Fogo, Worth $25 Million, Logged More Transactions Than Every Chain but Solana

Ledger spent the week investigating drained wallets tied to a single Southeast Asian reseller, with losses estimated above $86 million, while crypto funds saw outflows. On-chain, the most striking line on our board belonged to a chain valued at about $25 million. The question running through this issue: how closely does activity follow attention?

Things that mattered

Ledger traces wallet drains to one reseller

Ledger said it was investigating fund losses among people who bought its devices from reseller CryptoBilis, as reports spread of drained Bitcoin, Ethereum and Tron addresses. The company later confirmed an unauthorized hardware implant, with losses that may exceed $86 million, and said the incident appeared isolated to that reseller and its Southeast Asian market (CoinDesk, Cointelegraph).

Why it matters: the weak link was the route a device took to its buyer, not the cryptography inside it.

Outflows reach bitcoin, ether and solana funds

Ether ETFs extended their outflow streak to nine days and Solana funds ended a record 14-week inflow run, as spot bitcoin, solana and ether ETFs all logged weekly outflows (The Block). Bitcoin ETFs lost $244 million on Thursday while ether funds shed $641 million (Cointelegraph).

Why it matters: the selling reached even funds with a record run of inflows behind them, so it was broad rather than aimed at one asset.

Prediction markets head for a jurisdiction fight

The CFTC is proposing a formal rule to treat certain event contracts, like those traded on Kalshi, as swaps under its oversight (CoinDesk). The NFL filed a brief urging the Supreme Court to hear New Jersey’s case, arguing Kalshi’s sports contracts are gambling, not swaps (The Block).

Why it matters: whether these contracts count as swaps or as gambling decides whether federal or state regulators get the final word.

Narrative vs Network

Fund flows are one way to read attention; transactions are another. The XRP Ledger had a full week of engineering headlines: an emergency release patching a decade-old bug that could create XRP from nothing (CoinDesk), and new account controls for banks, stablecoins and tokenized funds (CoinDesk). On-chain, its daily average fell 25.7%, to about 2.2 million transactions, though it carries the largest market value in our top ten. The code moved forward; the count moved the other way.

The scoreboard

That slide left the XRP Ledger ninth on a board where the leaders count in the hundreds of millions. On provisional counts, Solana leads comfortably, averaging about 391 million transactions a day, while Lighter holds third at about 108 million, down 9.9%. The biggest climber in the top ten was Injective, whose daily average rose 510.3% to roughly 10 million, enough for fifth. Second place is the week’s oddity.

The reality check

Fogo, valued at about $25 million, recorded an average of 135 million transactions a day, second only to Solana. Its provisional count more than quadrupled from about 32 million the week before, a 320% rise. The strange part is the arithmetic: Fogo’s gain alone was larger than the net increase across all 154 chains we track, whose combined daily average rose 13.9% to roughly 730 million. Take Fogo out and the rest of the board, together, edged lower. Its market value works out to well under a dollar per daily transaction, against $167 for Solana. A jump this sharp on a network this small is a spike worth watching, and its next week will say more than this one.

Bitcoin pulse

Bitcoin ran at a calmer pace. Its estimated hashrate reached 1,024.8 EH/s, up 4.9% over seven days. Fees stayed near the floor, averaging 1 sat/vB against 1.8 sat/vB the week before. The chain tip stands at block 970,957, leaving 79,043 blocks until the next halving.

One number

16th. That is Bitcoin’s place on our board by recorded transactions, even after its daily average rose 10.4% this week. Its market value, about $1.68 trillion, dwarfs the entire top ten combined.

Keep an eye on

• Thailand’s rules for locally listed bitcoin and ether ETFs take effect on Oct. 16, with new custody, exposure and trading requirements (The Block).
• Bitcoin’s next difficulty adjustment, due around Oct. 16, is currently estimated at +4.48%.

Next Sunday’s count decides whether Fogo owns second place or only borrowed it for a week.

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	Chain	Ticker
	Saito	SAITO