HORYONCrypto Market Intelligence
Digital Asset, the developer of Canton Network, raised $355M in a funding round led by a16z, with participation from subsidiaries of the Abu Dhabi Investment Authority, Apollo Funds, BNP Paribas, Citadel Securities, CME Ventures, Coinbase Ventures, HSBC, S&P Global, and SBI Group, at a $2B valuation.
Blockworks consolidates crypto data layer by acquiring Messari, merging two major intelligence platforms. Deal reported at >$10M, far below Messari’s 2022 $300M valuation.
Ethena Labs commits $250M to Securitize’s tokenized AAA CLO fund, expanding onto Solana.
SPCXon (SpaceX) and other Ondo tokenized assets now tradable on Uniswap, bringing RWAs to a leading DEX.
frxUSD leads both deposits and borrows on V4, with a 1.24% borrow rate. Growth driven by RWA collateral and structured risk isolation.
zkSync raised $458M in total from VCs, with a $200M Series C at a $1.25B valuation.
Tokenized RWA platform up ~200% YoY, with tokenized funds as the leading sector. Expansion continues across Solana, Ethereum, and BNB Chain.
Aerodrome will deploy on Circle’s upcoming Arc L1 (currently testnet), providing FX infrastructure for the stablecoin-native ecosystem.
Figure Technology acquired Kiavi, a major US lender for real estate investors, for $717 million to expand its blockchain tokenization platform.
Neverland DAO votes 84.79% to adopt Balancer’s AutoRange Pool as core USDC/DUST liquidity venue on Monad.
Helius acquired Light Protocol, which introduces ZK compression on Solana, for an undisclosed amount.
The episode covers Hyperliquid's dominance in SpaceX IPO trading (500M volume in 24h), Blockworks' acquisition of Messari to consolidate crypto data/analytics, and Dinari's regulated tokenized SpaceX shares (DShares) integrated with Hyperliquid. It also explores the shift toward onchain capital markets, tokenization vs. perpetuals, and regulatory tailwinds like SEC Rule 611 rescission.
a16z crypto GP Eddy Lazzarin and Sonal Chokshi discuss how stablecoins are reshaping finance by enabling fast, cheap, and secure value transfer, forcing traditional systems to adapt. They also explore tokenomics (buy-and-burn, mint-and-spend), regulatory frameworks like the Clarity Act, and the role of cryptography in constraining AI.
Bankless episode analyzes SpaceX's impending $2.1T IPO, driven by its AI data center satellites (AI-1) and Starlink growth, while contrasting with OpenAI's $500B data center plans and Apple's on-device AI push. Focuses on SpaceX's orbital compute monopoly, cost advantages, and AI infrastructure as the valuation catalyst.
The episode analyzes how centralized policy and asset management are sustaining the bull market despite macro headwinds, with deep dives into AI capex, equity supply shifts, and asymmetric trades like gold and SOL. It critiques Mag 7 valuations and forecasts political and monetary pressures shaping markets through mid-2025.
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