codex

Colosseum Codex: RWA Report, Agentic Payments, Arcium

RWAs and Chain Specialization Report, Agentic Payments Report, Arcium Deep Dive

Happy Epoch 1000 Day to those that celebrate! I had to find my original Solana wallet address, but I've been around for 784 Epochs💎. The next 100o epochs are looking even better for future of Solana with RWA infrastructure, AI agents that pay their own way, and private transactions via platforms like Arcium, and this issue features all of them.

🔥 RWAs and Chain Specialization

A new Birdeye report, co-authored with OKX and 1inch, tracks how the real-world asset market is splitting across chains. Distributed RWA market cap hit $33 billion at peak in H1 2026, up roughly 200% year over year, and the growth isn't spreading evenly.

Each chain is picking up the categories that fit its infrastructure, and one archetype defines Solana's position: the high-velocity liquidity venue. It rarely leads on issuance, but it posts the steepest growth curve almost everywhere liquidity actually forms.

Tokenized equities: The clearest win. Solana became the first chain to lead equity trading volume outright at 62.3% share in June, driven by xStocks ($2B monthly volume, $1.3B from SPYx alone) and Backpack's SPCX, which pulled $500M in two weeks via Sunrise.

Private credit: Leads all chains in collateral supply at $608.9 million. Kamino runs three isolated RWA markets (PRIME, OnRe, and a Maple-backed pool), and JupLend runs a syrupUSDC pool putting Maple-issued credit to work.
Tokenized gold: Smallest in absolute terms but fastest-growing, at 213.2% average quarter-over-quarter growth. PAXG launched on Solana via Sunrise on June 25.
Card-linked payments: Second place at roughly 26% share (~$69M per month), up from near zero before mid-2025, in a category that flipped leadership entirely within a year.
RWA perpetuals: A distinct niche rather than a Hyperliquid copy. Foreign exchange leads Solana's open interest at $155M, the inverse of Hyperliquid's equity-heavy book; volume peaked at $34.17B in May.
Stablecoins: The weakest number, 5.1% of supply in fourth place behind Ethereum, TRON, and BNB Chain. This is the base layer most other RWA activity builds on.
Tokenized treasuries: Essentially nonexistent. When Ethereum's share eroded it went to BNB Chain and Stellar, not Solana, in the fastest-growing dollar category in the report.

The report draws a distinction that reframes what "winning" means here between a chain (base settlement layer competing on throughput, cost, and liquidity) and the infrastructure layer (shared plumbing on top).

Sunrise is an example of an infra provider. It was the platform behind Backpack's SPCX equity launch and PAXG's gold launch, and it's a safe bet that RWA infra on Solana is only going to grow from here.

Solana is uniquely positioned to be the chain infra providers come to build on. Its speed and existing liquidity make it the cheapest place to spin up a new market.

The Self-Sorted Market: RWAs and Chain Specialization in H1 2026

🤖 Agentic Payments Report

Visa and Artemis published a report on the state of agentic payments. To get an honest read, they stripped out wash trading and test transactions and worked only from that adjusted data. Bottom line is that real demand exists, but it's tiny and concentrated.

x402 has processed about $19M across roughly 134M transactions since May 2025, an average that lands in fractions of a cent and points to genuine machine-scale micropayments rather than human checkouts. MPP has averaged around 20K transactions a day since March.

The top 1% of x402 buyers, about 4K wallets, drive roughly 90% of adjusted volume and half of all adjusted transactions. Some 422K wallets have paid onchain, but only a few thousand do most of the spending.

By chain, Base runs about 90% of adjusted transactions and 93% of volume, with Solana second.

Agentic payments are still a long way from mainstream, but Solana's second-place standing is a real opening while the category is still being defined.

Agentic Payments from the Ground Up: What the Onchain Data Tells Us

🔒 Arcium Deep Dive

Delphi Digital published a deep dive on Arcium, an encrypted compute layer for blockchains.

Everything on a public chain is permanently visible, which works for speculation but rules out anything that has to keep a secret while it runs. Arcium's bet is that you can have both by separating verification from execution.

The logic that has to stay hidden runs privately across a cluster of nodes where no single node reconstructs the full data, while the outcome settles onchain and stays verifiable.

That opens a new design space: launchpads as sealed-bid auctions, DEXs that process orders privately to cut MEV, onchain payroll that doesn't expose pay structure.

Earlier privacy DeFi walled everything off and fragmented liquidity. Arcium keeps settlement public and composable while the sensitive logic stays hidden, and its Confidential SPL standard brings this natively to Solana.

The near-term opportunity is institutional. TradFi can't fully transact on transparent chains, which makes confidential compute foundational infrastructure not a niche feature.

Arcium: Enabling The Next Phase Of Private On-Chain Activity

⭐ Highlights

Passkeys on Solana: how Face ID signs transactions now - devrels.xyz
How all the pieces of onchain passkey signatures work together.

What Solana Founders are Actually Building - @incubator
A look at what all 363 applicants are building and what they've raised/earned.

Jito's JTX bet: Jito builds Solana's trading terminal - Blockworks
Jito is betting its BAM execution edge can be Solana's first institutional-grade front end

Want early access to the latest products launching from Colosseum?

We're looking for alpha testers to be among the first to try what we're building!

Apply Now

⚡ Quick Hits

▶️ $47 Billion Crypto Founder Shares His Story - Anatoly Yakovenko (Solana) - Luba Yudasina

Introducing Forge: MagicBlock's new VIP Builder Program -@magicblock

How to Build Recurring Payments on Solana with the Subscriptions Program - Mike Hale (me!)

▶️ Solana Summer School with Dean Little - Solana

Anchor security update: what’s shipped since February - @osec_io

▶️ Learn everything about pay.sh in this new video tutorial playlist - Jonas Hahn

Solana Bi-Annual Series: Peer-to-Peer Stablecoin Economy - @surfquery

Bringing Full Historical Visibility to Any Solana Token - @tokenflowtech

The 7 Bytes That Weren't in the IDL: How #[repr(C)] Padding Breaks a Borsh Client - Ayush Agrawal

The Solana Liquidity Landscape - @fengtality

⚙️ Tools & Resources

auditor-skill - A Claude skill that runs a full security audit workflow for Solana programs, now at v7.0. The release adds a Rust pre-scanner with cross-audit memory, and an automatic exploit PoC and patch generator, plus integrations with other audit skills.

💓 Ecosystem Pulse

💸 Credible Finance Raises $26M+ - Credible raised over $8M in commits within the first 10 minutes of its MetaDAO ICO via STAMP, kicking off the pipeline of Colosseum portfolio startups launching through MetaDAO.

🚀 SBI Holdings Launches Japan-based Financial Market - The joint venture with Solana Foundation willsupport stablecoins (JPYSC), tokenized RWAs, cross-border settlement, and institutional onchain financial services on Solana.

🎧 Listen to This

The Stack with Ilan Gitter

Ilan Gitter talks with Dean from Blueshift about building in the Solana ecosystem, why Solana’s architecture is uniquely suited for parallelism, and how better tooling and education can unlock the next wave of privacy and cryptography applications.

Inside Blueshift’s Mission to Simplify Cryptography

📅 Event Calendar

Colosseum Demo Day: Accelerator Cohort V, San Francisco, CA, Aug 26
Colosseum hosts its first in-person demo day, where 21 teams from the Frontier Hackathon pitch after eight weeks building in San Francisco. Doors open at 10:00 AM with pitches starting at 11:00 AM, followed by a founder mixer lunch. Registration requires host approval and is aimed at investors, operators, and builders in the Solana ecosystem.