From this week’s The Decentralised: Quantum Ethereum
The Ethereum Foundation has formed a dedicated post-quantum research team led by Thomas Coratger, following what researcher Justin Drake described as years of quiet R&D and rapidly accelerating timelines. Recent advances from Google and warnings from Ethereum co-founder Vitalik Buterin that quantum attacks could arrive before 2028 have pushed the issue to the forefront.
Alongside the new team, Drake said the foundation will run bi-weekly quantum security calls, offer a $1 million prize for quantum-resistant cryptography, and publish a roadmap for a full transition without downtime or fund loss. Optimism co-founder Karl Floersch said OP Labs is already planning to replace quantum-vulnerable components, with final choices expected to follow Ethereum’s lead.
More from this week's top stories:
→ Hyperliquid token surges 25% amid commodities trading frenzy
→ Delegates clash as Optimism token buyback proposal goes to a DAO vote
→ Ethereum ‘blob’ increase strains network, studies find
From the land of DAOs:
→ VOTE: CoW DAO votes to fund developer team
→ VOTE: GnosisDAO votes to enable ranked-choice voting
→ VOTE: GMX DAO votes to fund development team
[REPORT] The State of DeFi 2025 is out; see what grew, what broke, and what's next.
📰 Get The Decentralised delivered to your inbox every week.
The Ethereum Foundation has formed a dedicated post-quantum research team led by Thomas Coratger, following what researcher Justin Drake described as years of quiet R&D and rapidly accelerating timelines. Recent advances from Google and warnings from Ethereum co-founder Vitalik Buterin that quantum attacks could arrive before 2028 have pushed the issue to the forefront.
Alongside the new team, Drake said the foundation will run bi-weekly quantum security calls, offer a $1 million prize for quantum-resistant cryptography, and publish a roadmap for a full transition without downtime or fund loss. Optimism co-founder Karl Floersch said OP Labs is already planning to replace quantum-vulnerable components, with final choices expected to follow Ethereum’s lead.
More from this week's top stories:
→ Hyperliquid token surges 25% amid commodities trading frenzy
→ Delegates clash as Optimism token buyback proposal goes to a DAO vote
→ Ethereum ‘blob’ increase strains network, studies find
From the land of DAOs:
→ VOTE: CoW DAO votes to fund developer team
→ VOTE: GnosisDAO votes to enable ranked-choice voting
→ VOTE: GMX DAO votes to fund development team
[REPORT] The State of DeFi 2025 is out; see what grew, what broke, and what's next.
📰 Get The Decentralised delivered to your inbox every week.
Tokenised equities are all the rage these days.
Onchain stocks have grown ~25x in a year, nearing $1b in value as institutional rails, exchanges, and regulators align and intersect.
Our latest report, in collaboration with Sentora, breaks it all down
Once a fringe experiment, tokenised equities are now backed by real infrastructure.
Institutional-grade platforms, multi-chain settlement, and late-2025 regulatory breakthroughs are reshaping how global investors access public markets onchain.
This report breaks down:
→ who controls liquidity
→ where activity is settling
→ why equities are scaling faster than other RWAs
The DLR team learned a great deal working with Sentora, an emerging leader in institutional DeFi infrastructure and onchain market intelligence.
That perspective helped shape this report on what may be the biggest development in DeFi.
🔗 Read the full report here.
Onchain stocks have grown ~25x in a year, nearing $1b in value as institutional rails, exchanges, and regulators align and intersect.
Our latest report, in collaboration with Sentora, breaks it all down
Once a fringe experiment, tokenised equities are now backed by real infrastructure.
Institutional-grade platforms, multi-chain settlement, and late-2025 regulatory breakthroughs are reshaping how global investors access public markets onchain.
This report breaks down:
→ who controls liquidity
→ where activity is settling
→ why equities are scaling faster than other RWAs
The DLR team learned a great deal working with Sentora, an emerging leader in institutional DeFi infrastructure and onchain market intelligence.
That perspective helped shape this report on what may be the biggest development in DeFi.
Please open Telegram to view this post
VIEW IN TELEGRAM
DL News
Tokenized Equities Approach $1B Mark as Institutional Rails Emerge
The tokenized equities market has crossed $963.04 million in value as of January 2026, representing a ~2,878% YoY increase from approximately $32 million in January 2025. While still dwarfed by the $9.3 billion tokenized treasury market, equities are growing…
🔥4
Forget the charts. People don’t use crypto the same way everywhere.
🇳🇬 In Nigeria, it replaces banking.
🇦🇷 In Argentina, stablecoins hedge currency risk.
🇱🇹 In Lithuania, it thrives because regulation made it legal.
That's only three countries. The Bybit World Crypto Rankings Index covers 76 more across nine regions.
Where does your country fit into the global picture? Read the full report to find out.
🇳🇬 In Nigeria, it replaces banking.
🇦🇷 In Argentina, stablecoins hedge currency risk.
🇱🇹 In Lithuania, it thrives because regulation made it legal.
That's only three countries. The Bybit World Crypto Rankings Index covers 76 more across nine regions.
Where does your country fit into the global picture? Read the full report to find out.
🔥3
What are the largest tokenised equities markets right now?
Currently, there are three that stand out:
1) Ondo Global Markets ($563m TVL, 60% market share)
2) xStocks ($206m TVL, 22% market share)
3) Securitize ($100m TVL, 11% market share)
(source: rwa.xyz)
▄▀▄▀▄▀▄▀▄▀▄▀▄▀▄
Ondo Global Markets exploded onto the scene Sept 3, 2025, reaching $100m TVL in its first week and $350m by late October.
Over 200 tokenised US equities and ETFs are available (S&P500, Apple, Circle), with hundreds more on the way.
▄▀▄▀▄▀▄▀▄▀▄▀▄▀▄
BackedFi's xStocks, having already processed $10b in CEX and DEX volume since May 2025, currently supports 74 tokenised stocks. These offerings include familiar TradFi names like NVIDIA, McDonalds, Meta, and even gold.
Backed was acquired by Kraken in Dec 2025, aided by Kraken's November funding round backers Citadel, Jane St, and DRW.
▄▀▄▀▄▀▄▀▄▀▄▀▄▀▄
Securitize only offers one asset: Exodus, the 'first US-registered company to tokenise common stock.'
That's not to say that Securitize doesn't have more to offer. On the contrary, platform AUM exceeds $4b across US Treasuries, private equity, and tokenised funds like BlackRock's BUIDL and the Mantle Index.
Activity has been on the uptrend as of late. In the last 30d, the platform has generated $5m worth of fees. (source: DefiLlama)
Look out for "Stocks on Securitize," coming sometime in Q1. Here, the platform will begin including SEC-registered shares while doing away with the standard synthetic wrapper.
▄▀▄▀▄▀▄▀▄▀▄▀▄▀▄
Tokenised equities are the fastest-growing RWA segment, up 2,496% YTD (nearly 30x faster than treasuries). We at DL Research believe this is only the beginning
Familiarise yourself with the market in our collaborative report with Sentora.
Currently, there are three that stand out:
1) Ondo Global Markets ($563m TVL, 60% market share)
2) xStocks ($206m TVL, 22% market share)
3) Securitize ($100m TVL, 11% market share)
(source: rwa.xyz)
▄▀▄▀▄▀▄▀▄▀▄▀▄▀▄
Ondo Global Markets exploded onto the scene Sept 3, 2025, reaching $100m TVL in its first week and $350m by late October.
Over 200 tokenised US equities and ETFs are available (S&P500, Apple, Circle), with hundreds more on the way.
▄▀▄▀▄▀▄▀▄▀▄▀▄▀▄
BackedFi's xStocks, having already processed $10b in CEX and DEX volume since May 2025, currently supports 74 tokenised stocks. These offerings include familiar TradFi names like NVIDIA, McDonalds, Meta, and even gold.
Backed was acquired by Kraken in Dec 2025, aided by Kraken's November funding round backers Citadel, Jane St, and DRW.
▄▀▄▀▄▀▄▀▄▀▄▀▄▀▄
Securitize only offers one asset: Exodus, the 'first US-registered company to tokenise common stock.'
That's not to say that Securitize doesn't have more to offer. On the contrary, platform AUM exceeds $4b across US Treasuries, private equity, and tokenised funds like BlackRock's BUIDL and the Mantle Index.
Activity has been on the uptrend as of late. In the last 30d, the platform has generated $5m worth of fees. (source: DefiLlama)
Look out for "Stocks on Securitize," coming sometime in Q1. Here, the platform will begin including SEC-registered shares while doing away with the standard synthetic wrapper.
▄▀▄▀▄▀▄▀▄▀▄▀▄▀▄
Tokenised equities are the fastest-growing RWA segment, up 2,496% YTD (nearly 30x faster than treasuries). We at DL Research believe this is only the beginning
Familiarise yourself with the market in our collaborative report with Sentora.
From this week’s The Decentralised: Hegota's headliners
Even as they finalise Glamsterdam, developers are debating which marquee features will define the following upgrade, Hegota. A growing consensus is forming around FOCIL, a proposal that would force inclusion of all valid transactions and strip block builders of censorship power, reinforcing Ethereum’s neutrality narrative.
Other contenders are competing for headline status. Jannik Luhn pitched an encrypted mempool to prevent front running and sandwich attacks without relying on trusted intermediaries. Ethereum Foundation developer Felix Lange proposed “frame transactions,” a new structure designed to enable quantum resistant cryptography and full account abstraction. Vitalik Buterin publicly backed the idea, calling post-quantum readiness indispensable, signalling that Hegota could be as much about future proofing as censorship resistance.
More from this week's top stories:
→ Trump fans spent $550m on his family’s crypto token. Now they’re begging to get out
→ TheDAO returns with $220m to fund Ethereum security 10 years after catastrophic hack
→ Vitalik-backed MegaETH blockchain to launch in February
From the land of DAOs:
→ Frax votes one “1 Token, 1 Mission, 1 Vision” proposal to fix FRAX supply and clarify IP ownership
→ GMX DAO votes to use $3.5 million on marketing and incentives targeted at traders
→ Goldfinch votes to add additional $150,000 to legal reserve to resolve legacy loans
[LLAMAFEATURE 🦙]
Which RWAs are actually being used in DeFi? Which are true permissionless assets and which are ledger entries?
📈 Introducing the new DefiLlama RWA dashboard.
📰 Get The Decentralised delivered to your inbox every week.
Even as they finalise Glamsterdam, developers are debating which marquee features will define the following upgrade, Hegota. A growing consensus is forming around FOCIL, a proposal that would force inclusion of all valid transactions and strip block builders of censorship power, reinforcing Ethereum’s neutrality narrative.
Other contenders are competing for headline status. Jannik Luhn pitched an encrypted mempool to prevent front running and sandwich attacks without relying on trusted intermediaries. Ethereum Foundation developer Felix Lange proposed “frame transactions,” a new structure designed to enable quantum resistant cryptography and full account abstraction. Vitalik Buterin publicly backed the idea, calling post-quantum readiness indispensable, signalling that Hegota could be as much about future proofing as censorship resistance.
More from this week's top stories:
→ Trump fans spent $550m on his family’s crypto token. Now they’re begging to get out
→ TheDAO returns with $220m to fund Ethereum security 10 years after catastrophic hack
→ Vitalik-backed MegaETH blockchain to launch in February
From the land of DAOs:
→ Frax votes one “1 Token, 1 Mission, 1 Vision” proposal to fix FRAX supply and clarify IP ownership
→ GMX DAO votes to use $3.5 million on marketing and incentives targeted at traders
→ Goldfinch votes to add additional $150,000 to legal reserve to resolve legacy loans
[LLAMAFEATURE 🦙]
Which RWAs are actually being used in DeFi? Which are true permissionless assets and which are ledger entries?
📰 Get The Decentralised delivered to your inbox every week.
Please open Telegram to view this post
VIEW IN TELEGRAM
🔥1
Let's investigate the new RWA Dashboard from DefiLlama:
🔸$16.9b: the sum of onchain market cap for all tracked RWAs
🔸$14.7b: the sum of onchain value taking real market risk for all tracked RWAs
🔸$940m: the sum of RWAs deployed in tracked DeFi protocols
But there's so much more.
Active mcap by chain:
🔹Ethereum: $12.5b
🔹Solana: $1.7b
🔹Stellar: $187m
Active mcap by asset category:
🔺Tokenised funds: $6.2b (41%)
🔺Tokenised gold & commodities: $5.8b (39%)
🔺Tokenised stocks & equities: $2.7b (15%)
Which assets today rule the top 10 by onchain mcap?
Gold tokens, money market funds, T-Bills, and credit/corporate bonds.
Only 2/10 are offer permissionless access (XAUT, PAXG), and 8/10 have an active DeFi TVL < $50m.
It's still early innings for tokenised stocks.
While many are already listed on CEXs, 16 of the top 20 by onchain mcap are single-stock/fully backed.
This cohort includes stocks like Tesla ($77m onchain mcap), NVIDIA ($55m), and Gamestop ($30m)
16/20 are found on xStocks, three are on Ondo, and one is the permissioned EXODB by Exodus.
DefiLlama's RWA Dashboard provides much-needed granular detail and filterable results to help focus your RWA research. Check it out here!
🔸$16.9b: the sum of onchain market cap for all tracked RWAs
🔸$14.7b: the sum of onchain value taking real market risk for all tracked RWAs
🔸$940m: the sum of RWAs deployed in tracked DeFi protocols
But there's so much more.
Active mcap by chain:
🔹Ethereum: $12.5b
🔹Solana: $1.7b
🔹Stellar: $187m
Active mcap by asset category:
🔺Tokenised funds: $6.2b (41%)
🔺Tokenised gold & commodities: $5.8b (39%)
🔺Tokenised stocks & equities: $2.7b (15%)
Which assets today rule the top 10 by onchain mcap?
Gold tokens, money market funds, T-Bills, and credit/corporate bonds.
Only 2/10 are offer permissionless access (XAUT, PAXG), and 8/10 have an active DeFi TVL < $50m.
It's still early innings for tokenised stocks.
While many are already listed on CEXs, 16 of the top 20 by onchain mcap are single-stock/fully backed.
This cohort includes stocks like Tesla ($77m onchain mcap), NVIDIA ($55m), and Gamestop ($30m)
16/20 are found on xStocks, three are on Ondo, and one is the permissioned EXODB by Exodus.
DefiLlama's RWA Dashboard provides much-needed granular detail and filterable results to help focus your RWA research. Check it out here!
🔥1
"Without even knowing it at first, we had basically reinvented the mechanics behind Premium Bonds."
Tramplin.io founder Ilya Tarutov explains how that realisation reshaped his thinking on staking incentives and reward distribution.
Full interview here.
Tramplin.io founder Ilya Tarutov explains how that realisation reshaped his thinking on staking incentives and reward distribution.
Full interview here.
DL News
Tramplin.io founder on premium staking and bringing the ‘premium bonds’ model to Solana
We recently spoke with Ilya Tarutov, Founder of Tramplin.io, about bringing the “Premium Bonds” model to Solana staking and offering users a safe alternative to high-risk speculation.
👍2
Web3 expanded access. The next phase must secure and regulate it.
Parisii CEO Jason Cooner outlines DeFED™, a quantum-tolerant Web4 banking platform built for compliant digital assets, regenerative finance, and a post-GENIUS & Clarity Act landscape.
Learn more about the blueprint for quantum-era banking in this interview.
Parisii CEO Jason Cooner outlines DeFED™, a quantum-tolerant Web4 banking platform built for compliant digital assets, regenerative finance, and a post-GENIUS & Clarity Act landscape.
Learn more about the blueprint for quantum-era banking in this interview.
DL News
Parisii CEO on Web4 banking and the future of digital assets
We recently spoke with Jason Cooner, Chairman, President, and CEO of Parisii, about the evolution of financial infrastructure and why the industry must move beyond the “Web3 vs. TradFi” dichotomy.
👍2
Forwarded from DefiLlama Official Round Up
Join us tomorrow on X at 11am EST for a discussion about RWAs and tokenization.
https://x.com/i/spaces/1gqGvrjdvbjGB?s=20
https://x.com/i/spaces/1gqGvrjdvbjGB?s=20
🔥1
Transient capital. Short-term incentives. Disconnected governance.
The vote-escrow model emerged to fix what liquidity mining broke, evolving at the protocol level through Curve, Solidly, and Aerodrome.
@katana_network builds on that evolution.
Within "Katana: Bringing ve(3,3) to the Chain Level," we break down how Katana transforms ve-tokenomics from a protocol tool into a network-wide coordination engine:
→ Chain-level emissions instead of siloed liquidity wars
→ vKAT directing incentives across the entire DeFi stack
→ avKAT restoring liquidity without breaking alignment
→ Bi-weekly gauge voting across DEX, lending, perps, and yield
→ Emissions designed to transition from inflation to revenue-backed buybacks
This is ve(3,3), extended to the base layer.
Katana treats liquidity as shared infrastructure:
➰Emissions attract liquidity.
➰Liquidity deepens execution.
➰Execution generates fees.
➰Fees flow back to aligned voters.
➰Rewards compound into more locked KAT.
As emissions give way to Vaultbridge yield, AUSD yield, chain-owned liquidity returns, and sequencer fees, the model shifts from subsidy to sustainability.
A coordination layer for an entire chain.
🌐Check out the full report here.
The vote-escrow model emerged to fix what liquidity mining broke, evolving at the protocol level through Curve, Solidly, and Aerodrome.
@katana_network builds on that evolution.
Within "Katana: Bringing ve(3,3) to the Chain Level," we break down how Katana transforms ve-tokenomics from a protocol tool into a network-wide coordination engine:
→ Chain-level emissions instead of siloed liquidity wars
→ vKAT directing incentives across the entire DeFi stack
→ avKAT restoring liquidity without breaking alignment
→ Bi-weekly gauge voting across DEX, lending, perps, and yield
→ Emissions designed to transition from inflation to revenue-backed buybacks
This is ve(3,3), extended to the base layer.
Katana treats liquidity as shared infrastructure:
➰Emissions attract liquidity.
➰Liquidity deepens execution.
➰Execution generates fees.
➰Fees flow back to aligned voters.
➰Rewards compound into more locked KAT.
As emissions give way to Vaultbridge yield, AUSD yield, chain-owned liquidity returns, and sequencer fees, the model shifts from subsidy to sustainability.
A coordination layer for an entire chain.
🌐Check out the full report here.
🔥4
One week until New #BUIDL City opens its doors.
ETHDenver is almost here, and our very own @seanbutta will be roaming the grounds in search of builders, projects, and DeFi fanatics to chat with.
If you're shipping, scaling, or just want to swap ideas, say hi!
💬 DM Sean or @dlresearch_tg
ETHDenver is almost here, and our very own @seanbutta will be roaming the grounds in search of builders, projects, and DeFi fanatics to chat with.
If you're shipping, scaling, or just want to swap ideas, say hi!
💬 DM Sean or @dlresearch_tg
🔥3❤1
Risk, the boogeyman of DeFi.
Blamed after every collapse, yet ignored every bullrun.
With Credora, risk becomes the tie that binds assets, markets, and vaults into a common language.
The year of Risk-Aware DeFi begins with Credora Ratings.
In our latest, based on content from Credora, we explore how Credora Ratings creates this common language for DeFi:
• A–D grades anchored in Probability of Significant Loss (PSL)
• Ratings that update daily as LLTVs, liquidation incentives, and liquidity depth shift
• Cross-layer modelling across asset, market, and vault layers
• Oracle-native distribution alongside price feeds
• Continuous mapping of onchain exposures to calibrated default probability curves
This is the missing piece in DeFi's risk stack.
In a market racing toward institutional adoption, capital will not scale without standardised risk.
🔖 DL Research and Credora present "The Year of Risk-Aware DeFi."
Blamed after every collapse, yet ignored every bullrun.
With Credora, risk becomes the tie that binds assets, markets, and vaults into a common language.
The year of Risk-Aware DeFi begins with Credora Ratings.
In our latest, based on content from Credora, we explore how Credora Ratings creates this common language for DeFi:
• A–D grades anchored in Probability of Significant Loss (PSL)
• Ratings that update daily as LLTVs, liquidation incentives, and liquidity depth shift
• Cross-layer modelling across asset, market, and vault layers
• Oracle-native distribution alongside price feeds
• Continuous mapping of onchain exposures to calibrated default probability curves
This is the missing piece in DeFi's risk stack.
In a market racing toward institutional adoption, capital will not scale without standardised risk.
Please open Telegram to view this post
VIEW IN TELEGRAM
Please open Telegram to view this post
VIEW IN TELEGRAM
👀3👍1
Vaults have emerged as the dominant interface for capital deployment and access in DeFi. The next step is specialised operational infrastructure.
kpk positions curation as an infra layer with rule-bound mandates and liquidity buffers for institutional scale.
If you manage a DAO treasury, fund, or onchain portfolio, this Spotlight explores:
→ How exit liquidity now defines strategy quality
→ Why governance latency creates structural drag
→ How deterministic vault constraints improve capital resilience
→ What onchain fund infrastructure could look like next
📖 Find out more in this article.
Stay tuned for a full report exploring these topics and more. For now, check out yield opportunities for kpk's automated vaults and funds: https://kpk.io/curation/
kpk positions curation as an infra layer with rule-bound mandates and liquidity buffers for institutional scale.
If you manage a DAO treasury, fund, or onchain portfolio, this Spotlight explores:
→ How exit liquidity now defines strategy quality
→ Why governance latency creates structural drag
→ How deterministic vault constraints improve capital resilience
→ What onchain fund infrastructure could look like next
📖 Find out more in this article.
Stay tuned for a full report exploring these topics and more. For now, check out yield opportunities for kpk's automated vaults and funds: https://kpk.io/curation/
DL News
The new logic of liquidity: why curation is the next infrastructure layer
If you look back at the last cycle of Decentralised Finance (DeFi), the primary issue for capital was discovery. Allocators, DAOs, and treasuries spent the majority of their resources simply trying to find where yield existed. The market was sketchy, opportunities…
🔥1
According to Eclipse CEO and HumanAPI founder Sydney Huang, AI agents are “all dressed up with nowhere to go.”
They can reason and transact, but stall at the last mile between code and the real world. HumanAPI builds the human layer that turns agent intent into action.
Full interview here.
They can reason and transact, but stall at the last mile between code and the real world. HumanAPI builds the human layer that turns agent intent into action.
Full interview here.
DL News
HumanAPI founder on solving the ‘Last Mile’ problem for AI agents
We recently spoke with Sydney about the limitations of purely digital AI agents and why connecting them to a human workforce is the next necessary step for the autonomous economy.
👍2