Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed in the newsletter are his own and do not necessarily reflect those of Decrypt.

Crypto majors were higher as oil fell, with Bitcoin at $65,000 and Ether at $1,960. ETH ETFs recorded $103 million in net inflows last week, compared with $33 million for BTC ETFs. BitMart is shutting down its exchange, following BitMEX. Zcash’s Ironwood Upgrade is scheduled to launch tomorrow. Pons has captured 80% market share on Robinhood ahead of its v2 launch, while PONS reached a new all-time high.

Robinhood Chain’s tokenized stocks jump fivefold

Tokenized real-world assets, including stock shares trading onchain, have risen roughly fivefold on Robinhood Chain in under two weeks to about $70 million, according to the newsletter and a Dune dashboard.

When Robinhood Chain launched on July 1, memecoins quickly dominated activity, making it appear that Robinhood had built infrastructure that was mainly drawing speculative trading. The activity mix is now changing. A dozen tokenized stocks are each clearing more than $500,000 in daily volume, with five above $1 million. GameStop leads at $26.6 million in daily volume, followed by Nvidia at $14 million and SpaceX at $6.4 million.

The broader chain has also expanded quickly. Total value locked, or TVL, has roughly tripled since mid-July to about $312 million. The chain is clearing more than $600 million in daily decentralized exchange volume and has logged more than 138 million transactions in 30 days, placing it among the most active networks in crypto by that measure.

On the tokenization side, more than 100 assets have been tokenized and total real-world asset value is approaching $25 million. Daily trading volumes have climbed from about $5 million per day to $60 million per day. The shift matters because tokenized equities and other real-world assets are one of the clearest ways crypto networks are being tested beyond native tokens, tying onchain trading rails to assets that traditional investors already recognize.

Robinhood is scheduled to report earnings this week, placing CEO Vlad Tenev on a call with Wall Street analysts shortly after the latest chain data emerged. The newsletter said Tenev has been one of the most prominent promoters of the chain, citing his “Robinhood Summer is here” post and his role in encouraging memecoin-related activity. It described tokenization as the strategic narrative supporting the build-out to shareholders and said Tenev is likely to emphasize RWA and tokenized-equity figures.

The newsletter framed the open question as whether HOOD stock already reflects the growth and how Tenev will present the data, including whether the company has additional announcements. Warner wrote: “My gut is—it’s not priced in. We will find out this week…”

Macro crypto and markets

Crypto majors were broadly higher as oil fell 7% on Iran peace progress. BTC was up 1% at $65,000; ETH was up 4% at $1,960; SOL was up 2% at $76.50; and HYPE was up 3% at $59.90.

PUMP rose 18%, LIT gained 11%, and ZRO climbed 10%, leading top movers. Oil was down 7% at $83, while gold rose 1% to $4,100. Stock futures were also higher as oil declined, with Dow futures up 1.1% and Nasdaq futures up 1.5%.

Crypto exchange BitMart is shutting down after nine years, with its BMX token falling 58% on the news. It was the second exchange closure in a week after BitMEX.

Strategy overhauled its Bitcoin metrics to show net exposure after senior claims. The company pegged its “Net Reserve” at $36.6 billion after stripping out $22.3 billion of preferred stock and convertible debt, while permanently anchoring the equity-issuance threshold at 1.0x mNAV.

A $5 billion cluster has formed in Bitcoin options, which analysts described as a bullish setup heading into the Fed week. A U.S. regulator warned prediction markets against cutting corners on event contracts.

Russia’s largest bank, Sberbank, plans crypto trading infrastructure by December. Institutional trading platform LMAX is exploring a sale or IPO, working with Morgan Stanley and KBW to evaluate its options.

In another real-world tokenization example, Brazilian farmers tokenized dairy cows to obtain loans, bypassing bank lending limits.

Corporate treasuries and ETFs

Bitcoin ETFs saw $240 million in net outflows on Friday, according to Coinglass. ETH ETFs recorded $70 million in outflows.

Meme coin tracker

Meme coin leaders were slightly higher on the week, with Shiba Inu leading the group. DOGE rose 1%, SHIB gained 19%, PEPE rose 4%, PENGU gained 4%, TRUMP rose 2%, and BONK gained 3%, according to CoinMarketCap’s meme coin category.

Shiba Inu surged 20% as South Korean traders fueled a rally. On Robinhood Chain, PONS led with a 7% rise to $45 million and a new all-time high, while Cashcat fell 14% to $40 million. Solana leaders included Cate, up 150x; EPIK, up 3,000%; and Geod, up 30%. ANSEM fell 10% to $175 million.

Token, airdrop and protocol tracker

Zcash’s Ironwood Upgrade is expected to go live tomorrow, adding a new shielded pool and a turnstile mechanism intended to avoid counterfeit concerns.

Pons v2 is launching this week, with a new earning mechanism, rug-proof design, custom pairing assets and a new fee stream.

NFTs

NFT leaders were mostly flat. CryptoPunks were unchanged at 32 ETH, Bored Ape Yacht Club was unchanged at 8.6 ETH, Pudgy Penguins rose 1% to 4.14 ETH, and Hypurr’s rose 5% to 195 HYPE. StonkBrokers, up 10%, and Creepz, up 8%, led top movers.

FWA confirmed that token buybacks are coming, that the token may become tradable before the 15-day window closes, and that Pokemon may come to the platform soon. The FWA token was at $20 million, according to a post on X: https://twitter.com/that1618guy/status/2081619392350007555