The Canton Network processed $6 trillion in real-world assets as of Q4 2025 and now handles roughly $350 billion per day in US Treasury activity, according to on-chain metrics cited by the 0xResearch newsletter — scale that places the institutional blockchain at the center of the tokenization and stablecoin narratives heading into 2026.

Canton, a privacy-preserving blockchain built for financial institutions, reached a series of integration milestones that underpin those figures. The Depository Trust & Clearing Corporation (DTCC), which clears roughly $10 trillion of securities transactions daily, selected Canton to support RWA tokenization. The initial rollout will allow a subset of US Treasuries held at DTCC's depository to be issued on Canton following SEC approval.

What is driving the volume?

Much of Canton's throughput comes from established institutional rails. Broadridge Financial Solutions' Distributed Ledger Repo platform runs on Canton and processes more than $8 trillion per month in repo transactions. A separate partnership with Nasdaq connects Canton to Nasdaq Calypso, enabling automated margin and collateral management across traditional and digital assets.

Because DTCC still settles most securities on a T+2 cycle, moving custody-represented Treasuries to near real-time settlement could free capital locked in clearing cycles — an operational shift with balance-sheet consequences for broker-dealers and asset managers rather than a trading story.

How does usage translate into token value?

Canton's native token CC became transferable on Nov. 10. After an initial drawdown of more than 50%, the token recovered fully and now trades up 47.6% over the past month. The Global Synchronizer, which coordinates cross-institution transactions, charges predictable fees paid in CC; those tokens are burned as activity rises.

The burn numbers are material. Over the past 20 days the network burned a median of 6.71 million tokens daily, roughly $627,000 per day, with peaks between $750,000 and $850,000. For comparison, Solana averaged about $670,700 in daily revenue over the last seven days while trading at a fully diluted valuation roughly 16x higher than Canton's, according to the newsletter's analysis.

Usage metrics round out the picture: since November, Canton has averaged around 28,500 daily active users and 678,300 daily transactions — comparable to Monad on active users and TON on transaction count.

Lighter's TGE prices a Hyperliquid-style multiple

Lighter, the perpetuals DEX, airdropped and launched LIT on Dec. 30, closing a timeline traders had stress-tested through a Polymarket contract that briefly slipped to roughly 60% odds intraday before the launch executed.

LIT has a max supply of 1 billion tokens with 250 million circulating at TGE — a 25% day-one float. The airdrop drew on Seasons 1 and 2 points, with 12.5 million points converting at roughly 20 LIT per point on headline math. Allocations split 50% to the ecosystem (half now, half later), 26% to the team and 24% to investors, with team and investor tokens behind a one-year cliff and three-year linear vesting. Premarket points buyers are down around 50% from peak levels that implied roughly $100 per point.

What does the valuation say?

The market is pricing Lighter close to Hyperliquid on fees multiples. At a $2.7 billion FDV and $700 million circulating, Lighter's float sits at ~25.9%, nearly identical to Hyperliquid's ~25.4% ($24 billion FDV, $6.1 billion circulating). Lighter trades at 26.6x FDV over annualized fees and 6.9x on a circulating basis, versus Hyperliquid at 29.9x and 7.6x — despite a wide gap in absolute scale. Lighter printed $8.5 million in 30-day fees against Hyperliquid's $66.8 million, and holds $1.45 billion in open interest versus Hyperliquid's $7.44 billion.

Lighter is also confronting the token-equity mismatch critique directly. The company argues that revenues from the core DEX and future products can be tracked on-chain in real time and split between growth and buybacks, and claims value from all products will accrue to LIT holders, with the token issued directly from its US C-Corp operating the protocol "at cost." That posture is stronger than the standard separate-labs model, though "at cost" remains elastic — Uniswap Foundation salaries illustrate the ambiguity.

Canton's DTCC rollout now depends on SEC approval of the initial Treasury issuance, the next regulatory gate for the network's institutional pipeline.