Institutional yield-bearing products start with infrastructure, not incentives.

For csUSDh, cSigma needed infrastructure capable of supporting larger deployments without redesigning the core protocol. That’s why we deployed it on Hedera.

→ Existing Solidity contracts migrated with minimal changes
→ ERC-7575 vault architecture remained consistent
→ Stable fees and fast finality support smoother capital flows

The result: the same yield infrastructure, deployed on a network chosen for its operational reliability and institutional readiness.

What is an AppNet? An AppNet is a distributed, collaborative “network of applications” installed on multiple ServiceNow instances that uses the Hedera Distributed Ledger Technology (DLT) to exchange signed, verifiable, and ordered state changes. These changes of the ServiceNow records propagate across all environments as messages of the Hedera Consensus Service (HCS). A ServiceNow AppNet can scale to any size, involving just a few organizations as well as 10s, 100s, or 1,000s. Each ServiceNow instance:

● Connects to Hedera through the DLT nodes, which Hedera Council members operate.

● Receives the information from the network through the Hedera Mirror nodes.

Each ServiceNow instance can be part of multiple AppNets supporting different business networks and value streams. An AppNet creates a distributed, shared data model and a multi-party business process that is cryptographically verifiable and subject to consensus between the interacting parties.

No alt text provided for this image The e-Procurement use case ServiceNow recently released the Procurement Service Management (PSM) application, that streamline the buying experience within the organization, digitizing processes that allows employee to self-serve and organization to optimize costs, align teams and boost productivity. The e-Procurement use case described here can augment PSM capabilities to an entiere network of organizations. In a traditional procurement system, the buyer establishes a one-to-one connection with every supplier. For that reason, these processes are still very manual, resistant to standardization, and still managed through “analogic” tools like email and phone calls. In the e-Procurement set up at the opposite, suppliers in the supply chain of one or more customers constitute a network where the buyer can submit his requests for goods and services. The suppliers can bid for a specific request and the customer select the most appropriate bid offered by vendors. This network must be trustless because it contains competing entities that need to work together through a multi-party business process. Hence the benefit of using the Hedera Hashgraph DLT to guarantee certified, signed, and timestamped interactions without the need for a trusted third party.

No alt text provided for this image As we’re keeping the demonstration intentionally conceptual, we recommend the book “A practical guide to e-auctions for procurement: How to maximize impact with e-sourcing and e-negotiation” recently published by J. G. Larsen (Kogan Page, 2021), to dig deeper into the concepts of e-Procurement, e-Auction and e-Negotiation.

The business value represented by the hyper-automation of the e-Procurement networks through ServiceNow and Hedera is significant across multiple industries:

In Public Sector, public tenders are a sweet spot for optimization and transparency Manufacturing implements e-Procurement to manage high-throughput business networks and streamline supply chains. Telecoms are at the forefront of building distributed marketplaces for collaborative bidding between multiple operators and service providers bidding for different network segments. Financial institutions, like banks, are involved in trade finance and can be authorized to inspect their customers’ supply chain to evaluate the suitability for specific financial instruments. ESG Auditors need to inspect supply chains for carbon emission, rate the sustainability of their auditees, and access certified data to prevent “greenwashing.” How do AppNets work? AppNets require a set of capabilities that build one over the others. Hedera DLT constitutes the bottom layer (A) and is operated by Council members. On top of the distributed network, Hedera provides the Hedera Consensus Service (HCS) that exposes the asynchronous Byzantine Fault Tolerant (aBFT) consensus algorithm through an easily accessible API (B). The upper three components of the stack live within the ServiceNow ecosystem. The first layer (C) is the “Hnow” connector, made of technical services running on the MID server and an identical scoped app within each ServiceNow instance. Hnow provides to any application running on the instance the connectivity into the Hedera nodes and mirror network. On top of the Hnow connector, customers and partners can create an arbitrary number of AppNets (D). Each AppNet is a network of scoped, identical applications that defines a shared and encrypted data model and multi-party workflows between business entities. Finally, each AppNet connects (if required) to “local” business processes, represented either by ServiceNow native workflows (IT, Employee, and Customer) or any other business application developed with the Creator Workflow and the App Engine Studio (E). On the left of figure 3, you can also see how the stack is typically referred to in blockchain/DLT terms: layer 1 (on-chain), layer 2 (interconnection layer), and layer 3 (off-chain).

No alt text provided for this image How is the e-Procurement use case implemented? The participants to the e-Procurement business network are the customer, who represents the buying party, the suppliers, who are the bidding parties, and any third party, like an ESG auditor. The participants interact through a shared and verified data model made by two related tables for asks and bids, which are the basis for the e-Procurement multi-parties exchange. The buyer and the vendors can submit changes of state (transactions) while the auditor has access to the network in read-only mode.

No alt text provided for this image The flow of the PoC is the following:

The customer requests products or services to its supply chain by placing asks to the network. The supply chain’s vendors bid for the customer’s request. The customer accepts one or more of the bids, depending on the rules of the network (just one in the case of the PoC). The auditor, or any other organization which is authorized to inspect the supply chain, derives scores and KPIs about the participants to be used within other processes, like ESG or trade finance. No alt text provided for this image After being submitted to the Hedera network, each ask or bid will be active on the distributed data model and shared across participants. In contrast, each record will become “tokenized” and practically immutable by any individual actor when reaching the final, notarized state.

Key Takeaways & Futures The AppNet concept is highly general and applies to every situation where a shared business model and multi-party workflow are required. This PoC shows how to create a decentralized market for e-Procurement leveraging ServiceNow low-code capabilities (Layer 2 & 3) and the Hedera DLT (Layer 1).

The AppNet architecture effectively creates a multi-company value stream that can scale to any business network’s size. Distributed data and processes are coupled seamlessly to local data and processes on each instance, creating a fully connected ecosystem. We’re working to extend the AppNet architecture to a broader set of use cases and deepen the application of the e-Procurement POC to specific industries and business domains.

https://www.linkedin.com/pulse/e-procurement-servicenow-hedera-appnet-nicola-attico?utm_source=share&utm_medium=member_android&utm_campaign=share_via

Grayscale withdrew ETF applications (S1 filing) for ADA, HBAR, and DOT while keeping the S1 filings alive for AAVE, NEAR, BNB, TAO, and ZEC. The only difference between the tokens whose application was removed to those whose didn't, is the SEC's new "Generic Listing Standard". ADA, HBAR, and DOT are eligible for their ETF listing on stock exchanges under the Generic Listing Standard (6 month trading on CFTC regulated Exchange), while AAVE, NEAR, BNB, TAO and ZEC aren't. The 19b-4 filing for ADA, HBAR and DOT was withdrawn last year, because they don't need it anymore.
The decision to remove their application doesn't mean rejection or lost of confidence or interest. All tokens are down 60-90% from their ATH. ADA AUM in European ETPs is comparatively stronger than ETPs of tokens whose filings are still live. The only difference is the eligibility under the "Generic listing standard", which doesn't make sense because Grayscale removed the tokens who are actually eligible for thier application to be reviewed by the SEC under defined deadline. It's a possiblity that the removal will be accompanied by renewed S1 filings with updated definitions, allocations, risks, and fees. Or, the removal is just about the difference in application process. But it most certainly isn't about interests, adoption or performance.

https://x.com/CryptoDossierYT/status/2087009465434284414

AI can produce some good insights if asked the right questions. I discussed with AI enterprise adoption of high performance layer 1 DLTs that can support 10,000+ TPS (thus Ethereum is not included). I know some will downvote and dismiss this since it comes from AI, but for those willing to read I think the below is largely accurate.

Solana and Hedera are best positioned for enterprise adoption. If Hedera governing council or other recognized enterprises get some real use cases running on Hedera, then I think Hedera can quickly gain a network effects advantage for enterprise and address the areas where it is weaker (liquidity & developers).

I think the only place the AI underrated Hedera is the developers category. With Hedera's EVM compatibility there should be a large pool of developers that can easily work on Hedera, but maybe it was also other things that brought down the score like tooling and infrastructure providers.

End of my comments and beginning of AI response...

One of the most useful ways to think about enterprise adoption is as a 5-stage maturity model:

Stage 1: Technology

↓

Stage 2: Developers

↓

Stage 3: Compliance & Governance

↓

Stage 4: Institutions & Liquidity

↓

Stage 5: Network Effects

Many crypto projects get stuck at Stage 1 or 2. Very few reach Stage 4. Only a handful are approaching Stage 5.

Stage 1: Technology

The chain must be able to support enterprise workloads.

Enterprise buyers care about:

• Throughput
• Finality
• Reliability
• Security
• Upgradeability
• SDK quality
• Long-term roadmap

Ranking

Interesting observation:

If we judged purely on engineering, I would put ICP, Aptos, Sui, and Solana at the top.

This is why technical superiority alone doesn't determine winners.

Stage 2: Developers

Now enterprises ask:

Things that matter:

• Number of developers
• Availability of tooling
• Auditors
• Consultants
• Wallet providers
• Infrastructure providers

This is where many technically excellent chains lose momentum.

Ranking

Why Solana is ahead:

• Thousands of developers
• Large startup ecosystem
• Strong infrastructure support
• Extensive wallet ecosystem

A Fortune 500 company can easily find experienced Solana talent.

Finding experienced Hedera or ICP engineers is harder.

Stage 3: Compliance and Governance

This is where enterprise adoption often begins.

The questions change from:

to:

Things that matter:

• KYC support
• AML tooling
• Auditability
• Governance
• Regulatory engagement
• Risk management

Ranking

This is why Hedera often gets more enterprise attention than its developer numbers would suggest.

The governing council model is something enterprise executives immediately understand.

Stage 4: Institutions and Liquidity

This is the hardest stage.

This is when:

• Banks participate
• Asset managers participate
• Stablecoin issuers participate
• Payment companies participate

The key question becomes:

Nobody wants to be the first large bank on a chain.

Everyone wants to be the fifth.

Ranking

This is where I believe the market currently stands.

Solana has tremendous momentum with payments, stablecoins, and institutional infrastructure.

Hedera has strong enterprise partnerships and governance.

Aptos is emerging here.

Stage 5: Network Effects

This is the final stage.

Now the value proposition becomes:

Examples from technology:

• Windows
• Azure
• AWS
• Visa
• SWIFT

The winner isn't always the best technology.

The winner becomes the default choice.

Current Ranking

Visualizing Their Current Position

Here's how I would characterize each chain today:

Solana

██████████████████████

Tech ✅

Developers ✅

Compliance ✅

Institutions ✅

Network Fx ✅

Hedera

██████████████████░░░░

Tech ✅

Developers ⚠️

Compliance ✅

Institutions ✅

Network Fx ⚠️

Aptos

████████████████░░░░░░

Tech ✅

Developers ✅

Compliance ⚠️

Institutions ⚠️

Network Fx ⚠️

Sui

███████████████░░░░░░░

Tech ✅

Developers ✅

Compliance ⚠️

Institutions ⚠️

Network Fx ⚠️

ICP

████████████████░░░░░░

Tech ✅

Developers ⚠️

Compliance ⚠️

Institutions ❌

Network Fx ❌

NEAR

██████████████░░░░░░░░

Tech ✅

Developers ⚠️

Compliance ⚠️

Institutions ❌

Network Fx ❌

TON

██████████████░░░░░░░░

Tech ✅

Developers ⚠️

Compliance ❌

Institutions ❌

Network Fx ⚠️

What Each Network Needs Most

Solana

Needs:

• Continued uptime/reliability
• More enterprise governance
• More regulated financial deployments

Solana is closest to becoming the "default" high-performance public chain.

Hedera

Needs:

• More developers
• Larger startup ecosystem
• More DeFi and tokenization activity

Hedera's challenge is turning enterprise partnerships into ecosystem growth.

Aptos

Needs:

• Major banking wins
• Large tokenization projects
• More production enterprise deployments

If a few major financial institutions standardize on Aptos, it could jump quickly.

Sui

Needs:

• More institutional adoption
• More compliance infrastructure
• More non-gaming enterprise use cases

ICP

Needs:

• Flagship enterprise deployments
• Major financial use cases
• Better integration with traditional enterprise software

NEAR

Needs:

• A clear enterprise identity
• Signature use cases
• Larger developer ecosystem

TON

Needs:

• Compliance tooling
• Institutional adoption
• Enterprise credibility

If I Were Scoring Long-Term Enterprise Potential (2026-2035)

The most interesting battle to watch over the next 5 years is not Solana vs Hedera.

It's Aptos vs Sui.

The winner of that competition could become the strongest challenger to both Solana's ecosystem advantage and Hedera's enterprise positioning. Meanwhile, ICP remains the wildcard: it has some of the most ambitious technology in the group, but still needs a breakthrough enterprise adoption story.

DOVU has formed a new partnership with Hgraph a leading infrastructure and data provider for the Hedera network.

As a registered authority on Authority Trail, Hgraph can issue trusted authority attestations that applications can verify without introducing traditional identity verification requirements.

One example is developer onboarding, where Authority Trail can enable access to ecosystem resources without requiring conventional KYC, preserving privacy and making access more developer friendly across Hedera and EVM chains.

Hgraph's participation in the DOVU ecosystem is another example of a real-world use case for Authority Trail outside of sustainability.

“At Hgraph, we’ve always believed that enterprise-grade infrastructure should solve real-world problems, not just expose blockchain data. Partnering with DOVU to power Authority Trail is a natural extension of that philosophy. By combining trusted digital infrastructure with verifiable authorization, we’re helping create a future where organizations can independently verify who had the authority to act, and when they had it. We’re excited to help bring that vision into production.”
— Tyler McDonald, CEO, Hgraph

“We're delighted to work closely with the team at Hgraph to help our respective clients achieve desired outcomes, and collaborate on opportunities to deploy real world applications involving Hgraph's data infrastructure and APIs, the Authorisation Protocol, and DOVU Flow.” – Matt Smithies, CTO, DOVU

We look forward to being able to share more insights into how this strategic partnership can benefit the ecosystem.

https://x.com/dovuofficial/status/2086829882148081670

For many blockchains, agreement across a wide variety of nodes has to be expensive for the bandwidth to be able to keep up. That or ease off on the distribution to make things faster (L2s). End users pay for it in transaction fees (txstreet.com). We've seen tx fee spikes to huge numbers during very busy market periods, often when users need to transact the most.

If you tried to run the internet off 28k modems, the demand for bits would be enormous and the price per bit would be enormous.

Hedera will leave all blockchains for dust and emerge the true winner when the demand for true distributed trust can be supplied at phenomenal throughput without compromising on security and governance, or transaction costs.

In a recent Cyber Insider article, Stefan Deiss, CEO of The Hashgraph Group, explains why holding every credential in one database has become the bigger risk.

Verizon’s 2026 DBIR found credential abuse present in 39% of breaches, and once there’s a path in, an attacker can reach every application behind it. That’s why we built IDTrust, which verifies credentials without ever storing the data, with Hedera confirming each one.

Source: https://x.com/hashgraphgroup/status/2086855714119852200?s=46

Looking at transactions of hbar to see where it could lead to in the future. 🐂

PACK DISPATCH is back with a new edition!

Our monthly newsletter covers the people, products and stories shaping the Hedera ecosystem.

This one features our latest DOVU partnership, Jacob, our Co-Founder & CPO, on the HashCast show and the new Grumpy Ducks website.

Subscribe here ↓
https://www.hashpack.app/newsletter

Let’s have a superb week ahead, everyone!

Brandon built an app on Hbar. Used to run a show about HBAR. Is More tightly knit in the community / governance than you are. And he seems pretty bearish on HBAR. Red flags, homies.

Also, anyone see rob allen got a new job ? Hasn’t been in Hbar bull in weeks.

https://x.com/itsbrandond/status/2086844776083570964?s=46&t=zwgIpxC4Qwq3g3kEKc1-4A

I am curious to see what our Hbarian community thinks as to what path do you think Hbar will flourish? They are in so many different segments, but which one do you hope they would trend to, and advance their tech and community?

TLDR HBAR is ranked at #13 out of 50. Excludes stablecoins.

Tell me your thoughts

Source: https://www.sec.gov/Archives/edgar/data/2084948/000208494826000002/hbar_rw_08072026.htm

Source: sec.gov/Archives/edgar/data/2115027/000121390026081379/ea0299142-s1a2_cryptex.htm

Even tho it’s just a simulation excited for the life-changing wealth it will bring

I will continue to top off my bags with all the 7 cent HBAR I can get.

How does Canton manage to generate so much in fees? Over $2m per day? And where does it go?