Happy Friday, everyone. It’s finance editor, Jeff John Roberts, stepping in for Allie. I’m curious what Term Sheet readers—many of you from the startup and VC world—think of the following: a company on the cusp of an IPO taps one of its earliest venture capitalists to step in as top executive and get it across the finish line. This isn’t just a hypothetical. In August, I joined Tribe Capital co-founder Arjun Sethi at his home in Menlo Park to hear about his latest gig—running Kraken, the respected cryptoc ...

Product Launch - Bitget has launched RWA (Real World Asset) Index Perpetual Contracts featuring TSLA (Tesla), NVDA (Nvidia), and CRCL [1] - The RWA indexes consist of RWA tokens from various third-party issuers [1] - Initial pricing is based on xStocks tokenized equities [1] Contract Features - The contracts follow rules similar to crypto perpetuals [1] - Offering up to 10x leverage [1] - Features isolated margin and position limits [1]

Market Trends & Adoption - Solana ecosystem is experiencing accelerated convergence across multiple vectors [1][3] - Spot ETF approval is predicted with a 95% probability by October 10 deadline [1] - Tokenized equities on xStocks achieved $15 million volume with over 1,500 participants trading 55+ major stocks [1] - Robinhood offers 75% SOL staking rewards, significantly higher than 25% ETH rates [2] - Weekly cross-chain inflows exceed $100 million, with over $70 million originating from Ethereum, indicating capital migration [2] Technological Developments - Fire Dancer upgrade timeline aligns with the current adoption wave [3] - Nikita Bier, former SOL advisor and builder of DUPE protocol, appointed as X Product Head, suggesting potential social media integration [2] Network Performance - Solana network demonstrates strong fundamentals with 14 consecutive weeks of revenue leadership and all-time high daily transactions [2] Ecosystem Competition - An ecosystem split is emerging, with Robinhood/Coinbase choosing ETH L2, while Bybit/Kraken opt for SOL for tokenized equities [3]