Danny hosts Carlos from Blockworks research team and Toma, a new member of the Blockworks advisory team focusing on Solana ecosystem analysis and content creation.

The conversation covers Solana's monthly performance metrics, with revenue down but tokenized equities emerging as a bright spot reaching $250 million TVL. ETF flows show divergent trends with Solana maintaining consecutive inflows while Bitcoin and ETH face outflows.

Major focus on Camino's explosive RWA market growth, scaling to $1 billion in deposits across eight markets since May 2025, with Figure's prime market leading at $600 million. Discussion includes tokenized equity liquidity challenges and the recent Axiom insider trading investigation by Zach XBT.

Solana Metrics Show Mixed Signals Amid Market Downturn

Solana revenue declined after January's brief uptick, continuing a multi-month downtrend with priority fees capturing 64% of total revenue market share - the highest since March 2024

Solana ETFs demonstrated relative strength with eight consecutive months of inflows while Bitcoin and ETH ETFs suffered four months of consecutive outflows

"Institutional capital tends to be a bit more patient. They tend to have positions if they accumulate them are usually longer term" - Carlos on ETF flow divergence

Tokenized Equities Hit $250M TVL Despite Liquidity Challenges

Tokenized equities scaled to $250 million TVL since virtually zero in mid-2025, representing about 25% of total cross-chain tokenized equity TVL, second only to Ethereum

Superstate offers canonical shares as actual company shares with dividend pass-through, while X-stocks operate as Swiss tracker certificates without traditional voting rights

Pre-IPO stocks like OpenAI, Anduril, and Anthropic saw massive volume spikes during news events, with gold contributing 30% of tokenized commodity volume through Tether's offering

X-stocks face significant slippage issues with $100,000 trades suffering nearly 1% instant loss due to illiquid markets, though smaller trades execute with minimal fees

Camino's RWA Markets Explode to $1B in Deposits

Eight RWA markets launched on Camino since May 2025 grew from zero to over $1 billion in deposits, now accounting for 35% of the platform's total market

Figure's prime market became the largest with nearly $600 million deposits, offering exposure to private credit backed by tokenized HELOCs at 8% APY

USDC utilization rates hit 100% in the prime market as users loop RWA assets against stablecoins, with borrows growing to over $400 million in stables

"You wouldn't even know that there is a bear market going on, right? Like, it's just up and to the right" - Carlos on RWA market growth during crypto downturn

Looping strategies emerged as the primary use case over directional leverage, with multiply products enabling one-click leveraged yield exposure

Axiom Insider Trading Scandal Exposes Platform Risks

Zach XBT investigation revealed an Axiom BD employee used customer wallet connection data to trade ahead of influencers' public positions on their tracked addresses

Axiom team responded quickly by cutting ties with the individual, with the incident appearing to be a "bad apple" scenario rather than systemic platform issue

Users showed minimal reaction to the scandal, with no significant drops in trading volume or account balances, suggesting product value outweighs controversy concerns

"A lot of these teams are so young, you know, and you start from zero and you grow to a huge number of users or TVL and you kind of forego the actual learning that comes with growing a company" - Toma on crypto startup challenges

Resources Mentioned

Team Tomas Steamy edition (The Saints' team Book 6)

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Building Your Dream Team How to Attract and Retain Top Talent

another episode of the Lightspeed Podcast. Today I'm joined by a regular Carlos from the Blockworks research team, as well as a new member of the Blockworks advisory team, but also new to the Lightspe

Actual HR-Approved Ways to Tell Coworkers They're Stupid 75 Witty Alternatives for Those Things You Want to Say At Work But Can't - Office Coworker ... - Joke Book (HR Approved Office Humor Books)

oughts, takeaways on this. I feel like you had a good take on this, Danny. On, I think it was Xerox research where you said a lot of these teams are so young, you know, and you, I don't know how old A

on the advisory team and dig into the ecosystem

, Toma, for your first light speed episode. We'll definitely have you on again as you do some more research on the advisory team and dig into the ecosystem. I'm sure you'll be putting out some great