DARC by Solus Group

From pilots to live market infrastructure: our February deep dive on Canton Network We’re glad to collaborate and contribute a clear, practical look at how Canton is moving from pilots toward live market infrastructure. This report is a snapshot of what’s working, what’s still being built, and what to watch next across validation, token mechanics, interoperability, and adoption.

MiCA deadlines are getting close, and Web3 neobanks face more legal complexity than most users see. We broke down who is actually ready, who still depends on partners, and where the main regulatory risks sit. Full report here 👇

@solus_group Our first report focused on the legal side of Web3 neobanks. It is also a step toward deeper work in the institutional segment, where compliance structure matters as much as product

Research: "The Compliance-Infrastructure Stack: How Web3 Neobanks Build Regulatory Moats and Infrastructure Dependencies" We mapped 19 Web3 neobanks across 6 infrastructure layers and 7 regulatory jurisdictions. Key findings: ◈ 9 of 19 hold zero independent financial licenses - their regulatory standing depends entirely on upstream partners. ◈ 57% of card-issuing platforms depend on one of three EMI issuers. ◈ Infrastructure ownership separates defensible platforms from reseller: @Fiat24Official owns 5/6 layers. @DeblockApp_FR owns 4. @gnosispay and @holyheld own 3 each. Rain and Reap (operating as B2B infrastructure) also own 3. ◈ MiCA is the near-term pressure point: 14 of 19 platforms serve or plan to serve EEA customers, but only 2 (Deblock and @wirexapp) hold MiCA-relevant authorization as of February 2026. The remaining 12 must obtain CASP, partner with a licensed entity, or exit the EEA market by July 1, 2026. Full report: docsend.com/view/nvv3eag9x… Contributors: @obchakevich_, @0xfrigg, @MlvsBznz, @rektonomist_ @breyonchain, @Only1temmy, @belizardd @allscaleio

The report is framing Canton not as “another chain,” but as coordination infrastructure. The Polyglot section stands out. EVM compatibility without sacrificing privacy could realistically change developer inflow dynamics if execution and tooling match expectations.

This is the type of breakdown you should read before launching a token Don’t copy someone else’s model - match it to your product + user behavior, then run the full math (float, unlocks, emissions vs. demand) Narratives help, but PMF matters more

Changing the space and moving the industry. 2025 done. 2026 - big moves are coming

Data from 113 token launches (2025). ▫️Funding vs ROI: corr 0.04 = basically no link ▫️Followers vs ROI: corr 0.08 (ATH) / -0.06 (current) = no link ▫️Followers follow price: when price drops, followers usually drop too ▫️Launch price (and FDV) matters more: best median zone $0.01–$0.05 ($10-50M FDV); < $0.01 and > $0.50 perform worst ▫️Sectors: AI holds best, DeFi pumps then decays ▫️Platforms: mostly negative outcomes; a few outliers skew averages Across the dataset, commonly emphasized factors such as large raises, large communities, and well-known launch platforms do not show strong statistical links to sustained token performance. Pricing structure and sector exposure appear more relevant than most promotional or fundraising metrics, though none guarantee positive outcomes. This analysis reflects historical data from 2025 launches and does not predict future market behavior.

Macro Week Ahead (15-19 Dec) Monday - 15 Dec 🇯🇵 Tankan All Big Industry CAPEX (Q2) 🇬🇧 HPI 🇨🇳 Retail Sales 🇨🇳 Industrial Production 🇨🇳 Unemployment Rate 🇨🇳 NBS Press Conference 🇩🇪 WPI 🇨🇭 PPI 🇪🇺 Industrial Production 🇺🇸 NY Empire State Manufacturing Index 🇨🇦 CPI Tuesday - 16 Dec 🇳🇿 PMI 🇯🇵 PMI 🇬🇧 Unemployment Rate 🇫🇷 Flash Manufacturing/Services PMI 🇩🇪 Flash Manufacturing/Services PMI 🇪🇺 Flash Manufacturing/Services PMI 🇬🇧 Flash Manufacturing/Services PMI 🇩🇪 ZEW Current Conditions + Economic Sentiment 🇪🇺 ZEW Economic Sentiment 🇳🇿 Milk Auctions 🇺🇸 ADP Employment Change Weekly 🇺🇸 Unemployment Rate 🇺🇸 Nonfarm Payrolls 🇺🇸 Average Hourly Earnings 🇺🇸 Building Permits 🇺🇸 S&P Global Services PMI (Prelim) 🇺🇸 S&P Global Manufacturing PMI (Prelim) 🇨🇦 Macklem (BoC) 🇺🇸🛢 Weekly Crude Oil Stock Wednesday - 17 Dec 🇯🇵 Trade Balance + Exports + Imports 🇬🇧 CPI 🇬🇧 Core CPI 🇩🇪 Business Expectations, Business Climate 🇪🇺 Final CPI 🇪🇺 Final Core CPI 🇺🇸 MBA 30y Mortage Rate + Mortage Index 🇺🇸 MBA Purchase Index 🇺🇸 Retail Sales 🇺🇸 Core Retail Sales 🇨🇦 Foreign Securities Purchases 🇨🇭 SnB Quarterly Bulletin 🇺🇸 Williams (FOMC) 🛢 Cushing + Crude Oil Inventories 🛢 EIA Weekly Refinery Utilization Rates 🛢 Gasoline Inventories 🇺🇸 Bostic (FOMC) 🇺🇸 Atlanta FED GDPnow (q4) 🇺🇸 20y T-Note Auction 🇳🇿 GDP Thursday - 18 Dec 🇯🇵 Foreign Bonds Buying 🇨🇭 Trade Balance 🇫🇷 Business Survey 🇪🇺 Construction Output 🏦🇬🇧 Interest Rate Decision 🏦🇪🇺 Interest Rate Decision 🇺🇸 Philadelphia Fed Manufacturing Index 🇺🇸 Philly Fed Employment 🇨🇦 Average Weekly Earnings 🇺🇸 CPI 🇺🇸 Core CPI 🇺🇸 Unemployment Claims 🇪🇺 ECB Press Conference 🇺🇸 CB Employment Trends Index 🛢 Natural Gas Storage 🇺🇸 Cleveland CPI 🇺🇸 KC Fed Composite Index 🇺🇸 KC Fed Manufacturing Index 🇺🇸 FEDʼs Balance Sheet 🇺🇸 Reserve Balances with FED 🇺🇸 US Foreign Buying, T-bonds 🇺🇸 Overall Net Capital Flow 🇺🇸 TIC Net Long-Term Transactions 🇳🇿 Trade Balance Friday - 19 Dec 🇯🇵 CPI 🇳🇿 ANZ Business Confidence 🏦🇯🇵 Interest Rate Decision 🇬🇧 Retail Sales 🇩🇪 PPI 🇫🇷 PPI 🇪🇺 Current Account 🇨🇦 Retail Sales 🇺🇸 PCE Price Index (Oct) 🇺🇸 Core PCE Price Index (Oct) 🇪🇺 Consumer Confidence 🇺🇸 Dallas Fed PCE 🇺🇸 Existing Home Sales 🇺🇸 Michigan 1y+5y Inflation Expectations 🇺🇸 Michigan Consumer Sentiment + Current Conditions 🇺🇸 Atlanta FED GDPnow (q4) 🛢️🇺🇸 Baker Hughes Oil Rig Count

JPMorgan executed a $50m short-term commercial paper transaction for Galaxy Digital on the Solana using USDC JPMorgan arranged issuance, distribution, settlement, and future redemption of a short-term bond fully on a public blockchain. Coinbase and Franklin Templeton bought the paper, and all cash flows move in USDC. This allowed all parties to complete the full lifecycle of the instrument on one shared ledger The instrument was US commercial paper, a standard short-term corporate debt product. On blockchain, settlement happens almost instantly, records are synchronized in real time, and payments and redemptions can be automated. In traditional markets, the same instrument relies on multiple intermediaries, delayed settlement, and fragmented record-keeping This transaction shows that public blockchains can already support real money market instruments with banks, asset managers, and regulated stablecoins. The immediate value is operational: faster settlement, simpler post-trade processing, and clearer ownership records. Broader adoption will depend on liquidity building in secondary markets and consistent regulatory treatment, but the technical path is now proven in practice

124 active US crypto ETP filings, split into 42 spot filings under the 1933 Act and 82 filings under the 1940 Act / derivatives structures Institutional demand is currently moves toward regulated wrappers that support risk management, in addition to spot exposure 1940 Act products and derivatives-based structures typically allow features institutions care about (portfolio constraints, hedging, liquidity management, and compliance alignment) ▫️The pipeline is still BTC-led (largest number of filings), which reinforces Bitcoin’s role as the primary institutional proxy for crypto risk. ▫️“Basket” products are the #2 category in the chart with 15 active filings, which is show interest to diversified crypto exposure ▫️ETH and SOL activity indicates interest beyond Bitcoin

The Fed didn’t surprise with the rate cut - it surprised with the story behind it A 25 bps move was priced in, but the updated projections changed the tone of the cycle The Fed now sees higher real GDP in 2026 (2.3% vs 1.8%) while also lowering inflation expectations. Stronger growth + weaker inflation = the classic “Goldilocks” setup. Monetary policy can ease, earnings expectations rise, and financial conditions stay calm. That is exactly why equity markets reacted faster than rates Bloomberg’s sentiment model shows Powell’s opening statement was the most dovish since 2021. Comments around asset purchases pushed the tone even further down the curve Against this backdrop, Russell 2000 breaking to new ATH. When capital rotates into small caps, it means investors are willing to take more risk. Historically, this phase aligns with: • stronger BTC and ETH performance • higher flows into altcoins • more trading activity and liquidity rotations For Web3, the implication is simple: A macro setup with easing policy, improving growth expectations, and rising risk appetite creates supportive environment for growth

The new chapter of the Solus story begins: more data, more results, more impact

Macro Week Ahead (08-12 Dec) Monday - 08 Dec 🇯🇵 GDP 🇨🇳 Trade Balance + Exports + Imports 🇩🇪 Industrial Production 🇫🇷 Reserve Assets Total 🇨🇭 SECO Consumer Climate 🇪🇺 Sentix Investor Confidence 🇨🇦 Leading Index 🇺🇸 NY Fed 1-Year Consumer Inflation Expectations 🇺🇸 3y T-Note Auction Tuesday - 09 Dec 🇬🇧 BRC Retail Sales Monitor 🇦🇺 Business Confidence 🇦🇺 RBA Interest Rate Decision 🇩🇪 Trade Balance + Exports + Imports 🇯🇵 Ueda (BoJ) 🇺🇸 NFIB Monthly Report 🇺🇸 ADP Employment Change Weekly 🇺🇸 Nonfarm Productivity 🇺🇸 Unit Labor Costs 🇺🇸 Redbook 🇺🇸 JOLTS Job Openings 🛢 EIA Short-Term Energy Outlook 🌾 WASDE Report 🇺🇸 10y T-Note Auction 🇺🇸🛢 Weekly Crude Oil Stock Wednesday - 10 Dec 🇯🇵 PPI 🇦🇺 RBA Chart Pack Release 🇨🇳 PPI, CPI 🇪🇺 Lagarde (ECB) 🇺🇸 MBA 30y Mortage Rate + Mortage Index 🇺🇸 MBA Purchase Index 🇺🇦 CPI 🇺🇸 Employment Cost Index 🇺🇸 Employment Wages 🏦 🇨🇦 Interest Rate Decision 🏦 🇨🇦 BOC Press Conference 🛢 Cushing + Crude Oil Inventories 🛢 EIA Weekly Refinery Utilization Rates 🛢 Gasoline Inventories 🇺🇸🇨🇦 Thomson Reuters IPSOS PCSI 🏦🇺🇸 Interest Rate Projection 🏦🇺🇸 Federal Funds Rate 🇺🇸 FOMC Statement 🇺🇸 FOMC Press Conference Earnings: ORCL Thursday - 11 Dec 🇯🇵 BSI Large Manufacturing Conditions (Q4) 🇯🇵 Foreign Bonds Buying 🇦🇺 Unemployment Rate 🏦🇨🇭 SNB Interest Rate Decision 🛢🇺🇸 IEA Monthly Report 🇬🇧 Bailey (BoE) 🇪🇺 Eurogroup Meetings 🏦🇺🇦 NBU Interest Rate Decision 🇬🇧🇩🇪🇫🇷🇪🇸 Thomson Reuters IPSOS PCSI 🛢 OPEC Monthly Report 🇺🇸 Unemployment Claims 🇨🇦 Trade Balance + Exports + Imports 🇺🇸 Trade Balance + Exports + Imports 🇺🇸 Wholesale Inventories/Trade Sales 🛢 Natural Gas Storage 🇺🇸 30y T-Bond Auction 🇺🇸 FEDʼs Balance Sheet 🇺🇸 Reserve Balances with FED Earnings: AVGO Friday - 12 Dec 🇦🇺🇯🇵🇨🇳 Thomson Reuters IPSOS PCSI 🇬🇧 Industrial/Manufacturing Production 🇬🇧 GDP 🇬🇧 Trade Balance 🇩🇪🇫🇷🇪🇸 CPI/HICP 🇨🇳 M2 Money Stock 🇨🇳 New Loans 🇪🇺 ECOFIN Meetings 🇬🇧 Inflation Expectations 🇬🇧 NIESR Monthly GDP Tracker 🇩🇪 Current Account Balance 🇨🇦 Building Permits 🇨🇦 Wholesale Sales 🇺🇸 Goolsbee (FED) 🛢️ Baker Hughes Oil Rig Count

BlackRock’s new outlook frames 2026 as a year where a AI becomes the center of gravity for the entire market The scale of investment planned by U.S. tech giants overrides traditional macro drivers: it determines growth dynamics, leverage, energy constraints, and portfolio construction AI capex is front-loaded, revenues are back-loaded, and the gap between the two is forcing both private and public balance sheets into a more levered & fragile position. At the same time, the AI is concentrated. A handful of companies drive most of the spending and increasingly most of the market’s returns. BlackRock calls this a “diversification mirage” - moving away from U.S. simply becomes a bigger active bet against the one force actually moving markets Energy becomes the next bottleneck. By 2030, U.S. data centers may consume 15–20% of today’s total electricity demand, which forces investors to look at power systems, permitting reforms, and infrastructure as the next major investment theme. China is highlighted as a competitor with far fewer physical constraints and faster build-out capacity The geopolitical layer deepens the trend. The U.S.–China AI race pushes industrial policy, supply-chain rewiring, defense spending and regional blocs into a new phase. Meanwhile, emerging markets benefit from easing inflation, stronger balance sheets, and a softer dollar

Holders in Profit — 04 Dec 2025 ▫️In the current market about 70.3% of BTC holders are in profit, in the same time 68.9% of ETH holders are profitable ▫️MKR and LINK held up well, with 72.1% and 59.1% in profit ▫️Most other networks declined significantly during the last month Which tokens are you following? Let us know so we can include them in our next reviews!

Macro Week Ahead (Dec 01-05) Monday - 01 Dec 🇦🇺 Company Gross Operating Profits 🇯🇵 Manufacturing PMI 🇨🇳 Manufacturing PMI 🇨🇭 Retail Sales 🇨🇭 Manufacturing PMI (Final) 🇫🇷 HCOB Manufacturing PMI (Final) 🇩🇪 HCOB Manufacturing PMI (Final) 🇪🇺 HCOB Manufacturing PMI (Final) 🇬🇧 Manufacturing PMI (Final) 🇬🇧 M3-M4 Money Supply 🇨🇦 S&P Global Manufacturing PMI (Final) 🇺🇸 S&P Global Manufacturing PMI (Final) 🇺🇸 ISM Manufacturing PMI 🇺🇸 Atlanta FED GDPnow (q4) Tuesday - 02 Dec 🇦🇺 Current Account 🇬🇧 Financial Stability Report 🏦🇬🇧 BoE Meeting Minutes 🇬🇧 Nationwide HPI 🇫🇷 Government Budget Balance 🇪🇸 Unemployment Change 🇪🇺 Flash CPI 🇪🇺 Flash Core CPI 🇪🇺 Unemployment Rate 🇳🇿 Milk Auctions 🇺🇸 Redbook 🇺🇸 JOLTS Job Openings 🇺🇸 Total Vehicle Sales 🇺🇸 Bowman (FOMC) 🇺🇸 IBD/TIPP Economic Optimism 🇺🇸🛢 Weekly Crude Oil Stock Earnings: CRWD Wednesday - 03 Dec 🇦🇺 PMI 🇦🇺 GDP 🇯🇵 Services PMI 🇨🇳 Services PMI 🇨🇭 CPI 🇫🇷 HCOB Services PMI (Final) 🇩🇪 HCOB Services PMI (Final) 🇪🇺 HCOB Services PMI (Final) 🇬🇧 Services PMI (Final) 🇪🇺 PPI 🇺🇸 MBA 30y Mortage Rate + Mortage Index 🇺🇸 MBA Purchase Index 🇺🇸 ADP Non-Farm Employment Change 🇨🇦 Reserve Assets Total 🇺🇸 Export/Import Price Index 🇨🇦 Labor Productivity 🇺🇸 Manufacturing/Industrial Production 🇨🇦 Services PMI 🇺🇸 S&P Global Services PMI (Final) 🇺🇸 ISM Services PMI 🌍 CFTC Report Thursday - 04 Dec 🇦🇺 Trade Balance + Exports + Imports 🇨🇭 Unemployment Rate 🇩🇪, 🇫🇷, 🇪🇺 Construction PMI 🇬🇧 Construction PMI 🇪🇺 Retail Sales 🇺🇸 Challenger Job Cuts 🇺🇸 Unemployment Claims 🇨🇦 Trade Balance + Exports + Imports 🇨🇦 Ivey PMI 🛢 Natural Gas Storage 🇺🇸 Bowman (FOMC) Friday - 05 Dec 🇯🇵 Household Spending 🇬🇧 Halifax House Price Index 🇩🇪 Factory Orders 🇫🇷 Trade Balance + Exports + Imports 🇨🇭 Foreign Reserves (USD) 🇬🇧 Mortgage Rate (GBP) 🇪🇺 GDP Q3 (Final) 🇺🇸 PCE Price Index (Sep) 🇺🇸 Core PCE Price Index (Sep) 🇨🇦 Unemployment Rate 🇺🇸 Factory Orders 🇺🇸 Dallas Fed PCE 🇺🇸 Michigan 1y+5y Inflation Expectations 🇺🇸 Michigan Consumer Sentiment + Current Conditions 🛢️🇺🇸 Baker Hughes Oil Rig Count 🇺🇸 Consumer Credit

JPMorgan BTC structured note (IBIT-linked) New @jpmorgan filing: a leveraged structured note tied to @BlackRock's iShares Bitcoin Trust, giving investors ETF-based exposure to BTC with asymmetric payoff Product: ▫️$1k notes linked to IBIT, with an early call in Dec 2026 that pays at least ~$160 if the ETF is at/above a preset level ▫️If not called, the note runs to 2028 and pays 1.5x IBIT’s price gains, with no stated cap on upside ▫️Downside protection is limited: a drawdown of 40% from the initial ETF level can wipe out most of the principal What it means for the market ▫️BTC risk is moving into familiar bank wrappers (structured notes on top of spot ETFs), rather than direct spot holdings on crypto venues ▫️Supports the view of Bitcoin as a “tradable macro asset class” for private banks and advisors ▫️Signals that demand for leveraged, path-dependent BTC exposure remains in place heading into the 2026–2028 cycle, despite recent volatility

@solana has consolidated the tokenized equity market, maintaining more than 95% of monthly trading volume for the past 4 months So what we have now? ▫️Deeper equity liquidity on Solana vs. other chains Sustained >95% market share in tokenized stock volumes implies that order flow, price discovery, and secondary liquidity in on-chain equities are increasingly concentrated on Solana rather than spread across multiple L1/L2s. That reinforces Solana as the de facto venue for tokenized equity market structure ▫️Tighter linkage between Solana and TradFi The combination of spot ETFs, tokenized stocks, and DATs listed or settled via Solana rails reduces the operational and perception gap between crypto infrastructure and regulated securities markets ▫️Network effects for future tokenization flows As liquidity, products, and institutional integrations cluster on Solana, new issuers (brokers, neobanks, fintechs, and asset managers) have a strong incentive to launch their tokenized instruments on the same chain to tap existing depth and connectivity.