This week's theme: markets for things that never had one. People, internet trends, pre-IPO shares, private credit before maturity, even trading card packs.

9 early-stage projects with real products, from perps on city rents to a market where you back a person before they make it.

Decrypt and Myriad launched the network on Solana to put news, data and trading in one place, with the MYR token tying together readers, traders and creators.

MYR can be staked to verify information, resolve markets and get priority API and data access. Part of network revenue will go to MYR buybacks and burns, staking rewards and the treasury. Planned products include prediction markets, spot trading, perps and structured event products.

Myriad's prediction markets have processed over $600M in volume. Products roll out over the coming weeks, leading into Solana Breakpoint.

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Open Standard launched its OUSD stablecoin, a dollar token businesses can mint and redeem 1:1 at no cost via Visa, Mastercard, Stripe and, from Oct 1, Coinbase.

OUSD is issued by Bridge, a Stripe company, with reserves at BlackRock, Lead Bank and BNY and monthly attestations. It runs on Base, Ethereum, Solana and Tempo, with trading starting on Coinbase, Kraken and Uniswap.

Open Standard now counts over 200 partners, who earn rewards tied to the supply and activity they drive and can earn equity in the company.

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rwa xyz data on tokenized stocks shows their distributed value grew 63.7 in Q3, from $1.96B on Jul 1 to $3.17B on Sep 28.

BNB Chain doubled to $1.07B and lifted its share from 27.0% to 33.6%, overtaking Ethereum, which held flat at $687M as its share fell to 21.7%. Avalanche jumped 135x to $431M (13.6%), and Robinhood Chain grew 14x to $150M.

Solana grew 1.3x to $445M but slipped to a 14.0% share, while Provenance fell 69% to $70M, dropping from 11.6% to 2.2%.

DefiLlama data on Q3 puts basis-trading protocol Axis on top with $57.3M TVL, followed by Robinhood Chain DEX Fables at $44M.

Risk curators are the biggest group: Syntetika ($15.5M), NEMO Trading ($15.3M), SharpByte Capital ($11.8M) and Presto ($3.3M) all run vaults. Agua, an onchain capital allocator on Monad and Ethereum, holds $16.5M. Two of the 12 run on Robinhood Chain.

Jeeves raised $110M led by CoinFund to scale its stablecoin-native platform for corporate cards, payments and spend management.

Jeeves says its annualized stablecoin volume passed $1.5B in just 8 months and revenue grew 4x in 14 months. It added 10 countries for stablecoin cards, with payouts reaching 190 countries, and opened a Madrid office to expand in Europe.

Other backers: a16z, Coinbase Ventures, YC, Vista, AllianceBernstein, GIC, ParaFi, CRV, Wintermute and Global PayTech, plus founders of Bridge, Circle and Privy.

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Papertrade set an October 10 launch for its synthetic perps exchange on Hyperliquid. BTC and ETH go live first with up to 1000x leverage and a $10M position cap.

Every trade is a swap against the protocol's LP at Hyperliquid's order-book mid, so there is no slippage, spread or funding. The LP starts at $0 and grows only from traders' losses. To stay solvent, profitable closes take a haircut that scales with the price move. PAPER stakers earn a share of LP revenue in USDC.

PAPER has no team, VC or airdrop allocation: it mints only on losing trades and liquidations, 100 PAPER per $1 lost until the LP reaches $2M.

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OpenAI introduced Dots at DevDay: always-on agents powered by GPT-6 Astra. Each dot gets its own cloud computer and browser, connects to 4,000+ apps and works on your goals 24/7.

Dots learn your preferences from feedback and reach you in ChatGPT, Slack or Teams, even by voice call. They are rolling out to Pro and Business Premium users, with an Enterprise beta and specialist dots for companies piloting via Microsoft Agent 365.

OpenAI also launched GPT-6.1 Sol, which nearly matches GPT-6 Astra on coding and computer use at a fifth of the price ($2/$10 per 1M tokens in the API).

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Nine early-stage projects that hit our radar this week, real products rather than memecoins. The theme is markets for things that never had one: people, internet trends, pre-IPO shares, private credit before maturity and trading cards, plus the tools and plumbing around them. Follower counts are small on purpose, you are seeing these early. With a link to each.

1/ Perp City (Real-World Perps)

Perpetual futures on indices built from live internet data: news trends, city rents, company revenue, internet traffic, new grad jobs. Live on Arbitrum One with up to 10x leverage and USDC margin, and you can sign in with just an email. Backed by a16z CSX.

2/ Things (People Markets)

A market for backing people before they make it. Builders and creators list themselves for free, show their work and get funded by backers who then push their launches and test their products. Launched its new builder and creator market on Solana on September 24.

3/ Augment (Pre-IPO)

A self-serve trading venue for private tech companies. Investors buy units of a fund that holds the underlying shares, then can place sell orders on the same network later instead of hunting for a new buyer deal by deal. Open to eligible participants.

4/ Tenka (Private Credit)

A marketplace for asset-backed private credit where capital can exit before maturity. A senior vault targets 8-9% APY with weekly liquidity, deal vaults give exposure to single facilities, and backstop LPs buy positions from investors who want out. Permissioned, KYC required, launching in Q4 2026. Raised a $2M pre-seed led by Maven 11.

5/ Raflux (Collectibles)

A platform for real-world collectibles, mostly trading cards: rip "Super Gacha" packs online, with the randomness of every pull verified onchain via MagicBlock VRF. Timely, as Coinbase just teased ripping packs on your phone backed by physical cards.

6/ ParlayX (Prediction Market Infra)

Prediction markets are built for one person on one account. ParlayX lets hedge funds, market makers and sportsbooks trade them as a team: separate books of capital per strategy, per-trader permissions, and one screen for Polymarket, Kalshi, Limitless and Predict.fun. Non-custodial. Closed a $1.25M pre-seed led by Dreamcraft Ventures in September.

7/ Tacticalls (Social Options)

A social app for options trading on Derive: trade in one tap, follow top traders, and copy their positions. You can also hedge your wallet positions in one click. Went live on September 24.

8/ Kurate (Euro Credit)

Euros are less than 1% of stablecoin supply, and there is almost no credit market for them. Kurate runs curated lending markets for EURC on Solana, including borrowing EURC against yield-bearing collateral like syrupUSDC and JitoSOL. Live since September 24 with low deposit caps for now, and building in the Colosseum hackathon.

9/ Intercepta (Onchain Compliance)

Real-time sanctions screening, risk monitoring and fund-flow tracing across 17+ networks, from Ethereum to Canton. Built by PixelPlex and already integrated into Canton's CC View explorer and Console Wallet, according to the Canton Foundation.

The pattern this week: things that were never liquid are getting a market. People, internet trends, private company shares, private credit and trading cards are all turning into positions you can enter and exit, while the tooling around them grows up: team desks for prediction markets, copy trading for options, euro credit and real-time compliance. These are early-stage projects, several pre-token or pre-launch, so higher upside comes with higher risk. Do your own research, nothing here is financial advice.

Which one are you watching?

Robinhood unveiled in-app AI agents at HOOD Summit. Users pick a model, fund a dedicated account and let the agent research and trade stocks, options and crypto.

Trades need manual approval by default, and agents can only touch funds in their own account. Loops, coming soon, will run standing strategies around the clock. Over 150,000 users have opened agentic accounts since May.

Perps on BTC, ETH, SOL, HYPE and more arrive via Bitstamp in the coming months, with up to 10x on BTC and ETH. Weekend stock trading follows early next year.

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