestations allow for multi-party verification before tokens are minted on a destination chain, increasing security and redundancy.

Takeaway: Wormhole’s Native Token Transfers framework solves a critical infrastructure problem by reducing liquidity fragmentation, thus improving asset fungibility and liquidity depth on Solana and other chains—a strong positive for ecosystem growth and token value.

3. Announcement of Dogecoin Integration on Solana via Wormhole

• Wormhole, in partnership with SAI and Interface teams, has made it possible to bring Dogecoin (a $35 billion asset) onto Solana, expanding the range of major cryptocurrencies accessible within Solana’s ecosystem.
• This integration leverages Wormhole’s messaging and verification infrastructure to ensure secure asset minting and verification from Dogecoin’s chain to Solana.
• The Dogecoin asset will be accessible via Wormhole’s Portal interface, making it user-friendly for transfers and usage across chains.
• The development highlights Wormhole’s continued role as a bridge for a diverse asset class, from meme coins to institutional RWAs.
• Wormhole encourages new and existing asset issuers to make their tokens multi-chain capable from launch or to upgrade existing tokens for cross-chain compatibility.

Takeaway: The Dogecoin integration signifies expanding mainstream asset accessibility on Solana via Wormhole, improving user options and potentially increasing demand for Solana’s network and its native token due to more diverse and liquid asset availability.

4. Wormhole’s Strategic Commitment to Solana’s Growth

• Wormhole has been integral to Solana since the beginning and continues to focus on bringing value and major assets onto the platform.
• The protocol’s innovations and security features position Solana as a leading venue for tradable assets with superior user experience.
• The broad and growing adoption of Wormhole in Solana’s ecosystem suggests deepening network effects, which can be a driver for future Solana adoption and utility.
• Wormhole is focused on providing asset issuers control, security, and flexibility, which supports sustainable growth for Solana-based DeFi and capital markets.

Takeaway: Wormhole’s sustained partnership and innovation within Solana strengthen the network’s infrastructure and security, making it a foundational pillar that may support Solana’s long-term value appreciation and ecosystem robustness.

Overview

• Senator Gillibrand highlights growing bipartisan efforts to create clear, consumer-protective crypto regulations, especially around stablecoins.
• The stablecoin bill aims to increase trust and security for dollar-backed tokens widely used in Solana transactions.
• Regulatory clarity on market structure and DeFi remains complex but critical, with bipartisan consensus advancing incrementally.
• Active engagement and education of policymakers by the Solana community are encouraged to shape favorable outcomes.
• Upcoming elections and regional policies (e.g., New York) will significantly impact the crypto regulatory environment and Solana’s ecosystem growth.

Speakers

• Senator Kirsten Gillibrand, U.S. Senator and Chair of the Democratic Senatorial Campaign Committee
• Colin McLaren, Solana Policy Day host/interviewer

1. Senator Gillibrand’s Entry into Crypto Policy and Early Advocacy

• Initially introduced to cryptocurrency and blockchain by her son and mutual friends in the crypto space.
• Partnered with Senator Cynthia Lummis to work on cryptocurrency market structure legislation over the past three years.
• Co-authored a bipartisan stablecoin bill currently progressing through Congress.
• Recognizes the technology’s importance and has been a vocal crypto supporter within the Democratic caucus, helping shift attitudes from crypto skepticism to engagement.

Takeaway: Senator Gillibrand’s deepening engagement signals growing bipartisan support for clear crypto regulations, fostering potential stability for Solana and related projects.

2. Bipartisan Stablecoin Legislation and Its Impact on Solana

• The stablecoin bill aims to impose clear regulatory frameworks on issuers operating in the U.S. and foreign issuers selling into the U.S. market.
• Requires issuers to comply with financial services regulations, including Bank Secrecy Act, Know Your Customer (KYC), and anti-money laundering (AML) rules.
• Provides consumer protections ensuring that stablecoins are truly dollar-backed and issued from safe, sound banking or trust institutions.
• This regulatory clarity is expected to build trust in U.S.-issued stablecoins, supporting dollar dominance and enhancing the reliability of stablecoins used within Solana’s ecosystem.
• Mentions stablecoins' extensive use in Solana transactions and cross-chain applications, underscoring the bill’s direct relevance to Solana developers and users.

Takeaway: The bill could increase security and consumer confidence in stablecoins integral to Solana’s ecosystem, potentially boosting network utility and adoption.

3. Legislative Challenges, Bipartisan Consensus, and Regulatory Climate

• Discussed the difficulty of legislating amid contrasting forces: Senator Warren’s anti-crypto stance and disruptive activities by former President Trump (including illegal crypto-related activities).
• Emphasized the importance of bipartisan cooperation, highlighting the stablecoin bill’s collaborative process involving Republican and Democratic senators.
• Noted stablecoins as the "low hanging fruit" for regulation, with market structure legislation presenting a more complex challenge.
• Suggested future legislation will clarify distinctions between securities and commodities, utilizing existing laws like the Howey test, with special complexity around DeFi protocols, given their decentralized nature.
• Optimistic about passing market structure legislation but acknowledged timeline uncertainties and the necessity for thorough committee review and hearings.

Takeaway: Explicit regulatory clarity, especially on market structure and DeFi, could materially affect which crypto projects thrive in the U.S. and the compliance burden Solana ecosystem developers face.

4. Advice for Crypto Community Engagement with Policymakers

• Encouraged the Solana community and crypto entrepreneurs to proactively engage with members of Congress by sharing their work, challenges, and benefits of the technology.
• Recognized that most legislators lack technical expertise and need time and education to understand blockchain and crypto innovations.
• Highlighted blockchain’s ability to democratize finance by offering banking access to unbanked and underbanked populations globally and in the U.S.
• Stressed the importance of relationship building and personal communication to ensure legislators hear and understand the crypto industry’s perspectives and needs.

Takeaway: Active constituent engagement and education efforts could shape favorable regulatory outcomes benefiting Solana projects and their users.

5. Political Context and Implications for the Crypto Industry

• Positioned the upcoming elections as critical for maintaining a balance of power in Congress, which she argues is essential for fair oversight of crypto and other industries.
• Criticized former President Trump’s regulatory approach and activities in the crypto space as undermining legitimacy and possibly illegal.
• Promised support for moderate Democrats who might appeal to crypto-friendly voters in red and purple states, focusing on economic issues that indirectly impact crypto adoption.
• Described working relationships with other senators, including Senator Warren, emphasizing areas of disagreement on crypto policy but overall cordial cooperation.

Takeaway: Political outcomes in upcoming elections could influence the regulatory environment for crypto, impacting Solana’s regulatory risk profile.

6. The Importance of Effective Crypto Regulation for New York and U.S. Financial Leadership

• Advocated for crypto policies that support New York’s status as a global financial center and foster innovation and entrepreneurship locally.
• Wants to ensure that blockchain innovation complements traditional finance, preserving community banking services alongside new financial technologies.
• Believes that stronger, clearer U.S. regulations can help domestic companies compete globally by offering more reliable and consumer-friendly frameworks than foreign jurisdictions.
• Envisions New York and the U.S. remain leaders in financial services by integrating crypto innovation within a sound regulatory environment.

Takeaway: The U.S., with regions like New York, could become a global hub for crypto innovation under clear regulations, benefiting Solana as a competitive ecosystem.

Overall Investor Summary:
Senator Gillibrand’s engagement signals rising bipartisan momentum toward clear, consumer-protective crypto regulation in the U.S., including stablecoin oversight critical to Solana’s ecosystem functionality. Market structure legislation distinguishing securities and commodities is progressing but faces complexities around DeFi. The evolving regulatory landscape could offer both challenges and opportunities for Solana projects, especially those reliant on stablecoins. Investors should monitor legislative developments and community advocacy actions, as political and regulatory clarity will significantly impact Solana’s growth and integration with traditional finance.

Overview

• Emphasized the mismatch between where crypto projects raise funds (Western markets) and where their users primarily reside (developing countries).
• Highlighted fiat on-ramps and off-ramps as critical infrastructure to enable seamless crypto adoption in emerging markets.
• Showcased Coins.ph’s use of local fiat rails and SDKs integrated with Solana tools to simplify fiat-to-crypto transactions and onboarding.
• Announced plans for strategic expansion as a technology service provider focusing on compliance and payments, aiding Solana app localization.
• Suggested that aligning fundraising, user markets, and improving fiat infrastructure can drive organic growth and strengthen the Solana ecosystem.

Wei Zhou, Coins.ph CEO

1. Importance of Understanding User Markets vs. Fundraising Markets

• Raises the point that many crypto projects raise capital in Western markets while their users are primarily in developing countries (Lagos, Manila, São Paulo, Accra, Jakarta).
• Highlights the disconnect between where funds are raised and where users reside; products need to align with where their user base and capital density exist.
• Emphasizes that true market understanding requires focusing on the regions where wallet distribution and user activity happen.

Takeaway: Projects that align their fundraising and user markets in developing regions may capture more organic growth and capitalize on underserved user bases.

2. Fiat On-Ramps and Off-Ramps as Critical Infrastructure for Solana Ecosystem Growth

• Coins.ph operates licensed exchanges in the Philippines, Thailand, Brazil, and plans to expand into Europe and the U.S. as a tech and fiat service provider for Solana.
• Fiat-to-crypto gateways are among the biggest pain points for Solana developers to localize their apps and onboard users globally.
• Many developing markets lack easy and affordable access to stablecoins due to local fiat infrastructure limitations and currency conversion inefficiencies.
• Coins.ph leverages local fiat rails such as InstaPay (Philippines), PromptPay (Thailand), SEPA (Europe), NIBSS (Nigeria), and PIX (Brazil) that operate 24/7 at low cost, enabling seamless fiat deposits and withdrawals.
• Offers SDKs integrated with Solana developer tools (e.g., Jupiter) allowing developers to embed fiat payment rails directly in apps, facilitating instant buy/sell of SOL and USDC without needing credit cards.
• Demonstrates QR code payment flows that are native to local banking apps, improving user experience for fiat-to-crypto transactions.
• Stresses the importance of enabling both on-ramp (fiat deposit) and off-ramp (fiat withdrawal) to create a full financial lifecycle for users.

Takeaway: Coins.ph’s integration of local fiat rails into the Solana ecosystem addresses a major adoption bottleneck, potentially expanding Solana’s user base across emerging markets and improving token liquidity and utility.

3. Strategic Expansion and Developer Enablement

• Plans to expand Coins.ph operations into the U.S. as a technology service provider, not a traditional exchange.
• Focus on delivering a hosted fiat service allowing users to stay within third-party apps while Coins.ph handles compliance, payments, and settlements.
• Positions Services as essential plumbing for developers to successfully localize Solana apps across emerging markets.
• Promotes a developer experience on Solana akin to Apple or Android payment SDKs, streamlining payments integration.

Takeaway: Coins.ph’s vision to become the fiat infrastructure backbone for Solana developers could increase developer activity and app adoption, indirectly supporting Solana token demand and ecosystem robustness.

Overview

• U.S. administration is advancing coordinated, innovation-friendly crypto regulations to solidify leadership and reduce policy risks.
• The nearing passage of GENIUS Act and market reforms promises clearer rules for stablecoins, tokenized securities, and exchanges.
• Supportive policies aim to retain builders in the U.S., boosting growth particularly in ecosystems like Solana.
• Federal Bitcoin strategy includes creating a Strategic Bitcoin Reserve, signaling strong institutional endorsement.
• Solana is positioned as a key platform for integrating real-world assets and traditional finance with blockchain innovation.

Kyle Samani and Bo Hines

Kyle Samani, Co-founder and Managing Partner of Multicoin Capital, interviews Bo Hines, Executive Director of the President's Council of Advisers on Digital Assets in the TRP administration, discussing U.S. crypto policy, Solana ecosystem developments, and the future of digital assets regulation.

1. U.S. Leadership in Crypto and the President’s Digital Asset Executive Order

• The TRP administration has made a clear, high-level commitment to make the U.S. the global "crypto capital" and Bitcoin superpower.
• The President’s Digital Assets Executive Order created an inter-agency Digital Assets Working Group with members from CFTC, SEC, Treasury, Commerce, and DOJ to coordinate regulatory efforts.
• Key milestones include agency reviews and recommendations within 30, 60, and 180 days aimed at clearing regulatory uncertainty and fostering innovation.
• The administration is focusing on demolishing harmful regulations ("Operation Choke Point 2.0"), followed by legislative construction, including the GENIUS Act for stablecoins and upcoming market structure reforms.
• The approach emphasizes preserving innovation incentives for U.S. builders, attracting companies to develop and list domestically, which is critical to long-term leadership.

Takeaway: A clearer, coordinated U.S. regulatory framework led by the White House is expected soon, potentially reducing policy risk and boosting domestic crypto innovation.

2. Legislative Initiatives: GENIUS Act and Market Structure Reform

• The GENIUS Act, nearing passage, creates a supportive regulatory framework for stablecoins, underpinning U.S. dollar dominance and modernizing payment rails.
• The Act enables innovation around tokenized securities and potentially 24/7 markets, with broad bipartisan support and White House backing.
• Market structure legislation, championed by Chairman French Hill and others, aims to define clear regulatory jurisdictions and approval processes, replacing prior uncertain frameworks.
• These legislative moves are designed to provide predictable rules for exchanges, trading platforms, and new financial market infrastructure integrating crypto assets.
• The administration emphasizes fast, tech-speed progress to get bills enacted before August.

Takeaway: Successful enactment of GENIUS and market structure bills will likely enhance regulatory clarity, increase market confidence, and pave the way for institutional adoption in the U.S.

3. Support for Builders and the Solana Ecosystem

• The administration highlights the importance of protecting developers through legislation like the Blockchain Regulatory Clarity Act to ensure innovation stays in the U.S.
• SEC leadership encourages builders to engage openly to gain regulatory certainty, marking a shift away from previous aggressive enforcement actions.
• Solana Foundation’s national innovation campuses and ecosystem growth are praised as examples driving U.S.-based developer engagement.
• The administration sees the modernization of financial infrastructure, through blockchain and tokenization, as key to evolving from archaic, opaque money transfer systems.
• Emphasis on U.S. dollar-backed stablecoins as foundational to future financial system upgrades.

Takeaway: U.S. regulatory policy is becoming more supportive of crypto builders, which may accelerate growth and innovation within the Solana ecosystem and beyond.

4. Federal Bitcoin Strategy and Strategic Bitcoin Reserve

• The U.S. government has committed to treating Bitcoin as digital gold, exemplified by the creation of the Strategic Bitcoin Reserve (SPR).
• The President’s executive order prohibits selling Bitcoin from government holdings and explores revenue-neutral ways to accumulate more Bitcoin.
• Inter-agency collaboration is ongoing to finalize practical mechanics for increasing government Bitcoin reserves without taxpayer cost.
• The U.S. aims to lead global acceptance of Bitcoin, viewing it as a unique commodity with intrinsic value.

Takeaway: Federal support for Bitcoin accumulation and recognition as a strategic asset signals long-term bullish institutional endorsement.

5. Real-World Assets (RWAs) and Financial Market Integration on Solana

• The administration views tokenization of real-world assets on-chain as entering an implementation phase, where traditional financial institutions seek ways to adopt blockchain tech.
• Examples include U.S. equities launching on Solana (via Kraken), and credit managers partnering with Solana-based protocols.
• New regulatory clarity will facilitate integration between legacy markets and crypto infrastructure, attracting traditional market players.
• The clearing of regulatory uncertainty encourages more collaboration between crypto builders and traditional financial entities.

Takeaway: Solana’s growing role as a platform for tokenized securities and RWAs positions it strongly in bridging traditional finance and crypto innovation.

6. Industry Collaboration and Momentum Around Regulation

• Bo Hines expressed surprise and optimism about how industry groups have united, especially support from major trade associations for the GENIUS Act.
• This cross-industry cooperation is seen as a positive sign that the U.S. crypto ecosystem has matured and can effectively shape policy together.
• Continued collaboration into market structure legislation is critical for ensuring balanced innovation protection and regulatory clarity.

Takeaway: Increased unity among industry stakeholders reduces regulatory friction risks and may accelerate constructive policy outcomes in the U.S.

Overall Investment Implication:
The talk highlights a pivotal moment where clear, consistent U.S. crypto regulation is within reach, legislative frameworks like GENIUS and market structure bills are advancing rapidly, and ecosystem builders—including on Solana—stand to benefit significantly from favorable policy and increased institutional adoption. Investors should watch for policy milestones in the coming months that could act as catalysts for Solana and the broader U.S. crypto market.

Overview

• Kishi is a fast-growing, legally authorized US prediction market platform expanding into broad event types like politics, sports, and culture.
• The company overcame significant regulatory hurdles, highlighting the importance of legal clarity for innovative financial products.
• Strategic partnerships with brokers like Robinhood and Webull enhance mainstream distribution and user adoption.
• Deep integration with Solana supports crypto payments, on-chain transparency, and future decentralized financial product innovation.
• Evolving prediction markets are poised to become mainstream financial and media tools, offering substantial growth and diversification opportunities for investors.

Speakers

• Kyle Samani, Co-founder at Multicoin Capital
• Tar (Tarek Mansour), Co-founder and CEO at Kishi (largest U.S. prediction market)

1. Origins and Growth of Kishi Prediction Markets

• Kishi was founded in 2019 out of MIT with roots in traditional finance, inspired by demand at Goldman Sachs and Citadel for event-based exposure (e.g., elections, Brexit).
• Prediction markets provide direct, accessible pricing on future events (politics, economics, sports, culture) unlike traditional indirect and costly methods.
• After a lengthy 3.5-year regulatory battle, Kishi legally launched in late 2020 and is now one of the fastest-growing companies in America.
• Market volumes fluctuate seasonally with political events dominating election years, financial events, sports, and growing cultural markets.
• Kishi is expanding into culturally relevant markets like music and pop culture to reach a broader audience.

Takeaway: Kishi’s rapid growth and broadening market offerings position it as a potentially large and mainstream financial market platform with diversified event exposure.

2. Regulatory Journey and Legalization Impact

• Kishi’s growth was enabled by relentless efforts to navigate and eventually win legal battles to operate prediction markets in the heavily regulated U.S. environment.
• The company had to sue the government to enable election markets, highlighting ongoing regulatory challenges in novel financial products.
• Kishi’s journey parallels the evolving regulatory landscape for crypto, reflecting broader acceptance of innovative financial systems.
• Legalization has driven mainstream press coverage and institutional adoption, with events like the 2024 U.S. election marking turning points in legitimacy and user engagement.

Takeaway: Regulatory clarity and acceptance remain critical drivers for the success of innovative financial protocols like Kishi, influencing market confidence and user adoption.

3. Strategic Partnerships and Distribution Expansion

• Kishi has launched partnerships with brokers like Robinhood and Webull, integrating prediction markets into widely used retail trading platforms.
• A dozen more brokerage integrations are in the pipeline, aiming for broad distribution within mainstream financial apps by 2026.
• Embedding prediction markets into apps where users already manage retirement and investment accounts is accelerating adoption.

Takeaway: Collaboration with mainstream financial brokers expands Kishi’s user base and liquidity, enhancing network effects and potential market size.

4. Kishi’s Crypto Ecosystem Integration and Solana Adoption

• Kishi is increasingly integrating crypto components, accelerating payments infrastructure and stablecoins adoption.
• Recently launched Bitcoin and Solana deposits, reflecting a focus on Solana as a trader-friendly and developer-supportive ecosystem.
• Plans include wallet access to tap on-chain liquidity and eventually posting transactions on blockchain for transparency.
• Envisions building an on-chain application layer allowing other developers to create new products leveraging Kishi’s market data, with Solana’s ecosystem as an ideal foundation.
• Regulatory licenses (DCM and DCO) currently require traditional clearing houses but expect eventual hybrid on-chain clearing infrastructure pending regulatory comfort.

Takeaway: Kishi’s growing Solana integration and vision of transparent, on-chain prediction-based financial products could drive ecosystem network effects and innovative DeFi use cases.

5. Market Dynamics and User Engagement Shifts

• Legalization combined with key election prediction success demonstrated market power, e.g., outperforming mainstream polls and attracting 7% of the global population on election night.
• Prediction markets appeal not only to traders but casual users interested in politics, sports, culture, and finance, broadening the total addressable market.
• Growing acceptance and mainstream press coverage have created a new regime of user trust and curiosity.

Takeaway: Increasing legitimacy and broad demographic appeal suggest substantial user growth potential and mainstream adoption.

6. Evolution of Prediction Market Structures and Future Innovation

• Currently dominated by simple yes/no contracts, but Kishi anticipates offering more structured and varied trade types for nuanced exposure (e.g., weather derivatives, company-specific outcomes).
• New product structures and features expected by Q3/Q4 2025, with substantial innovation planned into 2026.
• Prediction markets may evolve into complex financial instruments and tools for trading opinions on a vast range of future scenarios.

Takeaway: Product innovation expanding beyond simple contracts will be crucial for capturing deeper market liquidity and complex hedging or speculative demand.

7. Prediction Markets as a New Form of Financial Media and Entertainment

• Kishi’s CEO views prediction markets as the next evolution of financial markets, applying free-market dynamics to the pricing of future events.
• These markets intertwine with media by providing dynamic sentiment data, potentially gamified like stock trading platforms to increase user engagement.
• The transformation from mere curiosity-driven bets to mainstream financial assets capturing broad societal insights is anticipated.

Takeaway: Prediction markets could become essential media assets influencing how society comprehends and reacts to future events, amplifying their value beyond trading.

Overall investor takeaway:
Kishi’s authorized and rapidly growing prediction market platform, combined with its early and deep integration into the Solana crypto ecosystem and mainstream financial brokers, positions it at the intersection of regulatory innovation, user adoption, and on-chain financial product development—making it a strategic project to watch within Solana’s expanding DeFi and crypto landscape.

Overview

• Anchorage Digital offers a highly regulated platform enabling secure institutional participation in digital assets like Solana.
• Porto, Anchorage’s self-custody app, bridges institutions with DeFi using enhanced security and transparency tools.
• Innovative smart contract wallets on Solana enhance transaction transparency, reducing risks from unauthorized or unexpected trades.
• Anchorage’s infrastructure supports billion-dollar institutional activity, positioning Solana as a leading network for institutional DeFi.
• These developments are likely to increase institutional capital inflows, boost ecosystem growth, and improve token utility on Solana.

Sergio Melo

Head of Stablecoins, Anchorage Digital

1. Anchorage Digital's Institutional Platform and Licensing

• Anchorage Digital holds multiple regulatory licenses, including from the OCC (U.S. bank regulator), Singapore MPI, and New York DFS, enabling it to offer custody, trading, staking, and on-chain governance services securely to institutions.
• The company is focused on providing a compliant and regulated platform tailored for institutional participation in digital assets.

Takeaway: Anchorage Digital's strong regulatory foundation enhances institutional trust and is likely to drive more institutional capital into Solana and other digital assets.

2. Bridging Institutions and DeFi with Porto

• Porto is Anchorage Digital’s self-custody app designed for institutions to safely engage with DeFi, using the same security and transparency infrastructure Anchorage offers for custody.
• Porto enables institutions to interact with DeFi similarly to retail wallets (e.g., Phantom, MetaMask) but with added institutional-grade security and control.
• This product addresses the critical gap between institutional investors and the DeFi ecosystem, which is poised for growth with increasing regulatory clarity.

Takeaway: Institutional access to DeFi via Anchorage’s Porto could accelerate capital inflows into Solana’s DeFi projects, enhancing ecosystem liquidity and growth.

3. Enhancing Transaction Transparency and Security on Solana

• Anchorage leverages Solana’s smart contract wallet capabilities to create ring-fenced wallets that restrict operations to certain transaction types, assets, and time frames.
• The platform ensures users have full visibility into the effects of transactions before signing, reducing risks of unexpected losses—a problem highlighted by a recent $1.5 billion exchange hack due to lack of transaction transparency.
• Anchorage’s solution integrates features like quorum approvals and biometric authentication, coupled with secure hardware security modules (HSMs), delivering high-security institutional tools on Solana.

Takeaway: Improved transaction transparency and security through Anchorage’s tools mitigate risks in institutional trading on Solana, potentially increasing institutional confidence and volume on the network.

4. The Future Outlook for Institutional Engagement on Solana

• With Anchorage’s regulated infrastructure and Solana’s smart contract wallet capabilities, institutions can now safely transact billion-dollar volumes on Solana.
• This infrastructure positions Solana as a prime network for institutional DeFi and digital asset activities, supporting the anticipated convergence of DeFi growth and institutional participation.

Takeaway: Anchorage’s institutional-grade infrastructure could significantly boost Solana’s appeal to large investors, accelerating ecosystem development and token utility.

Overall, Sergio Melo’s talk emphasized Anchorage Digital’s role in securely bridging institutions and DeFi on Solana, highlighting regulatory compliance, unique tools for transaction transparency, and smart contract wallet functionalities that together enhance Solana’s suitability for institutional investors.

Overview

• USDG is a US dollar-backed stablecoin issued via an open Global Dollar Network that shares issuance economics broadly among partners.
• Regulatory clarity and alliance-based stablecoin issuance models are driving the next wave of enterprise on-chain dollar adoption.
• Adoption strategies focus on distributing yield incentives across platforms, targeting both retail DeFi users and traditional finance customers.
• The market is consolidating around trusted issuers like Paxos, with collaborative issuance models enabling scale and regulatory compliance.
• For investors, USDG’s approach and expanding partner ecosystem position it as a key driver of capital inflow and user growth in the Solana ecosystem.

Speakers

• Sergio Mello and Walter Hessert, representatives involved in USDG and the Global Dollar Network, with Paxos being the issuer partner highlighted.
• Jack Kubinec, host/moderator of the discussion at Accelerate 2025.

1. Overview of USDG and the Global Dollar Network

• USDG is a globally regulated, US dollar-backed stablecoin issued through an open network called the Global Dollar Network.
• Partners in the network, including Paxos, Anchorage Digital, Robinhood, and Kraken, collectively use, distribute, and hold USDG.
• The network redistributes over 95% of the economics derived from USDG issuance back to partners, differing from legacy stablecoin models dominated by issuers.
• Partnership is open with no exclusivity; members may run or pair USDG alongside other stablecoins.
• The network includes a range of participants from startups to established global financial institutions, motivated by more transparent economic sharing and regulatory compliance.

Takeaway: USDG’s unique open partnership model redistributes economics widely, potentially enabling faster adoption across diverse platforms in the Solana and broader crypto ecosystem.

2. Market Context and Stablecoin Evolution

• Stablecoins have experienced a regulatory "boring" phase recently, but new legislation (e.g., Genius Act) and regulatory openness in jurisdictions like Hong Kong are creating a second era.
• The next phase for stablecoins focuses on enterprise adoption, bringing trillions of dollars of traditional money supply (M2) on-chain safely and compliantly.
• Existing models (USDC, USDT) have strong incumbency but are challenged by USDG’s approach that incentivizes distribution and issuing partners.
• Issuing a new stablecoin independently is complex and challenging, which makes alliance-based issuance attractive to large players.
• Examples like Binance USD (BUSD) show regulatory challenges can abruptly affect stablecoin availability and competition.

Takeaway: Regulatory clarity and alliance-based stablecoin models are key to scaling institutional on-chain dollar liquidity, impacting how capital flows in the broader Solana ecosystem.

3. Adoption Strategy and User Incentives

• Adoption by end users depends heavily on incentives such as shared yield or liquidity incentives passed down from stablecoin issuers and network partners.
• Users are motivated by the economic benefits distributed via platform yields; USDG aims to decentralize these benefits to partners and end users instead of central issuers.
• Target users extend beyond DeFi self-sovereign retail to include intermediated users through wallets and fintech apps that onboard traditional finance customers onto crypto rails.
• USDG is positioned to be integrated into a range of applications from trading platforms like Robinhood to traditional brokers such as Kraken, expanding reach to millions of users.

Takeaway: USDG’s model to share yield rewards through distribution partners could increase stickiness and adoption, potentially driving user growth on Solana-based and cross-chain platforms.

4. Competitive Landscape and Future Outlook

• Large banks (Bank of America, Citi, etc.) are exploring launching their own stablecoins, driven by regulatory progress and the need to remain competitive in a digitized finance landscape.
• The stablecoin issuance market is moving toward consolidation, with a few trusted issuers like Paxos and partner networks likely to dominate due to the complexity of issuance and distribution.
• The dual white-label stablecoin approach (multiple brands on a shared issuance/backbone) is emerging as a practical alternative to large entities managing their own issuance.
• USDG and the Global Dollar Network represent a model where issuance is centralized on trusted infrastructure but rewards and distribution are decentralized across a growing ecosystem.
• Collaboration between traditional financial institutions and crypto-native platforms is expected to accelerate as stablecoins proliferate in regulated contexts.

Takeaway: Consolidation around trusted stablecoin networks like USDG may drive more robust institutional utility and integration into the Solana ecosystem, enhancing the network’s economic value.

Summary

This Fireside Chat detailed the USDG stablecoin issued by Paxos and its Global Dollar Network alliance, emphasizing its open, economic-sharing model designed to accelerate enterprise stablecoin adoption on-chain amid evolving global regulatory environments. The discussion highlighted how USDG differentiates itself by distributing rewards widely among partners, targeting not just retail crypto users but mainstream financial institution customers onboarding to blockchain networks. The speakers noted the challenging competitive stablecoin landscape, with new bank-backed initiatives and regulatory shifts driving market consolidation and innovation. For investors in Solana and broader crypto ecosystems, USDG’s growing network of partners and regulatory alignment may catalyze significant capital inflows and user growth on-chain, marking an important trend in crypto finance evolution.

Overview

• Stablecoins are rapidly growing beyond fiat conversion, with increasing on-chain use and transaction volumes.
• Dynamic enables seamless multi-chain, wallet-agnostic stablecoin payments, facilitating real-world usability.
• Embedded wallets improve user experience by abstracting key management, aiding adoption in emerging markets.
• Mass adoption is driven by improved usability through embedded wallets and MPC technology.
• Scalable, flexible infrastructure around stablecoins and wallet integration presents strong investment opportunities in Solana’s ecosystem.

Ellie Faresi

Ellie Faresi, former founder of Bellow and current lead of wallet infrastructure and embedded wallet team at Dynamic.

1. Growing Interest and Usage of Stablecoins

• Shift in market conversations from simply converting fiat to stablecoins to exploring broader use cases of stablecoins.
• Stablecoin market up over 48% in the past year, with $239 billion transacted on-chain.
• Increasing number of on-chain addresses and transaction volumes signaling rapid adoption.
• Regulatory changes combined with mature infrastructure (fast transactions, reliable on/off ramps, lending/borrowing products) fueling stablecoins as a destination for funds, not just a bridge.

Takeaway: The stablecoin ecosystem on Solana and other blockchains is experiencing significant growth and evolving beyond mere fiat conversion, indicating expanding use cases and adoption.

2. Dynamic’s Role in Enabling On-Chain Money Use

• Dynamic has engaged with 100+ fintech, wallet, and payment companies, listening to their needs for stablecoin integration.
• Focus on making stablecoins easy to hold, spend, and integrate within apps, enabling real-world usage.
• Example: Stripe’s integration with Dynamic allows merchants to accept payments from any chain and wallet, offering unparalleled user choice.
• Emphasis on letting users and merchants transact seamlessly with familiar wallets like Phantom.

Takeaway: Infrastructure providers like Dynamic that enable multi-chain, wallet-agnostic stablecoin payments are key infrastructure plays supporting broader crypto adoption on Solana.

3. Secure Holding and Use Cases for Stablecoins

• Collaboration with companies like Actual to facilitate global contractor payments using stablecoins.
• Embedded wallets that abstract private key management for end users improving user experience.
• Enabling same-day invoicing and flexibility to stay on-chain or off-ramp immediately.
• Important use case in regions facing hyperinflation, highlighting stablecoins’ real-world financial utility.

Takeaway: Stablecoins on Solana are practical, especially in emerging markets, supported by wallet infrastructure that removes complexity for users and businesses managing international payments.

4. User Experience and Mass Adoption Through Embedded Wallets

• Defi App example: 300,000+ users onboarded with cards and embedded wallets.
• Users can trade, game, and use other interactive features without deep crypto knowledge.
• Embedded wallets and MPC (multi-party computation) tech remove key custody barriers and improve usability.

Takeaway: Improving end-user experience through embedded wallet technology will accelerate crypto adoption and transaction volumes on Solana.

5. Strategic Insights and Market Outlook

• All major fintech CEOs are actively exploring entering the stablecoin market.
• True value in stablecoins lies in users keeping funds on-chain to access new financial products and business models.
• Builders need scalable, flexible infrastructure as user bases grow.
• Stablecoins represent new revenue streams, markets, and innovative business models unfolding now.

Takeaway: Solana ecosystem investments focused on scalable stablecoin infrastructure, wallet usability, and integrated financial products are poised to benefit from ongoing market and regulatory shifts.

Overall, Ellie Faresi’s talk highlights the accelerating adoption of stablecoins as an on-chain asset for payments, financial services, and new business models. Dynamic’s wallet infrastructure plays a critical enabling role for Solana-related projects looking to capture this expanding market. Investors should watch for innovations in embedded wallet technology, cross-chain wallet compatibility, and infrastructure scalability as key drivers of growth in the Solana stablecoin ecosystem.

Overview

• Stablecoins are evolving from generic digital dollars to branded, programmable financial tools integrated into consumer fintech applications.
• Programmable stablecoins on Solana enable customizable behavior and shared liquidity, addressing legacy banking limitations.
• Solving liquidity fragmentation and interoperability is critical to improving user experience and adoption.
• Stablecoins have vast growth potential as global dollar banking infrastructure, tapping multi-trillion-dollar underserved markets.
• Crypto-native projects like Mzero and Cast are poised to outpace traditional banks in driving stablecoin innovation and market capture.

Speakers

• Joao Reginatto, Founder of Mzero, a platform enabling businesses to launch customized stablecoins.
• Raagulan (Rags) Pathy, CEO of Cast, building a consumer-focused stablecoin bank experience.
• Anna Yuan, Moderator and host of the talk.

1. Surge in Stablecoin Launches and Motivations

• Many companies like Robinhood and Ripple launched their own stablecoins in early 2025.
• A key driver: businesses want their own branded stablecoins to differentiate and enhance consumer experience.
• Current stablecoin ecosystems are fragmented; users want simple, fiat-equivalent digital dollars without complexity like bridging or swapping.
• Cast aims to solve consumer issues by building a next-gen stablecoin bank that integrates programmable features and better payment network functionality (e.g., pre-authorizations).
• Mzero’s role is to provide a customizable platform enabling businesses to issue their branded stablecoins without fragmenting liquidity.

Takeaway: The stablecoin market is evolving beyond simple digital dollars into branded, programmable financial tools embedded in consumer applications, signaling opportunities for tailored fintech growth on Solana.

2. Evolution from Phase One to Phase Two Stablecoins as Infrastructure

• Joao highlights that traditional stablecoins like Circle’s USDC and Tether represent the first iteration focused on liquidity and broad adoption.
• The new phase emphasizes stablecoins as programmable money infrastructure—platforms for fintech builders to customize behavior without fragmenting liquidity.
• Regulatory, risk, and geographical limitations of legacy banking and payment systems create demand for programmable stablecoins.
• Customizable stablecoins on Mzero enable builders to adapt digital dollars to their needs while sharing liquidity across the ecosystem.

Takeaway: Solana-based projects leveraging programmable stablecoins can disrupt legacy fintech systems, presenting high growth potential as more businesses create bespoke financial solutions.

3. Improving User Experience and Liquidity Solutions

• Consumers do not care about the stablecoin brand; they just want to send and receive dollars seamlessly.
• Complexities like bridging, swapping, and differing stablecoin options create friction.
• Mzero focuses on building an on-chain clearing mechanism akin to banking clearing houses to avoid liquidity fragmentation.
• Liquidity management and interoperability are technological challenges that Mzero aims to solve by separating value backing from on-chain behavior.
• Cast and Mzero collaborate to improve UX around liquidity, ensuring users don’t lose value when transacting across different stablecoins.

Takeaway: Projects solving stablecoin interoperability and liquidity fragmentation issues on Solana will enhance user adoption and retention, benefiting investors through network effects.

4. Stablecoins as Global Dollar Banking Infrastructure

• Only around 5% of U.S. dollars are circulating as stablecoins compared to the overall M2 money supply, indicating vast growth room.
• Billions globally want dollar-denominated accounts but lack access to traditional banks.
• Cast’s vision is to provide dollar bank accounts globally, across 160-170 countries, bridging traditional rails and stablecoins.
• Stablecoins will enable global fintech innovation by lowering barriers to entry for dollar-based applications outside U.S.-centric banking.
• This represents a multi-trillion-dollar market opportunity beyond traditional trading or exchange use cases.

Takeaway: The expansion of stablecoins into global dollar banking on Solana represents a significant, untapped market with potential for massive scale and new user acquisition.

5. Interest Rate Impact and Future Stablecoin Growth

• Lower interest rates historically drive faster stablecoin adoption due to reduced opportunity cost.
• Many end users prioritize ease of payment over yield; builders monetize through application-specific functionalities.
• Regardless of interest rate fluctuations, stablecoins have staying power and will continue accelerating.
• The focus for builders is to compete with incumbents by offering faster, cheaper, and globally accessible financial services built on digital dollars.

Takeaway: Stablecoins’ utility extends beyond yield, ensuring demand persists even in low-rate environments, supporting long-term ecosystem growth on Solana.

6. Outlook on Major Banks Issuing Stablecoins

• Banks are expected to launch stablecoins eventually but face significant regulatory and compliance hurdles.
• Likely slow adoption in banks’ core apps due to internal bureaucracy and legacy constraints.
• Banks’ stablecoin products may remain side projects for the near term without meaningful competition to crypto-native fintech builders.
• Crypto projects and platforms like Mzero and Cast have the advantage to innovate faster and capture market share before banks effectively respond.

Takeaway: Crypto-native stablecoin projects on Solana are better positioned than traditional banks to lead the stablecoin-driven digital dollar infrastructure race in the medium term.

Overall Summary for Investors

The conversation underscores a paradigm shift in stablecoin use from generic digital dollars toward customized, programmable financial infrastructure designed for seamless global dollar banking experiences. Solana projects like Mzero and Cast exemplify this shift by solving liquidity fragmentation, enhancing user experience, and enabling fintech innovation beyond traditional finance. Investors should consider the growing demand for branded, interoperable stablecoins and the enormous potential of scaling global dollar banking on blockchain platforms when evaluating the future growth of Solana’s ecosystem.

Overview

• The Digital Dollar Project aims to future-proof the USD in a digital age, impacting stablecoin demand and Solana’s USD-based tokens.
• A U.S. CBDC may coexist with stablecoins, reshaping digital dollar markets and influencing platforms like Solana.
• CBDC design will balance privacy and security, affecting user adoption and token utility on blockchain systems.
• Private sector innovation in stablecoins is favored over government-led solutions, with evolving U.S. regulations supporting responsible crypto growth.
• Tokenization of securities and digital dollar adoption on platforms like Solana is expected within 5–10 years, creating new investment opportunities and enhancing liquidity.

Christopher Giancarlo

Former Chairman of the U.S. Commodity Futures Trading Commission (CFTC), Founder of the Digital Dollar Project

1. The Digital Dollar Project and Its Mission

• The Digital Dollar Project is a self-funded, nonprofit think tank focused on how to future-proof the U.S. dollar in a digital world.
• It aims to preserve the dollar’s reserve currency status and the core American values embedded in it, such as free enterprise and economic autonomy.
• The project studies how value will move across various digital networks, some centralized and some decentralized.
• The USD remains the overwhelmingly dominant reference for stablecoins, with 90-99% of stablecoin value pegged to the dollar.

Takeaway: The Digital Dollar Project is shaping the conversation on how the dollar and its digital forms will evolve, which will impact stablecoin demand and the broader Solana ecosystem that supports USDC and other USD-based tokens.

2. Stablecoins versus CBDCs and the Future Monetary Landscape

• Stablecoins are private financial instruments pegged to the dollar but are distinct from government-issued Central Bank Digital Currencies (CBDCs).
• The future is likely to be a "kaleidoscope" of value networks, including bank tokenized deposits, privately issued stablecoins, and potentially a U.S. CBDC.
• A CBDC could emerge in response to risks such as bank failures or stablecoin runs, offering citizens a sovereign-backed digital dollar.
• The liability distinctions matter: bank deposits are liabilities of banks; a CBDC would be a liability of the U.S. government itself.

Takeaway: The eventual introduction of a U.S. CBDC alongside stablecoins could redefine digital dollar markets and platforms like Solana that support USD stablecoins and tokenized assets.

3. Critical Design Choices for a U.S. CBDC: Privacy, Transferability, and Governance

• Commercial stablecoins have no inherent privacy protections, and government regulation on usage is expected to increase to prevent illicit activity.
• A U.S. government-backed CBDC would likely enjoy Fourth Amendment privacy protections, implying stronger privacy rights under U.S. law.
• The dollar as a brand should carry the nation’s values, including a meaningful balance between user privacy and law enforcement.
• Government nodes on blockchains could allow transaction monitoring with due cause, avoiding wholesale censorship but enabling targeted legal enforcement.

Takeaway: CBDC design will balance privacy with security concerns, affecting user trust and adoption—which in turn will influence stablecoin and token utility on Solana.

4. The Role of Private Sector Innovation and Regulatory Environment

• Giancarlo advocates for private sector-led innovation in digital dollars rather than government-led infrastructure development.
• Current U.S. legislation (e.g., the Genius Act, Stablecoin Acts) reflects a preference for private sector development over immediate CBDC deployment.
• The U.S. regulatory approach is reactive, regulating after innovation rather than before, contrasting with Europe’s proactive regulatory stance.
• The enforcement "hostility" phase toward crypto has subsided, replaced by leadership aiming to align public policy and innovation.

Takeaway: Private sector projects on Solana and elsewhere operating stablecoins and tokenized assets have regulatory latitude to innovate but should align with U.S. values and legal frameworks.

5. Impact on Banks, Systemic Risk, and Cost of Money Movement

• The current banking system is costly and inefficient, moving money globally at 2-3% of world GDP, while data moves nearly costlessly.
• Stablecoins and digital dollars will disrupt this dynamic, lowering costs and increasing transaction efficiency.
• Asset managers and private investment are early movers bringing funds on-chain to reduce costs.
• New leadership in bank regulation is needed to further enable innovation and address systemic risks.

Takeaway: Growing adoption of stablecoins and tokenized digital dollars on Solana could capture market share from legacy banking systems, reducing costs and enabling new financial products.

6. Predictions on Tokenization of Securities and Digital Dollar Adoption

• Within 5 to 10 years, most money movement will occur on tokenized digital networks.
• Also within 5 to 10 years, virtually all significant securities (debt, equities) will be issued and traded on-chain.
• The shift requires the convergence of digitized dollars and securities, meaning infrastructure for both must mature together.
• Historical parallels with the evolution of e-commerce suggest a 10 to 15-year horizon for widespread adoption.

Takeaway: Tokenization of securities using digital dollars on platforms like Solana is a medium-term trend that will create new opportunities for investors and increase dollar liquidity on-chain.

Overall, Christopher Giancarlo’s talk emphasizes the evolving landscape of digital dollars—including stablecoins and potential CBDCs—with critical implications on the future of payments, securities, and the role private innovation will play. For investors in Solana and its ecosystem, these developments signal growing importance and adoption of digital dollars on programmable blockchains, enabling efficient, transparent, and compliant financial infrastructures.

Overview

• Blockchain and stablecoins can drive financial inclusion by providing affordable, real-time payment solutions, especially for underbanked communities.
• Bipartisan efforts, led by Torres, aim to establish clear ethical standards and regulatory clarity, reducing uncertainty in crypto markets.
• Generational shifts may increase Democratic support for blockchain, improving policy environments for innovation.
• Clear legislation classifying digital assets is expected, which could unlock significant growth and institutional adoption.
• Policymakers are actively working to prevent overly broad regulations to protect crypto innovation and facilitate mainstream scalability.

Rep. Ritchie Torres

Congressman Ritchie Torres, a Democrat representing the Bronx — the poorest congressional district in the United States — and co-founder of the Congressional Crypto Caucus. Torres is a vocal proponent of crypto and blockchain technologies, emphasizing their social and economic potential.

1. Crypto as a Progressive Technology for Financial Inclusion

• Blockchain and stablecoins can revolutionize finance by enabling cheaper, faster, and real-time payments.
• Significant portions of Torres’s district are unbanked/underbanked and pay high fees for basic financial services.
• Crypto offers an alternative to predatory financial institutions, reducing fees for remittances and everyday transactions.
• Blockchain serves as a mechanism to protect property rights, especially in regions where corrupt governments undermine financial security.
• Stablecoins serve as a form of American soft power by increasing global demand for US treasuries.

Takeaway: Solana and related projects that focus on stablecoins and accessible payment platforms have strong socio-economic utility and may see increased adoption due to their potential for financial inclusion and global currency stability.

2. Bipartisan Advocacy and Ethical Standards in Crypto Regulation

• Torres co-leads the bi-partisan Congressional Crypto Caucus, aiming for collaboration across party lines.
• He introduced a bill banning federal officials from profiting off meme coins, inspired by concerns over presidential profiteering from meme coin sales.
• Emphasizes that elected officials should not use their office for personal gain via crypto assets.
• Advocates for clear ethical boundaries around government officials’ engagement with crypto assets.

Takeaway: Regulatory clarity and ethical standards are evolving in Washington with a bipartisan approach, reducing uncertainty for crypto projects and improving institutional trust in the ecosystem.

3. Overcoming Democratic Skepticism and Generational Divides

• Many Democrats remain skeptical about crypto but Torres stresses it should be embraced as a catalyst for human progress like other emerging technologies.
• The divide is more generational than party-based; younger lawmakers tend to be more open to blockchain.
• Educating older colleagues involves explaining blockchain’s fundamental value as a decentralized coordinator of human cooperation.
• Blockchain is framed as the foundation of Web3, which democratizes ownership and economic prosperity by lowering intermediaries’ take rates.

Takeaway: As the younger generation gains influence, the Democratic Party may increasingly support blockchain innovation, potentially fostering policy environments favorable to projects like those in the Solana ecosystem.

4. Responsible Legislative Approach and Regulatory Clarity

• Torres does not personally own or trade cryptocurrencies due to ethical concerns around insider information.
• Emphasizes that lawmakers can legislate effectively without personal asset ownership by studying and understanding complex tech.
• Advocates for regulatory clarity to replace “regulation by enforcement,” currently exemplified by SEC Chairman Gary Gensler’s approach.
• Supports legislation definitively classifying digital assets as securities or commodities, providing clear compliance guidelines.
• Such clarity would unleash growth by giving the industry the “regulatory stamp of approval.”

Takeaway: Anticipated regulatory clarity driven by bipartisan efforts could reduce legal uncertainty and unlock widespread growth for Solana-based and other crypto projects.

5. Public Advocacy and Communication Strategy in Crypto Policy

• Torres’s effective public questioning in congressional hearings (e.g., challenging SEC interpretations) is designed to clarify complex issues rather than seek media virality.
• He uses clear analogies (e.g., NFTs vs. physical collectibles) to illustrate overbroad regulatory interpretations.
• Aims to expose potentially harmful regulatory frameworks that could stifle innovation and turn many assets into regulated securities improperly.

Takeaway: Policymakers like Torres are actively shaping the narrative to protect crypto innovation from overly broad regulation, which bodes well for the ecosystem’s operational freedom.

6. Looking Ahead: Legislative Outlook and Industry Impact

• Bills relating to stablecoin regulation have passed the House; market structure legislation defining crypto asset classifications is in active development.
• Expect continued bipartisan focus on creating a legal framework that offers regulatory certainty.
• A successful market structure bill will likely accelerate industry growth and adoption substantially.
• Legislative clarity is seen as the critical next step for crypto to reach mainstream scalability and institutional adoption.

Takeaway: Legislative progress on stablecoins and market structure is at a pivotal stage that could catalyze mass adoption, positioning Solana projects that align with these regulatory frameworks for growth.

Overall Takeaway for Investors:
Rep. Ritchie Torres envisions blockchain and crypto, including stablecoins on networks like Solana, as transformative tools for financial inclusion and progressive societal impact. His bipartisan and ethical approach to regulation coupled with efforts to educate skeptical lawmakers heralds a future of more clear, supportive policies that can unleash the full growth potential of the Solana ecosystem and broader crypto markets.

Overview

• Bridge and Squads are building compliant, user-friendly stablecoin infrastructure and smart wallets on Solana, enabling seamless fiat-to-stablecoin access and payments.
• Stablecoins on Solana are evolving from crypto-native tools to mainstream financial products with broad global and enterprise adoption.
• Multiple stablecoins will coexist, balancing open-loop interoperability with closed-loop platform-specific utility, expanding use cases.
• Integration of yield and payment functions in stablecoins aims to increase user engagement and grow transaction volume.
• Stablecoins present transformative potential for global finance and cross-border payments, driving increased Solana ecosystem activity and investor opportunity.

Garrett Harper and Aadil Mamujee

Garrett Harper is the Head of Business Development and Communications at Squads, and Aadil Mamujee is the Head of Crypto at Bridge. They discuss their respective projects focused on stablecoins and financial infrastructure on Solana, emphasizing enterprise adoption and the future of stablecoins.

1. Bridge’s Role in Stablecoin Infrastructure and Financial Services

• Bridge builds APIs for stablecoin issuance, wallets, and blockchain infrastructure that simplify building financial products on top of stablecoins.
• They enable seamless switching between fiat and various stablecoins and offer virtual accounts to give non-US users access to the US financial system.
• Bridge issues its own stablecoin (USDB) that allows users to earn rewards and spend using virtual cards.
• The infrastructure supports custodial wallets and integrates on/off-ramping with stablecoins, powering global financial services and payments.
• Bridge has packaged its technology as Open Finance APIs to enable fintech developers worldwide to build on stablecoins efficiently.

Takeaway: Bridge’s infrastructure underpins a growing stablecoin ecosystem on Solana, enhancing usability and adoption by simplifying fiat-to-stablecoin conversion, which could drive network growth and demand for SOL.

2. The Evolution of Squads and Fuse with Stablecoins

• Squads began as a crypto-native multisig platform for DAOs and evolved into developing Fuse, Solana’s first smart wallet.
• Integration with Bridge transformed Fuse into a full-fledged personal finance app with virtual bank accounts and stablecoin payments.
• Fuse launched a virtual card enabling spending of stablecoin balances, further integrating yield earning and everyday utility.
• New products like Altitude offer stablecoin-native USD accounts accessible in 100+ countries, illustrating enterprise stablecoin adoption beyond crypto-native users.
• This evolution demonstrates the shift from crypto-only to mainstream financial use cases and the increasing importance of stablecoins.

Takeaway: The Fuse-Squads integration with Bridge highlights stablecoins’ transition from niche crypto tools to accessible, global payment and savings solutions on Solana, boosting ecosystem adoption and transaction volume.

3. The Market and Business Dynamics of Stablecoins

• There is an expectation of many stablecoins coexisting: some closed-loop stablecoins native to platforms and a few widely accepted open-loop stablecoins (like USDC, USDT).
• Bridge’s USDB stablecoin emphasizes transparency, trust, and compliance with reserves held by BlackRock, aiming for the highest safety standards.
• Distribution of yield from treasury-backed stablecoins is envisioned to be shared among issuers, platforms, and end-users, rather than issuers capturing the majority.
• Platforms can brand their stablecoins uniquely or present them simply as “USD” to users, balancing user experience with trust in collateral.
• Enterprise adoption is growing rapidly, including interest from major companies like Stripe and global fintech developers focusing on speed, cost, and reliability.

Takeaway: Stablecoins will diversify with distinct roles—trusted open-loop tokens for interoperability and branded closed-loop tokens for platform-specific utility—potentially expanding the use cases and value capture within Solana’s ecosystem.

4. The Future Utility and Integration of Stablecoins: Payments vs. Yield

• The vision is to blend savings and current account functions so users get yield on stablecoins while retaining liquidity for payments.
• Interoperability between stablecoins and ease of conversion to fiat are critical for broad adoption and practical usability.
• Compliance and reserve safety are paramount to build and maintain trust in stablecoin products.
• Stablecoins could replicate traditional banking services but with enhanced immediacy and global reach, especially for cross-border payments.
• Products like Fuse and Bridge APIs aim to unify yield earning with fast, global payments in one integrated experience.

Takeaway: Stablecoins on Solana may become comprehensive financial tools that merge payment and investment functions, increasing stickiness and user engagement, driving higher transaction volume and ecosystem utility.

5. Broader Impact of Stablecoins on Finance and Global Payments

• Stablecoins represent a transformational shift in money movement comparable to WhatsApp’s impact on telecommunications—enabling instant, low-cost, cross-border transactions.
• Current banking and regulatory frameworks may resist at first but are expected to adapt and find new revenue models around stablecoins.
• By lowering friction and cost, stablecoins empower new financial products and access globally, including underserved markets.
• The “internet capital markets” concept: combining API infrastructure like Bridge’s and open finance rails fosters innovation and verticalized finance solutions akin to the Shopify model in e-commerce.
• This creates a dynamic and experimental landscape with many new entrants and increased competition but also expanded opportunity for builders worldwide.

Takeaway: The stablecoin infrastructure on Solana could catalyze a significant shift in global finance, expanding the addressable market and unlocking new forms of value capture within the ecosystem and beyond.

Overall Investor Summary:
The talk highlights how Bridge and Squads are driving stablecoin adoption on Solana by creating easy-to-integrate, compliant, and innovative stablecoin infrastructure and financial products. The shift to stablecoin-native services, rapid enterprise adoption, and growing global payments use cases position Solana for substantial ecosystem growth and increased utility. Investors should watch these developments for potential increases in network activity, demand for SOL, and broader market expansion tied to stablecoin-driven financial products.

Overview

• Moonpay’s ecosystem integrates wallet infrastructure, stablecoin APIs, and crypto payment processing to drive mainstream adoption.
• Helio’s Solana-based payment platform offers low fees and instant settlements, targeting rapid merchant onboarding.
• Iron’s Mastercard partnership bridges stablecoins with traditional payments, emphasizing regulatory compliance and trust.
• US regulatory clarity and institutional involvement are expected to catalyze stablecoin market expansion significantly.
• Tokenization of real-world assets and Moonpay’s global growth strategy signal strong long-term investor potential.

Panel Speakers

• Ivan Soto-Wright, CEO of Moonpay
• Stein, Founder of Helio (acquired by Moonpay)
• Omid Aladini, Co-founder and CTO of Iron (acquired by Moonpay)

1. Unified Vision for Crypto Adoption Under Moonpay

• Moonpay's goal is mainstream adoption of crypto through a multi-company ecosystem.
• Iron focuses on stablecoin infrastructure and API-driven solutions for businesses.
• Helio provides crypto payment processing, enabling merchants and creators to accept digital currencies.
• Moonpay emphasizes creating seamless user experiences by integrating wallets with traditional financial rails.
• Strategy aims to onboard crypto-native and mainstream merchants by making crypto payments cheaper and faster than traditional options like Apple Pay.

Takeaway: Moonpay’s acquisition and integration strategy positions it as a leading infrastructure provider catering to both crypto-native and traditional merchants, supporting growth in crypto adoption.

2. Helio’s Crypto Payments and Merchant Adoption

• Helio is described as the "Stripe of crypto," enabling quick integration of crypto checkouts, mostly accepting USDC.
• Charges only 1% fees vs. Stripe’s typical 3%, offering cost savings and instant settlement.
• Focused initially on crypto-native merchants with over $1.5B transacted and 6,000 merchants onboarded.
• Working on bridging the gap to mainstream merchants by integrating traditional payment systems.
• Solana is Helio’s primary blockchain for payments due to speed and low cost, with support for multiple blockchains.

Takeaway: Helio’s scalable payment infrastructure on Solana and beyond lowers merchant fees and accelerates adoption, signaling strong growth potential in crypto payments.

3. Iron’s Stablecoin Infrastructure and Mastercard Partnership

• Iron provides API solutions for stablecoin transactions, supporting virtual accounts and seamless on/off-chain money movement.
• Partnership with Mastercard is a significant step, creating bridges between crypto stablecoins and traditional payment networks.
• This alliance aims to make stablecoin spending more accessible and integrate crypto wallets with everyday payment methods.
• Iron’s platform is versatile, designed to serve banks, wallets, PSPs, and enterprises handling regulated payments.
• Investment in regulatory clarity is key to building trust and enabling wider adoption.

Takeaway: Iron’s Mastercard partnership and regulatory-friendly API establish Moonpay as a central player in stablecoin infrastructure, likely accelerating real-world crypto use.

4. Regulatory Environment and Market Implications

• The Genius Act and legislative moves could usher in clearer regulation around stablecoins in the US.
• Major banks (JP Morgan, Citi, Bank of America) are preparing to launch a unified digital dollar, increasing competition.
• Moonpay welcomes traditional banking entrants as it legitimizes the space and fosters trust.
• Regulatory clarity will enable more institutions to join, expanding the stablecoin market dramatically.
• Stablecoins have already seen over $28 trillion in transactions, surpassing traditional card networks’ volume.

Takeaway: Potential US regulatory reforms and institutional participation signal a massive scaling opportunity for stablecoins and crypto payments in the near term.

5. Multi-Chain Strategy and Solana’s Role

• Helio has strong roots in Solana, with 80% of its $1.5B transactions processed on Solana due to its speed and low fees.
• The strategy is to support multiple blockchains pragmatically to capture wider market share.
• New Solana-native initiatives like Ledger hardware wallet integration demonstrate growing ecosystem strength.
• The panelists expect wallets to replace traditional bank accounts in the future, converting crypto wallets into full-stack financial tools.
• Emphasis on developer enthusiasm and reduced complexity in Solana as drivers of ecosystem growth.

Takeaway: Moonpay and Helio’s deep integration with Solana’s ecosystem leverages Solana’s strengths, supporting its steady rise as a leading chain for payments and wallet-based finance.

6. Tokenization of Real-World Assets and Market Outlook

• Solana DEXs hit 9% of US equity market volume at their peak, showcasing crypto’s growing influence.
• Tokenization of public equities and real-world assets is highlighted as a key future development accelerating crypto liquidity.
• Industry insiders predict crypto market liquidity could surpass traditional equity volumes by 2030 or sooner.
• The combination of stablecoins and tokenized assets could deliver comprehensive financial products on-chain.
• Tokenizing brand IP and creating community loyalty via tokens is emerging as a new commerce trend (e.g., Doodles and “Dudes” tokens).

Takeaway: Asset tokenization on Solana and beyond could unlock vast financial markets on-chain, expanding use cases and investment opportunities.

7. Final Ambitions and Year-Ahead Outlook

• Moonpay aims to ensure innovation stays onshore in the US with regulatory compliance as a priority.
• The company targets scaling the acquired businesses (Helio and Iron) to real market sizes.
• Geographic expansion beyond the US and Europe is a focus, delivering stablecoin and asset tokenization products globally.
• Focus on delivering user-friendly, seamless product experiences remains central.
• Continued partnerships and ecosystem integration will be critical to driving the “wallet as bank” vision.

Takeaway: Moonpay’s concerted focus on product excellence, regulatory alignment, and global reach positions it well for substantial growth and impact by the end of 2025.

Overall Investor Summary:
Moonpay is developing a comprehensive crypto financial ecosystem combining wallet infrastructure, stablecoin payment APIs, and multi-chain support spearheaded by Solana integration. Its collaborations with Mastercard and expansion into mainstream merchants position it to capitalize on growing stablecoin volumes and regulatory clarity expected in the US. The company’s focus on user experience, regulatory compliance, and real-world asset tokenization signals strong growth potential in crypto adoption and market expansion over the next two years.

Overview

• Frank Muller melds luxury watchmaking with blockchain culture, emphasizing innovation and emotional value.
• The brand pioneered crypto-themed watches, demonstrating early faith in blockchain's lasting cultural and financial impact.
• The limited edition Solana watch links physical craftsmanship to the blockchain with unique QR codes and wallet integration.
• This collaboration enhances Solana’s brand prestige and community identity, targeting crypto-wealthy luxury consumers.
• Continued partnership signals broader luxury market engagement with blockchain, potentially boosting Solana’s mainstream growth.

Erol Baliyan, Frank Muller

Erol Baliyan, representing the luxury watch brand Frank Muller, presented at the Solana Accelerate 2025 conference from Dubai, showcasing the brand’s fusion of horology and blockchain technology through collaboration with the Solana ecosystem.

1. Frank Muller’s Legacy and Philosophy on Time

• Frank Muller transforms timekeeping into art, emphasizing the emotional and cultural significance of time.
• The brand is renowned for pushing watchmaking boundaries with innovative designs like the Crazy Hours, the Masterpiece Eternitas, and record-breaking tourbillons.
• The philosophy is that watches are more than instruments; they tell stories about heritage, style, and identity.

Takeaway: Frank Muller’s strong narrative around innovation and cultural relevance illustrates how luxury brands can add significant emotional value to tech integrations, potentially attracting a new class of crypto-wealthy consumers.

2. Frank Muller’s Entry into Crypto-Inspired Watches

• The company embarked on crypto-themed watches six years ago with the pioneering Vanguard and Crypto, the world’s first functional Bitcoin watch.
• Subsequent projects included the Nakamoto watch, symbolizing a tribute to Bitcoin’s anonymous founder.
• These watches serve both as luxury items and symbolic bridges between traditional craftsmanship and blockchain culture.

Takeaway: The brand’s early commitment to marrying luxury horology with cryptocurrency signals an enduring belief in blockchain’s cultural and financial impact.

3. Launch of the Limited Edition Solana Watch

• Frank Muller announced a new limited edition Solana watch with only 1,111 units, matching the number of Solana validator nodes, highlighting deep symbolic integration.
• The watch features the innovative SpectraCode color coating in the signature Solana palette, which is durable and unique.
• Each watch dial includes a laser-engraved QR code and the owner’s public wallet address, connecting the physical timepiece directly with the Solana blockchain and wallet.
• This watch acts as a status symbol for the Solana community and an emblem of shared values between luxury and blockchain spaces.

Takeaway: This limited edition reflects a strong and symbolic collaboration that could drive wider engagement in the Solana ecosystem from luxury consumers and collectors, enhancing brand prestige and community loyalty.

4. Future Collaborations and Projects

• Frank Muller expressed commitment to continuing innovation within the Solana ecosystem through new projects.
• There is an emphasis on exploring further integration opportunities between luxury watchmaking and blockchain technology.
• The partnership is positioned as ongoing, with plans to deepen the relationship and expand product offerings linked to Solana.

Takeaway: The ongoing collaboration suggests a growing trend of luxury brands engaging with blockchain ecosystems like Solana, potentially increasing the network’s mainstream appeal and ecosystem growth.

Overall Summary

Erol Baliyan presented Frank Muller’s unique positioning at the intersection of luxury horology and blockchain, highlighting their pioneering work with crypto-inspired watches leading to a symbolic, limited edition Solana watch. This collaboration not only reinforces Solana’s strong community identity but also enhances the blockchain’s cultural cachet in luxury markets, signaling promising cross-sector innovation that could attract new investors and users to Solana.

Overview

• Institutional adoption is accelerating, driven by regulatory milestones and platforms like Fireblocks supporting over 2,200 institutions.
• Stablecoins are becoming essential for payments and cross-border transfers, representing over half of transaction volumes on Fireblocks.
• Tokenization of real-world assets is rapidly growing, with major firms and on-chain securities gaining traction.
• Crypto rails powered by stablecoins are expanding in real-world payment use cases, especially in inflation-hit regions and B2B cross-border payments.
• The Fireblocks-Solana partnership leverages Solana’s speed and scalability to enhance institutional crypto infrastructure and drive transaction growth.

Michael Shaulov

CEO and co-founder of Fireblocks, a leading institutional infrastructure provider in crypto custody and asset tokenization.

1. Mainstream Institutional Adoption and Fireblocks’ Role

• Fireblocks supports over 2,200 institutions with custody, treasury management, payments, and DeFi interactions.
• The platform processes 10-15% of all on-chain transactions across major protocols, including Solana.
• Fireblocks emphasizes its support for Solana as a key blockchain due to its speed and scalability.
• Increasing participation from traditional players such as banks, asset managers, neo-banks, and payment service providers.
• Governments’ regulatory milestones in 2025, particularly from the SEC and the GENIUS Act, are encouraging institutional adoption.

Takeaway: Institutional and regulatory acceptance is driving growth in crypto adoption, with Fireblocks and Solana positioned as pivotal infrastructure players enabling this transition.

2. Stablecoins as the Killer App for Crypto Adoption

• Stablecoin market cap grew to $230 billion from $4 billion in 2020, with $30 trillion in transaction volume last year.
• Stablecoins account for over 50% of transaction volume processed by Fireblocks, up from 30% in 2021.
• Use of stablecoins is expanding from crypto settlements to payments, cross-border transfers, and remittances.
• Around 90% of surveyed institutions are adopting, piloting, or planning stablecoin implementations within 12 months.
• Regulatory clarity and advanced blockchain infrastructure like Solana’s speed support this growth.

Takeaway: Stablecoins are becoming critical for mass adoption, particularly in payments and cross-border use, with Solana’s blockchain playing a central role.

3. Growth in Tokenization of Real-World Assets (RWA)

• Tokenized financial assets are gaining traction, facilitated by stablecoin settlement capabilities.
• There has been a 183% increase in adoption of tokenized money market funds since early 2025.
• Large firms like BlackRock are actively involved in tokenized asset markets, supported by Fireblocks’ infrastructure.
• Securities such as bonds, equities, and money market funds are increasingly moving on-chain.
• Tokenization is perceived as a new wave following the stablecoin boom, offering greater financial product programmability.

Takeaway: The tokenization trend presents new avenues for on-chain investment, backed by institutional adoption and Solana’s scalable platform.

4. Use Cases Driving Crypto Rail Adoption

• Stablecoins as a "safe harbor" in unstable economies with high inflation, especially in Latin America.
• B2B cross-border payments showing 30-40% quarterly growth via crypto rails that reduce costs and time compared to SWIFT.
• Payment startups and traditional providers (including Visa and Worldpay) adopting stablecoin infrastructure.
• Specific companies leveraging Fireblocks’s infrastructure for real-world payments, such as Starlink collections in Latin America.
• Emphasis on speed, security, compliance, and programmability as foundational to greater adoption.

Takeaway: Real-world payment and remittance use cases are driving rapid adoption of crypto rails, with Solana-enabled stablecoins at the center of this evolution.

5. The Fireblocks-Solana Partnership

• Fireblocks is heavily investing in bringing tokenization capabilities to Solana.
• USDT on Solana has become a widely used stablecoin within Fireblocks’ network.
• Solana’s blockchain speed and capabilities help address previous concerns of crypto infrastructure slowness or costliness.
• The partnership supports significant transaction flow growth and institutional adoption.

Takeaway: Fireblocks and Solana’s collaboration strengthens Solana's position as a leading network for institutional use cases, driving transaction volume and ecosystem growth.

Overall Investor Summary:
The talk highlights the rapid institutional adoption of crypto driven by regulatory clarity and infrastructure maturity, with stablecoins and tokenized assets as focal growth areas. Solana’s blockchain, via its partnership with Fireblocks, is emerging as a key enabler of high-speed, compliant digital asset settlement and tokenization, positioning it well for continued mainstream adoption and market expansion.

Overview

• Bipartisan legislation like the Genius Act is advancing to provide legal clarity for stablecoins and overall crypto innovation.
• Stablecoin regulation is key to modernizing payment systems and reinforcing U.S. dollar dominance, benefiting projects on Solana.
• Complementary market structure reforms aim to create a comprehensive, investor-friendly crypto regulatory framework.
• U.S. focus on opposing CBDCs in favor of private sector innovation supports decentralized networks like Solana amid global geopolitical risks.
• Improved White House engagement and a collaborative regulatory environment enhance growth prospects and investor confidence in Solana’s ecosystem.

Panel Speakers

• Senator Rick Scott (Florida)
• Senator Bill Hagerty (Tennessee)
• Congressman French Hill (Chairman of the House Financial Services Committee)
• Moderator: Kristin Smith

1. Importance of Bipartisan Legislation for Crypto Innovation

• The Genius Act, focused on stablecoins, is highlighted as the rare bipartisan bill currently advancing in Congress.
• Successful passage of clear legislation is critical to provide legal certainty that allows innovation without regulatory risk.
• Senators Scott and Hagerty emphasize the need for bipartisan support to prevent regulatory swings based on election outcomes.
• Congressman Hill draws parallels to the 1996 Telecommunications Act, urging not to "mess up" blockchain innovation and seize the transformational moment for Web 3.0.

Takeaway: Progress toward bipartisan crypto legislation signals reduced regulatory uncertainty and a more stable environment for innovation and investment in the U.S. crypto ecosystem.

2. The Genius Act and Stablecoin Legislation

• The Genius Act aims to create the first regulatory framework for stablecoins in the U.S., modernizing the archaic payment system by using blockchain technology.
• Stablecoin legislation is viewed as a crucial step toward maintaining dollar dominance globally and stimulating demand for U.S. treasuries.
• Passing this legislation has required overcoming strong opposition, mainly from Senator Elizabeth Warren and allies who favor centralized control.
• Industry engagement has been vital to secure Democrat votes and bring the bill to the Senate floor.
• The bill has strong bipartisan support with 66 votes out of 60 needed to pass in the Senate.

Takeaway: Stablecoin regulation under the Genius Act could underpin faster, more efficient payment systems and reinforce U.S. leadership in fintech, improving Solana’s ecosystem attractiveness for projects using stablecoins.

3. Market Structure Legislation and Congressional Progress

• Congressman Hill discussed complementary market structure legislation aimed at supporting the overall digital asset ecosystem.
• The House passed an earlier version with bipartisan support, and a more streamlined draft is in preparation with upcoming hearings scheduled for June 4th.
• The market structure bill is intended to dovetail with stablecoin laws to provide a comprehensive framework for crypto markets.
• Collaboration with bipartisan senators, including Cynthia Lummis and John Boozman, is strong, as is engagement with the Senate Agriculture Committee.

Takeaway: Market structure reforms alongside stablecoin regulation will help establish a clearer, more efficient framework for crypto trading and custody, enhancing investor confidence and ecosystem growth on Solana.

4. National Security, CBDC Opposition, and Global Competition

• Senator Scott emphasized national security concerns with respect to crypto and digital currencies, warning against authoritarian countries (China, Russia, Iran, North Korea) seeking dominance through CBDCs.
• U.S. legislation aims to prevent the adoption of a government-controlled central bank digital currency (CBDC), favoring private sector innovation.
• The panelists stressed forming alliances with democratic countries to counterbalance adversarial regulatory regimes.

Takeaway: U.S. resistance to CBDCs and focus on private crypto innovation benefits decentralized projects like Solana, ensuring they remain competitive globally amid geopolitical tensions.

5. Improved Engagement from the White House and Regulatory Environment

• The panel highlighted a significant shift with the current administration showing strong support for crypto innovation, contrasting the prior administration’s hostility.
• White House officials such as David Sachs and Bo Hines are actively collaborating with Congress to support legislative and regulatory reforms.
• The SEC has rolled back damaging guidance and lawsuits, with a new leadership mindset that favors innovation and regulatory clarity.
• Congressman Hill underscored ongoing efforts to ban a government-issued CBDC in the House.

Takeaway: A more favorable and collaborative federal regulatory environment improves the growth outlook for Solana projects, with regulatory clarity expected to stimulate capital inflows and innovation.

6. Call to Continued Industry Engagement and Future Outlook

• The lawmakers urged the crypto industry to remain actively engaged with Congress to ensure the passage of permanent, innovation-friendly laws.
• They praised staff and advocacy efforts as critical to the legislative progress to date.
• Emphasis was placed on maintaining bipartisan certainty to keep America at the forefront in blockchain and fintech innovation.
• They expect these legislative efforts to be completed by 2025, setting a stable foundation for future growth.

Takeaway: Sustained industry advocacy combined with bipartisan legislative momentum suggests a promising regulatory framework soon, reinforcing confidence in long-term Solana ecosystem investments.

Overall Summary:
The panel at Accelerate 2025 highlighted substantial bipartisan efforts in the U.S. Congress to establish the first comprehensive regulatory framework for stablecoins and digital asset market structure, primarily through the Genius Act. These efforts, coupled with improved administration support and cautious national security considerations, aim to maintain U.S. innovation leadership in blockchain and fintech. For investors in the Solana ecosystem, these developments promise clearer regulatory pathways, enhanced payment infrastructure, and a supportive environment for decentralized innovation, collectively strengthening Solana’s market position and growth potential.

Overview

• Cross-border payments are slow, costly, and complex, especially in emerging markets, presenting major opportunities for blockchain disruption.
• Sphere uses a dual strategy, working directly with users and regulators to drive adoption of Solana-based stablecoin payments.
• Investor interest in stablecoins on Solana is driven by emerging market demand and growing institutional collaboration.
• Sphere aims to reduce trade friction, costs, and delays by offering compliant, user-friendly payment solutions.
• Successful adoption of Sphere’s infrastructure could significantly expand Solana’s transaction volume and real-world use cases.

Arnold Lee

Arnold Lee is the co-founder and CEO of Sphere, a company specializing in cross-border payment processing using stablecoins and fiat currency on the Solana blockchain. Sphere facilitates rapid and cost-efficient international payments, focusing heavily on emerging markets and complex trade scenarios.

1. Challenges in Cross-Border Payments for International Trade

• Cross-border payments, especially for international trade, remain slow, costly, and unpredictable, often taking from 2 to 10+ days for settlement via traditional systems like SWIFT.
• Real-life example of two users: Bob in Texas (seller, benefits from USD and robust legal systems) and Ahmed in Nigeria (buyer, faces long delays, high costs, and legal uncertainty).
• Delays create cascading operational expenses such as port fees, personnel costs, and financial risks from shipment delays or errors.
• Complexities arise from regulations, compliance requirements, capital controls, and documentation burdens at every stage.
• Even though blockchain and stablecoins offer improvements, onboarding, user education, compliance, and legacy financial structures remain significant hurdles to adoption.

Takeaway: While Solana-based cross-border payment solutions have strong potential to disrupt international trade finance, developers must tackle both technological and regulatory complexities to unlock broad adoption and tangible market impact.

2. Sphere’s Dual Approach: Bottom-Up and Top-Down Adoption Strategies

• Sphere actively works on the ground with emerging market importers and traders (bottom-up) to understand needs, onboard users, and educate them on blockchain payment technologies.
• Simultaneously, Sphere invests efforts in engaging sovereign entities, central banks, and local financial institutions to find acceptance for blockchain solutions and ensure regulatory compliance (top-down).
• This dual approach is necessary because end users like Ahmed struggle with technology and compliance, while governments control infrastructure and legal frameworks.
• The combination of user-friendly interfaces and embedded, on-chain compliance features aims to overcome these friction points.
• Sphere’s experience demonstrates that scaling blockchain adoption in global trade requires collaboration between technology providers, end-users, and regulators.

Takeaway: Adoption of Solana’s blockchain for trade payments depends heavily on Sphere’s ability to bridge grassroots demand with government and bank-level compliance, making the company a key infrastructure player in Solana’s cross-border payments ecosystem.

3. Market and Industry Context for Stablecoins and Solana

• Arnold recounts challenges faced in early years when stablecoins and Solana were undervalued and crypto scepticism was high following events like FTX collapse and US regional bank crises.
• Despite setbacks and skepticism from investors focused on other sectors like AI, Sphere committed to the stablecoin space based on demand observed in emerging markets.
• The interest from emerging markets underscores where blockchain-based cross-border payment solutions find product-market fit.
• Sphere collaborates with diverse organizations, from fintech startups to large sovereign and asset management entities, showcasing growing institutional interest.
• The talk encourages continued dialogue on tokenization, stablecoins, and their role in managing complex currency flows and non-traditional fiat pairs.

Takeaway: Growth in stablecoin and Solana ecosystem use cases is driven predominantly by demand in emerging markets, where traditional finance is slow and expensive; this trend may guide prudent investment focus on infrastructure players like Sphere supporting adoption.

4. The Vision: Accelerate Adoption to Reduce Trade Friction and Costs

• Sphere’s mission centers on reducing friction in international trade settlements by making payments faster, transparent, and compliant.
• The goal is to address a large, under-served market that incurs substantial costs and delays, which blockchain tech can reduce exponentially.
• The positive impact extends beyond cost savings to improving auditability, trust, and financial inclusion in difficult trade corridors.
• Education and interface design are key priorities to ensure usability for participants unfamiliar with blockchain technologies.
• The talk calls for community collaboration to push both grassroots adoption and institutional groundwork in parallel.

Takeaway: The successful acceleration of stablecoin payments on Solana for global trade could significantly expand transaction volumes and use cases, creating new value in the ecosystem and benefiting investors aligned with real-world applications.

Overall, Arnold Lee’s talk emphasizes the practical challenges and strategic approaches to making Solana-based stablecoin payments viable at scale in complex international trade environments, identifying Sphere as a pivotal player bridging technology innovation with regulatory and user realities.

Overview

• WorldPay processes $2 trillion annually and 38 million crypto transactions, bridging traditional and crypto payment worlds.
• Partnership with Solana and USDG stablecoin enables near-instant settlements, improving liquidity and capital efficiency.
• Vision to automate treasury and payroll using blockchain, aiming to move massive payment volumes on-chain with near-zero fees.
• Collaboration invites DeFi and payment innovators to integrate with WorldPay’s extensive global merchant network.
• This positions Solana as a key enterprise blockchain for scalable, real-world payment and treasury applications, signaling growth potential for investors.

Ahmed Zifsaf

Ahmed Zifsaf, Head of Crypto Partnerships at WorldPay, presenting at Accelerate 2025

1. Introduction to WorldPay and Its Crypto Role

• WorldPay is the largest payment processor globally, handling roughly $2 trillion in annual payment volume.
• The company supports both fiat and crypto transactions, processing about 38 million crypto transactions per year.
• Since 2014, WorldPay has enabled credit card payments for major crypto exchanges, facilitating roughly $6 billion in card-to-crypto transactions last year.
• Their focus is on onboarding the next billion users and billions of dollars of volume onto blockchain networks, including both crypto-native and conventional transactions.
• WorldPay serves a broad range of clients, from crypto wallets and exchanges to global retailers and airlines.

Takeaway: WorldPay’s deep integration in both traditional and crypto payments positions it as a crucial bridge for mass adoption and volume migration on-chain, particularly benefiting Solana’s ecosystem.

2. Partnership and Innovation with Solana and USDG Stablecoin

• WorldPay announced its collaboration with Solana, USDG stablecoin, and the Global Dollar Network as part of a new consortia model for stablecoin distribution.
• USDG on Solana enables near-instant settlement (T+0), drastically reducing the payout times merchants face—from up to 30 days down to same-day settlement.
• This partnership leverages stablecoins to improve liquidity, capital efficiency, and yield generation for businesses globally.
• The model emphasizes the global usability of stablecoins as a currency for payments, payroll, and treasury functions.
• WorldPay works with industry partners like Paxos and Zero Hash to ensure robust crypto infrastructure for this effort.

Takeaway: WorldPay’s support for USDG on Solana marks a major push toward scalable, real-world stablecoin adoption, which could accelerate transaction volume on Solana and showcase its strengths in payments and treasury management.

3. Vision for On-Chain Payment and Treasury Automation at Scale

• WorldPay envisions automating corporate treasury, supplier payments, and employee compensation using smart contracts combined with blockchain-native assets.
• The ambition is to migrate a significant portion of WorldPay’s vast payment volume onto blockchain, with Solana as a key infrastructure partner.
• Achieving near-zero fees and immediate settlements could drastically disrupt global cross-border payment corridors.
• Collaborations with DeFi protocols aim to optimize yield on crypto assets held by businesses.
• WorldPay aims to make blockchain adoption straightforward for legacy payment clients and large-scale merchants by demonstrating clear economic benefits.

Takeaway: The long-term roadmap of moving trillions in payments on-chain and automating treasury workflows signals a transformative opportunity for Solana as an enterprise-grade blockchain payment layer.

4. Strategic Collaboration Invitation

• Ahmed invites payment, DeFi companies, and protocol developers to engage with WorldPay for partnerships.
• The focus is on integrating new payment financing innovations and yield optimization tools with WorldPay’s client base.
• WorldPay sees itself as a gateway for crypto protocols to access global, traditional merchants and large payment volumes.
• This indicates growing openness among legacy financial incumbents to crypto innovations within the Solana ecosystem.

Takeaway: WorldPay’s role as an integrator opens doors for emerging protocols in Solana’s ecosystem to scale and diversify revenue streams through established global payment networks.

Overall Summary:
Ahmed Zifsaf’s talk highlights WorldPay’s pioneering position at the intersection of legacy payments and blockchain technology, with a strong focus on Solana and USDG stablecoin for instant, scalable payment settlements. Their vision to shift vast payment volumes on-chain and automate treasury functions could drive significant adoption and transaction volume growth on Solana, presenting promising implications for investors in the Solana ecosystem.

Overview

• Traditional financial systems are siloed and slow, while Finternet aims to create interoperable, programmable financial infrastructure akin to early internet convergence.
• Finternet’s universal financial rails enable user control over diverse asset types on scalable, adaptable public blockchains like Solana.
• Extensive research supports high-throughput, privacy, layered identity, and regulatory compliance integrated into the Finternet vision.
• Pilot implementations of layered identity and LEI integration showcase practical regulated finance use cases on Solana.
• Strong community grants and ecosystem support indicate growing momentum and developer engagement around Finternet on Solana.

Siddharth Shetty, Finternet Labs

1. Vision and Challenges of Traditional Financial Infrastructure

• Traditional financial infrastructure is built in a highly siloed and purpose-specific manner, asset by asset and country by country, causing slow development and limited interoperability.
• Interlinking these fragmented systems globally would take impractically long (potentially centuries).
• The speaker compares this initial siloed phase to the early days of the internet and smartphones, which eventually converged into programmable and interoperable platforms.
• The Finternet vision aims to accelerate this convergence for financial systems to create a programmable, user-controlled playground for all asset types.

Takeaway: The push for interoperable and universal financial infrastructure built on programmable rails could accelerate adoption and innovation in the Solana ecosystem, enhancing its long-term utility and value.

2. The Finternet Concept and Universal Financial Rails

• Finternet is based on three core ideas: user control over all types of assets (regulated, attested, user-controlled), unification of diverse assets into a common programmable playground, and building this on universal scalable rails adaptable to local sovereignty.
• Tokenization plays a central role by returning control of assets to users, replicating the simplicity and immediacy of physical cash transference but for digital assets.
• The vision encompasses regulated assets like securities, physical property rights, commodities, and digital assets, enabling provenance and transactability.
• Building highly universal and scalable rails, drawing analogy to smartphone operating systems, allows smaller countries or sectors to plug into a global financial system rather than build from scratch.

Takeaway: Finternet’s approach to scalable, programmable rail infrastructure on public chains aligns well with Solana’s high throughput capabilities, potentially driving increased on-chain activity and adoption.

3. Technological Foundations and Research Efforts

• Finternet labs have published extensive research on leveraging public blockchains, achieving billion transactions per day scaling, privacy management, private transactions on public rails, and universal interoperability.
• The team is focused on balancing regulatory compliance with innovative capability by enabling programmability depending on sector rules and user rights.
• There are initiatives around layered identity proofing to customize Know Your Customer (KYC) requirements matched to transaction risk.
• Finternet labs have set up geographic hubs in the U.S., India, and plan Switzerland and Singapore, aiming to solve global scale deployment issues collaboratively.

Takeaway: The strong research and global collaboration behind Finternet highlight a methodical and inclusive approach to building the next-gen financial infrastructure atop Solana, increasing its resilience and regulatory compatibility.

4. Pilot Use Case: Layered Identity and Legal Entity Identifier (LEI) Integration

• Demonstrated a Finternet wallet that supports importing and verifying Legal Entity Identifiers for accredited companies.
• Example use case: launching donation campaigns restricted to participants with verified LEI credentials.
• The system overlays identity verification in layers, matching risk profile to identity proofing requirements, enhancing regulatory compliance without compromising user experience.
• This flexible identity management system can be generalized to KYC across different industries and geographies.

Takeaway: Layered identity solutions integrated with Solana-based wallets can unlock complex regulated financial applications, expanding Solana’s addressable market in compliant finance sectors.

5. Community Engagement and Ecosystem Support

• A one million USD grant is offered by the Solana community to support builders experimenting with Finternet ideas.
• The Finternet initiative encourages developer participation and volunteer involvement.
• There is growing support from both public authorities and private sector participants for these concepts.

Takeaway: Community-driven funding and broad support signal momentum behind Finternet and related projects, suggesting increased developer activity and ecosystem growth on Solana.

Overall Takeaway for Investors: The Finternet project, led by Siddharth Shetty and Finternet Labs, aims to revolutionize financial infrastructure with scalable, interoperable, programmable rails leveraging tokenization and layered identity built on public blockchains. This vision aligns closely with Solana’s technology stack and community, potentially driving robust ecosystem expansion, increased on-chain activity, and diversified real-world use cases that enhance Solana’s growth and investment appeal.

Overview

• Traditional payment systems are slow, costly, and inefficient, highlighting a clear need for blockchain innovation.
• Payi aims to enable instant, free, and universal payments, addressing global settlement delays and costs.
• Built on Solana for speed and low fees, Payi offers a modular, interoperable stack supporting stablecoins and credit acceleration.
• The platform promotes financial inclusion by providing retail users access to real-world yield opportunities.
• Payi’s vision could position Solana as a foundational network for modernizing global money movement and creating long-term value.

Richard Liu

Founder of Huma Finance and speaker on Payi at Accelerate 2025 Solana Conference

1. The Problem with Current Money Movement Systems

• Traditional money movement is slow, costly, and inefficient compared to other essential resources like air or water which flow freely and instantly.
• Payment systems today involve delays: merchants and suppliers often face 30-90 day payment terms, causing cash flow problems.
• Remittances and cross-border payments are slowed by multiple intermediaries, increasing both cost and settlement time.
• Banking systems operate only during limited business hours (9 to 5 weekdays), creating bottlenecks, especially with SWIFT adding further delays.
• The New York payment hub processes quadrillions annually but is still constrained by legacy systems.

Takeaway: The current global payments infrastructure is outdated and inefficient, presenting a significant opportunity for blockchain-based innovation to improve speed, cost, and accessibility.

2. Introduction to Payi and Its Mission

• Payi’s mission is to accelerate global money movement to create a world where payments happen freely, instantly, and universally.
• It aims to liberate businesses and individuals from long settlement times and high costs associated with current payment systems.
• The project is framed as a catalyst for economic fluidity that benefits everyone, from small merchants to migrant workers.

Takeaway: Payi is positioned as a transformational solution targeting global payment pain points, potentially driving broad adoption and value within the Solana ecosystem.

3. Payi Stack and Blockchain Integration

• Payi is built as an open stack protocol enabling interoperability between various blockchain layers and currency options.
• Solana is favored as the transaction layer due to its high throughput, low latency, and low transaction costs.
• Currency layer options include stablecoins like USDC, USDT, or USDG, allowing flexibility.
• The financing layer, where Payi leads, offers innovation in credit acceleration and cross-border payment settlements.
• One key goal is to reduce settlement time from traditional T+3/4 days to T+0 (same-day settlement) within the next 5-10 years.

Takeaway: Payi’s modular, blockchain-agnostic approach anchored by Solana’s technical advantages may accelerate adoption and enhance Solana’s role in global finance infrastructure.

4. Financial Inclusion and Yield Opportunities

• Payi also addresses financial inclusion by enabling access to yield opportunities previously reserved for institutions and wealthy investors.
• The platform intends to bring double-digit yields from real-world financial activities to the average user through Solana.
• This democratization of financial products could increase user participation and liquidity in the Solana ecosystem.

Takeaway: By opening up real-world yield opportunities to retail participants, Payi may drive increased Onboarding and capital inflow into Solana's network.

5. Broader Impact and Vision

• Payi envisions freeing users from outdated payment systems and enabling a vast range of new product experiences.
• It promotes choice and innovation across payment transaction, currency, and financing layers.
• The overall goal is to modernize global money movement infrastructure to be instant, cost-effective, open, and accessible universally.

Takeaway: Payi’s holistic approach to reengineering payment infrastructure around Solana could position the network as a cornerstone of next-generation financial systems, creating long-term value.

Overview

• Stripe launched global stablecoin financial accounts enabling businesses to hold and transact dollar stablecoins in 101 countries without local banking.
• Stablecoin-backed card issuance via Visa partnerships makes stablecoin funds globally spendable, enhancing real-world usability.
• Overcoming interoperability and user experience challenges remains critical for mainstream stablecoin adoption across networks like Solana.
• Payment feature innovation, including consumer protections and modular pricing, will shape the evolving crypto payment landscape.
• Identifying breakthrough stablecoin use cases beyond value transfer is essential, with ongoing innovation in settlement and payment solutions presenting investment opportunities.

John Egan (Stripe)

John Egan, a representative from Stripe, discusses Stripe’s recent stablecoin-focused product announcements and the broader challenges of scaling stablecoin payments in the crypto and fintech ecosystems.

1. Stablecoin Financial Accounts for Global Businesses

• Stripe launched dollar-denominated stablecoin financial accounts accessible in 101 countries, expanding to 101 countries beyond their traditional fiat presence.
• These accounts allow businesses to hold stablecoins and access U.S. and European payment rails without needing a local corporate presence or bank accounts in those regions.
• The product simplifies global operations for businesses, especially global SaaS companies, by enabling direct dollar payments and receipts on-chain.
• This solution abstracts away complexities of traditional cross-border finance by using stablecoins and blockchain rail interoperability.

Takeaway: Stripe’s stablecoin accounts significantly enhance business access to dollar liquidity globally, potentially driving increased adoption of stablecoins on Solana and other networks where Stripe supports these rails.

2. Stablecoin-Backed Card Issuance for Consumer Use

• Stripe introduced a stablecoin-backed card issuing product via partnerships with Visa and Bridge, exemplified by the Ramp partnership targeting Latin America.
• This enables businesses to spend their stablecoin balances globally using virtual or physical cards, making stablecoin funds as liquid and usable as fiat.
• The product supports the vision of “borderless” finance, removing geographic limitations and making payments seamless across countries.
• It extends stablecoin utility from simple storage to active spending—key to driving real-world usage.

Takeaway: Card issuance built on stablecoins will bridge the gap between crypto assets and everyday spending, promoting stablecoin use cases within the Solana ecosystem and beyond.

3. Overcoming Last-Mile Challenges and Need for Interoperability

• There are still significant “last mile” hurdles in making stablecoins and crypto payments mainstream, especially around usability and interoperability between blockchains and fiat systems.
• Stripe’s stablecoin financial accounts address interoperability by handling multiple networks (e.g., Solana, Ethereum) and settling down to common stablecoins like USDC.
• Wallet-level innovations are required to abstract away network complexity from end users, offering seamless experiences akin to traditional credit cards.
• Achieving simple, universal “tap-to-pay” style user experiences with crypto remains a major goal, crucial for onboarding billions of users.

Takeaway: Interoperability and user experience investments are critical for the long-term growth of stablecoins on Solana; projects addressing these could unlock massive new market segments.

4. The Future of Payment Features and Pricing Models

• Crypto stablecoin payments will need to evolve to include expected payment features like consumer protections, chargebacks, and credit issuance.
• This will introduce new cost structures; while stablecoins offer lower baseline transaction costs than credit cards, additional services will bring pricing variability.
• Modularizing payment features by transaction type (e.g., small coffee purchase vs. large cruise booking) can improve efficiency and tailor protections to needs.
• The market is still discovering what the standard pricing and service model will be for crypto payments integrated with traditional protections.

Takeaway: Expect varied and evolving pricing dynamics for stablecoin payments as new features ramp up; projects innovating modular and context-sensitive payment primitives stand to benefit.

5. Identifying Killer Use Cases and Continuing Innovation

• Although stablecoins provide access to dollar liquidity and interoperability, killer payment use cases on-chain are still emerging.
• Early excitement around NFTs as a blockchain use case highlighted the need for robust standards—in payments, such standards are not yet established.
• New creative settlement solutions, such as instant merchant funding through stablecoins (e.g., HO Finance’s approach), are on the horizon.
• Ongoing innovation is needed to unlock new practical applications beyond holding and transferring value.

Takeaway: While foundational infrastructure improves, identifying breakthrough stablecoin applications will be key for driving adoption; projects pioneering novel settlement and payment solutions on Solana represent promising opportunities.

Overall Summary

John Egan’s talk highlights Stripe’s pioneering stablecoin financial account and card issuance products designed to simplify and globalize dollar-denominated crypto payments. He underscores the importance of interoperability, user experience, and evolving payment features as central challenges on the road to mainstream crypto usage. For investors in the Solana ecosystem, these developments signal robust demand for scalable, seamless stablecoin solutions and highlight opportunities for innovation in modular payment systems and creative settlement models to drive next-stage growth.

Overview

• The Solana Policy Institute (SPI) advocates for Solana-focused policies in Washington to support innovation and regulatory clarity.
• Current regulatory changes pose risks and opportunities; SPI aims to educate policymakers to avoid unfavorable rules for Solana.
• Community storytelling and engagement are crucial to influencing effective and balanced crypto regulations.
• SPI’s vision centers on creating legal certainty while protecting consumers to foster Solana’s ecosystem growth.
• For investors, SPI’s efforts could lead to a more supportive regulatory environment, reducing risks and enhancing Solana’s adoption and value.

Miller Whitehouse-Levine

CEO of the Solana Policy Institute

1. Introduction to the Solana Policy Institute and Its Mission

• The Solana Policy Institute (SPI) was founded to serve as a dedicated, Solana-specific voice in Washington, D.C., focused on shaping policy that understands and supports Solana’s unique technology.
• The institute aims to educate policymakers on Solana’s capabilities to influence legal frameworks that promote innovation rather than hinder it.
• SPI complements existing crypto advocacy by adding a deeply technical and Solana-native perspective to policy discussions.

Takeaway: SPI’s presence in Washington is designed to secure regulatory clarity and support that could accelerate innovation and adoption within the Solana ecosystem, potentially boosting investor confidence.

2. The Current Regulatory Landscape and Its Impact on Solana

• Policymaking is at an inflection point with key legislation advancing, including stablecoin rules, market structure regulations, developer protections, and new SEC initiatives.
• Despite Bitcoin’s high name recognition, Solana and other networks remain poorly understood by many policymakers, leading to a significant education gap.
• The decisions made in this period will shape crypto’s regulatory environment for decades, affecting Solana’s future growth.

Takeaway: Increased regulatory scrutiny creates both risks and opportunities; SPI’s efforts to educate lawmakers reduce the risk of unfavorable regulations that could disrupt Solana’s development.

3. Importance of Community Engagement and Storytelling

• The most persuasive policy arguments rely on real-world examples of Solana driving value, so community members are urged to share their experiences.
• Participation in policy sessions and staying informed on legislative trends offer a competitive edge for Solana builders and projects.
• Amplifying Solana’s voice collectively strengthens the ecosystem’s influence in Washington and helps craft balanced regulations.

Takeaway: Engagement by the community can help shape better policies that improve the operating environment for Solana projects, potentially enhancing ecosystem growth and token value.

4. Vision for a Balanced Regulatory Environment

• The goal is to create rules that recognize Solana’s unique technical advantages and provide builders with legal certainty.
• A balanced regulatory framework should protect consumers while fostering innovation to enable Solana’s ecosystem to thrive.
• Success for SPI means that Solana’s full potential can be realized within the U.S., supporting the broader global digital economy.

Takeaway: Achieving a balanced regulatory environment reduces legal risks for projects and investors alike, which could promote more development and increased adoption of Solana-based solutions.

Overview

• Institutional interest in Solana is growing rapidly due to its speed, scalability, low costs, and potential to revolutionize asset tokenization.
• Solana is positioned as a key infrastructure for on-chain IPOs, drastically lowering capital formation costs and increasing investor inclusivity.
• Regulatory clarity and bipartisan U.S. policy advances are reducing risks and encouraging broader crypto adoption.
• Expanding yield-generating financial products like staking and lending on Solana enhance token attractiveness for investors.
• Long-term growth is driven by gradual institutional acceptance and Solana’s ability to integrate with existing financial systems.

Anthony Scaramucci

Founder and Managing Partner of SkyBridge Capital and SALT, veteran Wall Street investor, and current author of "Solana Rising," a forthcoming book on the Solana ecosystem.

1. Institutional Interest in Solana and Tokenization

• Institutional CTOs are actively evaluating Solana for tokenization due to its speed, scalability, low costs, and throughput.
• Current traditional settlement times (T+1 or more) on Wall Street could be drastically reduced to near real-time with Solana.
• The global cost of transaction verification is around $7 trillion, and Solana’s blockchain solutions could greatly reduce these costs.
• Solana is positioned as a key "rail system" for real-world asset tokenization (stocks, bonds), alongside other blockchain platforms.
• Regulatory clarity, including stablecoin legislation, will accelerate institutional adoption.
• The ecosystem's maturity makes it appealing to institutions nervous about job security and efficiency.

Takeaway: Institutional adoption of Solana for real-world asset tokenization is rapidly advancing, driven by operational efficiencies and expected regulatory clarity.

2. The Book "Solana Rising" and Solana’s Future Potential

• The book "Solana Rising" frames Solana as a pioneering technology moving at "the speed of light," akin to the sun as an energy source.
• Solana offers chief technology officers and institutions a compelling option for cheaper, faster, on-chain financial services.
• Analogous to how cloud computing changed IT without killing old players, Solana will transform financial infrastructure without eliminating traditional entities.
• Traditional banks like JPMorgan are cautiously embracing blockchain and cryptocurrencies including Solana, signaling gradual but inevitable integration.
• Regulatory environments and political pressures influence public corporate stances but gradual acceptance is underway.

Takeaway: Solana’s innovation combined with gradual institutional acceptance signals a foundational shift, promising long-term growth and adoption.

3. Bipartisan Regulatory Progress and Industry Dynamics

• The recent U.S. regulatory administration is praised for pursuing a bipartisan, less partisan approach to crypto regulation.
• This approach helps reduce intellectual capital and startups moving abroad due to regulatory uncertainty.
• The effort to include Bitcoin in the national reserve is structured to gain bipartisan support, reflecting a maturing political stance on digital assets.
• Regulatory developments (e.g., the executive order on Bitcoin reserves) are designed to bridge political divides and foster healthier industry growth.

Takeaway: Reduced partisan regulatory risk in the U.S. enhances the likelihood of stable, supportive environments for crypto projects like Solana.

4. On-Chain IPOs and Broadening Capital Formation

• Tokenizing IPOs on blockchain platforms like Solana creates simpler, cheaper access to capital markets.
• People without traditional bank accounts can participate in IPOs simply using wallets, vastly increasing inclusivity.
• Cost savings from tokenized IPOs are significant: reducing underwriting fees from roughly 7% to as low as 0.1–0.2%.
• This democratizes investment opportunities and reduces capital formation costs for companies.
• On-chain IPOs fit well within Solana’s scalable, efficient ecosystem.

Takeaway: On-chain IPOs on Solana could revolutionize capital markets, expand investor pools, and reduce costs, fueling network growth and demand for SOL.

5. Yield-Generating Capabilities and Financial Products on Solana

• Solana’s staking mechanism supports generating yield for token holders.
• Beyond staking, lending and yield strategies on Solana tokens are becoming increasingly viable, similar to decentralized finance in Ethereum.
• Institutional players are exploring platforms to lend out Solana assets and generate income.
• SkyBridge is actively working to develop yield-bearing strategies for Solana holdings.
• Transition to yield-bearing assets enhances token attractiveness for long-term holders and institutional investors.

Takeaway: Growing yield-generation options for Solana tokens are poised to increase demand and incentivize holding, adding a new dimension to SOL’s utility and value.

Overall Summary

Anthony Scaramucci provided a positive and insightful perspective on the Solana ecosystem’s maturation and adoption trajectory. Key takeaways highlight strong institutional interest driven by Solana’s technological advantages and cost efficiencies, the likely transformative impact of on-chain IPOs and capital formation, the political progress toward bipartisan regulation, and expanding financial utilities such as staking and lending. These trends collectively position Solana as a foundational blockchain for real-world asset tokenization and on-chain finance, suggesting promising potential for investors in the Solana ecosystem.

Overview

• Accelerate 2025 marked Solana’s largest U.S. event, reflecting strong community and developer engagement.
• Multiple upcoming U.S. and global Solana events signal ongoing momentum and expanding ecosystem activity.
• Emphasis on community networking and collaboration to sustain growth post-event.
• The Solana Foundation prioritizes global outreach, including key events in APAC and the Middle East.
• Active event-driven community involvement is a positive indicator for long-term Solana ecosystem health and investor confidence.

Dan Albert

Dan Albert, Solana Foundation

1. Closing Remarks and Event Acknowledgement

• Dan Albert expressed gratitude to attendees and organizers for making Accelerate 2025 Solana's largest U.S. event to date.
• He acknowledged the efforts of the events team and staff who contributed to the event's success.
• Emphasized the productive nature of the event and the quality of the content presented.

Takeaway: The strong community engagement and growing scale of Solana events signal continued ecosystem vitality and active developer interest.

2. Encouragement to Participate in Ongoing and Future Solana Community Events

• Mentioned multiple U.S.-based Solana community meetups and conferences such as Skyline (NYC), Onion Dow (Chicago), The Hub (Miami), and Mountain Dow (Utah).
• Highlighted Solana SMIT, an upcoming community-hosted builder conference in Vietnam targeting APAC builders and enthusiasts.
• Announced Breakpoint, Solana’s marquee annual conference scheduled for December in Abu Dhabi, currently offering a 72-hour flash sale on tickets.

Takeaway: The growing number of in-person and global community events indicates expanding adoption and continued developer activity, positive signs for Solana’s ecosystem growth and user engagement.

3. Community and Ecosystem Focus

• Encouraged attendees and community members to stay connected and maintain momentum through local meetups and global events.
• Promoted continued networking and collaboration within the Solana developer and user communities post-Accelerate.

Takeaway: Strong community cohesion and active engagement contribute to the sustained development and resilience of the Solana ecosystem, potentially enhancing long-term project value.

Overview

• Zeus Network enables native Bitcoin integration on Solana, unlocking BTC liquidity with $32M TVL and growing user activity.
• Combining Bitcoin’s store-of-value with Solana’s high-performance DeFi creates new use cases like staking and market making.
• Solana’s mature, low-fee network offers a practical and scalable alternative to underdeveloped Bitcoin Layer 2 solutions.
• Bitcoin on Solana targets expanding Bitcoin’s on-chain usage beyond ~0.3%, with potential growth driven by DeFi and institutional demand.
• The ecosystem is nascent but rapidly evolving, presenting strategic investment opportunities as Bitcoin utility and liquidity on Solana increase.

Dean Little

Co-founder and Chief Scientist of Zeus Network, a protocol integrating Bitcoin and Solana ecosystems.

Jeff Park

Head of Alpha Strategies at Bitwise, a major crypto asset manager known for its crypto index funds and ETF products.

1. Introduction to Zeus Network and Bitcoin on Solana

• Zeus Network launched just over two months ago focused on integrating the Bitcoin protocol on Solana by enabling users to lock BTC on Bitcoin mainnet and mint it natively on Solana layer 1.
• The protocol allows seamless Bitcoin transfers to Solana without relying on Layer 2 solutions.
• Achievements so far include securing almost 275 BTC, $32 million TVL, close to 2,500 unique holders, and nearly 4,000 user interactions.
• Zeus Network launched Apollo, a Bitcoin on-chain exchange, and is planning BTC-SOL staking and Lightning Fi yield aggregator.
• Roadmap includes enhancing confirmation speeds and UX, onboarding assets like Litecoin and Dogecoin, and positioning Solana as the on-chain Bitcoin bank.

Takeaway: Zeus Network is rapidly building infrastructure to unlock Bitcoin utility on Solana, aiming to capture idle BTC liquidity by offering compelling DeFi and staking products.

2. The Strategic Rationale for Bitcoin on Solana

• Jeff Park posits that Bitcoin and Solana can synergize by combining Bitcoin’s value as digital gold with Solana’s high-performance DeFi ecosystem.
• The concept targets users who want to leverage Bitcoin as collateral and access decentralized financial services beyond simple store-of-value.
• Dean highlighted the lack of success and friction in Bitcoin Layer 2 scaling efforts, making native Solana integration a pragmatic alternative.
• The cultural fit matters: Bitcoin users prioritize security and sovereignty, while Solana offers a unified, performant execution environment suitable for low-latency trading and institutional needs.

Takeaway: The integration of Bitcoin on Solana offers a compelling, culturally aligned use case that may unlock new demand and liquidity by overcoming limitations of Bitcoin Layer 2 solutions.

3. Market Timing and Momentum for Bitcoin on Solana

• The current crypto landscape favors Solana due to its low fees, high throughput, and network resilience.
• Bitcoin’s decreasing block rewards and migration of users to centralized exchanges have created an environment ripe for decentralized alternatives.
• The percentage of active Bitcoin utilization is low (~0.3%), representing a significant growth opportunity.
• Increasing Bitcoin use on Solana could boost demand by enabling new use cases like market making and staking, catering to Bitcoin enthusiasts within the Solana ecosystem.

Takeaway: With Bitcoin’s limited on-chain activity and Solana’s improving network metrics, Bitcoin on Solana is poised to capture growing demand for decentralized Bitcoin financial services.

4. Advantages of Solana over Bitcoin Layer 2 Solutions

• Solana is fully operational and mature compared to Bitcoin Layer 2 projects, many of which remain underdeveloped or culturally constrained.
• Solana’s approach eliminates fragmentation seen in Bitcoin Layer 2 liquidity and offers a single scalable base layer, appealing to institutional users seeking low latency and high throughput.
• The Bitcoin community’s resistance to certain scaling technicalities (e.g., OP_RETURN spam debates) slows progress on Layer 2, whereas Solana is evolving its yield innovations and economic models rapidly.
• Instead of building complex Layer 2 and related infrastructure from scratch, Zeus Network leverages Solana’s existing ecosystem for liquidity, wallets, and DeFi.

Takeaway: Solana’s maturity and design offer a simpler and more pragmatic route to unlocking Bitcoin’s utility than nascent Layer 2 solutions.

5. Future Outlook and Ecosystem Growth

• Jeff Park envisions Bitcoin becoming a pristine digital collateral asset integrated into the broader digital economy, moving beyond just yield farming.
• Use cases like trade finance, payments, and on-chain market making will benefit from Solana’s low latency and execution capabilities.
• Although Bitcoin lacks programmability, its UTXO model and value profile can still effectively back other digital assets and currencies on Solana.
• Dean expects Bitcoin utilization on Solana to grow from 0.3% to 1% and beyond by igniting demand through new applications and staking opportunities.
• The pipeline of partners and competitors entering the Bitcoin on Solana space suggests growing market recognition and innovation momentum.

Takeaway: The Bitcoin on Solana ecosystem is at a foundational stage with promising potential to significantly expand Bitcoin’s on-chain use and integrate it into scalable DeFi and financial products.

Summary Takeaway for Investors:

Zeus Network and Bitwise leaders highlight that Solana’s performance and ecosystem readiness make it a compelling platform to unlock new utility and liquidity for Bitcoin beyond Layer 2, with growing adoption and innovative DeFi products poised to drive increased Bitcoin activity and investor opportunities within Solana’s ecosystem.

Overview

• The Proof of Stake Alliance advocates for clearer regulatory and tax frameworks around staking, engaging with U.S. and international regulators.
• Regulatory progress is underway but incomplete, with ongoing risks and potential upsides as clarity improves.
• Educating lawmakers on staking’s technical role and differences among blockchains is critical for appropriate regulation.
• Global regulatory momentum, including in the U.K. and Hong Kong, supports eventual harmonization and reduced jurisdictional risks.
• The launch of Solana staked ETFs hinges on regulatory approval, representing a potential growth catalyst, while tax treatment of staking rewards remains a key uncertainty.

Alison Mangiero

Alison Mangiero is a leading expert on staking policy and a representative of the Proof of Stake Alliance, a trade association advocating for regulatory clarity for Proof of Stake (PoS) crypto networks such as Solana. She has been involved in staking policy since 2019 and engaged in blockchain regulatory discussions for six years.

1. The Role and Progress of the Proof of Stake Alliance

• The Proof of Stake Alliance was founded in 2019 to advocate for clear regulatory frameworks around staking.
• The alliance focuses on getting regulatory clarity related to securities and tax treatment of staking.
• It engages with U.S. federal agencies, Congress, and international regulators to promote best practices.
• Progress is estimated to be about 25% toward having sensible regulation, with recent constructive engagement from the SEC.
• Earlier regulatory approaches treated staking similarly to financial services (investment contracts), which the alliance disputes since staking is a technical network service.

Takeaway: Regulatory clarity for staking on Solana and other PoS chains is improving but is still incomplete, representing both ongoing risks and potential upside as clearer rules emerge.

2. Common Misconceptions and Educational Challenges in Staking Regulation

• A major challenge is simply educating lawmakers about what staking actually is and how it differs from lending or other financial products.
• Staking is integral to network performance and security, which must be conveyed to regulators.
• There is significant variation between staking implementations across different blockchains (e.g., Solana vs. Ethereum), complicating regulatory discussions.
• Outreach includes broad engagement with both experienced and freshman lawmakers to build foundational understanding ahead of legislation.

Takeaway: Understanding the nuances between different staking models is critical, as regulatory treatment may differ by blockchain and service type, influencing project viability and user experience.

3. Engagement with Government Bodies in the U.S. and Internationally

• The alliance engages with multiple stakeholders across the House Financial Services Committee, Senate Banking Committee, SEC Crypto Task Force, CFTC, and the administration.
• Efforts include direct meetings with key regulators and broad educational initiatives.
• Internationally, jurisdictions like the UK and Hong Kong are introducing clearer regulations for staking, indicating a global momentum toward defining staking rules.
• The UK recently released draft regulations and discussion papers focused on staking risks and compliance.

Takeaway: Global regulatory approaches to staking are advancing, with progress visible both in the U.S. and internationally, potentially harmonizing rules over time and reducing jurisdictional risk.

4. Outlook on Staked Solana ETFs and Related Regulatory Hurdles

• Solana-based staked ETFs require clear regulatory approval that currently does not exist due to SEC concerns.
• Past Bitcoin and Ethereum ETFs exclude staking services due to unresolved regulatory and tax questions.
• Bipartisan congressional pressure is encouraging the SEC to reconsider staking in ETFs.
• Alison’s alliance is involved in filings and advocacy with firms like Canary Capital, aiming to launch a Solana-staked ETF in the near future.
• Collaboration between legal advocates and product teams is ongoing to push this innovation forward.

Takeaway: The launch of a Solana staked ETF could increase market access and investment inflows, but regulatory approval remains a critical milestone expected within the next year or two.

5. Complexities Around Taxation of Staking Rewards

• The main tax issue is the timing and nature of taxation for staking rewards—whether at creation (receipt) or at sale (disposition).
• The alliance argues rewards should be taxed at sale, similar to other created property, not as ordinary service income.
• The IRS has been slow to issue clear guidance, with some existing but outdated guidance from Bitcoin mining not covering staking well.
• A 2024 bill introduced in Congress seeks to clarify fair tax treatment for both mining and staking rewards.
• Additional work is underway to clarify tax implications of liquid staking and receipt token transactions.
• Addressing these uncertainties is key to improving the user experience and institutional adoption of staking.

Takeaway: Tax treatment of staking rewards is still under debate, posing potential risks or unexpected liabilities for stakers; clearer tax guidelines would enhance staking participation and liquidity.

Overall Summary

Alison Mangiero and the Proof of Stake Alliance are actively driving regulatory engagement and education to secure clearer legal and tax frameworks for staking, with a strong focus on Solana’s ecosystem. Though meaningful progress has been made, especially recently with the SEC, much work remains before staking receives full regulatory and tax clarity in the U.S. Similar global trends and regulatory initiatives in regions like the UK and Hong Kong offer positive signals. Meanwhile, the potential launch of Solana staked ETFs and improved tax guidance could significantly enhance investor access and ecosystem growth, making this a critical area for Solana investors to monitor closely.

Overview

• OKX is expanding its role in the Solana ecosystem with a non-custodial multi-chain wallet and growing user engagement.
• Their cross-chain DEX aggregator is the second largest on Solana, integrated by major projects like Phantom and Jupiter Kamino.
• OKX launched xBTC, a wrapped Bitcoin on Solana, enabling seamless Bitcoin liquidity and cross-chain DeFi use.
• The company is focused on collaboration and long-term ecosystem development with upcoming product innovations.
• These initiatives position OKX as a key infrastructure provider, enhancing Solana’s utility, liquidity, and adoption potential.

Jason Lau

Jason Lau, Executive at OKX, presenting on behalf of the global crypto exchange and Web3 product builder.

1. OKX’s Expanding Role in the Solana Ecosystem

• OKX is not only a major crypto exchange but is also heavily investing in Web3 products, including a non-custodial multi-chain wallet supporting Solana.
• Activity and user engagement on Solana via the OKX wallet surged over 10x in the past year, making Solana the second most used network within their wallet.
• OKX provides a discoverability feature called the Ecohub that helps users explore and interact with on-chain projects, in partnership with Solana teams.
• The company is committed to supporting Solana projects by improving accessibility and user activation within the ecosystem.

Takeaway: OKX’s growing integration and user adoption on Solana signals increased utility and exposure for Solana-based assets through their broad product ecosystem.

2. OKX Decentralized Exchange (DEX) Aggregator on Solana

• The OKX DEX aggregator is cross-chain and currently the second largest aggregator on Solana.
• It provides strong execution across many liquidity sources with an emphasis on multi-chain interoperability.
• Several prominent Solana projects like Phantom Wallet and Jupiter Kamino have integrated OKX’s DEX aggregator technology to power their swap functions.
• OKX plans to further develop and scale this service to be a critical infrastructure component in the Solana DeFi ecosystem.

Takeaway: The OKX DEX aggregator’s growing adoption by top Solana projects confirms its strategic importance—and could drive wider DeFi usage and liquidity on Solana.

3. Launch of xBTC – Wrapped Bitcoin on Solana

• OKX recently launched xBTC, a wrapped Bitcoin token available on Solana, as well as on SU and Aptos blockchains.
• The product leverages OKX’s strong reputation for security and proof of reserves transparency.
• xBTC enables easy minting and redemption by simply withdrawing Bitcoin through OKX to/ from Solana addresses, facilitating seamless cross-chain Bitcoin utilization.
• xBTC aims to increase Bitcoin liquidity on Solana and serve as a foundational asset for new protocols and projects.
• OKX is currently in discussions to announce integration partnerships soon, indicating rapid ecosystem adoption is expected.

Takeaway: xBTC could become a major asset bridging Bitcoin liquidity into Solana, enhancing Solana’s attractiveness for cross-chain DeFi and institutional use.

4. OKX’s Vision for Ecosystem Collaboration and Roadmap

• OKX is actively seeking collaboration with developers and projects to integrate wallet solutions, swap functions, and wrapped asset infrastructure like xBTC.
• The company emphasized a long-term commitment to building Solana’s ecosystem with many upcoming product launches and innovations planned.
• They encourage direct engagement with their team to foster partnerships and user acquisition within Solana’s decentralized applications.

Takeaway: OKX’s proactive ecosystem strategy and broad product roadmap could accelerate Solana’s growth and innovation, improving network effect and value capture for SOL holders.

Overview

• Solana shows strong resilience and developer growth, surpassing Ethereum in new developers in mid-2024.
• Approval of staking-enabled Solana ETFs in the U.S. could be a major catalyst by combining passive investing with attractive yields.
• Increasing institutional adoption and tokenization of traditional assets on Solana highlight mainstream acceptance potential.
• Solana’s low-cost infrastructure supports a shift toward affordable, consumer-friendly financial products.
• ARK Invest's multi-tiered strategy includes public ETFs, early-stage venture investments, and advanced analytics to capture Solana’s innovation upside.

Cathie Wood

Cathie Wood, founder and CEO of ARK Invest, a well-known active ETF and mutual fund manager with a focus on disruptive innovation and blockchain technology.

1. Solana’s Market Resilience and Developer Growth

• Solana has demonstrated anti-fragility by surviving the 2021 market cycle and the fallout from its early association with Sam Bankman-Fried.
• In July 2024, Solana surpassed Ethereum in the number of new developers joining its ecosystem.
• Solana’s appeal lies in its low costs, agility, frequent updates, and consumer-centric focus compared to Ethereum’s more institutional orientation.
• ARK Invest sees Solana as embodying falling costs and accelerating adoption—key indicators of promising technology.

Takeaway: Solana’s vibrant developer growth and consumer adoption position it as a robust innovation platform with strong upside potential.

2. ETFs, Staking, and Regulatory Environment

• ARK Invest accessed Ethereum and Solana ETFs via 3iQ in Canada, benefiting from allowance of staking, which provides attractive yields (6–8% for Solana, 2–2.5% for Ethereum).
• U.S. regulators have been hesitant to allow staking in ETFs, limiting Ethereum ETF growth; however, a new SEC leadership under Gary Gensler appears more open to staking.
• BlackRock’s entry into Bitcoin and Ethereum ETFs signals industry and regulatory momentum toward approval of staking-enabled products.
• If staking is allowed on U.S. spot Solana ETFs, it could significantly increase investor interest due to yield potential, though the exact mechanics and limits (e.g., only a fraction of the fund staked) remain uncertain.

Takeaway: Approval of staking for Solana ETFs in the U.S. could be a major catalyst, combining staking yields with passive investment convenience.

3. Institutional Adoption and Consumer Focus

• Kraken’s plan to launch tokenized individual stocks (e.g., NVIDIA, Tesla) on the Solana blockchain underscores its consumer-driven innovation.
• Solana’s network effect and user-friendly cost structure could encourage traditional asset managers (TRowe Price, Fidelity) to integrate Solana positions into equity and fintech-themed funds.
• Solana complements the portfolio exposures to Ethereum and Bitcoin, representing a next-generation technology asset class bridging blockchain and traditional equity investing.

Takeaway: Increasing institutional participation and integration of Solana into traditional financial products will boost mainstream acceptance.

4. Cost Efficiency and the Future of Finance

• Cost compression in blockchain-based financial services is a key competitive advantage over traditional finance, where trading fees and expense ratios are often significantly higher.
• ARK Invest sees emerging blockchain protocols like Solana as catalysts for reducing financial system “taxes,” enabling a new “internet financial system” or fintech.
• Digital asset ETFs offering low-fee, accessible investment options are expected to drive consumer adoption further.

Takeaway: Solana’s low-cost infrastructure supports a broad shift to more accessible, affordable financial products, reinforcing its growth potential.

5. ARK Invest’s Strategic Focus on Early-Stage Blockchain Ventures

• ARK is launching an early-stage blockchain venture fund focused on Solana’s consumer uptake, alongside Ethereum and other long-tail protocols.
• They aim to complement public market exposure with private investments in promising early development projects within the Solana ecosystem.
• ARK plans to launch an actively managed crypto fund using on-chain analytics to identify alpha opportunities, a capability few firms currently have.

Takeaway: ARK’s multi-layered approach—from public ETFs to early-stage venture investing—provides diversified exposure to Solana’s innovation pipeline.

6. Long-Term Vision for Wallet Adoption and Blockchain Tokenization

• Cathie Wood envisions a future where many people globally will have wallets, with blockchain-based tokenization increasingly integrated into everyday finance.
• ETFs serve as consumer-friendly stepping stones toward wallet-based decentralized finance (DeFi) adoption.
• Decentralization via blockchain offers insurance against failures in the traditional financial system, with emerging markets like Pakistan illustrating rapid wallet growth compared to brokerage accounts.

Takeaway: Broad wallet adoption and DeFi growth alongside ETFs will drive the mainstreaming of Solana and similar protocols over the next decade.

7. Price Targets and Market Outlook

• ARK Invest is actively working on publishing price targets for Bitcoin and Solana based on comprehensive research but has not yet released them.
• The industry is cautiously optimistic about the performance and adoption trajectory of Solana and other cryptos through 2025 and beyond.

Takeaway: Detailed price guidance will be forthcoming, reinforcing ARK’s ongoing commitment to transparency and analysis in crypto investments.

Overall Takeaway for Investors: Solana’s rapidly expanding developer ecosystem, consumer-focused innovations, and potential inclusion in staking-enabled ETFs position it as a compelling opportunity within the evolving blockchain and crypto investment landscape, with increasing institutional support and user adoption likely to drive significant growth by 2025.

Overview

• Institutional adoption is driving blockchain growth, with Chainlink powering key Solana DeFi applications.
• CCIP live on Solana enhances secure cross-chain interoperability and composable DeFi.
• Chainlink offers integrated infrastructure—data oracles, legacy integrations, and cross-chain protocols—crucial for institutional capital markets.
• The Chainlink Build program on Solana supports early projects with mentorship and technical resources.
• These developments position Solana as a more attractive, secure, and interoperable ecosystem for investors and institutions.

Sergey Nazarov

Co-founder and Executive Chair, Chainlink Labs

1. The Evolution and Growth of Capital Markets on Blockchain

• The crypto industry is transitioning toward institutional adoption and capital markets as the primary drivers of growth.
• The ultimate goal is to capture all assets on-chain and enable efficient, fair, and globally interconnected financial systems.
• Chainlink currently powers the majority of DeFi and supports top Solana applications like GMX, Jupiter, and CommaNino, emphasizing security and reliability.

Takeaway: Institutional adoption is poised to expand blockchain utility significantly, increasing demand for secure, reliable protocols within the Solana ecosystem.

2. Launch of CCIP on Solana and Cross-Chain Innovation

• Chainlink's Cross-Chain Interoperability Protocol (CCIP) is now live on Solana, enhancing cross-chain security and reliability.
• CCIP addresses historic vulnerabilities in bridges, providing institutions the security needed to interact across chains safely.
• The protocol supports programmable token transfers that trigger actions across chains, such as trades or deposits, enabling highly composable DeFi functionality.
• Over $19 billion worth of tokens are currently live or planned on CCIP, significantly enriching Solana’s DeFi liquidity and cross-chain asset diversity.
• Many leading Solana applications are transitioning to CCIP for its security and advanced features.

Takeaway: CCIP’s activation on Solana greatly improves cross-chain composability and security, positioning Solana as a more attractive and interoperable ecosystem for institutional and DeFi projects.

3. Chainlink as a Comprehensive Infrastructure Provider for Capital Markets on Solana

• Institutions require multiple interoperable components: data oracles, legacy system integrations, and cross-chain protocols.
• Chainlink uniquely offers all these essential building blocks together, facilitating seamless institutional interactions.
• CCIP and Chainlink data oracles are already the leading cross-chain connectivity solutions employed in capital markets.
• This integrated infrastructure enhances Solana’s potential as a hub for the "internet of capital markets," supporting regulatory compliance and security.

Takeaway: Chainlink’s integrated suite of tools will likely accelerate institutional adoption on Solana by reducing operational and compliance risks.

4. Chainlink Build Program Launch on Solana

• The Chainlink Build program, already successful in other ecosystems, is now available to early-stage Solana projects.
• The program offers mentorship, technical resources, and support to accelerate development and integration with Chainlink services.
• Partnership with the Solana Foundation aims to foster a robust ecosystem with enhanced data and cross-chain functionalities.
• Upcoming initiatives include offering new resources like the Chainlink Runtime Environment for developers.

Takeaway: The Chainlink Build program's expansion to Solana is expected to spur innovation and strengthen the ecosystem’s network effects and project quality.

Overall Summary

Sergey Nazarov’s talk highlights the critical role Chainlink and its CCIP protocol will play in advancing Solana as a secure, interoperable, and institutionally viable blockchain ecosystem. With strong emphasis on capital market integration, cross-chain composability, and developer support through the Chainlink Build program, these developments signal meaningful growth and maturation opportunities for Solana's market position and value proposition.

Overview

• World’s Proof of Human biometric verification is vital for combating AI-driven impersonation and online misinformation.
• Upcoming US stablecoin legislation will legitimize and boost stablecoin adoption, driving mainstream crypto and DeFi growth.
• Solana’s fast, low-cost blockchain is well-positioned to support the expanding stablecoin and DeFi ecosystems.
• Crypto is pivotal in enabling decentralized AI infrastructure and future data attribution models for AI content.
• Integration of AI agent systems with PoH and crypto identity frameworks promises secure automation and new user experience paradigms.

Alex Blania

Alex Blania, Co-founder of World, a company focused on Proof of Human (PoH) attestations using biometric verification like eye scans.

Ali Yahya

Ali Yahya, General Partner at a16z crypto, prominent crypto investor and thought leader, discussing crypto market trends, regulation, AI intersections, and infrastructure.

1. Launch of World’s US Operations and Proof of Humanity Importance

• World recently launched in the US with a new, more crypto-friendly administration and is cautiously expanding operations away from strict regulatory environments like New York.
• By the end of 2025, World plans to have 12,000 biometric scanning devices (orbs) deployed across major US cities such as San Francisco, LA, and Austin.
• Proof of Human (PoH) is critically relevant now as AI-generated bots proliferate online, making it hard to distinguish real humans ("Hans") from AI-driven entities.
• The University of Zurich demonstrated AI’s ability to sway public opinion in Reddit sub-communities by fine-tuned AI agents on user profiles, illustrating why PoH is essential to maintaining trust and authenticity online.
• Future internet interactions will increasingly need verifiable proof that they are engaging with real humans rather than AI "super Hans" that can manipulate opinions and information streams.

Takeaway: Building and scaling Proof of Human infrastructure like World’s biometric verification devices is key to combating AI-driven misinformation and impersonation, making it a foundational technology with growing importance in the evolving digital landscape.

2. Stablecoin Adoption as a Catalyst for Crypto Growth

• There is strong anticipation around the upcoming US stablecoin legislation, expected to pass soon, which will legitimize and enable broader stablecoin usage.
• Stablecoins integrated by traditional financial institutions will serve as a "killer use case" for crypto, promoting mainstream adoption and legitimization.
• The foundational stablecoin infrastructure will ignite growth in on-chain DeFi by enabling various programmable financial products and new asset classes.
• Solana’s fast, low-cost blockchain infrastructure is well-positioned to become a backbone to the stablecoin ecosystem and associated financial innovations.
• Builders are encouraged to develop user-friendly, seamless layers on top of fast settlement blockchains to increase stablecoin usability in consumer and enterprise contexts.

Takeaway: Regulatory clarity and mainstream stablecoin adoption are poised to drive significant on-chain activity and DeFi growth, with Solana’s scalable blockchain offering a strong competitive advantage in capitalizing on these opportunities.

3. Intersection of Crypto and AI: Challenges and Opportunities

• AI systems increasingly generate massive amounts of online content, complicating media authenticity and amplifying the need for Proof of Humanity.
• Decentralized AI infrastructure is emerging, exemplified by projects like Jensen, which create marketplaces for distributed GPU compute to democratize AI processing and provide verifiable AI workloads.
• A future challenge is rethinking business models for content and data on the internet as AI replaces traditional click-through advertising by delivering direct answers.
• Crypto could enable new economic models by tracing the attribution of data sources used to train large language models (LLMs), potentially rewarding data contributors and restructuring online value flows.
• Although these attribution models are complex and far out, they are an active area of research and innovation, positioning crypto as a key enabler.

Takeaway: Crypto innovation in decentralized AI infrastructure and novel internet business models tied to data attribution represents a high-impact frontier, with strong potential to reshape digital economies alongside AI advances.

4. Emergence of AI Agent Systems and Delegation via Crypto

• Strongly agentic AI—personal AI agents that act autonomously on users’ behalf—is developing rapidly, with open-source competent agents expected by Q4 2025.
• These AI agents could manage wallets, credentials, and Proof of Human attestations, interacting with services according to delegated rules set by the user.
• World is actively exploring how PoH and crypto identity can integrate with these AI agents to ensure secure, authorized, and privacy-preserving delegation.
• This synergy between AI agents and crypto infrastructure could significantly enhance user experience and automate digital interactions securely.

Takeaway: The integration of AI agent systems with crypto identity and credential frameworks like Proof of Human creates new paradigms for secure delegation and automation, marking an important area for innovation investment.

Overall Summary

The discussion highlights the critical role of Proof of Human systems like World in combating the rise of AI impersonation online, the expected transformative impact of stablecoin regulatory clarity on crypto adoption (especially on high-performance chains like Solana), and the exciting convergence of crypto and AI through decentralized compute marketplaces, novel AI-driven internet business models, and agentic AI delegation frameworks. For investors, the accelerating adoption of these foundational technologies signals strong growth potential across several facets of the Solana ecosystem and the broader crypto market in 2025 and beyond.

Overview

• Mtora provides dynamic, customizable liquidity pools essential for Solana’s launchpads, token creators, and liquidity providers with notable trading volume and LP fee earnings.
• Key products (DBC, DLMM, DAMM) offer flexible token launch configurations, liquidity control, and fairness-enhancing anti-sniper features.
• Dynamic AMM V2 introduces advanced bot protection, dynamic fees, and capital-efficient liquidity concentration improving LP profitability.
• Platform relaunch focuses on user experience improvements to simplify liquidity management and encourage broader community participation.
• Overall, Mtora’s innovations strengthen Solana’s liquidity infrastructure, signaling robust growth potential for investors in Solana’s DeFi and launch ecosystems.

Zen Hoe Yong, Co-founder of Mtora

1. Mtora Overview and Market Position

• Mtora builds dynamic and customizable liquidity pools tailored for different stakeholders in the Solana ecosystem: launchpads, launchers, and liquidity providers (LPs).
• The platform has achieved over $200 billion in all-time swap volume and nearly $900 million in Total Value Locked (TVL).
• LPs have earned over $1 billion in fees, highlighting real profit generation beyond raw volume or TVL metrics.
• Major launchpads like Belief, Tender, and Time Fund are integrated with Mtora, helping token creators launch and grow on Solana.

Takeaway: Mtora is a significant player in Solana’s liquidity infrastructure, generating substantial trading activity and fees — an indicator of healthy ecosystem demand and LP profitability.

2. Core Products Serving Solana Stakeholders

• Mtora’s three core products (the “3Ds”) focus on empowering their three key stakeholders:
  • DBC (Dynamic Bonding Curve) for programmable token launches allowing configurable supply, curve, and fees.
  • DLMM (Dynamic Liquidity Market Maker) giving LPs precision control over liquidity concentration and dynamic fees.
  • DAMM (Dynamic Automated Market Maker) designed for passive liquidity provision.
• A unique Anti-Sniper System (ASS) is designed to prevent bot sniping during token launches, promoting fairness for retail investors.
• Liquidity locking mechanisms enhance trust and security by preventing rug pulls while still allowing teams to earn fees.

Takeaway: Mtora’s technology supports more flexible and fair token launches and liquidity management, which can improve token market stability and LP returns.

3. Launch of Dynamic AMM V2: Next-Gen Liquidity Innovation

• Dynamic AMM V2 combines the best features of DLMM and DAMM, introducing important upgrades:
  • Enhanced bot protection, including a Rate Limiter to penalize large early buys and prevent bots/whales from dominating.
  • Adoption of dynamic fees based on market volatility, improving LP earnings potential.
  • LPs can claim fees without withdrawing liquidity, and selectively receive fees in a single token like USDC.
  • Liquidity concentration for better capital efficiency.
• Early data shows both large and small LPs generating significant fees with the new Dynamic AMM V2.

Takeaway: DMV2’s advanced features provide sophisticated control and protection mechanisms to enhance LP profitability and token launch fairness, signaling strong potential for Mtora-driven liquidity growth.

4. Mtora V2 Platform Relaunch and User Experience Enhancements

• Mtora V2 introduces a refreshed logo symbolizing the triad of ecosystem stakeholders and the Mtora team’s support role.
• The redesign involves a major UI/UX overhaul making product interaction smoother, faster, and more intuitive.
• LP flows for DLMM and DAMM have been simplified, easing strategy creation and liquidity management.
• All new features and upgrades are live on V2, with invitations to the community to engage and provide feedback.

Takeaway: Mtora’s commitment to continuously refining user experience and platform capabilities may drive greater user adoption and LP participation on Solana.

Overall Summary

Mtora is advancing Solana’s on-chain liquidity infrastructure with innovative, dynamic liquidity solutions tailored to the needs of launchpads, token creators, and liquidity providers. Their new Dynamic AMM V2 and platform overhaul improve fee generation, capital efficiency, bot resistance, and fairness during launches, positioning Mtora as a critical protocol in Solana’s DeFi and launch ecosystem. This bodes well for investors focused on Solana’s growing DeFi activity and token launch success.

Overview

• Pipe Network uses blockchain to coordinate hyper-local CDN nodes, reducing latency from 80-100ms to as low as 3ms and improving delivery speed and reliability.
• Advanced technologies like zero-knowledge proofs, geo-aware DNS routing, and deep learning optimize privacy, bandwidth, and pre-caching without client changes.
• Early adoption includes AI applications, streaming media, and blockchain-specific use cases such as Solana snapshot delivery, with key partnerships in Web3.
• The network aims for one million global nodes to further lower latency and expand features like media conditioning and transcoding.
• Aggressive growth and enterprise product plans highlight strong scalability potential and diverse revenue opportunities within the Solana ecosystem.

David Rhodus

David Rhodus, CEO and Founder of Permissionless Labs and contributor to Pipe Network

1. Pipe Network’s Innovation in Content Delivery Networks (CDNs)

• Traditional CDNs rely on data centers and cannot service the last mile effectively, resulting in average latencies of 80-100 milliseconds and occasional outages.
• Pipe Network uses blockchain to coordinate hyper-local nodes within a 50-mile radius to drastically reduce latency down to between 3 and 45 milliseconds.
• The network currently operates with over 200,000 local points of presence (POP) nodes caching about 10 petabytes of data daily in RAM.
• These hyper-local edge fleets shorten the physical distance between data and end users, improving speed and reliability.

Takeaway: Pipe Network’s blockchain-driven, hyper-local CDN model presents a high-potential disruption in low-latency content delivery, which could enhance Solana’s user experience and infrastructure scalability.

2. Technology and Protocol Enhancements

• The engineering team includes veterans from Amazon and Valve, focusing on highly optimized code for nanosecond and microsecond performance improvements.
• They apply extended zero-knowledge proofs to QUIC and TCP protocols for privacy and bandwidth verification without slowing delivery.
• Pipe DNS integrates with the existing ICANN-compliant DNS system but adds dynamic, geo-aware routing capabilities that optimize data flow and cache node utilization.
• Deep learning is used on the backend to optimize pre-caching to nodes, with a fully compliant HTTP stack requiring no client-side changes.

Takeaway: Pipe Network’s use of zero-knowledge proofs and advanced routing integrated with existing Internet infrastructure positions it as a scalable and secure solution benefiting Solana’s ecosystem throughput and privacy.

3. Market Applications and Use Cases

• Early market traction includes customers testing AI applications such as edge-hosted language models with latencies under 20 milliseconds, suitable for real-time chatbots.
• The team’s background in video streaming underpins expertise in media-centric use cases, with upcoming support for media conditioning and video transcoding.
• Pipe Network experiments with blockchain-specific data like serving Solana snapshots, aiming to reduce validator load with techniques like lazy account fetching.
• Partnerships are established with Web3 companies including Inference.net, Metaplex (with upcoming announcements), and CoinList to broaden access and adoption.

Takeaway: The strong focus on AI, streaming, and specific Web3 data delivery use cases highlights Pipe Network’s potential to drive innovative applications and infrastructure improvements within Solana’s ecosystem.

4. Growth Strategy and Future Vision

• Currently about one-fourth of the way toward a target of one million global POP nodes to reach latencies near 3 milliseconds.
• Plans for summer include adding new features like media conditioning and video transcoding tailored to customer workflows.
• Innovative routing strategies are being explored to optimize inter-POP node data transfers globally, reducing latency significantly (e.g., São Paulo to Tokyo).
• Potential enterprise products are on the horizon, indicating broader commercial opportunities.

Takeaway: Aggressive node expansion and feature development point to substantial network scalability and new revenue streams that could increase Pipe Network's strategic value to Solana and its investors.

Overall Investor Takeaway: Pipe Network’s blockchain-based, hyper-local CDN infrastructure offers transformative improvements in speed, reliability, privacy, and flexibility for content delivery and dApp use cases on Solana, making it a compelling project for investors interested in scaling and enhancing the Solana ecosystem.

Overview

• ZeroX’s evolving view reflects Solana’s growth from skepticism to a resilient, legitimate blockchain with a strong community.
• In 2024, ZeroX strategically commits to building natively on Solana, recognizing its unmatched speed and tokenization potential.
• ZeroX aims to introduce advanced liquidity solutions tailored for Solana, enhancing trade execution, innovation, and reducing user fees.
• Solana’s unique velocity and multi-chain interoperability position it as a critical ecosystem amidst broader market challenges.
• ZeroX’s involvement signals increased confidence and long-term growth potential for Solana’s DeFi and tokenized asset markets.

Amir Bandeali

Co-founder and COO at 0x, a decentralized exchange infrastructure provider with extensive experience in the Ethereum and EVM ecosystem since 2016.

1. Evolution of ZeroX’s Perspective on Solana

• ZeroX’s origins are deeply rooted in Ethereum and EVM, with a focus on liquidity aggregation and decentralized exchange infrastructure.
• Early interaction with Solana (then Loom Protocol) in 2018 was met with skepticism due to the immature state of new blockchains and vaporware concerns.
• The 2019 bear market, coupled with low user adoption on Solana, led ZeroX to delay building on the chain.
• Solana’s growth during and after DeFi summer (2020-2021) increased its legitimacy, especially as former ZeroX team members launched Phantom wallet, signaling confidence in Solana.
• The 2022 FTX collapse severely impacted Solana and the broader market, causing ZeroX to again delay their Solana plans to focus on sustainability amid low volumes.
• Reflects that the bear market, while painful, fostered a resilient Solana community that enabled the chain’s strong comeback.

Takeaway: ZeroX’s journey illustrates Solana’s maturation from early skepticism to a proven, resilient blockchain with a passionate community, signaling a foundation for sustained growth.

2. Strategic Decision to Build on Solana in 2024

• By late 2024, ZeroX decided to invest heavily and build natively on Solana, recognizing it as one of the few chains that has transcended early adoption phases ("crossed the chasm").
• Solana distinguishes itself through exceptional velocity — fast blockchain performance, rapid token creation, and quick team execution.
• ZeroX views Solana as a critical nexus for tokenization and believes building on it is essential to fulfilling their mission of enabling free flow of value across all tokenized assets.
• This commitment marks a major strategic pivot, where supporting Solana is no longer optional but necessary.

Takeaway: ZeroX’s dedicated investment signals growing confidence in Solana’s long-term viability and importance as a leading blockchain ecosystem.

3. ZeroX’s Commitment to Bringing Advanced Liquidity Solutions to Solana

• ZeroX is building its Solana integration from the ground up, not just porting or wrapping existing EVM APIs, ensuring high-quality service tailored for Solana.
• Known for best-in-class routing and trade execution in the EVM world, ZeroX aims to bring those benefits to Solana’s users, improving price discovery and execution quality.
• Emphasizes that increased competition in Solana’s DEX and liquidity spaces will drive innovation and reduce effective trading fees which are surprisingly high despite low on-chain costs.
• Anticipates new financial primitives and mechanisms in Solana’s evolving on-chain market structure, including sophisticated AMMs, off-chain RFQ models, novel token standards, and complex MEV markets.
• Points to early innovations like Ellipsus’s sandwich attack-resistant AMM as examples of emerging advanced protocols in the Solana ecosystem.

Takeaway: ZeroX’s entry will likely catalyze liquidity innovation, reduce user costs, and enhance Solana’s DeFi sophistication, potentially increasing user adoption and network activity.

4. Broader Market and Ecosystem Insights

• The talk reflects on broader market dynamics impacting Solana, including how bear markets and macro shocks (like FTX) have shaped ecosystem resilience and user behavior.
• Highlights that while Ethereum proved smart contracts and Bitcoin proved money, Solana’s standout is its velocity, which is a unique competitive advantage.
• ZeroX’s mission-driven approach underscores the importance of interoperable, multi-chain ecosystems where Solana plays a vital role.
• Invites collaboration and engagement with developers interested in leveraging 0x technologies for Solana, highlighting ongoing innovation and ecosystem growth.

Takeaway: The macroeconomic context and Solana’s unique value propositions combine to create long-term catalysts for ecosystem expansion and resilience, especially with influential players like ZeroX on board.

Overview

• Introduction of USX, a fully collateralized, secure, and permissionless stablecoin with $100M initial backing and real-time proof of reserves.
• Extensive ecosystem and institutional partnerships enhance USX's utility and adoption across TradFi and DeFi sectors.
• Launch of Solstice Yield Vault offering competitive, delta-neutral yields to USX holders with strong track records.
• Innovative payment solutions allow spending yield directly, plus plans for a future SLX utility token launch.
• Institutional staking and validator node expansion reinforce network security and yield potential, supporting Solana's growth.

Ben Natareski

Co-founder and CEO of Solstice Labs

1. Introduction of USX: Solana’s Native Stablecoin

• Solstice Labs developed USX with four core principles: security, trust, utility-driven, and permissionless access.
• USX is 100% collateralized with real-time proof of reserves ensuring institutional-grade security.
• DSX Capital, Solstice’s founder with $1 billion in assets under management, has committed $100 million in TVL to USX, with expectations of further multiplier effects at launch.
• USX’s architecture includes on-chain security audits, dual oracle pricing, an insurance fund, and off-exchange custody partnerships.
• The stablecoin is designed for broad accessibility, serving users from retail to large institutional investors equally.

Takeaway: USX aims to become a highly secure, trustworthy, and accessible stablecoin on Solana, poised to attract significant capital inflows to the Solana ecosystem.

2. Ecosystem Partnerships and Utility

• USX launches with 30+ ecosystem partners integrated within Solana.
• Partnerships extend to 40+ TradFi and DeFi companies in DSX’s portfolio, including top FX brokers and traditional market infrastructure players.
• 15 additional operational partners will facilitate USX functions such as exchanges, custody, oracles, and liquidity provision.
• USX emphasizes real utility, not just a placeholder token, aimed at driving organic growth rather than backdoor incentives.

Takeaway: The strong network of institutional and ecosystem partnerships supports USX’s adoption and enhances its practical use cases, potentially increasing demand for Solana assets.

3. Solstice Yield Vault: Yield Opportunities for USX Holders

• Launch of Solstice’s Yield Vault allows all USX holders to earn competitive, permissionless yields with 7-day liquidity.
• Vault uses a dynamic delta-neutral yield strategy with a proven track record: 19.2% yield last 12 months, 11.5% over the last 3 years.
• The yield product is battle-tested at large scales, appealing to retail and institutional investors seeking stable, liquid income streams.

Takeaway: The Yield Vault adds an attractive, reliable yield component that could increase USX demand and retention, enhancing investor confidence in Solana’s stablecoin ecosystem.

4. Innovative Payment Use Cases and Upcoming Token Launch

• Introduction of a novel payment method allowing users to pay for goods and services using yield generated from USX, described as “buy now, pay never.”
• Partnerships with key retail and payment distributors aim to revolutionize payment solutions on Solana.
• Announcement of a future Token Generation Event (TGE) for SLX, a utility token linked to USX holders, slated for fall 2025.

Takeaway: USX’s integration into innovative payment methods and upcoming token incentives signal potential for real-world adoption and long-term value appreciation within the Solana ecosystem.

5. Institutional Staking and Validator Node Expansion

• Solstice Staking AG, the institutional staking arm, has been operational for four years with over $1 billion staked.
• New partnership with Tungsten Custody to launch US-based Solana validator nodes.
• Full integration planned between USX and institutional staking services to optimize yield for all investors.

Takeaway: Institutional-grade staking and validator infrastructure strengthen Solana’s network security and yield prospects, increasing appeal to large-scale investors.

6. Market Timing and Community Focus

• Solstice launches USX amid a growing market with Solana stablecoin volumes tripling since last year.
• Emphasis on community collaboration in designing USX, reflecting strong cultural alignment within Solana’s ecosystem.
• Solstice positions itself as deeply rooted in Solana’s development and growth trajectory.

Takeaway: USX and Solstice’s community-centric approach at a time of accelerating stablecoin demand enhances the likelihood of widespread ecosystem adoption and capital inflow.

Overall Summary:
Ben Natareski of Solstice Labs announced USX, Solana’s next-generation stablecoin focused on security, trust, utility, and permissionless access. Backed by significant institutional capital and partnerships across TradFi and DeFi, USX aims to grow Solana’s ecosystem by enabling real yield opportunities and innovative payment methods. The integration with institutional staking and upcoming token launches positions USX as a foundational building block for both retail and institutional participants, enhancing Solana’s stablecoin market leadership and ecosystem vitality.

Overview

• MetaMask launched native Solana support, expanding beyond Ethereum-compatible chains to boost Solana’s accessibility and user base.
• Solana users prioritize fast token trading and real-time updates, driving higher trading volume and demand for SOL.
• MetaMask implements dynamic slippage management and transaction simulation to improve trade reliability and reduce user risk on Solana.
• The new Wallet API enables seamless multi-chain, multi-account connectivity, enhancing user experience and accelerating DApp adoption on Solana.
• MetaMask’s multi-chain vision supports cross-chain growth and positions Solana for long-term ecosystem expansion and token value appreciation.

Christian Montoya

MetaMask, Lead of the Network Expansion Group

1. MetaMask’s Native Solana Support Launch

• MetaMask has spent nine months developing native Solana support in its wallet, integrating Solana for its 30+ million monthly active users.
• This is MetaMask’s first extension beyond Ethereum-compatible chains, representing a significant multi-chain expansion.
• The goal is to provide a seamless wallet experience for users new to Solana as well as current Solana users.

Takeaway: MetaMask’s direct support for Solana can significantly increase Solana’s accessibility and user base, enhancing its ecosystem’s visibility and liquidity.

2. User Behavior and Expectations: Multi-chain & Fast Trading

• MetaMask user research shows many users are already multi-chain, using Ethereum, Solana, Bitcoin, etc., especially advanced users like traders and NFT collectors.
• Solana usage is primarily focused on fast token trading and portfolio tracking, with NFTs being secondary.
• Solana users now expect real-time token indexing and fast wallet updates for new tokens due to rapid token launches and shorter block times.
• This is a shift from Ethereum users’ expectations, who are accustomed to manually adding tokens and slower updates.

Takeaway: The expectation for rapid token discovery and trading on Solana highlights the chain’s appeal for traders and speculators, potentially boosting volume and demand for SOL.

3. Transaction Mechanics Differences and Slippage Management

• Solana transaction execution differs from Ethereum’s fee market model; Solana users face potential transaction failures without mempool queuing.
• Slippage is a larger risk on Solana due to volatility in liquidity pools, especially with newer or less liquid tokens.
• MetaMask is implementing dynamic slippage management to predict and protect users from excessive losses during trades.
• Transaction simulation is emphasized, and MetaMask plans to enforce transaction outcomes on-chain, increasing user confidence.

Takeaway: Improved handling of transaction reliability and slippage on Solana via MetaMask enhances user experience and reduces trading risk, supporting higher trading activity on Solana’s network.

4. Multi-chain, Multi-account Wallet and DApp Integration

• Solana wallets currently follow a single-chain, single-account model, causing friction when switching accounts and networks.
• MetaMask is pioneering a new Wallet API that supports simultaneous multi-chain and multi-account connectivity in DApps.
• Users will be able to connect multiple accounts across chains (Ethereum, Solana, Base, Layer 1) seamlessly without manual network/account switching.
• This API aims to enable DApps like Magic Eden or OpenSea to offer cross-chain experiences with simplified user flow.

Takeaway: Enhanced multi-chain and multi-account wallet integration can accelerate DApp adoption on Solana by lowering friction and enabling seamless user interactions, likely increasing demand for SOL.

5. Vision for a Consistent and Empowering Multi-chain User Experience

• MetaMask’s approach balances a unified multi-chain experience with tailored features unique to each blockchain.
• The wallet aims to empower users to confidently explore multiple ecosystems without losing the native strengths and functionalities of each chain.
• This user-centric focus is seen as critical in supporting a maturing multi-chain Web3 environment.

Takeaway: MetaMask’s multi-chain vision, including Solana support, positions the wallet as a key player in driving cross-chain adoption, benefiting Solana’s long-term ecosystem growth and token value.

Overall, Christian Montoya’s talk highlights MetaMask’s strategic and technical commitment to integrating Solana natively, improving user experience with dynamic trading tools and multi-chain connectivity. This development could materially enhance Solana’s user adoption and ecosystem liquidity, important factors for potential investors.

Overview

• WalletConnect enables seamless cross-chain wallet access, supporting 45 million active wallets and enhancing Solana wallet adoption.
• Decentralization with global node operators and the WalletConnect Token promotes protocol resilience and community governance.
• The WalletConnect Token is launching natively on Solana, highlighting Solana’s growing ecosystem and multi-chain integration.
• Token incentives and community engagement aim to accelerate innovation and user growth within the Solana ecosystem.
• This integration may increase demand for Solana tokens by expanding wallet connectivity and developer activity.

Pedro Gomes

Pedro Gomes, founder of the WalletConnect Protocol and director of the WalletConnect Foundation, presented at the Accelerate 2025 conference, focusing on WalletConnect’s role and recent developments in the Solana ecosystem.

1. WalletConnect Growth and Cross-Chain Interoperability

• WalletConnect has been around since 2018, providing wallet interoperability across multiple blockchains including Ethereum, Bitcoin, and Solana.
• It enables users to connect any wallet to any app via methods like QR codes, enhancing user choice and experience.
• The protocol currently supports 45 million unique active wallets and has facilitated over 300 million cumulative wallet connections.
• Many wallets in the Solana ecosystem already support WalletConnect integration, with apps like Jupiter providing WalletConnect access.

Takeaway: WalletConnect’s expanding user base and cross-chain interoperability strengthens the utility and user experience in the Solana ecosystem, potentially increasing Solana wallet activity and adoption.

2. Decentralization and Governance with the WalletConnect Token

• Last year, WalletConnect decentralized its network with 16 node operators globally, enhancing coverage and community involvement.
• The WalletConnect Token was launched to incentivize infrastructure builders and allow decentralized governance by partners, wallets, and operators.
• The token facilitates staking and rewards, critical for sustaining core protocol infrastructure.

Takeaway: Decentralization through node operators and the introduction of the WalletConnect Token enhances protocol resilience and community governance, adding long-term sustainability to WalletConnect’s ecosystem.

3. Native Launch of WalletConnect Token on Solana

• A major announcement is that the WalletConnect Token is now launching natively on Solana, moving beyond its initial Ethereum launch.
• This move supports WalletConnect’s vision of a truly multi-chain token aligned with its multi-chain protocol.
• The decision to expand to Solana reflects recognition of Solana’s rapid growth in developers, users, and ecosystem activity.
• The token launch on Solana uses Wormhole integration, facilitating cross-chain interoperability.

Takeaway: Native WalletConnect Token support on Solana signals deepening integration and growing strategic importance of Solana in WalletConnect’s ecosystem, potentially boosting Solana token utility and driving developer and user engagement.

4. Community Empowerment and Ecosystem Collaboration

• With the token now on Solana, the WalletConnect Foundation aims to empower the Solana community, including builders, developers, and partners.
• The community focus aims to leverage network effects to accelerate growth and innovation across chains.
• The announcement was made at a Solana-focused event, underscoring the collaborative ethos and direct outreach to the Solana ecosystem.

Takeaway: Community-driven initiatives paired with token incentives can catalyze adoption and innovation on Solana, improving the overall health and vitality of the Solana ecosystem which benefits token holders.

Overall Investor Perspective: The native integration of the WalletConnect Token on Solana not only strengthens WalletConnect’s multi-chain vision but also deepens Solana’s role in enabling interoperable wallet usage, which may increase demand for Solana services and tokens as wallet connectivity and dApp usage grow.

Overview

• Helium addresses inefficiencies of traditional cellular networks with a decentralized, community-built wireless model.
• Proven IoT network success underpins scalability and diverse real-world applications.
• Heli Mobile offers flexible, affordable phone plans with incentives, enhancing user adoption.
• Strategic partnerships with major carriers and nearly 1 million users showcase rapid growth and network validation.
• A $50M grant and community events aim to accelerate hotspot deployment and ecosystem expansion.

Abhay Kumar, Helium

Abhay Kumar, representing Helium (also referred to as Heli), presented at Accelerate 2025 about Helium’s decentralized wireless network and their innovative approach to connectivity.

1. Problems with Traditional Cellular Networks

• Big telecom companies create coverage dead zones despite showing full bars.
• Consumers face inflated and variable phone bills, contract lock-ins, and high infrastructure costs.
• The current cellular network model is seen as outdated and restrictive, limiting user agency.

Takeaway: Helium targets fundamental inefficiencies in traditional telco models, positioning itself as a disruptive force with potential market demand for decentralized connectivity.

2. Helium Network and IoT Success

• Helium began by building a decentralized IoT network enabling smart agriculture, city monitoring, environmental and weather sensing, water leak detection, and tracking.
• These early IoT applications serve as proof of concept for a people-powered network enabling businesses to thrive.
• The network is built by community deployers hosting hotspots, providing foundational infrastructure.

Takeaway: Helium’s proven IoT ecosystem showcases its capability to scale and deliver utility beyond traditional telecom, validating its decentralized model.

3. Consumer-Facing Product: Heli Mobile

• Heli Mobile offers a real phone plan usable as a second SIM, available in the U.S. app store.
• The free plan requires no contract or credit card, with options to upgrade to paid plans ($15 or $30/month).
• Plans reward users for sharing location data, incentivizing network optimization.
• Connectivity is seamless, automatically switching between Helium hotspots and fallback to major cellular carriers like T-Mobile in the U.S.

Takeaway: Heli Mobile’s mix of free and paid plans with reward incentives taps into consumer appetite for affordable and flexible wireless services, driving user growth.

4. Growth, Partnerships, and Network Expansion

• Helium reported explosive growth with nearly 1 million phones using the network as of May 2025.
• New partnerships with major carriers AT&T in the U.S. and Movistar (Telefonica) in Mexico support expansion.
• Helium is not a traditional MVNO but a hybrid network combining people-built infrastructure with carrier fallback.
• Network utilization includes terabytes of daily data traffic, indicating real usage and engagement.

Takeaway: Strategic partnerships with top carriers and rapid user adoption demonstrate Helium’s scaling potential and increasing network value.

5. Incentives and Future Events

• Helium Foundation launched a $50 million coverage grant to financially incentivize large-scale hotspot deployment.
• Plans to engage the community include events like Heli House at Breakpoint in Abu Dhabi, fostering ecosystem development.
• Open channels for user engagement and network growth are emphasized.

Takeaway: The substantial grant program highlights Helium’s commitment to network expansion and community engagement, signaling strong growth prospects.

Overall takeaway for investors: Helium’s decentralized wireless network model, reinforced by major carrier partnerships, a consumer-friendly product, and strong community incentives, presents a compelling opportunity within the Solana ecosystem to disrupt traditional telco markets and drive mass adoption of blockchain-powered connectivity solutions.

Overview

• Coinbase is bridging traditional and decentralized finance to expand DeFi adoption, focusing on Solana.
• CB Bitcoin, a zero-fee Bitcoin-backed token on Solana, drives high Bitcoin liquidity and trading volumes.
• Coinbase’s crypto-backed loans on Solana enable seamless, on-chain USDC borrowing against CB Bitcoin.
• Institutional MPC wallets on Solana provide secure, compliant access to DeFi, attracting institutional capital.
• Future Coinbase plans emphasize expanded credit, tokenization, and developer collaboration to grow Solana’s ecosystem.

Andrew Allen

Andrew Allen, Protocol Specialist at Coinbase, focusing on DeFi, staking, and Solana projects.

1. Coinbase's Vision and Market Trends in DeFi and CeFi

• Coinbase aims to increase economic freedom worldwide, seeing DeFi as the next wave of adoption.
• Data from Galaxy Research shows steady growth in DeFi lending volumes relative to CeFi.
• Despite growth, majority of global and U.S. users still do not access DeFi applications.
• Coinbase positions itself to provide accessible entry points to DeFi, bridging mainstream users and decentralized finance.

Takeaway: Coinbase is strategically focusing on expanding DeFi user adoption by bridging traditional and decentralized finance, indicating potential growth in DeFi-related services and products tied to Solana.

2. Launch and Impact of Coinbase Wrapped Bitcoin (CB Bitcoin)

• CB Bitcoin is a one-to-one Bitcoin-backed SPL token on Solana, issued by Coinbase with zero fees.
• It enables instant Bitcoin transfers onto Solana without waiting for on-chain Bitcoin confirmations.
• The token is favored by DeFi applications and traders for its simplicity and liquidity.
• Since its November 2024 launch, CB Bitcoin has contributed to billions of dollars in Bitcoin trading volume on Solana venues.
• It helps tighten arbitrage spreads by enabling instant redemptions back to Bitcoin on Coinbase.

Takeaway: CB Bitcoin significantly enhances Bitcoin liquidity and usability within the Solana ecosystem, making it a compelling asset facilitating higher trading volumes and DeFi integration on Solana.

3. Introduction of Crypto-Backed Loans on Coinbase Using DeFi

• Coinbase launched crypto-backed loans earlier this year allowing borrowing of USDC against CB Bitcoin collateral.
• The process is seamless for retail users — one-click loan origination handled on-chain via Morpho protocol.
• The loans are faster and usually cheaper than centralized options but carry variable interest rates.
• Since January 2025, over $200 million in loan originations have been recorded with around 5,000 unique active users.
• Each user manages their loans via individual wallets, reflecting true on-chain ownership and transparent loan data.

Takeaway: Coinbase’s integration of DeFi lending on Solana demonstrates scalable retail DeFi adoption, potentially expanding market use cases for CB Bitcoin and increasing engagement with Solana’s DeFi infrastructure.

4. Coinbase Prime Onchain Wallet for Institutional Users on Solana

• Coinbase offers an MPC (multi-party computation) wallet within its Prime institutional platform built on Solana.
• This SOC 2 compliant wallet enables institutions to interact securely with all Solana tokens and apps, including those not listed on Coinbase.
• It provides institutions regulated access to Solana’s DeFi ecosystem while maintaining compliance and security standards.
• The wallet is already live and functional, serving as a bridge for institutional capital into Solana.

Takeaway: Coinbase's Prime Onchain Wallet lowers barriers for institutional participation in Solana’s ecosystem, potentially driving institutional capital inflow and expanding ecosystem liquidity.

5. Coinbase's Future Plans and Invitation to Developers

• Coinbase envisions a fully on-chain future of finance accessible to both retail and institutional users.
• Upcoming focuses include broad access to credit, enabling trading of any token, and tokenizing a wider array of assets.
• Andrew Allen invited builders and developers to collaborate on Solana DeFi projects, emphasizing Coinbase’s willingness to support ecosystem growth.
• Contact details were shared, highlighting Coinbase’s openness to partnerships.

Takeaway: Coinbase’s roadmap signals expanding DeFi functionalities and ecosystem support on Solana, suggesting ongoing innovation and increased market opportunities within Solana’s crypto environment.

Overview

• Sponsored Vaults introduce a customizable, scalable credit market model on Solana that departs from traditional pool-based DeFi lending.
• Loopscale’s order book lending enables more efficient, tailored credit agreements that optimize capital deployment and risk management.
• Sponsored Vaults help early-stage protocols and new asset classes access targeted capital, accelerating user growth and adoption.
• Real-world use cases like Orca and Paxos demonstrate practical benefits in liquidity, incentives, and stablecoin adoption.
• Investors are encouraged to engage early with Loopscale to capitalize on this innovative credit infrastructure driving Solana’s DeFi expansion.

Mary Gooneratne

Co-founder of Loopscale

1. Introduction of Sponsored Vaults: A New Credit Primitive for DeFi

• Sponsored Vaults enable institutions, funds, and protocols to create targeted, custom credit markets to bootstrap protocol or asset adoption.
• They represent a shift from traditional pool-based lending models common in DeFi to a more tailored and efficient credit market structure.
• This new model allows launching credit markets at zero marginal cost regardless of size, facilitating flexible growth from $100,000 to $100 million scales.
• Sponsored Vaults offer the ability to define specific borrowers, collateral assets, terms, and durations, localizing risk per vault rather than pooling broadly.

Takeaway: Sponsored Vaults significantly improve credit market efficiency and scalability on Solana, opening new growth and adoption opportunities for protocols.

2. Limitations of Current DeFi Lending Models and Loopscale’s Innovation

• Existing pool-based lending limits rate pricing due to uniform treatment of assets and borrowers, resulting in idle capital and deadweight losses.
• Curated vaults address some risk fragmentation but still inherit inefficiencies like fragmented liquidity and reliance on pool primitives.
• Loopscale replaces pools with bilateral credit agreements and a multi-parameter order book where lenders place limit orders matched with borrowers.
• This approach enables differentiated credit markets tailored to specific risk and capital deployment needs, improving capital usage efficiency.

Takeaway: Loopscale’s order book lending model on Solana offers a more precise and capital-efficient credit mechanism, enhancing DeFi market liquidity and risk management.

3. Strategic Use of Credit in DeFi Growth and Protocol Adoption

• Credit acts as a key strategic lever to drive user acquisition and loyalty in traditional finance (e.g., Affirm, GM).
• In DeFi, protocols face a chicken-and-egg problem requiring scale before accessing credit pools; Sponsored Vaults remove this barrier.
• They allow protocols to onboard targeted capital from aligned investors right from product launch, accelerating growth and adoption.
• This infrastructure innovation supports new asset classes like Liquid Staking Tokens (LSTs) and emerging DeFi credit products.

Takeaway: Sponsored Vaults empower earlier-stage protocol financing and foster new asset class adoption, potentially increasing demand and utility for Solana-based assets.

4. Concrete Use Cases and Partnerships

• Orca uses Sponsored Vaults to allow borrowing against liquidity provider (LP) positions, creating new user incentives and liquidity opportunities.
• Paxos and Global Dollar Network collaborate with Loopscale to bootstrap USDG stablecoin adoption by creating attractive lending markets.
• Upcoming use cases include financing hardware deployments for operators such as Helium, illustrating the broad applicability of Sponsored Vaults.
• These examples highlight how Sponsored Vaults tailor credit markets to specific protocol economics and risk profiles.

Takeaway: Sponsored Vaults enable practical, protocol-specific credit market solutions that can accelerate liquidity, user growth, and innovation in the Solana ecosystem.

5. Call to Action for Teams and Investors

• Loopscale invites on-chain teams and funds to launch their own credit facilities or products leveraging Sponsored Vaults.
• Borrowers and lenders seeking improved capital efficiency and customized credit solutions are encouraged to explore Loopscale’s platform.
• The innovation is positioned as a foundational credit primitive critical for the next phase of DeFi growth on Solana.

Takeaway: Early involvement with Loopscale and Sponsored Vaults offers exposure to novel DeFi credit infrastructure that could drive future value creation on Solana.

Overview

• Agora is pioneering Stablecoin 3.0 with AUSDT, focusing on privacy and compliance to capture a growing $230B+ stablecoin market.
• Privacy and confidential transfers are key competitive differentiators addressing user experience and regulatory demands.
• Agora’s confidential transfer tech encrypts sensitive data while enabling fast, low-cost transactions on Solana.
• The solution supports seamless integration for DeFi and enterprise use cases, boosting innovation and ecosystem growth.
• Long-term success depends on developer adoption, regulatory collaboration, and expanding private finance applications on Solana.

Drake Evans, Agora CTO and Co-founder

1. The Evolution of Stablecoins and Market Opportunity

• Agora issues AUSDT stablecoin and is pioneering what they term Stablecoin 3.0.
• Blockchain-based finance has the potential to revolutionize global finance over the next 10-15 years, exceeding cloud software’s impact.
• The existing stablecoin market exceeds $230 billion with over 250 stablecoins; this market is poised for significant expansion.
• Stablecoins can provide financial access to both well-served populations and the over one billion underserved or unbanked globally.
• Regulatory clarity is improving worldwide, creating a better environment for stablecoin issuance and adoption.

Takeaway: The stablecoin space is booming with growing regulatory support, and projects like Agora are positioning to capture massive future demand by addressing underserved global markets.

2. User Experience (UX) Challenges and Privacy Needs in Stablecoins

• Current stablecoin user experience still has friction, such as account recovery and protection against scams.
• Instant settlement and self-custody work for institutions but pose challenges for widespread consumer adoption.
• Privacy remains a major unresolved issue, especially for enterprises needing confidentiality in asset holdings and transactions.
• Public transparency of transactions risks frontrunning and exposes sensitive corporate and trading information.
• Privacy requirements are increasingly mandated by regulators, making privacy a compliance necessity.

Takeaway: Privacy is becoming a critical feature for stablecoins and blockchain finance, with enterprises demanding confidential solutions, offering a competitive edge to projects focusing on privacy.

3. Agora’s Solution: Confidential Transfers and Stablecoin 3.0

• Agora has implemented confidential transfers on Solana, integrating privacy directly into the stablecoin token.
• Confidential transfers encrypt balances and transfer amounts while keeping sender, recipient, and date visible to issuers only, similar to traditional banking trust models.
• Core technologies: homomorphic encryption (for encrypted yet verifiable amounts), range proofs (to prevent token fraud), and zero-knowledge proofs (to maintain speed and low cost).
• Users can move tokens between public and confidential balances seamlessly.

Takeaway: Agora’s innovative confidential transfer technology uniquely blends privacy, compliance, and scalability, positioning AUSDT and Stablecoin 3.0 as next-generation money on Solana.

4. Adoption, Developer Integration, and Ecosystem Impact

• Confidential transfers are live on Solana with wallet support (Soulflare, Phantom) coming soon.
• Existing DeFi protocols can adopt confidential balances easily, as confidential and public balances coexist.
• Potential use cases: private lending markets (with confidential collateral), private DEX position sizes, yield farming strategies, confidential enterprise payments, payroll, and vendor payments.
• Confidential transfers can enable new categories of DeFi and enterprise applications that require privacy.
• Tooling and documentation for developers are ready, encouraging experimentation and innovation.

Takeaway: The ready-to-use confidential transfer infrastructure on Solana boosts DeFi and enterprise innovation prospects, potentially increasing demand for Solana tokens tied to these new privacy-enhanced applications.

5. Future Outlook and Call to Action

• Agora encourages developers to pioneer confidential transfer usage to unlock new protocol versions and private finance solutions.
• Privacy is framed as essential to fulfilling blockchain’s promise of a financial revolution.
• The project highlights the need for community involvement and ecosystem growth around privacy-enabled digital money.
• Agora envisions ongoing collaboration with issuers, regulators, law enforcement, and service providers to maintain compliance while preserving privacy.

Takeaway: Agora’s vision aligns with broader regulatory trends toward privacy and compliance, suggesting strong long-term potential for AUSDT and the Solana ecosystem’s growth in institutional and consumer adoption of private digital assets.

Overview

• Distribution and user acquisition are the key challenges limiting Web3 gaming adoption, more so than payments or monetization.
• Balancing player engagement with trader incentives without creating exploitative economies is essential for sustainable growth.
• Simple token distribution models and frictionless game integration drive faster onboarding and ecosystem expansion.
• Open Game Protocol aims to solve distribution and reward challenges by enabling easy integration with existing token communities.
• Investors should focus on projects improving distribution, onboarding, and economic sustainability to capitalize on Solana’s gaming ecosystem growth.

Speakers

Colleen Nimkar, Head of Gaming at Solana Foundation
Justin Waldron, Founder of Open Game Protocol, veteran game developer (Words With Friends, Farmville)

1. Challenges in Web3 Gaming Ecosystem

• Traditional game developers find it difficult to enter crypto/Web3 because creating successful games is already challenging without added complexities of crypto assets and economies.
• Current asks on game developers to create new blockchain asset economies are too high and discourage participation.
• Distribution, not payments or monetization, is the key missing piece in Web3 games; solving distribution for game developers will attract more creators to the ecosystem.
• Mobile games rely heavily on advertising-driven discovery, which often leads to disconnects like misleading ads and overconcentration on specific game genres (match-three, casino).
• Existing game monetization paradigms evolved from pay-to-own to free-to-play with microtransactions; the next potential shift involves incentivized installs through crypto rewards, but sustainability and farming abuse remain concerns.

Takeaway: The main reason Web3 games have struggled is poor distribution; solutions improving user acquisition and developer onboarding will likely be key growth drivers in Solana's gaming ecosystem.

2. Balancing Traders and Players in Web3 Gaming Economies

• The Web3 gaming ecosystem consists of different stakeholders—players who want engaging gameplay and traders who seek financialization.
• Trying to have game assets appeal equally to traders and players has led to economic imbalances (e.g., Axie Infinity’s asset inflation).
• A better approach is to view these parties as complementary: traders can help fund distribution and rewards while players earn enjoyable incentives at their own pace.
• Well-known IP and brand affiliation drive emotional engagement and meaning, which Web3 can leverage through existing communities around tokens.
• Avoiding "pay-to-earn" traps that encourage farming is crucial to maintaining healthy, sustainable game economies.

Takeaway: Web3 games that successfully integrate both player engagement and trader incentives without creating exploitative economies will have a competitive advantage in Solana’s ecosystem.

3. The Role of Token Distribution and User Experience in Crypto Gaming Growth

• "Number go up" (token value increase) is a key motivator for many new crypto users more so than UI/UX complexity.
• Historically, crypto networks grew rapidly through free token distribution models like mining; abandoning these models slowed growth.
• Overcomplicating onboarding with forced purchases and KYC reduces new user acquisition; instead, giving tokens away in a controlled way supports organic ecosystem expansion.
• Developers should not be required to fully redesign games for Web3; simple integration with Solana’s tools to tap into token communities and distribution mechanics can dramatically increase developer adoption.
• The unlocking of broad developer mindshare is tied to solving these onboarding and distribution problems.

Takeaway: Protocols enabling effortless token distribution and frictionless game integration will fuel growth and adoption in Solana’s Web3 gaming space, creating major investment opportunities.

4. Open Game Protocol’s Vision and Upcoming Launch

• Open Game Protocol aims to provide a new way for game developers to collaborate with existing token communities on Solana.
• The goal is to resolve distribution and reward challenges by enabling quick integration without redesigning entire game economies.
• The project is close to shipping and positioning itself as a key infrastructure player to grow the Web3 gaming ecosystem on Solana.

Takeaway: Open Game Protocol is an important upcoming infrastructure project that could significantly improve game developer onboarding and user acquisition on Solana, potentially driving ecosystem expansion and token value appreciation.

Overall Investor Summary

The talk highlights distribution as the fundamental bottleneck preventing Web3 gaming adoption at scale. Projects effectively addressing distribution, token reward sustainability, and simplified integration for game developers—such as Open Game Protocol—are poised to unlock massive growth in Solana’s gaming ecosystem over the coming year. Investors should watch for innovations that improve user acquisition and bridge players and traders in game economies to capitalize on this expansion trend.

Overview

• Infinex is enhancing Solana’s DeFi UX to attract centralized exchange users by simplifying wallet and cross-chain interactions.
• The platform prioritizes self-custody with CEX-level usability, aiming to shift liquidity and trading on-chain for ecosystem growth.
• Solana’s pragmatic and fast-paced development culture supports rapid innovation and consumer-focused DeFi applications.
• Launch of Infinex Connect SDK in mid-2025 will facilitate multi-chain DApp integration and liquidity aggregation on Solana.
• These innovations could increase on-chain activity, Solana token demand, and overall ecosystem maturity, presenting attractive opportunities for investors.

Kain Warwick

Founder of Infinex, early Ethereum DeFi pioneer (co-founder of Synthetix), transitioning from Ethereum maximalist to Solana developer

1. Introduction to Infinex and User Experience Innovation on Solana

• Infinex is a full-stack, cross-chain decentralized application built with native Solana support alongside EVM chains.
• The platform abstracts away traditional wallet complexities such as seed phrases by introducing a full-stack signing architecture and passkey login, making it easier for users familiar with CEX trading experiences to use on-chain protocols.
• Features include "Switch," a combined swap and bridge service, aiming to simplify cross-chain trading.
• Focuses on attracting users who are used to centralized exchanges but want to trade on-chain with self-custody benefits, bridging the gap between sophisticated DeFi users and mainstream traders.

Takeaway: Infinex’s UX-focused approach could drive increased user adoption on Solana by lowering friction for CEX traders to transition to on-chain trading, potentially increasing on-chain liquidity and volume.

2. Philosophy and Advantages of Decentralized Exchanges vs. Centralized Exchanges

• Infinex opts for non-custodial but non-censorship-resistant design to achieve a UX comparable to centralized exchanges without compromising self-custody.
• Trading on-chain provides early access to tokens and full interoperability with DeFi protocols, unlike CEXes that control listings and operate as mostly extractive liquidity silos.
• Self-custody may not be enough to attract most users; therefore, the platform emphasizes usability and direct value flow back into DeFi protocols.
• The goal is to shift liquidity and trading activity on-chain, which benefits the overall Solana ecosystem by reinforcing protocol utility and token value.

Takeaway: Platforms like Infinex that blend strong UX with DeFi advantages may erode centralized exchange dominance and catalyze on-chain activity, driving demand for Solana-native tokens and applications.

3. Comparing Solana and Ethereum Ecosystem Dynamics in DeFi

• Early Solana DeFi developers displayed some resistance to adopting lessons learned from Ethereum’s earlier DeFi issues, resulting in a trial-and-error learning process.
• Solana engineers are characterized as more pragmatic and straightforward in problem-solving, focusing on practical solutions rather than orthodox or complex approaches seen in Ethereum.
• The Solana ecosystem benefits from faster innovation cycles due to this pragmatic mindset, which may accelerate building consumer-focused applications.
• Ethereum’s approach often carries legacy complexity, while Solana pursues simplicity and speed, reflecting differing cultural and technical philosophies.

Takeaway: Solana’s pragmatic development culture can lead to faster innovation and a richer consumer experience, potentially enhancing the network’s competitive positioning in DeFi relative to Ethereum.

4. Upcoming Launches and Developer Tools

• Infinex is preparing to launch Infinex Connect in early June 2025, a software development kit (SDK) designed for multi-chain DApps.
• The Connect SDK aims to enable Solana DApps to integrate cross-chain liquidity and simplify user onboarding.
• Several DApps leveraging this new technology are expected to launch between June and July 2025.
• This initiative could enhance Solana’s ecosystem interoperability and liquidity aggregation.

Takeaway: The impending launch of Infinex Connect SDK may boost Solana’s multi-chain DApp development and liquidity inflows, supporting ecosystem growth and token utility.

Overall Summary

Kain Warwick’s discussion highlights Infinex’s push to make DeFi on Solana accessible to mainstream users by improving UX and eliminating typical on-chain friction points, especially for those familiar with centralized exchanges. The talk outlines philosophical differences between Solana and Ethereum DeFi development approaches, emphasizing Solana’s pragmatic culture and rapid innovation. Upcoming tooling like Infinex Connect SDK promises to enhance cross-chain liquidity aggregation and DApp development on Solana, signaling continued ecosystem maturation beneficial for long-term investors.

Overview

• Solana’s public on-chain data limits privacy-sensitive adoption; Archi enables encrypted computing to address this gap.
• Archi’s platform supports fully encrypted transactions and shared states, enhancing privacy for DeFi and beyond.
• Confidential DeFi use cases like encrypted order books and dark pools attract institutional and privacy-focused users.
• Encrypted AI and healthcare applications demonstrate broad potential beyond finance, expanding Solana’s ecosystem.
• Archi positions Solana as a leader in privacy infrastructure, driving institutional engagement and wider adoption.

Yannik Schrade

Yannik Schrade, Co-founder and CEO of Archi, presenting at Accelerate 2025 about encrypted computing solutions built on Solana.

1. Privacy Challenges and Market Opportunities on Solana

• On-chain data on Solana is by default public, which limits adoption by privacy-sensitive users.
• Institutional finance frequently uses off-exchange dark pools where privacy is the standard; this highlights demand for privacy in crypto trading.
• Privacy should be framed as a business enabler, unlocking new applications and wider adoption, rather than just a political or ideological issue.
• Providing privacy infrastructure is key to onboarding users and institutions who expect confidential handling of their data.

Takeaway: Privacy-enabling infrastructure on Solana could unlock large institutional and retail market segments previously unable to engage due to privacy concerns, driving ecosystem growth.

2. Archi’s Encrypted Computing Platform

• Archi extends Solana by enabling encrypted data inclusion in transactions, creating encrypted shared states accessible only through encrypted computations.
• The platform operates as a stateless encrypted network alongside Solana, allowing multiple users’ encrypted data to be processed and shared securely without exposing underlying data.
• Archi’s public testnet is live on Solana, focusing on ease-of-use, high throughput, and minimizing trust assumptions.

Takeaway: Archi introduces a powerful privacy layer for Solana that could become foundational infrastructure for privacy-preserving applications, potentially increasing Solana’s competitive edge.

3. Confidential DeFi and New Privacy-Preserving Financial Markets

• Archi enables Confidential DeFi, including dark pools, encrypted order books, private lending markets, and more.
• Confidential DeFi allows all trades and orders to remain fully encrypted while still enabling trustless order matching.
• Privacy levels are configurable, allowing custom data sharing preferences.
• A demo for a fully encrypted order book is live on Solana Devnet using Archi’s infrastructure.

Takeaway: Confidential DeFi opens a new privacy-focused financial product category on Solana, potentially attracting institutional volumes and users who require non-public transactional data.

4. Expanding Encrypted Computing Beyond DeFi

• Archi aims to enable encryption for a wide range of applications, not limited to fully encrypted apps but also enabling sensitive data coordination and aggregation in encrypted form.
• This creates a new design space for developers building composable encrypted applications on Solana.
• The acquisition of a leading encrypted AI company from Web2 accelerates Archi’s technology, especially in encrypted machine learning and AI.

Takeaway: Broad application of Archi’s encrypted computing expands Solana’s use cases and ecosystem, especially with inclusion of encrypted AI workflows.

5. Encrypted Machine Learning and Healthcare Use Cases

• Archi supports fully end-to-end encrypted machine learning where data, models, and inferences remain encrypted.
• Solana programs can gate access to encrypted models, enabling new economic incentives for data providers.
• Hospitals and healthcare organizations are using Archi for privacy-preserving collaboration, enabling shared intelligence without data exposure.
• Encrypted intelligence leads to better insights and predictions while maintaining stringent privacy requirements.

Takeaway: Archi’s encrypted AI and healthcare use cases introduce novel, privacy-focused enterprise applications, potentially expanding institutional engagement with Solana.

6. Vision and Broader Impact

• Encrypted computing on Solana is a new composable design space enabled only through cryptography combined with distributed computing.
• Archi’s platform attracts not just Solana-centric users but also institutions indifferent to blockchain technology itself, focused solely on encrypted computing.
• Yannik envisions a more private, secure internet where data is encrypted but fully usable, with Archi powering this transformation on Solana.

Takeaway: Archi’s encrypted computing platform positions Solana at the forefront of privacy and secure data collaboration innovations, likely boosting Solana’s relevance and adoption across industries.

Overall Summary:
Yannik Schrade’s talk highlights Archi’s revolutionary encrypted computing platform that addresses the lack of privacy on Solana, targeting both DeFi and broader applications including institutional finance and healthcare. By enabling fully encrypted states and computations, Archi unlocks new markets and use cases, fostering adoption by privacy-conscious users and enterprises. This advancement could materially enhance Solana’s ecosystem, usability, and appeal to significant institutional participants.

Overview

• Introduced a trust-minimized bridge to verify Dogecoin consensus directly on Solana, enabling seamless, secure DOGE transfers.
• Developed Doge Lightclient with zero-knowledge proofs for on-chain Dogecoin consensus verification, enhancing Solana’s PoW integration capabilities.
• Bridge allows Dogecoin holders to access Solana’s DeFi and NFT ecosystems, increasing DOGE utility and Solana ecosystem liquidity.
• Current bridging back relies on Wormhole, balancing security with usability; fully trustless two-way bridge remains a future goal.
• User-friendly onboarding and community incentives aim to boost Dogecoin holder participation and drive activity within Solana.

Carter Feldman, Psy and Sigh Protocol Founder

1. Verifying Dogecoin on Solana: Bridging Two Ecosystems

• Carter Feldman introduced the initiative to verify Dogecoin consensus directly on Solana, aiming to unite the Dogecoin and Solana ecosystems.
• The goal is to create a bridge where Dogecoin and Bitcoin can be moved natively to Solana and back, maintaining a 1:1 backing without compromising security.
• This would allow Dogecoin holders to access Solana's DeFi and NFT ecosystems, increasing Dogecoin's utility by enabling staking, yield farming, and more on Solana.
• Users can deposit Dogecoin from centralized exchanges directly into the Solana bridge using their Solana address without needing a Doge wallet.

Takeaway: This development could drive new usage and liquidity into the Solana ecosystem by integrating one of the most popular cryptocurrencies, Dogecoin, potentially enhancing Solana token demand.

2. Technical Innovation: Doge Lightclient and Zero-Knowledge Proofs

• The team developed Doge Lightclient, a Rust no-std compatible library that enables Solana programs to read and verify Dogecoin state efficiently with zero-copy techniques.
• Because Dogecoin’s hashing algorithm is computationally intensive and not easily done on Solana, they offload this hashing into zero-knowledge proofs that get verified on-chain, enabling full consensus verification.
• This novel approach allows Solana programs to run trust-minimized Dogecoin consensus verification on-chain fully.

Takeaway: This innovation enhances Solana’s capability for trust-minimized bridging of proof-of-work chains, potentially setting a standard for integrating other PoW tokens and attracting diverse protocols to Solana.

3. Trust-Minimized Bridge and Ecosystem Impact

• The platform verifies each Dogecoin block header on Solana, checks difficulty, auxiliary proof of work, and allows users to prove deposits by referencing these validated blocks.
• A separate smart contract prevents double spending by marking deposits as claimed before Dogecoin tokens are minted on Solana.
• Partnerships and collaborations within Solana, such as with Bonk, help integrate Dogecoin holders into the broader Solana "meme" ecosystem.

Takeaway: The trust-minimized nature of the Dogecoin bridge enhances security and user confidence, making it easier for users to bring Doge liquidity to Solana's innovating DeFi and NFT projects, improving network effects.

4. Limitations and Bridging Back Strategy

• Currently, a fully trustless bridge going from Solana back to Dogecoin Layer 1 is not yet feasible due to limitations like the inability to fully verify Solana state on Dogecoin.
• To handle bridging back, they leverage the Wormhole bridge solution for secure return of Doge tokens to Dogecoin.
• This hybrid approach balances security with practical usability while development continues.

Takeaway: Although somewhat reliant on existing cross-chain infrastructure like Wormhole, this bridge offers practical cross-chain utility now, with further decentralization possible in the future.

5. Demo and User Experience

• A live demo showcased the simple user experience: generate a Solana address, deposit Dogecoin from any exchange, wait for confirmations, then claim Doge minted on Solana.
• Users gain immediate access to Solana's ecosystem benefits with their Doge tokens in a wallet they control, including staking and yield opportunities.
• The initiative also emphasizes community engagement through rewards and events to foster Dogecoin holder participation in Solana.

Takeaway: The smooth user onboarding process reduces friction and encourages Dogecoin holders to explore Solana’s ecosystem, likely driving increased network activity and token utility.

Overall Investor Takeaway: Carter Feldman’s project to verify Dogecoin on Solana creates a secure, trust-minimized bridge that enables Dogecoin holders to tap into Solana’s rapidly growing DeFi and NFT ecosystems. This innovation not only enhances cross-chain interoperability with proof-of-work chains but also could materially increase demand and utility for Solana tokens by attracting a large, enthusiastic user base from the Dogecoin community.

Overview

• Highlighted common deceptive practices in crypto token launches, including hype-driven valuations, insider sales, and supply manipulation.
• Exposed risks of undisclosed OTC deals and insider loops inflating token prices artificially.
• Advocated for transparency, ethical tokenomics, and disclosed market-maker/OTC transactions to protect retail investors.
• Emphasized fair launches with large circulating supply and broad token distribution as best practices.
• Urged Solana investors to favor projects with clear governance and transparency to reduce risks and support sustainable ecosystem growth.

FP Lee, Sanctum

Co-founder of Sanct, a liquid staking protocol on Solana; has 4.5 years of industry experience and launched a token. Presented a frank and critical talk about common deceptive practices ("grifiting") in crypto projects, especially related to token launches and valuations.

1. Common Grifting Tactics in Crypto Projects

• Token projects often prioritize hype over product, including buying fake followers and paying influencers/KOLs heavily.
• Inflated private round valuations are used to create FOMO and pump the token price artificially.
• Projects encourage funds to create artificial demand by buying tokens on the open market at a discount.
• Supply manipulation is common via low circulating float, high fully diluted valuation (FDV), pre-sales to insiders, and restricting token sales.
• Meme coin style pump-and-dump (“DP” on retail) tactics remain popular.
• These actions harm retail investors and damage the reputation of the crypto space with institutions.

Takeaway: Be cautious of inflated token valuations, low liquidity, insider sales, and hype-driven projects as they often mask unhealthy tokenomics and risk pump-and-dump scenarios.

2. The OTC Loop and Importance of Transparency

• Over-the-counter (OTC) token sales are legitimate tools for large sales that reduce market volatility and fund project growth.
• Problems arise with undisclosed OTC deals which can be abused in price pumping and insider enrichment.
• A cyclic OTC loop involves projects buying their own token on the open market, pumping its price, then selling discounted tokens OTC to insiders, who lock them and allow further price manipulation.
• This loop misleads public investors and inflates token price artificially.
• Sanct has never done OTC sales but commits to full disclosure when/if it happens.
• Advocates for after-the-fact disclosure of OTC and market maker deals to avoid front-running but maintain transparency.

Takeaway: Demand transparency and disclosure around OTC transactions to avoid hidden insider deals that distort prices and impose risks on retail holders.

3. Call for Better Standards and Ethical Practices in Crypto

• The speaker expresses frustration and personal burnout caused by unethical market behavior being tolerated.
• Emphasizes the importance of protecting retail investors to foster mass adoption of crypto technologies like Solana.
• Encourages projects to reject fake metrics, inflated valuations, restricted supply, and secretive market-maker (MM) or OTC deals.
• Supports fair launches with large circulating supply, distributed token holder bases, anti-sniping measures, and open disclosure of activities.
• Highlights some projects setting good examples, like Metadal (with on-chain treasury control via decision markets) and Jupiter (community audits of token movements).
• Seeks partnerships to create a token transparency framework to raise industry standards.

Takeaway: Projects prioritizing ethical token economics and transparency will likely build sustainable value and trust, which are key for long-term investing.

4. Implications for the Solana Ecosystem and Investors

• Sanct is a major liquid staking protocol on Solana, emphasizing user protection and transparency.
• As Solana seeks more institutional users, reducing the perception of crypto as a “cesspool” of scams is important.
• Projects adhering to transparency and ethical practices can attract better quality capital and encourage broader adoption of Solana.
• Investors should preferentially support Solana projects with clear governance, disclosed deals, and aligned incentives.

Takeaway: In the evolving Solana ecosystem, favor projects with transparent governance and sound tokenomics to mitigate risks associated with insider grifts and foster sustainable growth.

Overview

• Ranger Finance is Solana’s first perpetual aggregator, unifying liquidity and simplifying order execution across venues.
• Plans to expand into spot trading, lending aggregation, and real-world assets to create a comprehensive DeFi trading stack.
• Growth in on-chain DEX volumes and user preference for single-aggregator platforms drive demand for Ranger’s services.
• Innovative geolocation routing enables compliant access for US traders, opening a large new market.
• Integration with emerging platforms and API support strengthens Ranger’s role as key infrastructure in Solana’s DeFi ecosystem.

Barrett Williams

Barrett Williams, co-founder of Ranger Finance, a DeFi command center focused on aggregating perpetual (PERG) markets on Solana and multi-chain.

1. Ranger Finance’s Role as a DeFi Aggregator

• Ranger Finance is the first and currently only perpetual (PERG) aggregator on Solana.
• It aggregates liquidity across multiple major venues, providing seamless order execution for users.
• The company’s mission is to unify the trader experience across various DeFi protocols, similar to what Jupiter achieved for spot aggregation.
• Ranger offers both front-end user access and API connectivity for developers.

Takeaway: Ranger’s pioneering position as a PERG aggregator on Solana positions it well to capture growing DeFi trading volumes by simplifying user access and optimizing execution.

2. Expansion into Spot Aggregation and Broader DeFi Markets

• Ranger plans to launch spot aggregation by the end of the month, integrating popular spot venues like Jupiter, Chamino limit orders, and Dflow.
• The company aims to offer a “complete DeFi trading stack” combining spot, derivatives, and eventually lending.
• It is exploring meta aggregation that combines multiple venue order types into a single seamless experience.
• Support for lending aggregation and real-world assets (RWA), including equities tokenized on-chain, is in the roadmap.

Takeaway: Ranger’s expansion into spot trading and RWAs diversifies its offerings and could significantly increase user engagement and traded volume.

3. Market Trends and the Move Toward On-Chain Finance

• Barrett highlights a notable increase in on-chain DEX volumes, especially in PERG markets since 2023.
• Solana and similar high-performance chains are driving this growth thanks to their scalability.
• Users prefer consolidating their trading activity into a single aggregator app rather than dealing with multiple protocols individually.
• On-chain DeFi is positioned to erode centralized exchanges by providing transparency, openness, and better user experiences.

Takeaway: The continued shift toward on-chain trading on platforms like Solana benefits aggregators like Ranger, who simplify access across DeFi venues.

4. Regulatory and User Access Innovations

• Ranger now enables US traders to access its platform and trade without using VPNs, a significant barrier for many DeFi users.
• This geolocation routing ensures US users connect through compliant venues without losing order optimization.
• On- and off-ramp partnerships with companies like Coinbase make it easier for users to enter and exit the ecosystem.

Takeaway: Ranger’s solution to the US regulatory and access challenges opens the massive US market, increasing potential adoption and liquidity.

5. Integration with Emerging Platforms and Developer Support

• Ranger is working on integration with the Hyperliquid L1 network and its DEX, a prominent perpetual venue.
• The platform provides API access for building developer tools such as Telegram bots or algorithmic trading agents.
• This expands Ranger’s ecosystem beyond end-users into developer communities building on Solana.

Takeaway: By embracing new chains and supporting developer tools, Ranger is positioning itself as a foundational infrastructure layer in Solana’s DeFi ecosystem.

Overall Investor Takeaway:
Ranger Finance’s leadership as Solana’s first perpetual aggregator, coupled with its expansion into spot markets, real-world assets, and improved US user access, places it strategically to capitalize on growing on-chain trading volumes and broader decentralized finance adoption on Solana and beyond.