Uniswap V4 held $59.1 million in tokenized stock deposits as of Sept. 6, making it the largest decentralized finance venue for the category, according to Token Terminal.

Solana-based Kamino Lend ranked second with $41.7 million. Uniswap V3 followed with $20.9 million, Token Terminal’s data showed. Together, the three venues accounted for $121.7 million, or approximately 63.2% of the measured category.

Total tokenized stock DeFi TVL stood at approximately $192.6 million. The figure measures equity-linked tokens deposited into decentralized exchanges, lending markets and related applications. It does not represent the total value of tokenized equities issued across blockchains.

Token Terminal defines total value locked as the value of onchain deposits and, in some cases, the tokenized value of user deposits made offchain. The metric changes when assets enter or leave protocols and when the prices of the underlying shares move.

Uniswap V4 leads through tokenized stock liquidity

Uniswap V4’s $59.1 million primarily represents tokenized shares supplied to liquidity pools. Users deposit paired assets into these pools so other participants can trade without relying on a conventional order book.

Uniswap V3 held another $20.9 million, bringing the two versions’ combined tokenized stock deposits to $80 million. That equals approximately 41.5% of the $192.6 million measured by Token Terminal.

The comparison between Uniswap and Kamino requires context. Uniswap is a decentralized exchange, meaning its deposited assets primarily support token swaps and market liquidity. Kamino Lend is a lending protocol where tokenized stocks can serve as supplied assets or collateral.

Both activities count toward DeFi TVL, but they perform different functions. Exchange liquidity supports trading. Lending deposits let holders borrow against their positions or receive interest from borrowers. TVL alone does not measure trading volume, borrowing demand or revenue.

The growth forms part of a broader rise in productive uses for tokenized assets. Real-world asset deposits across decentralized applications increased from $2.3 billion to $7.4 billion between the second quarters of 2025 and 2026. During that period, tokenized asset spot volume grew approximately 220% even as wider decentralized exchange activity declined.

Tokenized stock DeFi TVL remains concentrated

The three leading venues controlled more than three-fifths of the measured category. All remaining applications collectively held approximately $70.9 million in tokenized stock deposits.

That concentration creates operational dependencies. A technical failure, pricing problem or major liquidity withdrawal at one leading venue could affect a considerable portion of the market. However, the deposits remain distributed across separate smart contracts and blockchains.

Token Terminal’s network breakdown showed that Solana hosted $79.1 million in tokenized stock DeFi deposits, the largest total among tracked blockchains. Kamino accounted for a substantial share, alongside other Solana trading and lending applications.

Robinhood Chain and Ethereum also hosted material deposits. Robinhood launched its mainnet in July as an Ethereum Layer 2 supporting equity-linked tokens and decentralized applications. Eligible users can trade tokenized stocks and deploy them within DeFi, including through lending pools and decentralized exchanges.

Token Terminal’s issuer data showed another form of concentration. Robinhood-issued stocks contributed $73.1 million to DeFi TVL, while xStocks accounted for $63.9 million.

Together, Robinhood and xStocks supplied $137 million, or approximately 71.1% of the category total. Other issuers and tokenization providers accounted for the remaining $55.6 million.

Issuer concentration has also appeared in ownership data. In July, the number of tokenized equity holders across five platforms reached 752,000, following 92% growth over 30 days. Robinhood held a 44% share of those users, while Ondo and xStocks led by issued asset value.

Deposits do not always provide direct share ownership

Tokenized stocks use different legal structures. Some are backed by conventional shares held with custodians. Others are structured as debt instruments or contractual claims designed to track an equity’s economic value.

Owning a token therefore does not always provide voting rights, dividends or the legal status of a conventional shareholder. Rights depend on the issuer’s terms, reserve structure, jurisdiction, custody arrangements and redemption process.

Token Terminal describes Robinhood’s tokenized SoFi product as providing one-to-one price exposure to the U.S.-listed company. Its description of Ondo’s tokenized ASML product says the asset is structured as a debt instrument whose payable value changes with the underlying security.

Robinhood’s products have attracted scrutiny over this distinction. AMC Entertainment CEO Adam Aron said his company had no role in Robinhood’s AMC-linked token. The products provide economic exposure without giving holders direct ownership in the represented companies, as AMC sought legal advice over unauthorized stock tokens.

Other providers are developing models intended to confer stronger ownership rights. Base and Coinbase have said they are preparing tokenized equities backed one-to-one by underlying shares. However, key custody and transfer details remain undisclosed, and no launch date has been confirmed.

These differences matter when tokens enter lending pools. Users assume the smart-contract risk of the DeFi venue alongside the custody, legal and counterparty risks attached to the underlying token.

DeFi deposits remain below total equity issuance

The $192.6 million held in DeFi represents only part of the broader tokenized stock market. CoinShares and Token Terminal estimated that approximately $2.2 billion in equities had been tokenized during the second quarter.

The difference shows that most issued tokenized equities have not been deposited into decentralized lending or trading applications. Assets may remain in customer wallets, centralized platforms or issuer-controlled systems.

Tokenized stocks were already one of the fastest-growing real-world asset categories by holder count. However, onchain equities remain small beside global stock markets, which are valued in excess of $100 trillion.

FWDI and SPYx ranked among the largest individual assets deposited across the tracked venues, according to Token Terminal’s asset breakdown. Their positions indicate that both individual-company and broad-market products can attract onchain liquidity.

Trading has also become concentrated in particular products. Tokenized QQQ generated much of the category’s decentralized trading activity in July, when tokenized stock volume increased by 288%.

More tokenized equities could enter DeFi

The range of assets available to DeFi applications is expected to grow. Payward plans to tokenize the 100 largest London-listed equities through its xStocks framework.

The London Stock Exchange intends to support the products through its planned LSE 24 venue, subject to regulatory approval. The collaboration will also examine issuer-sponsored equity tokens. The London Stock Exchange and Payward partnership could expand xStocks beyond its existing U.S., European and Asian-linked products.

The new London-listed xStocks are expected to appear on Kraken and other supporting platforms before the planned exchange integration. They are not currently available to U.K. investors, and their addition does not guarantee immediate deposits into Uniswap or lending protocols.

Future data will show whether Uniswap V4 retains its lead or whether lending markets capture more tokenized equity deposits. Relevant measures include pool liquidity, borrowing demand, collateral performance, trading volume and issuer concentration.

There was no verified market reaction directly attributable to Token Terminal’s report. UNI and KMNO respond to wider market conditions, while the deposited assets do not represent revenue belonging to either token’s holders.

Hyperliquid repurchased and burned approximately 9,730 HYPE tokens during the 24 hours ending Sept. 6, according to blockchain data published by Onchain Lens.

The transactions were worth about $829,500 at an average purchase price of $85.27 per token. The latest activity increased the amount of HYPE classified as burned to approximately 48.42 million tokens.

That total represents about 4.84% of HYPE’s original maximum supply of 1 billion tokens. At a price of roughly $85.50, the cumulative balance would be valued near $4.14 billion.

The $4.14 billion figure is a mark-to-market calculation. It does not represent the amount Hyperliquid spent acquiring the tokens. The Assistance Fund purchased HYPE at different prices over time, and Onchain Lens did not publish a cumulative acquisition cost in its latest update.

Hyperliquid burns HYPE through its Assistance Fund

Hyperliquid uses an automated mechanism called the Assistance Fund to direct most eligible protocol fee revenue toward open-market HYPE purchases. The tokens are then removed from circulating and total supply under the network’s burn framework.

The protocol’s current documentation states that HYPE held by the Assistance Fund is burned permanently. Hyperliquid’s validators formally recognized the fund’s accumulated HYPE as burned following a governance process in December 2025.

Before that decision, the Assistance Fund accumulated tokens at a system address that lacked a conventional private key. Although market observers often treated those tokens as removed from circulation, the governance decision formally committed validators against approving an upgrade that could restore access.

The mechanism links token purchases directly to activity on Hyperliquid. Greater trading volume and fee generation provide more resources for HYPE purchases. Lower activity reduces the amount available. The program therefore has no fixed daily repurchase level.

An earlier examination of Hyperliquid’s fee-funded buyback mechanism found that roughly 97% to 99% of applicable protocol fees were directed to the Assistance Fund, depending on the market and fee category.

Priority fees follow a different process and are burned directly. The Assistance Fund should also not be confused with HLP, the protocol’s separate market-making vault.

The 48.42 million HYPE figure needs context

Multiplying 48.42 million HYPE by the reported $85.27 average produces approximately $4.13 billion. However, $85.27 was the average price for the latest 9,730-token purchase, not the historical average cost of all burned tokens.

The reported $4.14 billion total instead reflects what the cumulative tokens would be worth at current market prices. It can rise or fall without additional burns because HYPE’s market value changes continuously.

The supply calculation is more direct. Dividing 48.42 million by the original 1 billion maximum supply produces 4.842%, matching the approximately 4.84% reported by Onchain Lens.

Current data providers may display a maximum or total supply below 1 billion because previously burned tokens have already been deducted. CoinGecko, for example, listed HYPE’s fully diluted supply near 955 million tokens on Sept. 6 rather than the original maximum.

Those differences do not mean additional tokens disappeared without explanation. They reflect whether a data provider uses the original authorized maximum or a burn-adjusted supply figure. Writers comparing burn percentages should specify which denominator they use.

The burn also does not transfer cash directly to HYPE holders. HYPE is not company stock, and token ownership does not provide a legal claim on Hyperliquid Labs’ revenue. The mechanism reduces token supply and creates open-market demand, but it does not guarantee a higher price.

HYPE traded near its record after the burn

HYPE traded around $86 on Sept. 6, according to market data from CoinGecko. It gained approximately 2.6% over 24 hours and remained less than 2% below its reported record of $88.06.

CoinGecko recorded about $865 million in 24-hour trading volume and placed HYPE’s circulating market capitalization near $19.2 billion. Other platforms showed prices between approximately $85 and $87 during the same period, reflecting normal differences between venues and collection times.

The price increase occurred alongside the latest burn, but the timing alone does not prove that the 9,730-token purchase caused the movement. HYPE also responds to derivatives activity, broader market conditions, token unlocks, demand for network staking and expectations surrounding protocol revenue.

At an average price of $85.27, the latest $829,500 purchase represented a small fraction of HYPE’s daily trading volume. Its immediate price effect therefore cannot be isolated from other orders without more detailed market data.

The broader buyback program is more material because it operates repeatedly. Research published in May found that the Assistance Fund had been buying approximately $1 million in HYPE per day on average, although the amount varied with protocol revenue and token prices.

Crypto projects collectively spent a record amount on repurchases during 2026, with Hyperliquid and Pump.fun accounting for most tracked buybacks. The programs differ in funding sources, implementation and treatment of repurchased tokens.

Additional revenue could fund future HYPE burns

Hyperliquid added another potential source of Assistance Fund revenue through its aligned quote asset framework in August. AQAv2 directs most cost-adjusted reserve yield from eligible stablecoins toward the protocol.

For USDC, approximately 90% of cost-adjusted reserve income is expected to reach the Assistance Fund. Coinbase acts as the treasury deployer, while Circle provides the stablecoin’s issuance and cross-chain infrastructure.

The USDC reserve-yield arrangement began operating in August, but the first payment is scheduled for Oct. 3 because of an initial grace period and the framework’s settlement schedule.

The payment amount remains unknown. It will depend on the USDC supply deployed on Hyperliquid, prevailing reserve yields, operating costs and other terms. Any estimate before the first transfer would be forward-looking.

Until then, trading fees remain the main observable driver of Assistance Fund purchases. Daily burn totals will continue to change with platform activity and HYPE’s market price. A higher token price allows the same dollar amount to purchase fewer HYPE tokens, while a lower price increases the number removed for an equal expenditure.

Future burn reports should therefore be assessed through three separate measures: the number of HYPE removed, the money spent during the period and the token’s prevailing price. Combining them into a single dollar figure can obscure how the mechanism is performing.

Ripple has added former Reserve Bank of India Governor Raghuram Rajan to the opening program for Swell 2026, its annual conference focused on payments, digital assets and financial infrastructure.

The company announced on Sept. 4 that Rajan will participate in the Institutional Summit on Oct. 27. The invitation-only gathering will open Swell week before the wider conference program runs through Oct. 29.

Swell 2026 will take place at The Shed in New York City. Ripple is combining Swell with its developer-focused XRPL Apex conference for the first time, bringing institutional finance and XRP Ledger development into one event.

Ripple has not disclosed Rajan’s discussion topic, session time or appearance format. The event website lists him as a speaker but does not indicate whether he will deliver a keynote, join a panel or participate in a moderated discussion.

Ripple Swell begins with an institutional summit

The Institutional Summit is scheduled for Oct. 27 and requires prospective attendees to request an invitation. Ripple is positioning the program toward representatives of banks, asset managers, payment companies and other financial institutions.

Rajan brings experience spanning central banking, international finance and academic research. He led the Reserve Bank of India from September 2013 until September 2016 and previously served as chief economist of the International Monetary Fund.

He is currently the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business. Ripple’s official lineup identifies Rajan by his academic position.

His addition gives the summit a direct central banking perspective as financial institutions examine stablecoins, tokenized assets and blockchain-based settlement. However, Ripple has not said whether Rajan will address any of those specific subjects.

The speaker announcement also does not indicate that Rajan is advising Ripple, endorsing XRP or supporting any company product. His confirmed involvement is limited to participating in the conference program.

Rajan also co-leads a Federal Reserve policy review

Rajan’s appearance comes as he serves as one of three external leaders of the Federal Reserve’s Balance Sheet Policy task force. Harvard professors Karen Dynan and Jeremy Stein are the other leaders.

The Federal Reserve established the group to examine the costs, benefits and institutional consequences of its current balance sheet regime. The central bank said the task force would operate independently with support from Federal Reserve staff.

Its findings are intended for the Federal Open Market Committee. The group is one of five task forces examining areas including monetary policy communication, inflation frameworks, economic data, productivity and employment.

Rajan’s position on the task force does not make him a Federal Reserve official or policymaker. He serves as an external adviser alongside other economists, former central bankers and business leaders.

The task force role nevertheless adds a current U.S. monetary policy connection to his Swell appearance. The Federal Reserve’s balance sheet affects bank reserves and financial-market liquidity, subjects that overlap with institutional discussions about new settlement infrastructure.

No official source has connected Rajan’s Federal Reserve work with his participation at Swell. Any suggestion that his appearance represents Federal Reserve involvement in Ripple’s conference would therefore be unsupported.

Swell 2026 combines institutional and developer programs

Ripple expects more than 1,500 people to attend Swell 2026. The organizer is advertising more than 75 speakers and over 50 sessions across three stages.

Those figures are conference projections and may change before October. Ripple continues to add speakers, while the complete session-by-session schedule has not yet been published.

The 2026 program will combine Swell and XRPL Apex. Swell has traditionally focused on institutional payments, regulation and capital markets. XRPL Apex has centered on developers, researchers and companies building on the XRP Ledger.

Bringing the events together gives institutional participants access to technical sessions while allowing developers to hear directly from banks, exchanges and market-infrastructure providers.

The announced subjects include stablecoins, tokenization, payments, exchange-traded funds, decentralized finance, privacy, artificial intelligence, quantum computing and XRP Ledger development.

The combined Swell and XRPL Apex program will also feature actor and Water.org co-founder Matt Damon. Ripple previously named Damon as a keynote speaker but has not disclosed the subject or timing of his address.

Ripple’s lineup spans banking, markets and technology

Ripple CEO Brad Garlinghouse, President Monica Long and CTO Emeritus David Schwartz are included in the speaker lineup. Their session topics have not all been published.

Other listed speakers include Bullish Chairman and CEO Tom Farley, Tradeweb CEO Billy Hult and Susquehanna Crypto CEO Chase Lax. BNY Global Head of Markets Laide Majiyagbe and Intercontinental Exchange executive Michael Blaugrund are also scheduled to participate.

Robinhood’s crypto business will be represented by Johann Kerbrat. The roster also includes Jenny Just, co-founder of financial technology company PEAK6, and Gary White, CEO and co-founder of Water.org.

The official speaker page lists Nasdaq Chair and CEO Adena Friedman, New York State Department of Financial Services official John Melican and U.S. Representative Ritchie Torres. Patrick Witt, executive director of the White House President’s Council of Advisors for Digital Assets, is also listed.

Participants from the XRP Ledger ecosystem include representatives of the XRPL Foundation, XRPL Commons and related development organizations. Academics from Chicago Booth, Columbia, Cornell, Carnegie Mellon, Wharton and several European universities appear on the roster.

Their inclusion does not indicate endorsement of Ripple or its products. It reflects the range of speakers that Ripple has scheduled for discussions across finance, policy and blockchain development.

The complete Swell agenda remains pending

The next confirmed step is publication of the detailed conference agenda. Ripple still needs to disclose Rajan’s session title, timing and format.

The same uncertainty applies to several other announced speakers. Conference listings confirm their planned participation but do not reveal what they will discuss.

Swell 2026 begins with the Institutional Summit on Oct. 27. The main conference and XRPL Apex sessions will continue through Oct. 29 at The Shed, located in Manhattan’s Hudson Yards district.

Standard registration is listed through Oct. 5, followed by a final registration period ending Oct. 20. Access to the Institutional Summit is handled separately through an invitation request.

Rajan’s participation adds a former central bank governor and current Federal Reserve task force adviser to Ripple’s expanding lineup. The substance of his appearance will become clearer once Ripple publishes the full agenda.

Binance founder Changpeng “CZ” Zhao said on Sept. 4 that YZi Labs’ recent investments could become some of the firm’s best performers because it deployed capital during a broad crypto market downturn.

“I strongly believe the YZi Labs investments over the last few months will be some of the best performing because those investments were done during the depth of the crypto winter,” Zhao wrote.

The statement is Zhao’s opinion, not a verified performance result. Neither Zhao nor YZi Labs published acquisition prices, current valuations or investment returns supporting the prediction.

Publicly verified YZi Labs investments during 2026 include robotics company RoboForce, digital asset custodian BitGo, prediction market Predict.fun, artificial intelligence payments protocol AEON and fixed-rate lending platform TermMax. Several deal values remain undisclosed.

YZi Labs expanded beyond conventional crypto investments

YZi Labs describes itself as an investment vehicle focused on Web3, artificial intelligence and biotechnology. The organization emerged from the rebranding of Binance Labs and says it manages more than $10 billion in assets.

The firm operates independently from Binance and manages capital associated with Zhao and Binance co-founder Yi He. It invests across multiple business stages and also runs the EASY Residency incubation program for early-stage founders.

Zhao previously said Web3 still represented roughly 70% to 80% of YZi Labs’ portfolio. However, the firm has increased its exposure to technologies connecting blockchain systems with artificial intelligence, robotics and institutional finance.

In May, Zhao said YZi Labs preferred investing in infrastructure that supports artificial intelligence rather than competing directly with heavily funded AI model developers. That approach was reflected in the firm’s robotics and autonomous-payment investments.

His latest comments connect the investment strategy to market timing. Crypto valuations came under pressure during the first half of 2026 as Bitcoin and other digital assets traded well below their previous peaks.

Bitcoin was trading near $79,945 on Sept. 6, based on current market data. It had recovered from lower levels recorded earlier in 2026, but remained below its prior record. That recovery alone does not establish whether YZi Labs’ private investments have appreciated.

RoboForce received the largest disclosed 2026 round

YZi Labs led RoboForce’s $52 million financing round in March. The robotics company said the oversubscribed transaction raised its total funding to $67 million.

RoboForce develops physical AI systems for industrial work in sectors including solar power, data centers, manufacturing, mining and logistics. The company is building robots designed to perform labor-intensive tasks in challenging environments.

The $52 million figure represents the entire funding round rather than YZi Labs’ individual contribution. Neither company disclosed how much capital YZi Labs provided, the valuation assigned to RoboForce or the equity stake received.

RoboForce also said it had secured letters of intent covering more than 11,000 robots. That figure represents prospective demand claimed by the company, not completed deliveries or recognized revenue.

The investment is different from YZi Labs’ traditional blockchain portfolio because RoboForce is primarily an industrial robotics company. However, it matches Zhao’s stated interest in businesses supplying infrastructure for artificial intelligence.

Whether the investment becomes a leading performer will depend on RoboForce converting prospective orders into commercial deployments. No independently audited revenue or return figures accompanied the funding announcement.

YZi Labs backed custody and prediction-market infrastructure

YZi Labs also invested in BitGo around the digital asset custodian’s January listing on the New York Stock Exchange. The investment amount and purchase terms were not disclosed.

The firm said regulated custody infrastructure would become increasingly important as institutional capital entered digital assets. BitGo’s public listing offered YZi Labs exposure to a regulated U.S. financial infrastructure provider rather than an early-stage token project.

The investment accompanying BitGo’s NYSE debut also created a clearer route to price discovery than YZi Labs’ privately held investments. Publicly traded shares can be valued continuously, while private holdings depend on financing rounds, secondary sales or company disclosures.

In April, YZi Labs announced a follow-on investment in Predict.fun alongside Susquehanna Crypto. Predict.fun had previously participated in the second season of YZi Labs’ EASY Residency program.

The parties did not disclose the investment amount or Predict.fun’s valuation. YZi Labs said the platform had processed more than four million orders and surpassed $1.8 billion in cumulative volume.

Predict.fun operates a self-custodial prediction market on BNB Chain. Users trade contracts linked to outcomes involving politics, sports, cryptocurrency prices and economic events.

The platform has continued developing its infrastructure since the investment. It introduced a self-service developer dashboard in September for generating application programming interface keys, monitoring usage and managing trading limits.

However, its reported growth beyond $1.8 billion in volume supports YZi Labs’ description of expanding activity. Volume, however, does not establish profitability or the current value of the investor’s position.

AEON and TermMax extend the portfolio into payments and lending

YZi Labs led an $8 million pre-seed financing round for AEON in May. IDG Capital, HashKey Capital, Stanford Blockchain Builders Fund and several other investors participated.

AEON is developing payment infrastructure intended to let artificial intelligence agents execute and settle transactions. The company describes its product as a settlement layer connecting autonomous software with blockchain-based and real-world payment systems.

The $8 million represents the complete round. AEON did not disclose its valuation, YZi Labs’ individual investment or the ownership received by participating investors.

TermMax received a separate strategic investment from YZi Labs in August. The fixed-rate lending protocol previously joined EASY Residency Season 3 and has raised more than $8 million across its financing rounds.

TermMax operates fixed-rate lending markets across several Ethereum-compatible blockchains. It offers lending pools, strategy vaults and products designed to give borrowers and lenders more predictable rates than variable-rate DeFi markets.

The amount supplied by YZi Labs was not disclosed. Recent crypto venture funding disclosures therefore exclude the TermMax transaction from funding totals that require confirmed deal values.

CZ’s performance forecast remains untested

Zhao’s argument rests on the idea that lower market valuations create better entry prices for long-term investors. That can improve future returns when selected companies survive the downturn and grow. It does not ensure that every investment made near a market low will succeed.

Private investment performance also cannot be measured from token prices alone. YZi Labs may hold equity, warrants, tokens or other contractual rights, depending on each transaction. Most of those terms have not been made public.

The five publicly identified investments cover substantially different markets. RoboForce depends on industrial adoption. BitGo competes in custody and financial infrastructure. Predict.fun relies on prediction-market liquidity, while AEON and TermMax target payments and lending.

No common performance benchmark can accurately measure all five businesses. YZi Labs would need to disclose entry valuations, subsequent financing prices, exits or realized distributions before Zhao’s view could be tested.

The firm has not announced when it will publish portfolio performance information. Its next measurable developments will come from financing rounds, public filings, product adoption figures and possible liquidity events involving individual portfolio companies.