Comparative news, according to HTX market data, LIT broke through $3.27 in a short time, reaching a record high. It is now at $3.2, up 13.21% in 24 hours. Lighter CEO Vladimir Novakovski is a member of the US Commodity Futures Trading Commission (CFTC) Innovation Advisory Committee.
Comparing news, Lighter CEO Vladimir Novakovski said at the first meeting of the US CFTC Innovation Advisory Committee that DeFi has been misunderstood for a long time and should not be viewed as the antithesis of regulators. He pointed out that DeFi transactions are recorded in an on-chain ledger in a verifiable manner, which helps regulators work on transparency, consumer protection, and fair market equity. Novakovski said that decentralized and verifiable finance is expected to become an important part of America's future financial infrastructure. In particular, in terms of cybersecurity and operational resilience, the industry should push for more technologies to open source and verifiable technology stacks. Furthermore, he said that AI has an opportunity to democratize finance, and users can use AI to construct a package of transactions or investment strategies based on their own judgments in macroeconomics, industry, etc. In the past, such capabilities were mainly aimed at high-net-worth individuals and professional fund managers. Novakovski pointed out that the main risks facing AI in the financial sector are consumer protection risks, such as users not understanding the actual effects of AI models, or model functions being misrepresented. Therefore, before the AI model is applied to consumers on a large scale, it is necessary to establish a corresponding sandbox mechanism and verify the model's effectiveness and formalized verifiability.
Comparing the news, Eric Conner, a former core developer of Ethereum and an angel investor, said in an article on X that “Hyperliquid may be compliant with the US”: “Personally, I think this is a huge benefit not only for $HYPE, but also for $LIT. Tomorrow is the CFTC's Innovation Advisory Committee meeting, and Lighter founder Vlad is already on the advisory board list. If Hyperliquid were to enter the US compliance market, Lighter would definitely be able to do so, and it might even be the first.”
Comparing the news, Matt Hougan, chief investment officer at Bitwise, said that people made two superimposed mistakes when evaluating current DeFi applications: Market size: People think they are targeting the $2 trillion cryptocurrency market; in fact, they are targeting the $500 trillion asset market. Value capture: People think they have reached the extreme in processing fee revenue; in fact, they have only just touched the surface. Projects such as Hyperliquid, Uniswap, Aave, Morpho, Aerodrome, Lighter, Pump, etc. have greater TAM (Total Addressable Market) and stronger pricing power than people think.
Comparing news, Matt Hougan, chief investment officer at crypto asset management firm Bitwise, said that crypto asset valuations could at least double as agreements use revenue to buy back or destroy tokens. With the exception of Bitcoin, the crypto market is turning revenue-driven, but investors have yet to fully account for this change, and some assets are undervalued as a result. Hougan pointed out that Hyperliquid, Uniswap, Aave, Pump.fun, and Lighter have repurchased or removed tokens out of circulation through fees, and it is expected that DeFi applications and Layer-1 networks will adopt similar mechanisms within the next 12 to 24 months. Hyperliquid earned more than $800 million last year, about 99% to buy back and destroy HYPE; its second-quarter revenue was $169 million, of which $141 million was used to buy back HYPE. The Aave DAO buyback program purchased over 205,000 AAVE in the first 10 months. Aave founder Stani Kulechov said that the team is designing an automated buyback mechanism, and all revenue from Aave Protocol and GHO will go to AAVE tokens. Hougan believes that the US regulatory environment is becoming more relaxed, and regulatory guidelines may support the continued expansion of the crypto market without passing the CLARITY Act.
Source: Blockworks Research Authors: Ryan Graham and Sam Schubert Compiled and organized: BitPushNews highlights The crypto business is getting cold: Although Robinhood's overall performance hit a record high, its crypto business is shrinking. Q2 Crypto business revenue fell 38% year over year to $100 million, accounting for only 8% of total revenue; retail crypto trading volume fell 36% year over year, and the share of crypto assets in total custodian assets (AUC) also fell to a record low of 7%. Robinhood Chain (Robinhood Chain) started strongly: Robinhood Chain had one of the strongest starts of the L2 expansion network in recent years, generating $3.6 million in real economic value (REV) in July, accounting for 38% of all L2 chain revenues counted by growthepie, surpassing mature networks such as Polygon and Base. Meme coins dominated early activity: Meme coins, not real world assets (RWA), drove Robinhood Chain's early activity. Meme coins accounted for 51% of July spot trading volume, while RWA only accounted for 5%; and 48% of RWA trading volume occurred in the “Meme Coin + RWA” liquidity pool. Monetization opportunities lie in the application layer: Robinhood's clearest monetization opportunities lie above the infrastructure layer. USDG has generated around $10.5 million in annualized interest income; Morpho has proven the great value of direct distribution of Robinhood's main app; while Lighter only uses the Robinhood Wallet (Robinhood Wallet) partnership, accounting for only 0.2% of its total perpetual contract trading volume. The company's overall performance has yet to be boosted: Robinhood Chain is currently unable to substantially improve Robinhood's underlying performance. Its total known annualized revenue is only $54.8 million, which is equivalent to only 14% of Robinhood's annualized crypto revenue. For the Robinhood Chain to have a real impact, Robinhood needs to scale up USDG, monetize access to main apps, or use the chain as a traffic entry point to introduce high-value products. Robinhood's crypto business at the crossroads is probably no company that has managed to capture the rise of retail investors as successfully as Robinhood. It has become synonymous with retail investment, and its underlying business is booming as a result. In the second quarter of 2026, Robinhood reported quarterly revenue of $1.31 billion (a record high), up 32% year over year and 92% from Q2 2024. This strong momentum comes not only from its core stock and options trading business, but also from its ever-expanding product matrix. Robinhood now has 13 different lines of business, each generating more than $100 million in annualized revenue. In fact, almost all transaction-based business lines experienced double-digit year-on-year growth in the second quarter... well, with one exception: cryptocurrencies. The crypto business, which once accounted for more than one-third of Robinhood's revenue, has now shrunk to the point where it's almost negligible for the company. In the second quarter of 2026, only 8% of Robinhood's quarterly revenue came from cryptocurrencies, the lowest share since the third quarter of 2023. The crypto business's share of Robinhood's revenue pie has declined so much that event contracts (event contracts), which were only launched last year, generated more revenue in the second quarter ($156 million) than the crypto business ($100 million). This weakness goes far beyond the crypto business's declining share of Robinhood's revenue. Overall, its core user base is losing interest in cryptocurrencies. While the reason behind it isn't unique to Robinhood, the extent of its weakness is shocking. This is particularly evident in trading activities. In the second quarter of 2026, retail crypto trading volume on the Robinhood App was just $182 billion, down 36% year over year, to record...
According to Onchain Lens monitoring, the Lighter team wallet (0xb305... 194e) transferred 1.87 million LIT to a new wallet, worth approximately $4.57 million.
Comparing news, SK Hynix, a leading Japanese and Korean stock market, has plummeted continuously, triggering a rise in related stock derivatives trading activity. According to the RootData Pro data panel, in mainstream stock derivatives exchanges: SKHYNIX contracts generally fell by about 7% over 24H, with Lighter and HTX falling relatively narrowly. From an OI perspective, Hyperliquid was the highest at $571 million, followed by Binance at $501 million, and OKX ranked third; in terms of trading volume, Binance 24H had the highest turnover of US$4.15 billion, followed by Hyperliquid at US$1.51 billion and OKX at US$1.19 billion. SKHY Contract 24H is down about 4%-5% on most platforms. From an OI perspective, Binance is the highest at $115 million, followed by Hyperliquid at $110 million, followed by Bitget at $2022 million and OKX at $17.41 million; in terms of trading volume, Binance 24H had the highest turnover of $1.61 billion, while XT.com ranked at $482 million, OKX at $387 million, and Hyperliquid at $310 million. From a spread perspective, SKHYNIX's spread on Binance, Bitget, and Bybit is about 0.0032%, Hyperliquid is 0.0054%, and OKX is 0.0076%; SKHY's spreads on Binance, OKX, Hyperliquid, Bitget, Bybit, and Gate are all about 0.0081%, and the price synchronization is high. Looking at funding rates, the Lighter, OKX, and Hyperliquid funding rates in SKHYNIX contracts are relatively high, indicating an increase in the cost of holding long positions. According to reports, SK hynix announced financial results for the second quarter of 2026 on July 29, with revenue of 79.32 trillion won, operating profit of 60.54 trillion won, and net profit of 93.92 trillion won, all of which hit new quarterly highs. However, the performance did not fully meet the high expectations of the market. SK Hynix's intraday stock price once plummeted by more than 19.3%, setting the record for the biggest one-day decline in history. Taken together, SK Hynix/SKHY (SKHYNIX/SKHY) contract capital is mainly concentrated in Hyperliquid and Binance. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)
Comparatively, Lighter founder Vladimir Novakovski published an article on X this morning on “Equities and Tokens.” Novakovski clarified in the article that all economic value generated by Lighter will be owned by token holders. Lighter's original intention was to use venture capital to guide the project until the moment the token was issued. Lighter is an American company, and there is only one entity — the entity that issued shares in the years prior to TGE, the same entity that issued tokens during TGE. Other than being converted to a token equity table (token cap table) at the time of TGE, the equity cap table (equity cap table) will no longer have any other functions in the future. More specifically, Lighter completed the final round of equity financing for TGE a few months ago. The round was oversubscribed by about 5 times and attracted more than 300 million capital intentions out of the $68 million amount. At the time, all equity stakeholders (including early investors and former employees) were told of future plans — that their equity value would only be reflected as a share in the token's equity structure — and were given the opportunity to sell their shares. Anyone who disagrees with the idea that “all value belongs to tokens” can easily exit based on a higher valuation. In the end, less than 1% of equity holders chose to sell their shares, and all others chose to stay, supporting Lighter's promise to “accumulate value into tokens.”
Original title: Johann Kerbrat: Inside Robin Hood's Crypto Strategy (Full Coverage) Original Article Source: TheRollup Compilation: Shenchao TechFlow Interest Statement Johann Kerbrat is a Robinhood executive responsible for the entire crypto business product line (including Robinhood Chain, tokenized stocks, pledge services, and perpetual contracts), Its compensation and equity incentives are directly tied to $HOOD's share price. All discussions on the Robinhood Chain in this issue relate to the business it is directly responsible for. The title uses an “insider's perspective” rather than an “analysis” to reflect this interest. Abstract Three weeks after the main network of Robinhood Chain was launched, the weekly DEX volume exceeded $3 billion, the number of transactions exceeded 105 million, and the TVL exceeded 300 million dollars. Johann Kerbrat explained the chain's strategic logic in detail for the first time in a podcast: why the “barbell” layout (meme tokens + real-world assets in parallel) was chosen, why the Arbitrum technology stack was used instead of self-built L1, and how to gradually move Robinhood's 27 million deposit account onto the chain. He made it clear that the competition is focused on “expanding the cake” rather than grabbing shares with Base, and revealed that tokenized stocks have covered 120+ countries and 90+ targets, and will expand to international stocks and private equity markets in the future. Key quote “Our philosophy is to make the chain permissionless and open to everything. Whether it's a meme or an RWA, there are many products that people can't resist. We are deeply integrating with the chain.” “Robinhood has 27 million deposit accounts. For these users, DeFi is still too complicated and requires too much technical knowledge. We're thinking about how to bring in a good DeFi product while making it easy to use and use without creating a wallet or managing private keys.” “I think competition is ultimately beneficial to the customer. We cut fees by a large margin when the crypto exchange went live. It's still too early on the chain, and it's too early to discuss market share.” “We've only been online for three weeks. If you're thinking about bringing tens of millions of users to the chain, bringing more utility, and bringing something that people actually use (not just a moment of fluctuation), then you're thinking about a long-term revenue stream.” “We don't want to see all of Robinhood's trading activity going to the chain next year. That was a bit of a dream. But if you can find things you can't do with traditional methods, such as international stocks and 24/7 trading, chains can be the solution.” 1. Data for three weeks of launch: The $3 billion weekly trading volume is only the starting point. After the launch of the Robinhood Chain mainline, the weekly DEX volume reached $3 billion, more than 50 million transactions, more than 1 million addresses, and a TVL of over $300 million. Kerbrat's response was straightforward: this data has already been surpassed. He said that the number of transactions that morning had already surpassed 105 million. He described the state of the team as “very excited”. The core idea is that this figure reflects the intensity of market demand for products on the chain. He specifically emphasized that the ecosystem was ready to accept developers from the beginning, rather than build it first and then wait for others to come. This is different from many paths where L2 goes live and then slowly drains. 2. “Barbell” Strategy: Why do memes and RWA go hand in hand The host mentioned an interesting phenomenon: Robinhood CEO Vlad Tenev described the on-chain ecosystem as a “barbell” structure on social media. One end is a meme token, and the other end is a real world asset (RWA), and said “you have two wolves in your heart.” Kerbrat explained the internal thinking. From day one, the chain was set to be permissionless (permissionless) and open to all types of apps. Meme tokens bring in market makers and DeFi users, while RWA serves users around the world who are unable to easily buy US stocks and ETFs. There is no contradiction between the two; rather, they each attract different groups. He also mentioned several integrated products that have already been launched: Robinhood Earn (receiving stablecoin earnings through on-chain agreements within the main app) and tokenized stocks (through Robinhood W...