Q4 Has officially started, and the pumps have queued up. Fueled by institutional pressure, as well as rate cut anticipations, alt coins are finally waking up after months of $BTC and $ETH domination.

Suits are once again showing up for our coins, with multiple ETFs for majors like Doge & Solana, but also digital asset treasuries (Dats) looking to buy into the trenches, with Forward Industries leading the way by raising $1.6B.

But they aren't just looking to buy our coins oh no, they also want to supply them. With the Hyperliquid ecosystem now watching a bidding war happen to see who will take home the right to Hype's very own stablecoin: USDH.

Finally, we will go over the latest RWA yield asset that just landed on Solana. With $8M raised from the likes of Ethena, Solana Ventures, and Coinbase, this protocol just launched it's point system, and we are EARLY.

Digital asset treasuries (DATs) have quickly become one of the most interesting ways for public companies and institutions to gain exposure to crypto. The playbook is clear: raise capital, convert it into digital assets like BTC or ETH, hold them on the balance sheet.

Pioneered by none other than Bitcoin's messiah Michael Saylor, the result is a hybrid equity-crypto vehicle that trades in public markets, allowing traditional investors to buy into the upside of crypto without touching tokens directly.

Until now, most of the attention has gone to Bitcoin and Ethereum, but the latest headlines show Solana has entered the game in a big way. The wealth effect is real, and as major assets like $BTC and $ETH reach new ATHs, hungry capital is going to be rotating from those majors into riskier assets.

Forward Industries just shook the market by announcing a massive $1.65 billion raise to accumulate Solana. Backed by Galaxy Digital, Jump Crypto, and Multicoin Capital, this treasury program is designed to purchase roughly 7.7 million SOL, making Forward the single largest Solana treasury in the public markets.

To put it in perspective, the next biggest SOL treasury, Upexi, only held around 2 million tokens.

Ethereum treasuries, of course, are still the benchmark. Across 69 public entities, ETH treasuries add up to more than 4.1 million ETH, worth about $17.6 billion at recent prices. However, the Forward move isn’t just about numbers; it signals that Solana has matured from being “just an alt L1” to being a serious contender in the treasury asset class, right alongside ETH.

A lot has been happening on Solana, and for good reasons. The chain is the highest performing tech in all of crypto at the moment, and it really makes it hard for business to build anywhere but Solana.

While it was long deemed as "just a giant casino" this is no longer the case, with Solana dApps absolutely dominating the revenue section of crypto.

For crypto natives, the takeaway is simple: treasuries are no longer just a Bitcoin or Ethereum story. The fact that $1.65 billion is being mobilized specifically to buy Solana on the open markets is a milestone in itself, and is most likely just the beginning.

As you may already know, the fight over USDH, Hyperliquid’s planned native stablecoin, has quickly become one of the most important battles in DeFi. Hyperliquid currently holds an estimated $5.5 to $6 billion in stablecoin deposits on its exchange and chain, and more than 95% of that liquidity sits in USDC.

All of the yield on those reserves, AKA hundreds of millions of dollars annually coming from short-term treasuries, flows to Circle and its partners. Hyperliquid itself captures none of it. The USDH ticker is designed to change that dynamic, and the fight over who issues it is now a full-blown war.

At it's core, the game is simple: every potential USDH issuer designs a plan, and drafts a proposal for the Hyperliquid validators to vote on. In a true DAO manner, votes are based on stake weight.

At stake is the ability to redirect hundreds of millions of dollars in annual revenue from USDC’s balance sheet back into Hyperliquid and its users. The winner will effectively control the backbone of Hyperliquid’s liquidity base, making this arguably the largest single governance decision in DeFi this year.

With industry titans such as Ethena, Natives Markets and Paxos battling it out, the Hype community has never been so entertained.

Native Markets has emerged as an early frontrunner, positioning itself as the “Hyperliquid-native” issuer. Their plan promises GENIUS Act compliance, custodial support from Anchorage Digital Bank, and yield distribution that includes HYPE token buybacks.

Effectively, this would mean their structure could redirect as much as $150 to $200 million annually back into the ecosystem if Hyperliquid’s $6 billion in stables migrates from USDC to USDH.

But the best part? Is who those multi billion dollar companies are pitching those plans to.

Because before becoming a pillar of the crypto industry, $HYPE was just a regular token, and the whales... are just regular people.

So essentially, we now have the CEO of VanEck talking to some guy who cosplays as a cat on twitter, trying to convince him for his vote. I love this industry.

What makes this war unique is that it pits the biggest names in stablecoins against each other inside a single protocol’s governance process. Circle and USDC have long dominated Hyperliquid’s liquidity, but if USDH succeeds, Circle could see one of its most lucrative bases of deposits evaporate.

The stakes couldn’t be clearer. At current market conditions, the difference between keeping USDC as dominant or transitioning to USDH is worth upwards of $200 million a year.

Redirecting even a fraction of that toward $HYPE buybacks or validator rewards could dramatically change the token’s economics. This explains why large issuers and DeFi protocols alike are lobbying so aggressively: the winner secures not just a ticker but a guaranteed multi-hundred-million-dollar revenue stream in perpetuity.

RWA yields have been extremely popular lately. From real estate derived yields to PayFi loans redistributing profits, the newest kid on the block just launched on Solana, and it's tokenizing the reinsurance market.

Backed by industry giants, OnRe Finance is positioning itself as a bridge between DeFi and the massive $750 billion global reinsurance market. Instead of relying on emissions or speculative token models, OnRe aims to channel crypto capital into real-world reinsurance contracts, generating yield from premiums.

OnRe is of course authorized, regulated, and registered. Additionally, the protocol was audited by Quant Stamp.

The pitch is straightforward: Hyperliquid, GMX, and other protocols show how traders flock to venues with strong liquidity, but yields remain heavily tied to crypto market cycles. OnRe wants to change that by creating a token backed by revenue from regulated reinsurance businesses.

With billions of dollars flowing through reinsurance annually, even a small market share could mean hundreds of millions in yield redirected into DeFi, creating a new category of “real-world backed” yield.

Their offer to crypto users is simple; access their LP opportunities through their yield bearing stablecoin: $ONyc.

Similar to Huma Finance's $PST, $ONyc taps into OnRe finance's $27M AUM LP to generate steady yield for depositors. Currently, $ONyc yields users a 9% APY return, with opportunity to use the token in further DeFi activities on Loopscale, Kamino, and Exponent.

On top of those returns, you guessed it, there's an airdrop coming, and OnRe's point program just dropped.

This point system is nothing fancy: more money = more points. You can access boosts up to 4x by lending and looping on different protocols. We are very early on this one, it's literally been 3 days since points have launched, and TVL is still relatively low.

In terms of yield, if you are a long term farmer, this is perfect for you. Huma might yield an extra 1%, but $ONye allows you to farm multiple airdrops, and will probably provide much higher APYs once their own token launches.

My personal recommendation is to LP on Exponent for that 4x point boost, or Loop on Loopscale for leveraged exposure.

Of course, as this is a new protocol, caution is required. While it is backed by some of the biggest players in crypto, make sure to conduct your own research before jumping in, and use a fresh wallet to avoid any bad surprises as the protocol matures.

Overall this is a promising business model, and a great opportunity for yield farmers on Solana which will most likely outperform most yields available at the moment.

[All topics are meant to be educational only. None of it is financial advice, please do your own research.]