Stellar's June–July ecosystem update. Real World Assets crossed $3.2 billion on-chain (5x since year-end 2025), while payment throughput broke 200 transactions per second. DeFi Index vault TVL jumped from $1 million to $16 million. Featured deep-dive: Blend V3 proposal debate — Templar's bid to add institutional features vs. keeping the protocol a minimal lending primitive.
June and July brought ecosystem milestones and governance debates. Real World Assets on-chain reached $3.2 billion, a five-fold increase since end of 2025, while payment transaction throughput crossed 200 TX per second. DeFi Index vault TVL surged from $1 million to $16 million in one month. The Space features a detailed discussion of Blend V3, a proposal from Templar to transform Blend Capital from a minimal lending primitive into an institutional-grade money market supporting RWAs, fixed-rate loans, and complex risk tranches. The deciding mechanism is capital allocation to backstop pools rather than token voting, making community participation crucial. Covers Protocol 27 (Zipper) authorization delegation for smart accounts, plus a preview of Protocol 28.
