Render completes 98% Solana migration as RENDER replaces RNDR

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[1] Render Completes 98% Of Solana Migration As RENDER Replaces RNDR (https://bitcoinist.com/render-completes-98-pe ...)

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Jul 21 2026, 23:23

Ethereum beats memory ETF by 72% as AI capital rotates into crypto

Ethereum beat the Roundhill Memory ETF by 72 percentage points between June 25 and July 21, a sign AI money is shifting from semiconductor stocks into blockchain infrastructure. "AI downstream relative performance continues to strengthen — ETH versus DRAM relative outperformance in the past month gained to 7,200 basis points, or 72 percentage points," Lee, who co-founded Fundstrat and chairs BitMine Immersion Technologies, said in a July 21 post. ETH rose 24% in the measurement window to trade near $1,921, up 1.5% on the day and 10.9% over 30 days, according to BeInCrypto data. The DRAM ETF, launched by Roundhill in April as the first fund dedicated to memory chipmakers, raised $6.5 billion in 27 trading days — the fastest ETF launch on record — before sliding 38% from its June 25 peak of $81.34. SK Hynix and Samsung Electronics account for about 41% of the fund's holdings. ETH remains 61% below its August 2025 peak of $4,946. Lee's thesis rests on Ethereum serving as the settlement layer for autonomous AI systems. He points to BlackRock's tokenized BUIDL fund and Robinhood Chain's ETH-denominated fee structure as evidence that Wall Street is building on Ethereum, not just trading it. He compared ETH's current position to Amazon before it launched AWS, arguing the real value proposition has not fully materialized. Lee reiterated a $250,000 long-term price target, calling current levels "future optionality at a discount." Fundstrat's analysis ties Ethereum's upside to converging forces: ETF inflows, whale staking activity, decentralized finance growth, and what the firm describes as multi-trillion-dollar growth opportunities driven by AI adoption. Lee has also increased his personal Ethereum holdings, recent disclosures indicate. **Memory ETF Slide May Be a Reset, Not a Rotation** The memory story is not dead. Jefferies expects memory prices to climb about 50% this quarter, and supply is so tight that a US lawsuit accuses chipmakers of engineering a 700% DRAM price spike. The ETF's decline may reflect a correction after its record-breaking launch rather than a structural shift away from semiconductors. SanDisk fell 14%, Micron 5%, and Seagate 10% in a single July session on memory supply glut fears. **What to Watch in the Coming Weeks** Memory earnings and Ethereum ETF flows in the coming weeks will determine whether Lee's rotation thesis holds or the memory sector simply needed a reset. BitMEX co-founder Arthur Hayes added $2.53 million in ETH on Monday, suggesting that at least one major whale is betting on the former. Lee's BitMine holds 5.77 million ETH, about 4.8% of all supply — if his rotation call wins, he wins with it. This article is for informational purposes only and does not constitute investment advice.

Jul 21 2026, 23:19

Jupiter passes $1T in cumulative Solana swap volume as DeFi matures

**Key Takeaways:** - Jupiter surpassed $1 trillion in cumulative Solana swap volume. - The DEX aggregator routes trades across connected Solana liquidity pools. - The milestone reinforces Jupiter's role as Solana's core DeFi infrastructure. Jupiter, the leading DEX aggregator on Solana, surpassed $1 trillion in cumulative routing volume, the platform said July 21. "Reaching $1 trillion in cumulative volume shows how deeply aggregation has become part of Solana's market structure," a Jupiter spokesperson said. The milestone aggregates swap volume routed across all connected Solana liquidity pools since the platform's launch. Jupiter searches across venues — automated market makers, order books, and protocols — to find optimal pricing and execution, making it a central piece of Solana's trading infrastructure. The platform processes trades across pools from protocols including Raydium, Orca, and Meteora, among others on the Solana chain. The $1 trillion figure strengthens Solana's argument as a serious venue for decentralized trading beyond retail speculation. Cumulative volume of that scale implies repeated, sustained usage rather than one-off activity, supporting the network's claim as a leading environment for decentralized exchange. Jupiter has also expanded beyond swaps into lending through its Offerbook market, signaling a broader push into Solana's DeFi infrastructure stack. The platform's evolution mirrors how Ethereum's Uniswap grew from a simple automated market maker into a broader DeFi hub, though Jupiter's aggregation model gives it a different competitive position. The milestone should be read with context: cumulative volume reflects all historical routing activity across connected pools, not current daily volume or value locked in the protocol. Still, as an adoption marker, it shows that Solana's DeFi rails have processed meaningful trading activity over time. For Solana, anchor applications matter. Ethereum has Uniswap, Aave, and Lido. Solana's equivalent set now includes Jupiter as its dominant liquidity aggregation layer. The next question is whether Jupiter can maintain routing efficiency and execution quality as competition in the aggregator space intensifies. This article is for informational purposes only and does not constitute investment advice.

Jul 21 2026, 23:07

Robinhood Chain hits 10M daily transactions in first 3 weeks

**Robinhood Chain's early boom could become Arbitrum's next major growth driver — but only if activity survives the expiration of a 90-day gas subsidy that currently makes transacting nearly free.** Robinhood Chain averaged roughly 10 million daily transactions in its first three weeks after the July 1 mainnet launch, with average block times collapsing to about 100 milliseconds, according to Token Terminal data cited by CoinDesk. The Arbitrum Orbit-based layer 2 transfers 10% of its protocol net revenue to the Arbitrum ecosystem — 8% to the ArbitrumDAO treasury and 2% to the Developer Guild — under the Arbitrum Expansion Program, per the official ArbitrumDAO factsheet. "The revenue thesis is a forward-looking one," the Token Terminal analysis noted. "It depends on activity surviving beyond the subsidy, on fee-paying usage replacing subsidized speculation, and on tokenized securities and payments growing into the volumes that speculative trading currently occupies." The chain's daily protocol fees have run at approximately $4,000 during the subsidy period, and FalconX estimated in April that Robinhood Chain could generate about $1.1 million in fees over six months. Ten percent of net revenue on figures that size is not a treasury-moving number for a DAO of Arbitrum's scale. The mechanism is real; the current dollar amounts are not yet meaningful. **Memecoins dominate early activity, not tokenized stocks** Despite being built for tokenized securities, memecoins and stablecoins dominate the network's early composition. DefiLlama data as of mid-July shows only about $12.8 million in tokenized real-world assets against total value locked in the hundreds of millions. The pattern echoes Base's 2023 launch, where speculation arrived first and durable applications later. The chain's DEX volume reached $438.37 million in 24 hours, placing it just behind Ethereum's $455.23 million and ahead of Polygon's $407.93 million, according to DefiLlama. Solana led all chains with $1.3 billion in daily DEX volume. **The real value to Arbitrum may be the blueprint** Robinhood opened its mainnet after a February public testnet that processed more than 200 million transactions, per the Arbitrum Foundation. The company first launched its stock tokens on Arbitrum One in 2025, validated the product on shared infrastructure, then migrated to a dedicated chain — a "launch-and-migrate" model that Arbitrum can pitch to other institutions weighing their own chains. For Arbitrum, a household-name brokerage proving this model at scale is a sales document for every other institution considering its own L2. Each additional Expansion Program chain adds another revenue stream to the same treasury. That compounding pipeline, more than this quarter's fees, is the realistic version of the "Robinhood boosts Arbitrum" story. The competitive stakes are visible elsewhere: roughly 97 percent of tokenized-equity trading currently runs through Solana, per analysis of the network's second-quarter activity. Robinhood Chain is the most credible attempt yet to pull that market onto Ethereum-aligned rails. The key confirmation points come in October, after the subsidy expires. Sustained seven-figure daily activity on paid fees would convert the launch spike into a business. Until then, Robinhood Chain has proven the technology scales and the revenue pipe exists. Whether meaningful money flows through it is a question the coming months will answer. This article is for informational purposes only and does not constitute investment advice.