In bonds, stablecoins and billionaires, a reminder of what makes crypto special

Thursday links: Overpriced debt, community-approved stables and Justin Sun
21Shares exec says CPI and PPI data supports a Fed rate cut, with market leaning toward a 25bps decrease
The Ethereum co-founder suggested LINEA holders would be eligible for other airdrops in cryptic tweet
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The layer-2’s biggest release yet brings benefits — but a post-upgrade outage caused a chain reorg
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Crypto is shifting into risk-on mode — pump.fun dominates meme activity, while Lido leans on treasury maneuvers

Key metrics

ETH/BTC Ratio

Ethereum Gas Price

DeFi TVL

Fear and Greed Index

Federal Reserve Balance Sheet

Decoding crypto and the markets. Daily, with Byron Gilliam.

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The race to bid for the USDH ticker heats up

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Sponsored

Esports-style DeFi competition powered by BNB Chain and Aster, live from New York on October 7, 2025

by Sponsored /
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Collaboration will assess blockchain-based fund infrastructure and tokenization opportunities under regulatory frameworks

by Blockworks /
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Tempo might ultimately test what people will pay for decentralization

Over 20 spot digital asset ETFs have launched so far in the U.S. and many more applications are in the SEC’s queue. As Wall St. looks ahead to the next evolution of digital asset products, the addition of staking-enabled ETFs represents a step function increase in both utility and the opportunity for yield.Despite the institutional demand for staking-enabled ETFs, two major hurdles remain: a challenging technical integration and unresolved regulatory factors. Join this Blockworks Roundtable to hear from a panel of issuers and service providers as they unpack the most pertinent factors of the next wave of digital asset ETFs mechanics around yield, distribution liquidity, redemption, and regulation.

events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.
0xResearch
0xResearch is the show for those who want to step up their game and think like a crypto analyst. We bring on crypto's best to uncover the latest research, explore protocol developments and identify new narratives. We are full-time crypto..
1000x
1000x is a crypto markets podcast hosted by professional traders Avi Felman and Jonah Van Bourg. We bring on experts to dive deep into the macro and micro factors that represent the lifeblood of digital money and web3. As an..
Bell Curve
Bell Curve breaks down the most important themes in crypto for people who, like us, are confined to the middle of the bell curve. Each season explores a different thesis that we'll test and refine through debate with crypto's best...
Empire
Empire features interviews with top crypto founders to get the real stories that aren’t shared elsewhere. Empire is your look behind the curtain of the crypto industry. We release two episodes per week: guest interviews on Monday and a weekly..
Forward Guidance
The laws of macro investing are being re-written, and investors who fail to adapt to the rapidly changing monetary environment will struggle to keep pace. Felix Jauvin interviews the brightest minds in finance about which asset classes they think will thrive..
Lightspeed
Lightspeed is a podcast for those interested in how crypto can solve real problems and create products users love. It's a callback to the garage days of Silicon Valley, where builders pushed the limits of hardware and software to build..
Supply Shock
Supply Shock explores the latest Bitcoin news with a deep historical perspective. Featuring in-depth interviews with industry experts, each episode connects current events to key moments in Bitcoin history, revealing patterns, lessons, and insights shaping the future of digital assets...
The Breakdown
A daily analysis of macroeconomics, bitcoin, geopolitics and big picture power shifts, hosted by Nathaniel Whittemore @nlw. The Breakdown is part of Blockworks.Subscribe to The Breakdown newsletter: https://the-breakdown.carrd.co/..
Hivemind
Hivemind combines Delphi Digital’s brightest minds to cut through the crypto noise. Jose, Yan, Ceteris and Duncan explore everything from venture to token design, offering an unfiltered perspective on what shapes the industry. We cut through the hype to focus..
Tokenize, Trade, Expand:  The Figure Thesis

Blockworks Research

Figure, founded by former SoFi CEO Mike Cagney, has emerged as a leader in onchain RWAs, with ~$17.5B publicly tokenized. The platform’s ecosystem volume is growing ~40% YoY as it expands beyond HELOCs into student loans, DSCR loans, unsecured loans, bankruptcy claims, and more. Operationally, Figure cuts average loan production cost by ~93% and compresses median funding time from ~42 days to ~10, creating a durable speed-and-cost advantage.
by Marc-Thomas Arjoon, CFA /
Tokenized Private Equity Platforms

Blockworks Research

Tokenized private equity platforms like PreStocks and Ventuals could democratize access to the $175B private equity secondary market by expanding participation from roughly 13 million accredited investors to over 100 million retail investors through blockchain-based trading infrastructure. However, both platforms represent high-risk ventures betting on unvalidated market demand, where technological capability has matured but regulatory clarity and sustainable liquidity remain unproven.
by Daniel Shapiro /
Tokenizing Collectibles: The TCG Wave

Blockworks Research

The tokenization wave has arrived for trading cards, with protocols like Collector Crypt and Phygitals leading the charge. By tapping into the same dopamine loops that made Pop Mart’s Labubu blind boxes a phenomenon, their gacha mechanics show how TCGs can thrive in a crypto-native setting. Yet with razor-thin margins, limited product differentiation, and hype-driven cycles, building a lasting moat is a challenge. In my latest report, I share insights from the Collector Crypt and Phygitals teams on the opportunities and risks shaping onchain TCGs and what comes next for them.
by Kunal Doshi /
Aave: Where Narratives Converge

Blockworks Research

Aave’s revenues have doubled from April lows and are fast approaching all-time highs. With 35% of borrow interest coming from ETH and 55% from stablecoins, Aave is emerging as a powerful proxy as an ETH and stablecoin beta. As looping strategies accelerate growth and Horizon positions the protocol to ride the RWA wave, Aave is shaping up as one of DeFi’s most compelling multi-narrative plays.
by Kunal Doshi /