on-chain

According to Bitwise CEO monitoring, there are currently 1,328 investors using the ATP. An important aspect of on-chain finance is providing participation opportunities for everyone.

Student Loan RWA Agreement Pencil Finance announced the completion of its first fully on-chain student loan cycle, deploying $1 million in funding as a lender, with borrowers having repaid both principal and interest to the funders of the asset package. This loan package was funded in July 2025 by Animoca Brands, Open Campus, and New Campus, and is structurally divided into fixed-income senior shares and floating-income junior shares that bear the risk of priority losses.This $1 million on-chain loan cycle provides financing for approximately 6,600 students across 118 schools and universities in Southeast Asia, with about 1,050 students receiving direct funding. Pencil Finance stated that these loans target student groups underserved by traditional financial institutions, with 50% of borrowing students being female and 93% coming from low-income families, claiming this is the first fully on-chain loan cycle to transparently record student loan financing on the blockchain.In addition, tokenized RWA is increasingly being used to issue loans or as collateral for loans. In July of this year, the Brazilian stock exchange B3 issued a loan of 100,000 Brazilian Reais (approximately $19,600) secured by 10 tokenized cows, each cow possessing a unique digital token linked to a crypto digital identity.

The law firm Harneys and the tokenization platform droppRWA plan to issue the first catastrophe bond that directly records ownership on the blockchain, with the first trading target set for early 2027. This structure will make the blockchain a legally enforceable record of ownership, with investor registration, qualification review, and payment processes all placed within the same system, reducing reconciliation time from several days to seconds, provided that the necessary regulatory approvals are obtained.The catastrophe bond market is a $65.6 billion market that allows insurance companies, reinsurance companies, and government agencies to transfer natural disaster exposure to capital market investors. The tokenized asset market has nearly tripled in the past year to over $33 billion, and Citigroup expects this sector to reach $5.5 trillion by 2030. The second quarter of 2026 is projected to be the largest quarter in catastrophe bond issuance history, with 48 transactions issuing a total of $11.3 billion, and the Bermuda Stock Exchange accounted for 93% of global catastrophe bond issuance in 2025.To lower the investment threshold, investors will not directly purchase catastrophe bond notes, which typically have a minimum denomination of $250,000, but instead purchase beneficial interests in vehicles that hold the bonds and pass through the returns, with the minimum investment amount expected to drop to $5,000. The project is still subject to applicable regulatory requirements and approvals, and any platform administrator role must be licensed under Bermuda's Digital Asset Business Act 2018.

According to market news, Solana, citing DefiLlama data, stated that Solana ranked first in application revenue in August with $143 million, accounting for 38% of all on-chain application revenue.

According to CryptoSlate, the Ethereum Layer 2 network Silicon announced that it has stopped accepting new bridging deposits as of September 2 and has initiated the shutdown process. Users must withdraw all assets by December 31, at which point the network and block explorer will go offline, and remaining assets will be unrecoverable.There are still approximately $9.75 million in assets on-chain, including USDC ($2.66 million), WBTC ($2.54 million), ETH ($2.08 million), and USDT ($1.85 million). Assets bridged from the Ethereum mainnet can be directly withdrawn during the window period, but tokens issued directly on Silicon cannot be bridged directly and can only rely on the remaining on-chain liquidity for exchange, which may become increasingly difficult as the shutdown progresses. Silicon's Web3 wallet will also be disabled.

Gate AI and XYO announced a partnership to jointly launch the cryptocurrency asset prediction game XYO Crypto Cards. XYO randomly selects 3 cryptocurrency assets daily from the token pool launched on Gate, with Gate AI providing the first prediction. Players have 24 hours to judge the price rise or fall of the same assets and allocate their predictions to different multiplier card positions, competing against the AI model and other players.This product combines Gate market data, Gate AI, and XYO Layer One to establish a verifiable record for each prediction. Gate market data is used to determine the final results, and the choices submitted by players before the prediction window closes will be recorded on XYO Layer One. The game adopts a direct confrontation mode between users and AI.Gate US COO Laura stated that AI will play an important role in shaping the future of digital assets, with its value lying in achieving a more intelligent connection between users, data, and the ecosystem through AI. Currently, Gate US has obtained 36 state-level MTL licenses, expanding its compliant operational scope to 47 jurisdictions. Previously, Gate launched event contracts and event markets.

Bitwise announced the launch of the Bitwise Premium RWA Vault (PAPY) on Morpho, in collaboration with the Agora stablecoin AUSD.Users can deposit AUSD into PAPY, and the vault will programmatically lend out the funds, secured by over-collateralized tokenized RWAs to generate on-chain lending yields.The collateral assets of PAPY include PST launched by Huma Finance, used for providing short-term cross-border payment financing to institutions; sUSDai launched by USDai, supported by AI computing GPU-related loans; and PRIME launched in collaboration with HastraFi and Figure, consisting of tokenized debt backed by high-quality residential equity.AUSD is fully backed by liquid assets such as short-term U.S. Treasury bonds, overnight and reverse repurchase agreements. Bitwise is responsible for screening the collateral acceptable for PAPY and setting programmatic risk parameters. The vault is now officially launched on Morpho.

According to The Block, the Wyoming Stablecoin Committee announced the adoption of Chainlink Proof of Reserve to provide near real-time on-chain reserve verification for the state’s official stablecoin, Frontier Stable Token (FRNT). This follows the migration of cross-chain infrastructure from LayerZero to Chainlink CCIP, further establishing it as the sole on-chain asset verification infrastructure.The auditing firm The Network Firm will review the reserves and token supply of FRNT according to the standards of the American Institute of Certified Public Accountants (AICPA). The verification data will be recorded on-chain via Chainlink, reducing information gaps between reporting periods.The committee will also introduce the Chainlink Proof of Reserve Secure Mint mechanism, requiring that verified reserves must be no less than the total supply of FRNT for any minting to occur, in order to prevent risks associated with "unlimited minting." FRNT is fully backed by reserves of U.S. dollars and short-term U.S. Treasury securities, with related earnings used to diversify state finances and support local education funds.

The social-first on-chain trading platform fomo announced the acquisition of proprietary software and intellectual property developed by the on-chain data aggregation and infrastructure company Mobula. Some members of the Mobula team will join fomo to help build its own data capabilities. At the time of the acquisition, fomo's user count had doubled since early July to over 1.9 million, with more than 30,000 new users added daily. In August, active users exceeded 1.2 million, and the iOS App Store's finance category reached a peak of 3rd place.fomo's trading volume increased from $500 million in June to $1.5 billion in July, and it is on track to exceed $2.8 billion in monthly trading volume and approximately $17 million in monthly revenue in August. Co-founder and CEO Paul Erlanger stated that acquiring these assets gives the company greater control over its infrastructure as it expands. Mobula was founded by Sacha Marcus, who will join the fomo engineering team along with CTO Sacha Delhoux and infrastructure head Cyril Conan.fomo was established in 2025 and is headquartered in New York, supported by Index Ventures, Union Square Ventures, and Benchmark. The platform simplifies on-chain trading through a single account, with fomo Web accounting for about 25% of the total, and has launched social trading features such as Clans.

According to Be In Crypto, Coinbase CEO Brian Armstrong stated that on-chain reputation will become a new generation of credit scoring systems, potentially replacing the FICO score that currently dominates 90% of top loan decisions in the United States. Armstrong pointed out in response to Base founder Jesse Pollak that public ledgers can now record repayment history, wallet age, and counterparty behavior, and any lender can access the same on-chain record.Currently, Ethos Network has scored wallets through user endorsements, and based on this score, the lending application Credifi can offer unsecured loans of up to $3,000 to wallets with scores reaching 1,800. However, on-chain addresses are not tied to real identities, and borrowers can create new wallets at any time, so whether on-chain reputation can effectively price real risks remains to be validated by subsequent default rate data.

According to official news, Etherscan has officially released a new toolkit for AI, allowing developers and agents to directly access reliable on-chain data that is the same as that on the Etherscan website.The toolkit covers more than 60 EVM-compatible chains and provides structured, certified real-time data access capabilities for AI agents through three methods: MCP, CLI, and Skills.Among them, Etherscan MCP supports mainstream programming agents like Claude and Codex to query on-chain information in natural language; the CLI tool can output clean JSON, table, or CSV results in the terminal and is equipped with an interactive interface; the Skills module includes professional skills such as Orchestrator, contract review, transaction debugging, and workflow orchestration, helping agents efficiently complete complex tasks.Etherscan stated that these tools are designed to lower the barriers for AI to interact with blockchain data, allowing developers to quickly get started by directly pointing to the official documentation, while also welcoming user feedback on their experience or sharing innovative applications built using these tools.

Liquid Capital founder Yi Lihua stated, "In the cryptocurrency industry for over a decade, it has been a small world with human emotions and conflicts. Perhaps it's too close to money, or perhaps there are no rules; regardless, the remaining voices in the industry are mostly negative, and the industry's reputation is getting worse.I sincerely hope everyone shifts their attention back to innovation and opportunities in the industry. A new bull market is about to begin, and on-chain finance, especially stocks, has opened up imagination. There are still many meaningful things and opportunities to gain wealth coming, not to mention that the entire cryptocurrency industry is just a fraction of what exists, with the AI industry, which is dozens of times larger than cryptocurrency, worth exploring."

According to The Defiant, oracle provider RedStone reports that tokenized RWA assets on the Stellar chain surpassed $3 billion in July, a significant increase from $785 million in January, while the total locked value in DeFi is only $213 million. The lending protocol Blend holds $127 million, and the pool accepting RWA as collateral is just over $2 million, indicating that RWA issuance has outpaced on-chain availability.The growth is primarily driven by four products: Amundi and Spiko overnight swap fund ($713 million), Spiko T-Bill fund ($536 million), Ondo USDY (over $533 million), and VuMe Bond 2030 ($500 million). RedStone points out that the settlement cycle of RWA does not match the 24/7 on-chain lending market, and the pricing mechanism is the current main bottleneck. Stellar already has 55 SEP-40 price data sources provided by RedStone. RedStone also mentioned that DTCC plans to bring its $114 trillion in custodial assets to Stellar by 2027.

According to a report released by the oracle provider RedStone, the scale of tokenized real-world assets (RWA) on the Stellar chain surpassed $3 billion in July, while the total value locked (TVL) in the network's DeFi was only $213 million, showing a significant gap between the two. The report pointed out that the issuance speed of RWA far exceeds the development of the lending market and collateral pools, which has become a bottleneck restricting the use of on-chain assets.RedStone attributed the growth mainly to four products: Amundi and Spiko's overnight fund ($713 million), Spiko's government bond fund ($536 million), Ondo's USDY (over $533 million), and VuMe Bond 2030 ($500 million). Data from DefiLlama shows that the TVL of the Stellar network is $232.72 million, of which the lending protocol Blend has locked $150.03 million, but the funding pool accepting RWA as collateral is only about $2 million.The report believes that the settlement times of traditional government bonds, credit funds, and money market funds do not match the instant settlement requirements of on-chain lending, while 24/7 price oracles are key to making RWA usable as collateral. Currently, Stellar has connected to 55 SEP-40 price sources from RedStone, covering government bonds, corporate credit, tokenized gold, and money market funds. In addition, the report mentioned that the Depository Trust & Clearing Corporation (DTCC) plans to introduce custodial assets to Stellar by 2027, with a scale of custodial assets reaching $114 trillion.

Virtu Financial, M1X Global, and Tradeweb have completed an on-chain repurchase transaction using the digital sovereign bond USDM1 issued by the Marshall Islands as collateral, with all settlements completed on the Canton Network within 10 minutes. The parties stated that this is the first case combining native-issued sovereign collateral with fully on-chain atomic settlement.USDM1 is a dollar-denominated sovereign bond issued on-chain by the Republic of the Marshall Islands, backed 1:1 by short-term U.S. Treasury securities, which continues to pay interest during the collateral period and is structured as a fully collateralized sovereign debt instrument under New York law. The bond is offered through the Tradeweb platform, with custodial services provided by Anchorage Digital, BitGo, and tZERO.Canton is a blockchain network designed for institutional finance, equipped with privacy and permission management features. Prior to this transaction, Tradeweb facilitated the real-time transfer of tokenized U.S. Treasury securities from Franklin Templeton to Virtu Financial on Canton in July. Since August, FalconX and Interstice have launched a cross-chain exchange engine connecting Canton with Ethereum, Solana, and Robinhood Chain, and World Liberty Financial has also natively issued the USD1 stablecoin on Canton.

SOL has risen over 8% in the past 24 hours, with a cumulative increase of about 44% this month, marking the strongest single-month performance since 2024, with prices returning above $105. This round of increase coincides with the conclusion of the first on-chain binding governance vote for the Solana network, where traders have already priced in expectations of supply contraction this week.This vote includes three Solana governance proposals (SGP). SGP-1 approves the Solana Constitution, formally establishing the future on-chain voting mechanism. SGP-2 (SIMD-550), proposed by Helius engineers, doubles the deflation rate from 15% to 30%, bringing the inflation rate down to the 1.5% lower limit by 2029, reducing the issuance of approximately 18.9 million SOL over the next six years. SGP-3 (SIMD-553), proposed by Temporal, splits transaction fees into a base fee and a resource fee, with the latter being directly burned, and the daily burn amount expected to increase from about 650 SOL to a maximum of 9000 SOL.Both economic proposals require a two-thirds absolute majority of the staked weight to pass. The Nasdaq-listed Solana Company (HSDT) supports the constitutional proposal but opposes the two deflation and burn proposals on the grounds of timing, believing that current institutional stakers value predictable returns more. The voting results are expected to be announced within a few hours after the end of epoch 1023.