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<In contrast to ETH, Solana releases new positioning for ICM> Ethereum has firmly established itself as the "global settlement layer," while Solana has chosen a different path: to create the default execution layer for on-chain capital markets. This is not just about higher TPS; it is about rewriting the operational model of capital markets through composable, programmable, and permissionless mechanisms. Just yesterday, @aeyakovenko, along with @MaxResnick1, @Austin_Federa, @KyleSamani, and other core participants of Solana, released the "Internet Capital Markets (ICM)" roadmap. This is not a narrative chasing the RWA hotspot, but a fundamental reshaping of Solana's infrastructure role: moving from a high-performance public chain to an application-centric financial operating system. Traditional financial pain points vs on-chain market opportunities Traditional capital markets are dominated by intermediaries, resulting in slow transactions, high barriers to entry, and fragmented liquidity. On-chain native markets have inherent advantages: composable, programmable, and available around the clock. However, in reality, RWA projects often merely represent assets on-chain, while actual trading and settlement still occur off-chain. What ICM (initially proposed by @akshaybd) aims to solve is this misalignment. It seeks to make on-chain the execution venue for transactions, rather than just an asset display layer. Achieving this is not as simple as "just putting a token on-chain"; it requires improvements in underlying performance, liberalization of market structure, and collaborative advancement with regulatory frameworks. Core concept: Application-Controlled Execution (ACE) Currently, most on-chain transaction ordering is uniformly scheduled by the consensus layer, with applications passively receiving orders. ACE proposes a paradigm shift: the ordering rights are held by the protocol, and the trading rules are defined by the applications. Protocols like Drift and Jito will gain design rights similar to market makers, optimizing their market microstructure. The ultimate goal is to tokenize mainstream assets such as stocks, bonds, foreign exchange, and IP on-chain by 2027, entering a market system that is intermediary-free, globally liquid, and natively on-chain. Three main modules of the roadmap: Application-led microstructure design: Developers can customize multiple key dimensions to achieve comprehensive control over market operation logic: • Privacy vs Transparency • Speed limits vs Complete openness • Trading inclusivity vs Strong finality • Centralized deployment vs Decentralized execution • Maker-first vs Taker-first • Flexible architecture vs Preset rules Jito's BAM is a typical example, shifting from "speed is king" to "rules are programmable," laying the first cornerstone for ACE practice. Evolution of execution paths: • Short-term (1–3 months): Launch Jito BAM and Anza client, optimizing slot-level consistency and transaction latency; • Mid-term (3–9 months): DoubleZero network will compress latency to 100ms, Alpenglow protocol will reduce finality to 150ms, and APE module will clear replay paths; • Long-term (by 2027): Deploy multi-concurrent leader mechanisms and protocol-level ACE to support high-concurrency on-chain capital market infrastructure. RWA-driven funding entry: This will significantly boost on-chain TVL, attracting more RWA projects and TradFi capital influx, making scenarios like on-chain IPOs and bond issuances commonplace. However, regulatory uncertainty remains a major variable; currently, xStocks has attempted to issue securities based on the SEC framework, and the compliance path is still under construction. Once ACE is successfully deployed, institutional entry will no longer be a question of "if," but rather "when." ICM represents a restart of Solana's narrative and a declaration of its path: Solana is no longer just a "high-performance public chain" but is attempting to become the underlying operating system for on-chain capital markets. - ArkStream Daily Alpha 7.25

🚀[Overview of Digital Financial Layout by Chinese Securities Firms] The construction of the virtual asset center in Hong Kong is accelerating. How are securities firms seizing the new track?​ ​​▎Key Highlights​​ 1️⃣ Stablecoins: The competition for licenses is heating up (only a handful of slots available), with CITIC Securities and others laying out plans for cross-border payments. 2️⃣ Virtual Assets: 42 securities firms upgrade to Type 1 licenses, with Guotai Junan International becoming the first fully licensed Chinese securities firm. 3️⃣ RWA: GF Securities launches multi-currency tokenized securities "GFToken" in Hong Kong, while Derin Holdings tests the waters with a HKD 500 million property on the blockchain. ​​▎Retail Investor Action Guide​​ ✅ Compliance First: Choose licensed institutions (such as Guotai Junan, GF Hong Kong). ✅ Portfolio Allocation: RWA (low volatility) + virtual assets (high growth) to hedge risks. ✅ Beware of Bubbles: Stay away from "air coins" projects that lack real asset backing. ▎Layout Overview Map

gSat, TGE-ing soon? 👀 (see pic) So, I’ve been tracking restaking meta for a while now, from @eigenlayer rise to @symbioticfi alt-LST experiment. @satlayer might be the first Bitcoin-native protocol that’s doing it with actual economics behind it while having Franklin Templeton, Apollo onboard. Here’s my take👇 "What SatLayer Actually Is" Think of it as EigenLayer, but built for Bitcoin. SatLayer upgrades the economic primitives with real-world hooks: insurance, RWAs, stablecoins, and even AI infra. At its core, the 4 layer yield: • You restake BTC (via LSTs like Solv, Bedrock, Lorenzo, etc.) • That BTC is then deployed into Bitcoin Validated Services (BVSs) • These BVSs generate real yield via insurance premiums, RWA yield, offchain integrations, etc. • You earn from multiple layers: LST yield, BVS yield, L1 incentives, Sats2 points, etc. "Merging Economic Security <> Real World Assets" What stood out to me was their insurance use case, what they’re calling the “Bitcoin Berkshire Hathaway” model. 👇 • In TradFi, insurance giants like Berkshire, Allianz, etc. make their $ by collecting premiums and compounding the float. • SatLayer is replicating that with restaked BTC as the float. • Nexus Mutual + Relm + other TradFi/crypto insurers already involved. That means: • BTC holders can earn premium yield, not just staking rewards. • Protocols get BTC-backed slashing coverage. • LPs in RWAs get principal protection. TradFi insurance underwriting → onchain → BTC-powered. "Let’s talk about RWAs." • SatLayer is working with @plumenetwork (RWA L2) and @LayerZero_Core DVN to secure offchain credit vaults with BTC. • The model is: restaked BTC = principal backstop + instant liquidity buffer. • LPs opt into lower-yield but insured vaults. • Think of it like BTC-backed loan insurance. This is the one that’s drawing big institutional players: Franklin Templeton, Apollo, IMC, Laser Digital. Restaked BTC backs operator behavior in Cap’s yield-bearing stablecoin system. Borrowers (HFT funds, market makers) must be collateralized with BTC bonds, posted via SatLayer. That’s TradFi contractor bonding, turned onchain. We’re watching real-world economic primitives being recast through BTC’s lens. "Stats & Adoption So Far" As of July 21: • 3,447.71 BTC deposited (~$408M) • 405,658 restakers TLDR Take Deploy BTC to power insurance, stablecoins, RWAs, and infra. and earn yield like an institution. If EigenLayer turned Ethereum into economic security, SatLayer wants to make Bitcoin the ultimate settlement and underwriting asset. Yields backed by the most pristine collateral in history.