Adam Efrima is the SSV Core team Co-founder. He has been active in the crypto industry since 2013. Over eight years living in China working in the financial industry and fintech space, Adam has worked in CITIC Bank covering outbound investments for Chinese SOEs, he was also in charge of setting up the eToro Shanghai operation. Since then, Adam has been deeply involved in Ethereum staking, co-founding top performing staking project Bloxstaking as well as co-founding SSV Network, a decentralized validator infrastructure for ETH staking.

Adam Simmons is Chief Strategy Officer at RDX Works, a key contributor to the Radix public ledger. He has over 13 years of experience in building &amp; growing businesses in a range of industries including online video, blockchain &amp; digital marketing. With experience in both senior leadership &amp; hands-on roles, he has repeatedly recruited, managed, and trained highly successful teams within marketing, customer success and operations functions. Adam is also a previous member of the UK Paralympic Sprint Kayaking Team and has competed in multiple World and European Championships.


Adam Swick is the Chief Growth Officer at Marathon Digital Holdings. Prior to joining Marathon, he served as a principal at Refinery Ventures, where he was responsible for identifying and recommending business strategies to accelerate the growth of all companies in Refinery’s portfolio. Before Refinery, Swick was the director of strategic finance at Kraken Digital Asset Exchange, where he managed the company’s balance sheet, debt program, investor relations, and all forecasting activities. Prior to Kraken, he founded Swick Capital, a crypto-asset hedge fund, worked at Pritzker Group Venture Capital, and was a consultant at Boston Consulting Group. Swick holds an MBA from the Kellogg School of Management at Northwestern University and a BS in finance from the Wharton School of Business at the University of Pennsylvania.

Adrian Brink is the co-founder of Namada and Anoma, where he focuses on building privacy-preserving systems that are resilient to global crises. Previously, he was a core developer at Tendermint (Cosmos) and worked at the Web3 Foundation. He also co-founded Cryptium Labs, which was later sold to Chorus One, and Metastate, where he contributed to major upgrades to the Tezos protocol​.

Adrien Stern is the founder &amp; CEO of Reveel, the omnichain payments infrastructure that enables one-click cross-chain payments to connect people across borders and networks. Before founding Reveel, Adrien led digital transformation efforts at BNP Paribas CIB. He was also previously a venture builder, and owns Bridge Music, a record label and recording studio. Adrien has a Bachelor’s degree in Sciences of Management from The University of Lausanne and a Master’s degree in Business Administration from Esade. 

Alex Hoffman is Head of Ecosystem at Superposition Finance. Superposition is revolutionizing DeFi by addressing its core challenges through robust risk management powered by Concordia’s best-in-class risk engine, omnichain functionality, and transparency.

Alexei Zamyatin is a co-founder of BOB, a first-of-its-kind hybrid Layer-2 powered by Bitcoin and Ethereum. He has been a Bitcoin and interoperability research contributor since 2015 and is most known for his work on trustless cross-chain bridges and L2s. Alexei holds a PhD in computer science from Imperial College London.


Alison Haire is the CEO and founder of Lilypad, a serverless, decentralized compute network that democratizes access to computational power by providing scalable infrastructure for AI, machine learning and other high-demand processes. Before founding Lilypad, she held roles at companies such as Filecoin, IBM and Accenture. Under her leadership, Lilypad leverages idle GPU capacity worldwide to fuel an open AI economy, providing cost-effective and scalable compute resources. Her work focuses on making high-performance computing accessible to more developers and researchers, while challenging the dominance of large centralized cloud providers​​.

With over 20 years of experience leading and designing games and tech companies, Alun is well-versed in creating innovative products that tackle experiential and developer challenges. In addition to his stewardship of LAOS Network, he is CEO and co-founder of the company building LAOS, Freeverse, which focuses on building scalable blockchain infrastructure. His history as the co-creator of ‘Barcelona World Race - THE GAME,’ a cutting-edge video game enabling virtual participation in real-world events, and his wider passion for gaming, have fed into his vision for LAOS Network as a solution for the intersection of Web3 tech with both gaming and real-world applications. Alun also led Shar3d.io, a pioneering company enabling collaborative 3D web applications, and served as CTO of Bodypal.com, a virtual garment services company. He holds a Ph.D. in Medical Physics from University College London.



Amanda Cassatt is the founder and CEO of Serotonin. Amanda previously served as Chief Marketing Officer of ConsenSys from 2016 through 2019. Joining one year after the launch of Ethereum, Amanda played a crucial role in defining, creating, and growing the narrative for ConsenSys, Ethereum, and blockchain overall.

Amanda stewarded the ConsenSys brand through its global expansion across enterprises, governments, developers, and consumers. She created and scaled the marketing team to over 50 people, serving both the ConsenSys brand and 50+ portfolio companies such as MetaMask, Infura, Truffle, and Gitcoin; managing teams in product marketing, growth, design, content, community, events, email, analytics and SEO. Amanda’s contributions to some of the most successful product launches, token sales and fundraises landed her on Forbes 30 Under 30 in 2016. Amanda is the author of the world's first web3 marketing book, Web3 Marketing: A Handbook for the Next Internet Revolution.

Amanda Keleher currently serves as Chief People Officer at Consensys, one of the largest and fastest-growing companies in the blockchain technology space. A well-rounded business leader with an over 25-year career in the technology space, Amanda is the driving force behind the human element of Consensys where she is responsible for overseeing all of the aspects of people, from building and maintaining the company culture to harnessing human capital as a key driver of business. 

Before joining ConsenSys, Amanda served as the Head of People at ThoughtWorks, a global technology consultancy company, for nearly ten years, where she led the global scale expansion by opening offices around the world and recruiting a diverse workforce at a time when the DevOps movement had just been born and a new skill set were yet to be developed. After her time at ThoughWorks, she served as the Executive Vice President, People &amp; Culture of Index Exchange, one of the world’s premier ad tech organizations; and as VP of People at Little Bits and Intent Media where she excelled in designing effective and creative strategies to attract and retain world-class talent in hyper competitive environments

Andrea Berry is a seasoned online video strategist with 15+ years of experience in transformative media partnerships. 

Her early successes include helping to launch Qello Concerts, the first direct-to-consumer live-music OTT service, later transforming it into Qello Media Services and Vimeo’s OTT channels offering across various industries as their first strategic sales director for their enterprise.

Currently, as the Head of Business Development at Theta Labs, Andrea leverages her expertise in online video and blockchain to drive strategic partnerships and growth opportunities for the company. She helps enterprises take advantage and lean into the opportunities Web3 presents. 

Andrew Redden is the CEO and CTO of Last Network, a blockchain platform focused on sustainable cash flow and reinvestment. Previously, he worked at Gitcoin and has contributed to numerous DeFi and Web3 projects. Redden's career reflects a commitment to developing technologies that prioritize long-term viability and community engagement​.

Andrew Thurman is a Data Editor based in Washington, DC. He previously wrote for CoinDesk and Cointelegraph, and worked in various roles for Chainlink and Nansen. His analysis has been quoted in The Financial Times, The Washington Post, The Wall Street Journal, Bloomberg, Forbes, Fortune, Reuters, The BBC, CNBC, and elsewhere. Contact Andrew at andrew@blockworks.co.

Andrey Sergeenkov writes educational articles as a freelancer. His works have been published in Coindesk, Cointelegraph, Entrepreneur and CoinMarketCap. He believes that transforming society towards lifelong learning, combined with decentralization in government and business, will lead to exponential social development.

Andy Bromberg is CEO of Beam and Contributor to the Eco Protocol. Eco has raised more than $90 million from an array of leading investors, including a16z Crypto, L Catterton, Activant Capital, Founders Fund, Pantera Capital, and others. Prior to Eco, Andy was Co-founder and President of CoinList. Andy is also a founding board member at FreeWorld, a non-profit seeking to end institutionalized poverty in the United States by providing access to living-wage jobs for people with criminal histories. He studied Mathematics and Computer Science at Stanford University and co-founded the Stanford Bitcoin Group.

An established and versatile Financial Executive with over two decades of experience running multiple trading businesses across top-level banks such as HSBC, Barclays, and UBS. After running the top Agency and SSA business for both UBS and Barclays, he took over Emerging Markets macro trading for Barclays. In 2018, wanting to go deeper into Emerging Markets he took a role as Head of Latam local markets trading where he was responsible for trading activities across Brazil, Mexico, Argentina, and Chile. In 2021 DeMartino moved into Crypto when he became CEO and founder of Coinbase Risk Strategies focused on DeFi and Derivatives trading. More recently he started Trident Digital Group, a crypto-native solutions firm that is focused on lending and safe yield generation and stablecoin adoption.


Anthony Scaramucci is the founder and managing partner of SkyBridge, a global alternative investment firm, and founder and chairman of SALT, a global thought leadership forum and venture studio.

Prior to founding SkyBridge in 2005, Scaramucci co-founded investment partnership Oscar Capital Management, which was sold to Neuberger Berman in 2001. Earlier, he worked in Private Wealth Management at Goldman Sachs &amp; Co.

In 2022, Scaramucci was ranked #47 in Cointelegraph’s Top 100 Influencers in Crypto and Blockchain. In 2016, he was ranked #85 in Worth Magazine’s Power 100: The 100 Most Powerful People in Global Finance. In 2011, he received Ernst &amp; Young’s New York Financial Services “Entrepreneur of the Year” Award.  Anthony is a member of the Council on Foreign Relations (CFR) and a board member of the Federal Enforcement Homeland Security Foundation. He is the author of five books.

Scaramucci served on President Donald J. Trump’s 16-person Presidential Transition Team Executive Committee, and in 2017 briefly served as Chief Strategy Officer of the Export-Import (EXIM) Bank and White House Communications Director.

Scaramucci, a native of Long Island, New York, holds a Bachelor of Arts degree in Economics from Tufts University and a Juris Doctor from Harvard Law School.

Antoni is a co-founder of Aleph Zero Foundation (Switzerland), an organization overseeing the development of the Aleph Zero blockchain, and a Managing Partner of Cardinal Cryptography (Poland), firm focused on core development of the Aleph Zero ecosystem.

Ari Juels is the Weill Family Foundation and Joan and Sanford I. Weill Professor in the Jacobs Technion-Cornell Institute at Cornell Tech and the Technion and a Computer Science faculty member at Cornell University. He is a Co-Director of the Initiative for CryptoCurrencies and Contracts (IC3). He is also Chief Scientist at Chainlink Labs. He is the author of crypto thriller novel The Oracle (Talos Press), which was released on 20 February 2024.

Austin Alexander is co-founder of LayerTwo Labs, a company focused on advancing the Bitcoin ecosystem through innovative solutions and specializing in the development of Drivechain, a specific type of blockchain sidechain designed to foster creativity and scalability within Bitcoin.

Austin Campbell is the founder and managing partner of Zero Knowledge Consulting and an adjunct professor at Columbia Business School. Previously, he has run portfolio management at Paxos for the stablecoins as well as being the chief risk officer of Paxos National Trust, has managed fixed income trading desks at JP Morgan and Citi, and has been a portfolio manager and structurer at Stone Ridge, the parent of NYDIG. He holds a BS in Mathematics from CSU Chico and a MBA from NYU Stern.

Ben Mills is the co-founder of Meso, a payments platform connecting banks and blockchains. Prior to Meso, Ben spent a decade building payments products as an early team member at Braintree (acquired by PayPal), as Head of Product at Venmo, and working on Solana Pay at Solana Labs.

Ben Rubin is the CEO and co-founder of Towns, a decentralized messaging platform dedicated to redefining online communication. Rubin has a rich background and a decade of experience in creating digital spaces that build trust and foster human connection. Prior to founding Here Not There Labs, the developer of Towns, Ben founded two venture-backed startups, Meerkat and Houseparty, both of which reimagined how people interact digitally. He scaled his communication products to hundreds of millions of users and raised over $70M in funding from Sequoia Capital and Greylock. After Houseparty was acquired by Epic Games in 2019, Ben went on to found Here Not There Labs, a venture-backed startup with over $30M in funding from a16z crypto and Benchmark Capital.

Ben Strack is a senior reporter covering macro and crypto-native funds, financial advisors, structured products, and the integration of digital assets and DeFi into traditional finance. Prior to joining Blockworks, he covered the asset management industry for Fund Intelligence and was a reporter and editor for various local newspapers on Long Island. He graduated from the University of Maryland with a degree in journalism.

Contact Ben via email at ben@blockworks.co

Bessie is a Brooklyn-based reporter covering DeFi and technology. Bessie worked as a tech journalist for The Org prior to joining Blockworks and was a management consultant for KPMG in another life. She is originally from Melbourne, Australia and holds an MA from New York University. She is also the mother of a bratty cat named Mochi. You can reach Bessie at bessie@blockworks.co

Bezalel Eithan Raviv, an ex-member of IDF Cyber Unit 8200, is a seasoned entrepreneur with deep expertise in technology and innovation. He now leads Lionsgate Network, a blockchain analysis firm specializing in professional money recovery services for digital asset investors in the +$2.5 trillion market. Prior to this role, Bezalel founded an investment banking firm supporting AI startups and developed Halleluiah, a pioneering web3 migration pattern for global music copyrights.

Billy Luedtke is the CEO and founder of Intuition, an information protocol powering a more trustful internet. Billy previously served as senior technology advisor at EY, a leading global professional services organization providing assurance, tax, audit, strategy and transactions. At EY, Billy created the company’s blockchain consulting practice, leading the technical development of blockchain-enabled distributed systems. Billy later became a senior token engineer at Consensys, a leading Ethereum developer (MetaMask, Infura, Linea). Billy continues to serve as an advisor at Consensys and MetaMask.

Billy Sebell is the Executive Director of the XDC Foundation and an early contributor to the XDC Network. Since early 2018, Billy has worked to develop the XDC community, focused on ecosystem and network growth and implementing use cases in trade finance. Billy previously spent more than 25 years in manufacturing and consumer products, dealing with the challenges businesses face in capital markets and international trade.

Blockworks Advisory leverages the curated and tested expertise developed at Blockworks Research to provide comprehensive consulting services rooted in theory and data. We utilize our distribution, conviction, and native understanding of crypto to accelerate our protocol clients' path to success.







Bob Bodily is the Provo, Utah-based CEO and Co-Founder of Bioniq, a BTC Ordinals wallet and marketplace. He has a bachelor’s degree in neuroscience and a Ph.D. in educational/instructional technology from Brigham Young University, with 25 articles and 1K citations. He is a data engineer with 100K+ lines of production Python code, and he has two previous software startups, including an EdTech SaaS that sold in 2021.


Senior Research Analyst at Blockworks Research

Bogdan is the Co-Founder and CTO of Tenderly, the full-stack infrastructure solutions provider powering Web3 developer teams with the essential tools and services throughout their development journeys. 

Prior to co-founding Tenderly, Bogdan worked as a software engineer for major software platforms such as MVP Workshop and Go Daddy where he was responsible for constructing and managing the development of distributed cloud systems before realizing the lack of infrastructural support for Web3 developers. With his vast experience in constructing, expanding, and overseeing extensive distributed cloud systems, he is well-versed in the intricacies of blockchain technologies and their practical applications. 

Brandon Truong is lead product contributor for ZetaChain. He previously co-founded social platform Yada (which was acquired in 2020) and spent time building products for BuzzFeed and Udacity. 


 Brian Pak is CEO &amp; Co-Founder of ChainLight, an award-winning blockchain security firm that specializes in smart contract audits and on-chain monitoring. He is also a co-founder of Theori, an established US-based offensive cybersecurity company, since 2016, which he still leads today, having now amassed trusted partners including Microsoft, Google and Samsung. Brian’s early career started when he co-founded and developed Kaprica Security, inventing and patenting the Skorpion Charger, an Android mobile charger that can detect malicious software with no user action required. He has worked on research and development projects with the Defense Advanced Research Projects Agency (DARPA) of the US. Brian is also a founder of the team PPP (Plaid Parliament of Pwning) which won DEF CON CTF, one of the most prestigious hacker competitions held in Las Vegas, in 2013, 2014, 2016, 2017, 2019, 2022 and 2023. Brian graduated with a Masters Degree in Software Security Research from Carnegie Mellon University.

Three years ago, his act of burning a physical Banksy ignited global discourse on NFTs and Web3, exposing the industry's flaws. Now, through XION, founder Burnt Banksy leads a mission to democratize Web3 to the masses, making ownership accessible to all by removing unnecessary barriers and complications through chain abstraction. To date: XION has raised over $36M in funding with the goal of "making crypto disappear." Ultimately, Burnt Banksy wants to provide the benefits of crypto to people without requiring them to know anything about crypto.

Byron Donalds grew up in Brooklyn, New York, and he is also the proud son of a hardworking and loving single mother. His mother dedicated her time instilling in him that greatness requires sacrifice, which drives him as a devoted family man and United States Congressman.  

Byron is a graduate of Florida State University and received a Bachelor of Arts degree in finance and marketing. Byron's career led him to Southwest Florida, where he worked in the banking, finance, and insurance industries. Elected to the Florida House of Representatives in 2016, Byron represented Hendry County and east Collier County in the State Capitol. During his tenure in the Florida House, Byron served as the PreK-12 Quality Subcommittee Chair during the 2018-2019 Legislative Session and served as the Insurance &amp; Banking Subcommittee's Chairman 2019-2020 Legislative Session. While serving in the Florida House, primarily focused on elder affairs, criminal justice reform, and ensuring that each child has access to a world-class education. 

Byron is committed to serving and giving back to the community that gave him so much. He has served Southwest Florida in many ways, including previously serving on the Board of Trustees for Florida Southwestern State College after being appointed by then-Governor Rick Scott. Byron continues to volunteer in his church as a youth leader and a mentor. He also enjoys volunteering as a coach in youth football and basketball leagues.

Congressman Byron Donalds lives in Naples, Florida, with his wife, Erika, and their three sons: Damon, Darin, and Mason. Byron has spent his entire adult life serving others, whether it be through volunteering, business, or leadership. He is committed to representing Florida's 19th Congressional District's conservative values in Washington DC to ensure a stronger Florida and a stronger nation.

Byron Gilliam writes The Breakdown newsletter, in which he tries to explain crypto markets to traditional investors and traditional markets to crypto investors (while trying to explain both to himself). Before joining Blockworks, Byron spent 25 years trading international equities for banks and brokers in Frankfurt, London, Paris and New York. He holds a bachelor's degree in History from Binghamton University. Contact Byron at byron@blockworks.co.

Cameron B. Pick is a partner and patent attorney at the Chicago-based intellectual property boutique law firm Marshall, Gerstein &amp; Borun. He prosecutes patents for emerging technologies, including blockchain and crypto, among other innovative areas. He may be reached at cpick@marshallip.com. 

Candace Kelly is the Chief Legal and Policy Officer for the Stellar Development Foundation (SDF), a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world's financial infrastructure. She leads the team responsible for SDF’s legal affairs and the policy team that is focused on bridging the gap between the public and private sectors. Previously, Candace worked for Uber Technologies, Inc., where she helped navigate the company’s response to regulatory investigations and advised on safety, security, privacy, consumer protection, and law enforcement response. Prior to that she served for 17 years at the United States Department of Justice.

Carlos is a Research Analyst based in Guatemala covering Solana and DeFi applications. Carlos previously held a research role at 21Shares. Contact Carlos at carlos.campos@blockworks.co.

Carlos Mercado is a data scientist at Flipside Crypto, specializing in the convergence of data science, cryptocurrency, economics, and open-source research. His expertise spans the Ethereum ecosystem and over 20 other blockchains, where he leverages SQL, R, Python, and Solidity to develop innovative data models and analytics tools. Carlos's notable contributions include the creation of the True Freeze DeFi primitive and leading the production of the 2023 Crypto Users Report, generating significant industry impact. Prior to Flipside, he applied his skills in AI strategy and product development at Guidehouse and offered data science consulting services.


Casey Wagner is a senior reporter on the scoops and investigations team, based in New York. Casey covers crypto regulation, markets and central banks. Prior to joining Blockworks, she reported on macroeconomics at Bloomberg News. She graduated from the University of Virginia with a degree in Media Studies. Contact Casey or send her tips via email at casey@blockworks.co


Charles Hoskinson is a Colorado-based technology entrepreneur and mathematician. He attended Metropolitan State University of Denver and University of Colorado Boulder to study analytic number theory before moving into cryptography through industry exposure.

His professional experience includes founding three cryptocurrency-related start-ups – Invictus Innovations, Ethereum and IOHK – and he has held a variety of posts in both the public and private sectors. He was the founding chairman of the Bitcoin Foundation’s education committee and established the Cryptocurrency Research Group in 2013.

His current projects focus on educating people about cryptocurrency, being an evangelist for decentralization and making cryptographic tools easier to use for the mainstream. This includes leading the research, design and development of Cardano, a third-generation cryptocurrency that launched in September 2017.

Chris Barrett serves as the Director of Communications at Chainlink Labs and has been involved with Chainlink since 2017. Chainlink is the only on-chain data and cross-chain platform that enables financial institutions to develop customized, flexible, compliant, and future-proof blockchain applications and tokenized assets. Before this role, he founded a leading PR agency for technology startups, where he worked with over 1,000 innovative companies. Chris is also an avid runner, having maintained a streak of running for over five consecutive years. 

Chris Brooks founded CryptoAssetRecovery.com in 2017 to help digital asset owners recover lost assets. Chris was a programmer at Fidelity Investments, VP of Technology at venture-backed Carescout (which sold to GenWorth, a spinoff of General Electric) and has founded and sold three bootstrapped internet companies. 

Chris Swenor is a seasoned entrepreneur and blockchain pioneer with a 20-year career that kicked off as a self-taught programmer at age 13. He swiftly moved from corporate roles into startups, leading several to successful acquisitions. Chris started venturing into blockchain and cryptocurrency in 2013, founding Reach in 2019, a platform that has since attracted over $13M in funding and onboarded more than 8,000 developers.

In recent years, Chris founded Humble, a decentralized exchange on Algorand, and Alloy, a blockchain gaming platform acquired in 2023. He is currently working on Voi Network, a layer 1 blockchain empowering its community with user-centric governance and economics. 

Christopher Perkins is President of CoinFund, a web3 focused Registered Investment Advisor.  He is also a member of the CFTC’s Global Markets Advisory Committee and its Digital Asset Markets Subcommittee.

Ciarán Murray is a seasoned veteran of the blockchain industry. Aside from advising on numerous blockchain projects over the years, and releasing a synthetics assets proof-of-concept last year, Ciarán previously worked in the media industry for British Sky Broadcasting. He is not only well placed to understand the issues facing the media industry but also how to apply blockchain and other distributed technologies to remedy them.

Da Hongfei is the founder of Neo, an open-source, community-driven blockchain platform designed to welcome developers into the Smart Economy. Hongfei operates as CEO of Neo Global Development (NGD), the executive arm of the Neo Foundation that is committed to developing the Neo protocol and its supporting ecosystem. He is seen as a luminary in the Web3 space and as a blockchain pioneer in Asia. Hongfei received his education at the South China University of Technology, receiving degrees in technology and English.

Damian Alvarez is a communications professional helping Web3 clients get their stories heard. He is currently the Head of Communications at Aori, an omni-chain logic layer that leverages off-chain data storage to enable high-frequency on-chain trading. He has worked at agencies such as Edelman and YAP Global to assist a variety of emerging and established clients to engage in industry-wide narratives surrounding technology. He may be contacted at damian@aori.io.

Dan Keeler is Editor-in-Chief at Blockworks. Prior to joining Blockworks, he was Frontier Markets Editor at the Wall Street Journal where he managed the Journal’s coverage of smaller emerging markets as well as created a number of high-profile events and a highly regarded newsletter. Before joining the WSJ, he was the Editor of Global Finance magazine. He is also the founder of New York’s FM Network, a group that hosts gatherings of finance professionals focused on smaller emerging markets.

Contact Dan via email at dan@blockworks.co

Dan Smith is a Senior Research Analyst based in the United States covering Curve, Convex, Aave, and Compound. Daniel previously worked in tax and valuation at EY and Bennett Thrasher. He is focused on using data visualization tools to better understand the health and profitability of various DeFi protocols. Contact Dan at daniel@blockworks.co

Daniel Batten is a ClimateTech investor, Bitcoin environmental impact analyst, CEO advisor and author. He is most widely known for his data-driven approach to Bitcoin mining research.


Daniel Cawrey has been involved full-time in the crypto space since 2013, including as an editor at CoinDesk. He is author of 2020’s “Mastering Blockchain” and 2023’s “Understanding Crypto” books, both available on Amazon.

Daranee Ganesh is Blockworks' editorial operations manager based in New Mexico. Prior to Blockworks, Daranee worked on several legal and non-profit projects aimed at integrating decentralized solutions in the social justice framework, specifically within immigration and environmental law. Contact Daranee at daranee@blockworks.co.

Darren Kleine is an Alberta-based reporter covering podcast content at Blockworks. Previously reporting for Cointelegraph, he wrote feature content and a weekly series focused on the personal stories of influential figures in the Web3 space. He has been an active participant in the NFT art scene since 2020, creating works on curated platforms including SuperRare and KnownOrigin and hosting an NFT art-focused podcast called NFP with DKleine. Contact Darren Kleine at darren@blockworks.co.

David is an Editor based in the Netherlands focused on data-driven journalism. Previously, he wrote for TheNextWeb's crypto vertical before launching Protos in 2021. He's a reformed hardline Bitcoiner passionate about permissionless and decentralized networks. Contact David at david@blockworks.co

David Schwed serves as the Chief Operating Officer at Halborn, an elite blockchain security firm. Prior to Halborn, he was the Global Head of Digital Assets Technology at BNY Mellon, the world's biggest custodian bank, where he integrated the IT strategy for the company's digital asset services. David was also CISO for Galaxy Digital, where he led the development of information security and IT infrastructure, and served as a risk committee advisor, evaluating emerging threats in financial services. He also founded the Cybersecurity Master's Program at Yeshiva University’s Katz School of Science and Health, sharing his expertise as a practitioner-in-residence.


Delphine Forma is the policy lead for Europe &amp; UK at Solidus Labs, a leading market compliance and market integrity firm in digital assets. With a career spanning roles in major banks and blockchain ventures, she brings extensive experience in compliance and legal across sectors. She is the founder of the crypto compliance and legal TG group with 1,400 members. A Sciences Po Lyon alumna, Delphine also holds advanced degrees in European Criminal Business Law and anti-money laundering.

Denelle Dixon is the CEO and Executive Director of the Stellar Development Foundation (SDF), a non-profit organization focused on working with and supporting changemakers to create equitable access to the global financial system through blockchain technology. She leads the teams that help maintain Stellar's codebase, support the communities around Stellar, and advocate on behalf of the network with international stakeholders. Before joining Stellar, Dixon served as COO of Mozilla, one of the most successful mission-driven open-source organizations.. During her tenure at Mozilla, she led the organization’s business, revenue and policy teams including the ongoing fight for net neutrality and the global effort to ensure that people can control their personal data.

Dermot O’Riordan serves as a Director at the POKT Network Foundation where he helps steer product development and strategy. From Ireland to Silicon Valley, Dermot’s career ranged from advising tech companies and VC firms to leading marquee industry events. His interest in Web3 was sparked in 2016 with the rise of DAOs, leading him to dive deeper into the blockchain space, where he served as an advisor to projects like Radix and Dusk, and later, spearheading growth at Eden Block.

Donovan is a reporter based in Singapore and the author of the Lightspeed newsletter. He previously worked in editorial at Bankless and is a huge fan of spaghetti Westerns and the Wu-Tang Clan. Contact Donovan at donovan@blockworks.co.

Elena leads product marketing at Hiro Systems, a developer tooling company bringing smart contracts to Bitcoin. She has spent the past six years working in blockchain and cryptocurrency startups. Elena co-founded Blockchain Latinx, an online community that explores what blockchain means for Latinos and for Latin America. She has an MBA from NYU Stern School of Business.

Eli Cohen is a corporate lawyer with 25+ years of experience in commercial transactions, financial services and regulatory matters and has worked in Asia, Europe and the United States. He is the General Counsel for Centrifuge, a real-world asset (RWA) tokenization and securitization platform and Chief Compliance Officer for Anemoy Capital SPC Limited a British Virgin Islands fund company issuer of the tokenized Anemoy Liquid Treasury Fund 1. He is a graduate of the Georgetown University Law Center, has a Masters in International Relations from the University of Pennsylvania and a Bachelor of Arts from the University of Michigan, Ann Arbor.

Eli Zeger writes about democracy and its relationship with technology. His work has been published in the Boston Review, Noema Magazine, Strange Matters, Zora Zine, among numerous other publications.

Elliot is the Head of Climate Strategy at Sustainable Bitcoin Protocol, where he is helping unlock Bitcoin's clean energy potential by bridging sustainable miners and climate-conscious investors. In his role at Sustainable Bitcoin Protocol, Elliot educates policymakers and NGOs on Bitcoin’s relationship with the energy system. He is a climatetech operator focused on alleviating energy poverty, bridging the digital divide, and promoting financial inclusion through technologies such as Bitcoin. Elliot was previously a Schwarzman Scholar and has served in the military, US Department of Energy, Clinton Foundation, and more. 

Evan Thomas is General Counsel for Alluvial, a software development company supporting the Liquid Collective liquid staking protocol. He was previously at Wealthsimple, Canada’s largest consumer fintech, where he was Head of Legal for Wealthsimple’s crypto trading platform. While at Wealthsimple, Evan helped launch Canada’s first regulated staking product. Before Wealthsimple, Evan was a litigator at Osler, Hoskin &amp; Harcourt LLP for nearly 15 years. Among other notable cases, Evan was hearing counsel to 3iQ Corp. in its appeal securing regulatory approval for Canada’s first publicly traded bitcoin fund in 2019.

Felix Jauvin is the host of the On the Margin podcast. Based in British Columbia, Canada, he lives and breathes where crypto and macroeconomics intersect.

Felix Xu, crypto geek, early adopter, and NFT collector. Felix graduated from NYU Stern and founded two crypto projects, ARPA and Bella Protocol, among the global top 500 by market cap. Felix previously worked at Fosun Investment, Sackler family office, and Vertical Research in New York and Beijing. Felix loves sailing, kitesurfing and was featured in the Wall Street Journal and The New York Times for his NFT collection.

Frank has a diverse career that spans creative writing, day trading, and a 12-year stint in financial planning. After experimenting with blockchain and being an early adapter to the Solana ecosystem, Mathis co-founded GenesysGo in 2021 to create a faster, more reliable and more secure decentralized data storage protocol. Their flagship product, shdwDrive is built on Solana and aims to bridge the gap between blockchain technology and traditional business infrastructure. GenesysGo is powered by a new type of decentralized data storage consensus mechanism, built from the ground up by the GenesysGo team.

Fraser is co-founder &amp; CTO of Cubist and an Assistant Professor at Carnegie Mellon University. She is an expert in software correctness: her research focuses on systems security, automated bug finding, and formal verification, from verifying (parts of) production systems like browser JITs, to finding exploitable bugs in real codebases. Her tools have found many zero-day bountied bugs and CVEs in the Chrome and Firefox browsers and multiple operating systems. Fraser received her BA in English and her MS and PhD in Computer Science from Stanford.


Garrett Harper is the producer for the Empire podcast. Garrett worked in private equity and product management before jumping into crypto full-time in 2021. His favorite thing about crypto? It conflates art, gaming, finance, software, and psychology into one hyper-growth industry.

Gijs op de Weegh is the CEO and Founder of StablR, where he leads the strategy, business operations, and investor relations. He founded StablR out of his passion for implementing blockchain technology in the financial industry and exploring its possibilities. Before founding StablR, Gijs co-founded Payvision, an e-commerce payment service provider, in 2002. Under his leadership, Payvision grew to over 300 employees and achieved a turnover exceeding €4 billion.

Gísli Kristjánsson is co-founder and CTO of Monerium, the first company to issue fiat onchain. He fell in love with programming at the age of 13. After working as a bonds broker, Gísli saw the inefficiencies of securities settlements firsthand and recognized the potential of Bitcoin. Prior to co-founding Monerium in 2015, Gísli founded and sold a platform to give users access to geo-blocked content. Fun fact: Gísli’s Ethereum address is among the 1% of the oldest addresses.

Haden Patrick is Director of Business Operations of Cordial Systems, a provider of institutional-grade self custody software using a Zero Trust security model.  Haden has executive experience in team leadership, engineering and education originating from his 24 year career as a Naval Officer. After co-founding SoloKeys, the first open-source security key company, he went on to manage projects connecting web3 to traditional finance at a cryptocurrency trading firm before joining Cordial Systems.

Hadley Stern, Advisor to MPCH, has extensive experience in leadership roles within TradFi and digital asset industries. As Global Head of Custody at the Bank of New York Mellon (BNYM) from 2021 to 2023, Hadley spearheaded the creation of the industry’s first bank-grade crypto-custody platform. Hadley also previously served as Chief Operating Officer at Bloq where he was responsible for the P&amp;L, product roadmap, and general operations. Hadley was Founding President of Fidelity Digital Asset Services where he led Fidelity's Blockchain Incubator and Digital Currency group and was pivotal in early product launches, including activating Bitcoin donations to Fidelity Charitable and building and running Fidelity first Bitcoin mining Operation.



Hannah Finnerty is Blockworks' head of media ops and is based in the US. Hannah previously worked in podcast production for The National in Abu Dhabi. She graduated from Bowling Green State University with a degree in multiplatform journalism and Middle Eastern politics. Contact Hannah at hannah@blockworks.co.

Hatu Sheikh is the co-founder and CMO of DAO Maker, the largest on-chain funding platform with 1.5M+ users. The platform's contracts have distributed over $600M, with a cumulative return of around 10x. Hatu has a strong background in marketing and strategy and has played a pivotal role in driving the success of various blockchain-based projects and tokens, crafting effective marketing strategies, and forging powerful synergies within the industry.

Harry Duckworth, a law graduate, embarked on a unique journey that led him to become the youngest trader at global commodities giant Trafigura. He then went on to set up desks for several hedge funds worldwide, accumulating over a decade of experience in trading, hedge funds, and emergent technologies. 

Through his work, he became fascinated by the revolutionary power of blockchain tech soon after the inception of Bitcoin. Years later he founded AgriDex International, to provide digital marketplaces and supply chain information for all participants in the global food chain. 

Hind Kurhan is a Co-Founder of Thesis Defense, a decentralized technology security auditing company whose mission is the facilitation of broad adoption of decentralized technology by improving security and audit consistency throughout the blockchain sphere.


Ian Rogers is the Chief Experience Officer at Ledger, leading the consumer-facing business delivering the world’s #1 way to buy and secure cryptocurrency.  Prior, Ian was the Chief Digital Officer at LVMH for five transformative years, working with a portfolio of nearly one hundred brands across luxury including Louis Vuitton, Dior, Sephora, and Hennessy.  Ian also sits on the boards of Dr Marten’s and Lyst.

Ian spent twenty years bringing digital music to the mainstream, first with Winamp then Yahoo!, Beats, and Apple.  Ian contributed to the 2015 launch of Apple Music including Beats 1, their digital streaming channel. Ian graduated with a Bachelor of Arts in Computer Science (with honors, Phi Beta Kappa) from Indiana University in 1994.  Ian built some of the earliest music-related Web sites in the early 90s and has been working with Beastie Boys since 1993.

Igor Telyatnikov is the CEO and co-founder of the blockchain and financial services technology company AlphaPoint. Headquartered in New York, AlphaPoint supports over 10 million users, powering marketplaces and wallets in over 35 countries. With 15 years of experience in tech and innovation, Igor has empowered over 150 clients, including CME Group and Scotiabank. In 2022, he partnered with the Government of El Salvador to upgrade its Chivo Wallet into a national Bitcoin and dollar wallet, creating the first nationalized crypto ecosystem. Igor previously held roles at Cvetlo, LiftDNA, and Ingersoll Rand/Allegion, and has a Bachelor’s degree in Business Marketing from Penn State University. He is a frequent speaker at industry events.

Ishan is a University of Texas McCombs School of Business graduate with a BBA in Finance &amp; Marketing. He founded and managed a Private Equity Fund that reached an eight-figure Assets Under Management (AUM) and has also gained experience with many top 200 projects of crypto market cap. In 2022, he helped found SCRIB3, a Web3 Marketing and PR venture. He was notably among the first to raise an alert about potential deceptive and unethical business practices by FTX. Ishan contributes as a DeFi analyst, an active angel investor, and an advisor in projects like Polygon Technologies.

Jack Kubinec is a New York-based reporter and podcast host. He focuses on scoops and investigations at the intersection of money and power in crypto. In 2024, he was awarded Best Impact by a New Journalist by the Association of Cryptocurrency Journalists and Researchers. Jack can be reached for tips (not pitches) at jackkubinec.23 on Signal and jackkubinec@proton.me.













Jag is the CEO and co-founder of re.al, an L2 build to facilitate deep onchain liquidity for tokenized RWAs. re.al seeks to redefine how RWAs are integrated into DeFi, using yield-generating real-world assets as novel building blocks in existing DeFi primitives.

James Cirrone is a breaking news reporter based in New York. Prior to joining Blockworks, James was a reporter and newsletter writer at Bloomberg News. He graduated from the University of Maryland with a degree in journalism. He also played trumpet in the university’s marching band. Contact James via email at james.cirrone@blockworks.co.

Jason Allegrante is the Chief Legal and Compliance Officer at Fireblocks. He is an experienced Counsel with a demonstrated history of working in the financial services industry with both large, traditional financial institutions as well as early stage fintech startups.



Jason Dehni is the co-founder and group CEO of Credbull, a leading DeFi platform offering structured high fixed yield solutions in SME private credit. Jason has over 25 years of senior management experience in asset management, private banking, SME lending, insurance, risk management, and crypto across North America, Latin America, Asia, and the Middle East. His background includes serving as group COO &amp; MENA CEO of a publicly traded crypto asset management company, co-founder &amp; CEO of an SME trade finance platform, and senior leadership roles in asset management, wealth management,  insurance, and management consulting. Jason holds an MBA from Harvard Business School and an Honours BA in Economics &amp; Political Science from the University of Toronto. 

Jean-Marie Mognetti is Chief Executive Officer of CoinShares, a publicly listed investment firm that manages over five billion in digital assets on behalf of a global investor base, and an experienced commodities trader with a background in quantitative strategies. A veteran of the Global Advisors group of companies since 2011, Jean-Marie has served in various leadership roles throughout his tenure, most recently as CEO of Global Advisors (Jersey) Limited and director of GABI, the world’s first regulated Bitcoin fund. In addition to his management responsibilities as CEO, Jean-Marie oversees the firm’s proprietary trading arm, capital markets portfolio, and risk management practices – areas in which he has developed unique expertise over his career. Prior to joining Global Advisors, Jean-Marie was a quantitative strategist with Hermes Commodities Fund Managers, and an Energy Trader Assistant at Lehman Brothers. He holds Master of Science degrees in Mathematical Trading and Finance from Sir John Cass Business School in London, and Bank-Finance-Insurance from Université Paris Dauphine in Paris, in addition to a Bachelor of Science degree in Economics and Finance from Université Paris Dauphine.

Jeff is an editor at Blockworks, based in the United States. He has been a part of the blockchain space for nearly 15 years. His areas of focus include empowering artists and creators through technology, using proof-of-participation methods to reward self-improvement, reducing the effectiveness of Sybil attacks, seeking transparent equity for disadvantaged communities and exploring fairer models of world governance. Contact Jeff at Jeffrey@blockworks.co.


Jesper Johansen is the founder and CEO of NORTHSTAKE, a regulated custodial staking company specialized in building regulatory compliant crypto staking products for institutional investors and financial institutions. The team holds backgrounds from financial institutions, pension funds, large investment companies to consulting, technology and audit firms, such as Accenture, Deloitte, PwC as well as blockchain and crypto projects e.g. DAI Foundation (MakerDao), Ethereum and L1/L2s. 

Prior to NORTHSTAKE, Jesper held leadership positions with Accenture Strategy and Deloitte Consulting advising clients in heavily regulated industries to implement new technologies and drive business transformation. He holds a MBA from Copenhagen Business School and a B.Sc. in International Business. 

Jess is the CEO of Reown, the onchain UX platform and builders of the WalletConnect Network. Previously she led Crypto at Checkout.com, a global fintech company. Jess was also a member of the Bank of England CBDC Engagement Forum and a member of UK Finance New Digital Money Steering Group, Innovate Finance Fintech Strategy Group and Department for International Trade Fintech Group.

Jess Sun is an independent writer and content strategist. She loves bringing good ideas to light, helping the people behind them shine, and bridging gaps in understanding. Follow her on Twitter or LinkedIn. Go to her website to learn about working with her.

Jesse Knutson is the head of operations at Bitfinex Securities, where he is responsible for expanding the platform’s issuance pipeline, overseeing distribution and building its user base while ensuring compliance with regulatory standards. Prior to this role, Knutson served as vice president of financial products at Blockstream, and held roles at prominent investment banks including Macquarie Group and Barclays.

Jim Myers is an engineer, early-stage investor, and the CTO &amp; Co-Founder of Flipside Crypto, a leading blockchain data analytics and business intelligence platform. Prior to co-founding Flipside, Jim developed the core technology that took products from 0 to 1 at companies such as Mylestone, Pluralsight, and Smarterer. Jim’s journey into the crypto industry began in 2015, eventually co-founding Flipside Crypto in 2017 to help empower crypto communities to create and share data-driven insights on the projects they care most about. Jim's passion for building extends to the broader startup community via his developer event series, Stack Dive, and as an angel investor to several local Boston-area startups, including AdHawk and LinkSquares. In a previous life, Jim developed advanced models to quantify risk and abnormal returns in the market for Financial Transmission Rights, a type of energy derivative.

Sam Schubert

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/0xresearch" target="_blank" rel="noreferrer noopener">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



As the holiday week wraps up, the spotlight has shifted to fundamental valuation concerns. Monad’s mainnet launch, L1/L2 valuation debates, and new details around Berachain’s refund terms are driving most of the conversation. We also cover this week’s top reads and the key takeaways from Monday’s 0xResearch livestream to keep you plugged in.



<h2 class="wp-block-heading">Weekend Reading</h2>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1174" height="742" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-161.png?w=1024&amp;h=1024" alt="" class="wp-image-110148" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-161.png?w=1174 1174w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-161.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-161.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-161.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-161.png?w=407 407w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-161.png?w=413 413w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-161.png?w=347 347w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-161.png?w=80 80w" sizes="auto, (max-width: 1174px) 100vw, 1174px" /></figure>



<a href="https://x.com/santiagoroel/status/1992963918768054331">Crypto Is Priced for Network Effects It Does Not Have</a>



Santiago argues that crypto already trades as if it has Facebook-level network effects, with non-BTC crypto at a roughly $1 trillion market cap. This implies about $2,500 per broad user, $9,000 per active user and $23,000 per monthly onchain user, despite much weaker monetization and retention. He shows L1s are around 90% of market cap but their fee share has fallen from roughly 60% to 12% as DeFi and other apps capture most fees on a small share of value. That shift suggests real network effects sit in forkable aggregation layers rather than bases, and that while Ethereum and Solana are building stronger flywheels, the asset class is already priced for an internet scale settlement role it has not yet earned.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="640" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-163.png?w=1024&amp;h=1024" alt="" class="wp-image-110150" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-163.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-163.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-163.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-163.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-163.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-163.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-163.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-163.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-163.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



 <a href="https://4pillars.io/en/issues/to-see-tethers-future-look-at-its-investments">To See Tether’s Future, Look at Its Investments</a> 



Four Pillars reviewed several Tether investments to argue that USDT’s relentless growth and $135 billion Treasury portfolio shows Tether is building a digital financial empire. In capitalizing on MiCA friendly issuers in Europe, on- and off-ramps and wallets in several countries, and bets on BTC backed lending, bitcoin mining and gold royalties, Tether is stitching together global rails for USDT that serve both retail users and institutions. The piece concludes that instead of being weakened by regulation, Tether is becoming a too-big-to-fail onchain extension of the dollar system, with bitcoin and gold as strategic reserves. 



<img loading="lazy" decoding="async" src="blob:https://cms.blockworks.co/970f1aab-81ab-4918-b6e1-cd6912273413" width="372" height="209"> <a href="https://coinmetrics.substack.com/p/state-of-the-network-issue-338">Zcash’s breakout and the revival of onchain privacy</a>



Coin Metrics’ State of the Network argues that ZEC’s nearly 10x rally since October is a repricing of onchain privacy. Shielded supply has climbed to 4.9 million ZEC, or about 30% of circulating supply — up from 11% at the start of 2025. It highlights how the Orchard shielded pool, unified address wallets like Zashi and crosschain rails (such as NEAR Intents) have lowered friction for partially shielded flows, even as fully shielded transfers remain a small share of activity. The report also frames Zcash as a bitcoin-like, 21 million cap asset whose improving UX, faster proofs and growing anonymity set are finally being recognized by the market.



<img loading="lazy" decoding="async" src="blob:https://cms.blockworks.co/751adf3c-161b-4b9e-8763-41fed8bb09c9" width="544" height="217"> <a href="https://x.com/PineAnalytics/status/1992378885288194309">Understanding SIMD-0411</a>



Pine Analytics walks through Solana’s SIMD-0411 proposal, which doubles the disinflation rate from 15% to 30% so that inflation reaches the 1.5% terminal level in about three years instead of six. The proposal roughly cuts 22 million SOL of emissions, or about $3 billion at current prices. The piece contrasts this minimal parameter tweak with the more complex SIMD-0228 idea, arguing that a deterministic schedule is easier to model, govern and explain. It notes that slightly lower staking yields and pressure on weaker validators are worth the trade for less dilution, better capital efficiency and a stronger long-term monetary profile for SOL.



<h2 class="wp-block-heading">Monad Mainnet, L1 Valuations, and Berachain News</h2>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1280" height="720" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-162.png?w=1024&amp;h=1024" alt="" class="wp-image-110149" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-162.png?w=1280 1280w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-162.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-162.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-162.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-162.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-162.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-162.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-162.png?w=80 80w" sizes="auto, (max-width: 1280px) 100vw, 1280px" /></figure>



Takeaways from Monday’s 0xResearch livestream:&nbsp;



<ul class="wp-block-list">
<li>Monad mainnet launch: The hosts highlight a few early apps, but TVL is tiny, with day one typically representing a gap between huge expectations and limited initial utility until incentives and more products arrive. </li>



<li>ICO pricing and perps: The panelists discuss Monad’s Coinbase sale priced around a $2.5 billion FDV, while MegaETH still trades near $3.5 billion pre-TGE and is expected to reprice once spot liquidity appears. </li>



<li>Throughput vs. value: The discussion highlights new L1s like Monad and MegaETH promising higher TPS, yet the hosts argue raw speed alone no longer justifies multi-billion valuations without clear economic activity and value capture. </li>



<li>Who captures fees: The group notes Solana has seen more ZEC spot volumes than Hyperliquid, but Hyperliquid likely earns more per unit of trading activity because it owns the orderbook, which shows why chains need canonical revenue apps. </li>



<li>Neutral infra or app owner: The group prefers models where chains also ship their own DEX, lending and stablecoin rails, pointing to Berachain’s stack as directionally right and questioning why many L1s let external apps take most of the economics. </li>



<li>Berachain refund scoop: Reports that Brevan Howard’s Nova fund had a post-TGE refund on a $25 million allocation is being called highly unusual, raising MFN questions for other investors and highlighting how some funds face limited downside. </li>



<li>L1 tokens and launch design: James Christoph argues most new L1 tokens still trade on narratives and flows, that very few will reach Ethereum or Solana style valuations, and that future launches need lower FDV, broader public float and earlier onchain price discovery if they want anything other than down-only charts.</li>
</ul>



Look for the full podcast on <a href="https://www.youtube.com/watch?v=feFxJmFnpu0">YouTube</a>, <a href="https://spoti.fi/3NlP1hA">Spotify</a>, <a href="https://apple.co/3SNhUEt">Apple Podcasts</a> and <a href="https://x.com/0xResearch/status/1992987496230047899">X</a>.



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<ul class="wp-block-list">
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<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>
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0xResearch Newsletter

New chains, old problems

Kunal Doshi

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/0xresearch" target="_blank" rel="noreferrer noopener">subscribe</a>.



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Happy Thanksgiving, everyone! Prediction markets are exploding with record volumes, billion dollar raises and new players shaking up the landscape. At the same time, Neutrl is opening up one of the strongest and least talked about yield opportunities in crypto, and early numbers are already turning heads. Plenty to be thankful for in the middle of this market chop.



<h2 class="wp-block-heading">Market Update</h2>



Since my last update on prediction markets, the space has only gotten more competitive. New entrants want a slice of the rapidly growing pie, and the race for dominance now feels like a full-blown fundraising arms race. Kalshi’s valuation jumped to $11 billion after <a href="https://techcrunch.com/2025/11/20/source-kalshis-valuation-jumps-to-11b-after-raising-massive-1b-round/">announcing</a> a $1 billion round, following the NYSE’s $2 billion <a href="https://pitchbook.com/news/articles/polymarket-lands-2b-from-nyses-parent-company-as-prediction-markets-go-mainstream">investment</a> in Polymarket at a $9 billion valuation. Polymarket is already in <a href="https://www.coindesk.com/business/2025/10/23/polymarket-seeks-investment-at-valuation-of-usd12b-usd15b-bloomberg">early conversations</a> to raise at a $12 billion to $15 billion valuation, suggesting that the market is heating up faster than expected.



On the activity side, weekly volumes have broken past previous all-time highs, hitting $3.68 billion two weeks ago, which is 2.4x above last year’s election peak. A major reason for this surge is a new entrant called Opinion Labs. Backed by investors like YZi Labs, the platform is already doing close to one third of total volumes across prediction markets.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="803" height="470" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-156.png" alt="" class="wp-image-110138" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-156.png?w=803 803w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-156.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-156.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-156.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-156.png?w=446 446w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-156.png?w=374 374w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-156.png?w=80 80w" sizes="auto, (max-width: 803px) 100vw, 803px" /></figure>



However, most of this growth appears to be farming-driven. Opinion Labs is running a points program, and the data quickly shows it. One market alone, titled <a href="https://app.opinion.trade/detail?topicId=1274">Will Satoshi move any Bitcoin in 2025</a>, has done $1.28 billion in volume, which accounts for 32% of its <a href="https://dune.com/queries/6047958/9725367">total notional volume</a>. It is not the type of market one would expect to generate that level of activity organically. Despite the volume surge, Opinion Labs only represents 14% of total open interest, another sign of inorganic participation.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="803" height="471" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-159.png" alt="" class="wp-image-110141" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-159.png?w=803 803w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-159.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-159.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-159.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-159.png?w=445 445w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-159.png?w=373 373w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-159.png?w=80 80w" sizes="auto, (max-width: 803px) 100vw, 803px" /></figure>



Looking across categories, Polymarket has a more balanced distribution with Sports, Crypto, and Politics making up 38%, 28%, and 17%, respectively, of last week’s volumes.&nbsp;



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="802" height="468" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-157.png" alt="" class="wp-image-110139" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-157.png?w=802 802w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-157.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-157.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-157.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-157.png?w=447 447w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-157.png?w=375 375w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-157.png?w=80 80w" sizes="auto, (max-width: 802px) 100vw, 802px" /></figure>



On Kalshi, Sports is the clear story, with 85.5% of weekly volumes coming from that category. Regardless of platform, it is now undeniable that Sports is becoming the primary driver of prediction market growth.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="801" height="468" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-158.png" alt="" class="wp-image-110143" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-158.png?w=801 801w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-158.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-158.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-158.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-158.png?w=447 447w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-158.png?w=375 375w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-158.png?w=80 80w" sizes="auto, (max-width: 801px) 100vw, 801px" /></figure>



One protocol well positioned to benefit from this trend is Sire, which we covered in a <a href="https://app.blockworksresearch.com/research/sire-and-score-where-ai-meets-prediction-markets">research piece</a> recently. Sire functions as an onchain sports betting hedge fund that captures inefficiencies in sports odds. It does this by using Score Subnet’s AI models that extract alpha directly from gameplay footage. In the last 32 days, the agent has executed <a href="https://x.com/Kunallegendd/status/1992942075189588425?s=20">$267,700</a> in volume on an initial vault size of $500,000, with an average win rate of <a href="https://x.com/Kunallegendd/status/1992942075189588425?s=20">58%</a> and weekly returns on traded volume near <a href="https://x.com/Kunallegendd/status/1992942075189588425?s=20">10%</a>.



What is clear is that this market is just getting started. With FanDuel <a href="https://press.fanduel.com/press-releases/fanduel-and-cme-group-unveil-new-prediction-markets-platform-to-launch-in-december">preparing</a> to launch its own prediction product, the next phase will reveal whether this becomes a winner-take-all environment or whether different platforms carve out their own niches in Sports, Crypto and beyond.



<h2 class="wp-block-heading">How Neutrl is cracking open the OTC market</h2>



Amid the ups and downs of the market, innovative protocols continue to emerge, and one that has stood out to me recently is <a href="https://www.neutrl.fi/">Neutrl</a>. It introduced NUSD, a synthetic dollar built on top of OTC arbitrage, funding rate inefficiencies and market neutral strategies. These sources of yield usually sit behind OTC desks or require constant hands-on management, but Neutrl wraps them into a product that everyday users can access.



Around 20% of deposits are deployed into hedged OTC positions. Neutrl acquires discounted locked tokens from early investors, foundations or teams, then hedges them in perps markets to capture the spread. Discounts vary depending on the lockup period, and can reach well above 50%.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1280" height="805" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image.jpeg?w=1024&amp;h=1024" alt="" class="wp-image-110140" style="width:728px;height:auto" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image.jpeg?w=1280 1280w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image.jpeg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image.jpeg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image.jpeg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image.jpeg?w=409 409w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image.jpeg?w=415 415w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image.jpeg?w=348 348w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image.jpeg?w=80 80w" sizes="auto, (max-width: 1280px) 100vw, 1280px" /></figure>



This strategy benefits from the supply overhang in crypto markets and performs best in bearish periods when locked token holders under pressure are willing to accept deeper discounts just to access liquidity.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="1040" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-1.jpeg?w=1024&amp;h=1024" alt="" class="wp-image-110144" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-1.jpeg?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-1.jpeg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-1.jpeg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-1.jpeg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-1.jpeg?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-1.jpeg?w=395 395w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-1.jpeg?w=402 402w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-1.jpeg?w=337 337w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-1.jpeg?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: https://app.stix.co/listings</figcaption></figure>







60% of the portfolio runs delta neutral strategies similar to the ones popularized by Ethena. These strategies hold spot exposure while shorting perpetuals to collect funding payments and basis spreads. The remaining share of the portfolio is held in liquid reserves such as USDC, USDT and USDe, which supports redemptions and cushions volatility.



The strategy seems to be working. Based on Neutrl’s first epoch results, the effective APY sits at 16.58%, compared with <a href="https://app.ethena.fi/dashboards/market-data">5.12%</a> on sUSDe. The difference comes from the OTC component, where the unrealized APR on deployed capital currently sits at <a href="https://x.com/behrin/status/1991491863317213536?s=20">42%</a>. OTC yield is proving to be a powerful source of return, especially in an environment where buyers can negotiate steep discounts.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1600" height="1398" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-160.png?w=1024&amp;h=1024" alt="" class="wp-image-110142" style="width:550px;height:auto" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-160.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-160.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-160.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-160.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-160.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-160.png?w=294 294w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-160.png?w=299 299w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-160.png?w=251 251w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-160.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



The protocol launched on Plasma in October and the initial deposit cap of $50 million was filled in 20 minutes, which prompted the team to raise the cap by $25 million a few days after. Since removing the caps on Nov. 10, total <a href="https://app.neutrl.fi/metrics">deposits</a> now sit at $125 million. Beyond yield, depositors accumulate XPL incentives, Neutrl Points and UpShift points. With NUSD set to integrate with Pendle, speculation around point values could increase TVL further.



Neutrl benefits from a team with experience across both TradFi and DeFi, and it is backed by STIX, one of the largest OTC desks in the industry. That relationship likely gives Neutrl preferred access to locked token flow. Still, no strategy comes without risk. The main concern is the management of the short legs of these trades, especially in the event of auto deleveraging on perp platforms, which could leave the protocol with a naked long position. There is also the question of how scalable returns will remain as TVL grows.



Even with these uncertainties, Neutrl is one of the more compelling protocols I’ve come across in the last six months, and one worth keeping an eye on as it scales.



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Prediction markets surge to new highs as Neutrl unlocks hidden yield

Marc Arjoon

Boccaccio

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Markets bounced as December rate cut odds swung back above 80%, lifting BTC, equities and gold. In crypto, MegaETH, one of the industry’s more beloved projects, had a slight problem with its predeposit program yesterday.



<h2 class="wp-block-heading">Indices</h2>



Markets tilted risk-on in the latest session, with most major crypto-adjacent sectors posting gains even as BTC (-1.1%) softened slightly. Traditional benchmarks were steady as the S&amp;P 500 eked out a small move higher (+0.9%), while Gold (+0.7%) and the Nasdaq 100 (+0.5%) saw modest strength. Overall tone skewed constructive, led by thematic crypto sectors rather than broad-based flows.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="837" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-153.png?w=1024&amp;h=1024" alt="" class="wp-image-110128" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-153.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-153.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-153.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-153.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-153.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-153.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-153.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-153.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-153.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Crypto sector indices showed a clear rotation into high-beta themes. AI was the standout performer, ripping +6.3% on the day, followed by strong moves across RWA (+4.9%) and Crypto Miners (+4.4%). On the downside, Modular networks lagged sharply (-1.7%), followed by Meme (-1.3%) and High-FDV Low-Rev tokens (-1.0%), signaling selective risk-taking rather than a wholesale chase across the curve.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="833" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-155.png?w=1024&amp;h=1024" alt="" class="wp-image-110130" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-155.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-155.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-155.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-155.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-155.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-155.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-155.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-155.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-155.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



The moves fit a familiar narrative as investors gravitate toward sectors with strong storytelling momentum, such as AI, RWA, and miners (also AI), while trimming from overextended or lower-quality pockets of the market. With BTC drifting sideways and macro catalysts sparse, sector dispersion continues to dominate short-term performance.



<h2 class="wp-block-heading">Market Update: Klarna</h2>



Klarna announcing KlarnaUSD on <a href="https://blockworks.co/news/tempo-stripe-paradigm-planned-l1">Tempo</a> (the new Stripe/Paradigm payments chain) is a clean validation of the “stablecoin rail-replacement” trade that’s been building behind the scenes. With McKinsey pegging stablecoin settlement at <a href="https://www.mckinsey.com/industries/financial-services/our-insights/the-stable-door-opens-how-tokenized-cash-enables-next-gen-payments">$27 trillion</a> annually, the narrative is shifting from speculative infra to industrial-scale payments plumbing. Klarna’s 114 million users and $118 billion GMV aren’t crypto-native flow, but they’re exactly the kind of volume that can reshape onchain settlement curves once mainnet access opens. This initiative could help improve its weak stock performance by cutting payment costs and opening new revenue streams through faster, cheaper global transactions. It also signals innovation and business-model diversification, which may boost investor confidence after a period of poor market sentiment.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="900" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-154.png?w=1024&amp;h=1024" alt="" class="wp-image-110129" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-154.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-154.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-154.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-154.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-154.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-154.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-154.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-154.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-154.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Tempo’s positioning as a purpose-built payments L1 (low latency, predictable fees, Stripe-grade compliance rails) sets up a clear competitive lane vs. Solana/ETH L2s on consumer payments. A Stripe + Klarna distribution stack is a real threat — not only to crypto protocols, but to entities working on the $120 billion cross-border segment that Klarna is explicitly hunting. The interesting angle is that KlarnaUSD is built via Bridge’s Open Issuance, keeping issuance modular and likely multichain over time.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="900" height="506" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-150.png" alt="" class="wp-image-110125" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-150.png?w=900 900w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-150.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-150.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-150.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-150.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-150.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-150.png?w=80 80w" sizes="auto, (max-width: 900px) 100vw, 900px" /></figure>



For crypto markets, this reopens the “fintech-stablecoin adoption” trade that last peaked during PayPal’s PYUSD rollout. Watch for rotation into payment-aligned infra, high-throughput chains, issuer infra, compliance middleware and real-world settlement protocols. However, despite the institutional appetite, the regulatory overhang isn’t gone, as a bank-issued stablecoin hitting global distribution will likely trigger scrutiny in both the EU and the US. Either way, watch Tempo ecosystem assets and payment-rail narratives — Klarna just put real enterprise weight behind onchain settlement.



<h2 class="wp-block-heading">Oops</h2>



Yesterday, there was an unfortunate mistake with the MegaETH predeposit process. The predeposit launch failed at first due to an incorrect SaleUUID inside the predeposit contract, which blocked all transactions until a multisig update was executed. Once fixed, Sonar’s KYC service began rejecting traffic because of a misconfigured rate limit, leaving users unable to fund for about 23 minutes. When service resumed, the $250 million cap filled almost instantly from users who had been refreshing the site. The team planned to raise the cap to $1 billion in the next hour, but the transaction was executed about 30 minutes early by chud_eth.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="640" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-152.png?w=1024&amp;h=1024" alt="" class="wp-image-110127" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-152.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-152.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-152.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-152.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-152.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-152.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-152.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-152.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-152.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Once a Safe transaction has the required signatures, anyone can broadcast/execute it, including someone not on the multisig. Deposits surged again, and the team attempted to control inflows by lowering the cap to $400 million, then $500 million, with the latter taking effect and filling. Because KYC issues were still affecting users, the planned expansion to $1 billion was canceled. A withdrawal page is being prepared for those who want to remove funds.



Despite this unfortunate situation, MegaETH’s USDm experiment seems to have begun! For context, USDm is a partnership between MegaETH and Ethena, and represents Ethena’s first (popular) attempt at offering white-labelled stablecoins. USDm is MegaETH’s native/aligned stablecoin, where underlying Treasury bill yield generated by USDm is set to be used to subsidize gas costs and internalized as revenue.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1439" height="697" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-151.png?w=1024&amp;h=1024" alt="" class="wp-image-110126" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-151.png?w=1439 1439w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-151.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-151.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-151.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-151.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-151.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-151.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-151.png?w=80 80w" sizes="auto, (max-width: 1439px) 100vw, 1439px" /></figure>



Over the past day, MegaETH generated ~$55,000 in revenue off USDm, putting it in seventh place in terms of highest revenue-generating blockchains. Building out basic primitives on your own chain is a great way for chains to monetize more efficiently, as revenue through transaction fees has proven to be highly volatile and relatively low.



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Klarna steps into stablecoins

Carlos

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Markets bounced as December rate-cut odds swung back above 80%, lifting BTC, equities and gold.



Monad launched mainnet yesterday, but MON’s day-one listing on Solana and Hyperliquid was arguably the bigger story. Finally, we dive into Galaxy’s investment case, with GLXY allowing investors to express a bullish crypto view while also getting exposure to AI compute infrastructure demand.



<h2 class="wp-block-heading">Indices</h2>



Markets bounced on Monday as odds swung back toward a potential December rate cut. Bitcoin climbed as much as 2.73%, briefly pushing above $89,000 before closing the day at $88,200 (+1.72%). The standout performer, however, was the Nasdaq 100 (+2.22%), posting its strongest daily gain since mid-May. The S&amp;P 500 (+1.20%) also logged its best session in six weeks, while Gold (+1.75%) edged out BTC on the day, closing at its highest level since Nov. 14.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="894" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-144.png?w=1024&amp;h=1024" alt="" class="wp-image-110110" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-144.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-144.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-144.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-144.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-144.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-144.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-144.png?w=467 467w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-144.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-144.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



It seems markets have been hyperfocused on US rate developments over the past two weeks. Yesterday, Fed Governor Waller reiterated that the labor market’s weakness could justify a 25 bps cut in December. The latest dovish comments led to probabilities of a December rate cut rising above 80% on both Polymarket and the CME’s <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">FedWatch Tool</a>.



The chart below shows Polymarket’s odds for the Fed decision in December. Over the past two weeks, odds have swung sharply between a 25 bps cut and no change, underscoring the challenge the market faces in pricing near-term rates in the absence of economic data after the longest US government shutdown recorded.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="900" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-145.png?w=1024&amp;h=1024" alt="" class="wp-image-110111" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-145.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-145.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-145.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-145.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-145.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-145.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-145.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-145.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-145.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Back on the crypto side, most indices outperformed BTC, catching a bid after a tough month for risk assets. The best-performing index was Crypto Miners (+8.4%), with Cleanspark (CLSK) up more than 10% after JP Morgan raised its guidance for the company. Notably, the No Revenue index (+7.9%) was the second-best performer in the cohort, suggesting that investors’ risk appetite may be increasing as macro concerns ease.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="904" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-143.png?w=1024&amp;h=1024" alt="" class="wp-image-110109" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-143.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-143.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-143.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-143.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-143.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-143.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-143.png?w=462 462w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-143.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-143.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



<h2 class="wp-block-heading">Market Update</h2>



Monad went live on mainnet yesterday, almost three years after the team <a href="https://blockworks.co/news/paradigm-leads-monad-parallel-evm-fundraise">first raised</a> in January 2023. <a href="https://app.blockworksresearch.com/research/monad_a-supercharged-evm-layer-1">Monad</a> represents a bold attempt to supercharge the EVM experience from the ground up, introducing a new consensus algorithm, a parallel execution engine, and a custom data architecture. The chain targets 10K+ TPS, 400ms blocks, and 800ms deterministic finality, though it remains to be seen how this fares in production.&nbsp;



While Monad’s architecture may be novel, the fact that it took so long to come to market means it now faces an uphill battle catching up to more mature networks like Solana or even L2s like Base in terms of ecosystem activity, DEX volumes, TVL, stablecoins in circulation and so on. The chart below shows the top applications on Monad by TVL, as of today. The four largest apps are well established players in the EVM ecosystem, with Uniswap v4 topping the cohort with $25 million in TVL.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="900" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-146.png?w=1024&amp;h=1024" alt="" class="wp-image-110112" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-146.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-146.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-146.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-146.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-146.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-146.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-146.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-146.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-146.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



The only “Monad-native” applications in the chart above are Kuru and Neverland.



<a href="https://kuru.io/">Kuru</a> is a DEX with a hybrid order book-AMM design. The platform also offers a DEX aggregator. Kuru hopes to take advantage of Monad’s speed and low fees to provide a venue for market makers to handle liquid assets, while also offering passive liquidity solutions to support long-tail assets. The team raised <a href="https://blog.kuru.io/p/kuru-labs-raises-2-million-seed-round">$2 million</a> in a seed round led by Electric Capital in July 2024.&nbsp;



Neverland is a lending protocol built on Aave v3’s architecture. Per DeFi Llama, the protocol has about $1 million in deposits and $420,000 in borrows. So far, Monad apps are not particularly exciting, but rather things we’ve already seen time and again in other ecosystems (DEXs, money markets, etc.). It will be interesting to monitor if truly innovative apps emerge on the chain over the coming months. Personally, I’m interested to see if<a href="https://x.com/ThogardPvP/status/1963379267871613138"> prop AMMs</a> will be able to thrive on Monad, or if they remain a Solana-only phenomenon.



Perhaps more exciting than Monad’s launch itself was the day-one listing of MON by Solana and Hyperliquid. While Hyperliquid has already supported other high profile launches on day one (e.g., PUMP, XPL, 2Z), it was the first time Solana users were able to trade a non-native asset at launch with relatively deep liquidity. The game changer that allows Solana to be competitive with CEXs and Hyperliquid on this front is prop AMMs combined with hardened bridge infrastructure (e.g. Wormhole).MON trading volumes on Solana have surpassed <a href="https://orb.helius.dev/address/CrAr4RRJMBVwRsZtT62pEhfA9H5utymC2mVx8e7FreP2/markets?cluster=mainnet-beta&amp;sort_by=volume24h&amp;sort_type=desc">$60 million</a> over the past 24 hours, roughly 60% more than Hyperliquid spot ($37 million). When stacked against CEXs, Solana would have been the fifth-largest venue by trading volume, only behind Upbit, Coinbase, Bybit and Bithumb. With xStocks, battle-tested bridge infrastructure and prop AMMs, there is no technical barrier preventing Solana from supporting every relevant asset. While it’s tempting to frame yesterday’s events as Hyperliquid vs. Solana (competition is good), the more important story is onchain, decentralized trading venues gradually outcompeting CEXs over the coming years.



<h2 class="wp-block-heading">Galaxy Digital ($GLXY) Investment Case&nbsp;</h2>



Galaxy Digital (“Galaxy”) is turning into one of the cleanest listed ways to own the institutional build out of crypto markets, while also getting exposure to AI compute infrastructure demand. Here we take a closer look at its business segments in light of the recent selloff. The market still mostly files it as a volatile trading shop, but the mix is shifting toward more durable revenue being at the center of institutional crypto flows and contracted infrastructure income, which should support a more stable earnings profile through the cycle.



Recent results show what the model can earn when conditions are favorable, with the latest quarter delivering about $505 million of net income against $3.2 billion of balance sheet equity. In Q3, earnings mix translated into about $250 million of EBITDA from Digital Assets and $376 million from Treasury and Corporate, with Data Centers still negligible. Investors are buying a scaling digital asset platform with significant crypto and equity holdings, and essentially a call option on AI infrastructure. Earnings will still swing with asset prices and volumes, but the fact that Q3 2025 nearly matches full year 2024’s net income underlines Galaxy’s earnings leverage to a growing digital asset market. <img loading="lazy" decoding="async" src="blob:https://cms.blockworks.co/ce4295fc-6c7b-4ce6-bb87-7b53f1822df0" width="720" height="340">



Galaxy has three key segments.&nbsp;



<ul class="wp-block-list">
<li>About 40% of equity capital sits in Digital Assets, which encompasses Global Markets and Asset Management &amp; Infrastructure Solutions. Global Markets drives most of the earnings here, with its sell-side trading desk (spot and derivative OTC, lending, structured products), coupled with the investment banking arm, adding M&amp;A advisory and equity and debt capital markets fees. Asset Management &amp; Infrastructure Solutions earns fee income from active and passive investment products, crypto services, and staking and custody solutions that offer clients customized exposure and stronger security. </li>



<li>35% of equity capital sits in Treasury and Corporate, which manages Galaxy’s own portfolio of digital assets and strategic equity stakes, so Q3’s profit reflects mark to market gains of those holdings. </li>



<li>The remaining 25% is tied to Data Centers, mainly the Helios build in Texas, which is effectively pre-revenue today but is expected to generate contracted rent from 2026 with CoreWeave its anchor tenant. Phase I targets delivery of 133 MW of contracted critical IT load by 1H26, with capacity rising to 526 MW when Phase III is completed in 2028.</li>
</ul>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1225" height="543" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-149.png?w=1024&amp;h=1024" alt="" class="wp-image-110117" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-149.png?w=1225 1225w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-149.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-149.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-149.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-149.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-149.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-149.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-149.png?w=80 80w" sizes="auto, (max-width: 1225px) 100vw, 1225px" /></figure>



GalaxyOne is Galaxy’s consumer platform for US individual investors, bundling high yield cash, premium yield notes, and simple-crypto and US-equity trading in one app. If it scales, it can grow fee and spread income on client balances, provide cheaper and stickier funding for the trading and lending book, and create a direct funnel into Galaxy asset management and staking products. In big picture terms, it is a way for Galaxy to capture more of the economics of retail flows instead of relying only on institutional clients.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1229" height="550" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-148.png?w=1024&amp;h=1024" alt="" class="wp-image-110116" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-148.png?w=1229 1229w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-148.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-148.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-148.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-148.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-148.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-148.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-148.png?w=80 80w" sizes="auto, (max-width: 1229px) 100vw, 1229px" /></figure>



Galaxy is also putting its Class A common shares onchain on Solana in partnership with Superstate, creating fully SEC registered tokenized stock that trades and settles on a blockchain. That is less about near-term earnings and more about proving out tokenized capital markets, giving them a live case study to sell to issuers, funds and banks who want to bring other securities onchain. Supply of onchain GLXY can be tracked with this <a href="https://dune.com/glxyresearch_team/glxy-class-a-common-stock-token">Dune dashboard</a>.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1100" height="599" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-147.png?w=1024&amp;h=1024" alt="" class="wp-image-110115" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-147.png?w=1100 1100w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-147.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-147.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-147.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-147.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-147.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-147.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-147.png?w=80 80w" sizes="auto, (max-width: 1100px) 100vw, 1100px" /></figure>



Galaxy is still a high beta way to express a bullish crypto view, with trading and principal investing a big swing factor, but it offers a cleaner way to play the broader adoption theme than a single coin. There is regulatory risk with the evolving political environment, meaningful execution risk around Helios delivering its planned AI leasing economics, and GalaxyOne gaining real traction in a competitive consumer market.



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Monad ships mainnet, while markets rebound

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/0xresearch" target="_blank" rel="noreferrer noopener">subscribe</a>.



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Crypto opened the week with uneven signals. BTC gained +2.5%, but application and network revenues hit multi-month lows, and BTC ETFs saw their fourth-straight week of outflows. While AI and DePIN jumped +9%, broader activity remains soft, highlighting a market still searching for conviction.



<h2 class="wp-block-heading">Indices</h2>



Risk assets leaned modestly risk-on, with BTC (+2.5%) posting a steady gain while traditional equities lagged, as both the S&amp;P 500 (-0.1%) and Nasdaq 100 (-0.1%) slipped slightly. Gold (+0.1%) was essentially flat, reflecting a muted macro backdrop. Overall tone skewed constructive, driven largely by strength across crypto-native sectors.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="832" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-142.png?w=1024&amp;h=1024" alt="" class="wp-image-110101" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-142.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-142.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-142.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-142.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-142.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-142.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-142.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-142.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-142.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Over the last 36 hours, crypto sector breadth was notably strong. DePIN (+9.0%) and AI (+9.0%) led the board, continuing their multi-week momentum as investors rotate toward higher-beta thematic plays. DeFi (+4.2%) followed alongside solid showings from Ethereum-aligned assets (+3.5%). On the downside, Modular (-1.7%) was the only meaningful decliner, marking a sharp divergence from the otherwise broad green sweep.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="849" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-139.png?w=1024&amp;h=1024" alt="" class="wp-image-110099" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-139.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-139.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-139.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-139.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-139.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-139.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-139.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-139.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-139.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



The dispersion suggests a clear preference for high-growth, high-narrative segments rather than broad-based macro buying. AI and DePIN’s outsized moves (both +9%) signal renewed speculative appetite in infrastructure and computation themes as traders position ahead of upcoming macro releases. With equities pausing and volatility suppressed, crypto remains the higher-beta expression of incremental risk-taking. Looking ahead, attention turns to this week’s macro catalysts, which could dictate whether BTC’s grind follows through or stalls. Sector rotation remains active, suggesting volatility may pick back up as positioning normalizes.



<h2 class="wp-block-heading">Charts for The Week</h2>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1124" height="624" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-140.png?w=1024&amp;h=1024" alt="" class="wp-image-110100" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-140.png?w=1124 1124w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-140.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-140.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-140.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-140.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-140.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-140.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-140.png?w=80 80w" sizes="auto, (max-width: 1124px) 100vw, 1124px" /></figure>



Overall, application revenue was down 11% week over week from $49 million to $43.5 million — the lowest weekly revenue since March 2025. Hyperliquid continues to lead in terms of application revenue, making $18.5 million over the past week (up 8%), followed by pump.fun, which made $7.7 million (down 22%). Ore took third place for the first time, generating $2.3 million in the last week.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1124" height="624" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-137.png?w=1024&amp;h=1024" alt="" class="wp-image-110097" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-137.png?w=1124 1124w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-137.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-137.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-137.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-137.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-137.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-137.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-137.png?w=80 80w" sizes="auto, (max-width: 1124px) 100vw, 1124px" /></figure>



Weekly Network REV has been faring even worse, with the last two prints (both around $29.5 million) the lowest since 2022. Ethereum took top spot ($8.9 million), a position it’s been in and out of for the past few weeks. Solana remains in third with $5.1 million (down 15%) and Tron in second with $6.3 million (down 12.5%). Solana was the market leader in only one of the last seven weeks, after holding top spot for months in a row.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1124" height="624" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-138.png?w=1024&amp;h=1024" alt="" class="wp-image-110098" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-138.png?w=1124 1124w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-138.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-138.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-138.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-138.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-138.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-138.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-138.png?w=80 80w" sizes="auto, (max-width: 1124px) 100vw, 1124px" /></figure>



Over the four weeks, US spot bitcoin ETFs have seen consistent net outflows, with each of the last three weekly bars recording over $1 billion in withdrawn funds. IBIT has been responsible for the largest share of redemptions, while smaller but steady outflows also appear across funds like FBTC, BITB and ARKB. Overall, the trend reflects sustained investor derisking, with cumulative withdrawals building into late November.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="832" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-142.png?w=1024&amp;h=1024" alt="" class="wp-image-110103" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-142.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-142.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-142.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-142.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-142.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-142.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-142.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-142.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-142.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Nubank is one of the world’s largest digital financial services platforms, operating in Latin America with over 127 million customers as of Q3 2025. Nubank has an impressive activity ratio of 83%, and like many neobanks, has no physical branches. The company has become a major crypto gateway with 6.6 million crypto users (up 42% YoY) and transaction volumes jumping 250% after eliminating exchange fees. Future initiatives include a US bank charter application and a pilot for dollar-pegged stablecoin payments (<a href="https://app.blockworksresearch.com/research/the-nu-era-of-banking">Read more</a>).



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="900" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-141.png?w=1024&amp;h=1024" alt="" class="wp-image-110102" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-141.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-141.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-141.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-141.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-141.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-141.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-141.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-141.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-141.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Survey data confirms user awareness of these threats. Among respondents to our survey, 88% identify connecting to malicious sites as their primary concern, compared to 77% citing smart contract vulnerabilities. These results show that the market recognizes that frontend attacks are a significant threat vector (<a href="https://app.blockworksresearch.com/research/securing-de-fi-frontend-security-infrastructure-and-user-behavior-in-web3-applications">read more</a>).



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Revenue declines and ETF outflows keep pressure on the crypto market

Byron Gilliam

This is a segment from The Breakdown newsletter. To read more editions, <a href="https://blockworks.co/brand/the-breakdown">subscribe</a>



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<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“There has been a lot of talk about an AI bubble. From our vantage point, we see something very different.”&nbsp;



— Jensen Huang
</blockquote>



Alphabet CEO Sundar Pichai said this week there are “elements of irrationality” in the current boom in AI infrastructure.



But his announcement of a new version of Google’s Gemini LLM gave us reason to think we may not be irrational enough.



Gemini 3 was received as a surprisingly massive improvement over Gemini 2.5, as measured by the arcane metrics that language models are judged on. (As a regular user, I can’t really tell the difference.)



Tomasz Tunguz <a href="https://x.com/ttunguz/status/1991601261662343332?s=20">says</a> this disproves the “scaling wall thesis” that LLMs had hit a plateau where simply adding more compute no longer resulted in better performance.



Google, however, added better compute — smarter algorithms, better training, newer chips — and Gemini 3 got a lot better.



This seems like a green light for everyone to keep investing like mad in everything.&nbsp;



Also this week, Jensen Huang said everyone is still investing like mad in GPUs: “Blackwell sales are off the charts, and cloud GPUs are sold out.”



Better yet, Nvidia CFO Colette Kress <a href="https://stocktwits.com/news-articles/markets/equity/nvidia-a100-gpu-shipped-6-years-ago-full-utilization-michael-burry-depreciation/cLPALD9RE9w">added</a> that “the A100 GPUs we shipped six years ago are still running at full utilization today.”



The comment from Kress appeared to be a direct response to Michael Burry’s <a href="https://x.com/michaeljburry/status/1987918650104283372?s=20">accusation</a> that Nvidia’s customers have been deceptively inflating their reported earnings with unrealistically long depreciation schedules.



But GPUs appear to be benefiting from a “<a href="https://interestingengineering.substack.com/p/why-michael-burry-is-wrong-about">cascading use model</a>”: The newest chips are used for training for a year or so and then run inference tasks for a while longer before eventually being put out to pasture to serve up YouTube videos and things.&nbsp;



That should be excellent news for investors: If the models are still getting better, demand for new chips is increasing and old chips are still useful…we should maybe be wondering whether AI companies are understating their earnings.



And yet, stocks were lower this week.



This might be a sign that the market has stopped worrying about the demand for chips and started worrying about the supply of energy.



Demand seems to be something close to insatiable: A Google Cloud executive recently <a href="https://www.cnbc.com/2025/11/21/google-must-double-ai-serving-capacity-every-6-months-to-meet-demand.html">estimated</a> it would have to double its compute capacity every six months for the next four or five years to meet it.&nbsp;



But where the power will come from to provide it is a mystery.&nbsp;



It takes five to seven years to build the gas turbines that power most data centers and the companies that make them are <a href="https://paulkedrosky.com/stranded-assets-and-the-ai-driven-gas-turbine-renaissance/">fully booked</a> until at least 2030.



If additional power isn’t available, there’s no point in buying a new-generation GPU that draws more of it — an older generation of chip, judiciously drawing less of it, would do just fine (or better).



Nor is there any point in building a new data center if there are no new turbines to pair them with.&nbsp;



All of which is to say, the AI bubble could pop even if the demand for AI is effectively unlimited.&nbsp;



Also this week, Pichai warned that if the AI bubble does pop, “no company is going to be immune, including us.”



He meant no AI company, but “no company” is not far from the truth, either.



Without the boom in data centers, the US economy <a href="https://x.com/jasonfurman/status/1971995367202775284?s=20">would likely</a> be in recession: Amazingly, data centers, which account for 4% of GDP, accounted for 93% of GDP growth in the first half of the year.



So, whatever part of the economy or financial markets you care about, you probably have to care about the scaling wall thesis, data center depreciation schedules and cascading use cases, too.



I’ll keep you posted.



“One chart to rule them all”:



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1530" height="837" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-136.png?w=1024&amp;h=1024" alt="" class="wp-image-110092" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-136.png?w=1530 1530w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-136.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-136.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-136.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-136.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-136.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-136.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-136.png?w=80 80w" sizes="auto, (max-width: 1530px) 100vw, 1530px" /></figure>



Michael Burry <a href="https://x.com/michaeljburry/status/1990171815155752976?s=20">thinks</a> this is the only chart you need to see: As measured by capex as a percentage of GDP, the AI boom is already similar in scale to the investing booms that preceded the dotcom, housing and shale bubbles.



Depreciating, yes, but slowly:



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="852" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-134.png?w=1024&amp;h=1024" alt="" class="wp-image-110090" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-134.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-134.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-134.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-134.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-134.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-134.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-134.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-134.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-134.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Contra Burry from a16z <a href="https://www.a16z.news/p/charts-of-the-week-fully-scaled-agents">notes</a> that demand for older, less-powerful A100 GPUs has held up surprisingly well.



Going all in:



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1247" height="593" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-128.png?w=1024&amp;h=1024" alt="" class="wp-image-110084" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-128.png?w=1247 1247w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-128.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-128.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-128.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-128.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-128.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-128.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-128.png?w=80 80w" sizes="auto, (max-width: 1247px) 100vw, 1247px" /></figure>



At Microsoft, capex has surged to nearly 50% of sales. Benedict Evans says this shows that Microsoft’s business model has changed “from competing on network effects to competing on access to capital.” The latter is much more bubble-prone.



Startups are all in, too:



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1432" height="612" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-129.png?w=1024&amp;h=1024" alt="" class="wp-image-110085" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-129.png?w=1432 1432w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-129.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-129.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-129.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-129.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-129.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-129.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-129.png?w=80 80w" sizes="auto, (max-width: 1432px) 100vw, 1432px" /></figure>



Again from Benedict Evans, nearly all Y Combinator startups are now AI-related.



It could get bigger:



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="779" height="578" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-133.png" alt="" class="wp-image-110089" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-133.png?w=779 779w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-133.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-133.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-133.png?w=346 346w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-133.png?w=352 352w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-133.png?w=295 295w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-133.png?w=80 80w" sizes="auto, (max-width: 779px) 100vw, 779px" /></figure>



The starting dates for Emre Akcakmak’s overlaid <a href="https://x.com/akcakmak/status/1990303903775437163?s=20">charting</a> are probably a little arbitrary, but his graphic makes a good point: If AI is a bubble, history would suggest it could get a lot bigger.



The scariest chart in the world?



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="950" height="669" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-135.png" alt="" class="wp-image-110091" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-135.png?w=950 950w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-135.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-135.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-135.png?w=365 365w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-135.png?w=371 371w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-135.png?w=311 311w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-135.png?w=80 80w" sizes="auto, (max-width: 950px) 100vw, 950px" /></figure>



Derek Thompson <a href="https://open.substack.com/pub/derekthompson/p/is-this-the-new-scariest-chart-in?utm_source=share&amp;utm_medium=android&amp;r=3qcul">notes</a> that from the starting point of ChatGPT, the S&amp;P500 has shot higher and the number of job openings in the US has shot lower. I’m not sure how much causality there is here, but it does make for an excellent chart.



The bear case for human employment:



<img loading="lazy" decoding="async" src="blob:https://cms.blockworks.co/ff64d8a5-dbbf-460a-b285-bfb2fbbfa90e" width="624" height="304">Benedict Evans notes that Otis introduced the “Autotronic” elevator in 1950 — the exact peak of employment for elevator attendants. It’s possible that AI will turn out to be Autotronic everything, but we should remember that most elevator attendants found better jobs in the 1960s.



So far, so good:



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1005" height="618" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-130.png" alt="" class="wp-image-110086" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-130.png?w=1005 1005w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-130.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-130.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-130.png?w=418 418w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-130.png?w=424 424w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-130.png?w=356 356w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-130.png?w=80 80w" sizes="auto, (max-width: 1005px) 100vw, 1005px" /></figure>



The delayed jobs data showed the US with a surprise gain of 119,000 jobs in September.&nbsp;



We need some Autotronic housebuilders:



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1496" height="797" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-132.png?w=1024&amp;h=1024" alt="" class="wp-image-110088" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-132.png?w=1496 1496w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-132.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-132.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-132.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-132.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-132.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-132.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-132.png?w=80 80w" sizes="auto, (max-width: 1496px) 100vw, 1496px" /></figure>



Torsten Slok notes that the median age of US house buyers is all the way up to 59 — excellent news because it makes me feel ahead of the curve for a change. On the other hand, as a younger-than-average home buyer, I can tell you that homeownership is overrated and renting is underrated.



At least houses aren’t imported:



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="914" height="506" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-131.png" alt="" class="wp-image-110087" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-131.png?w=914 914w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-131.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-131.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-131.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-131.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-131.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-131.png?w=80 80w" sizes="auto, (max-width: 914px) 100vw, 914px" /></figure>



A new <a href="https://www.pricinglab.org/files/TrackingTariffs_Cavallo_Llamas_Vazquez.pdf">study</a> of US prices finds that tariffs have made imported goods 5.44% more expensive than they otherwise would have been.&nbsp;



Other fun inflation facts: The average price of a car in the US is now above $50,000, and in some places, <a href="https://x.com/johnarnold/status/1990216601577103546?s=20">gasoline is cheaper than water</a>.



Have a great weekend, non-depreciating readers.



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Friday charts: Elements of a bubble

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/0xresearch" target="_blank" rel="noreferrer noopener">subscribe</a>.



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It was a rough Thursday, with major indices sliding across the board. The tech-heavy S&amp;P 500 fell -2.4%, the Nasdaq dropped -3.8%, and even Gold edged lower by -0.60%. BTC took the biggest hit, falling -5.2% and briefly touching the $80,000 level earlier today.



The selloff came despite a strong earnings report from Nvidia, which makes the market reaction harder to pinpoint. The United States unemployment rate for September ticked up to 4.4% even as job growth <a href="https://www.straitstimes.com/business/economy/us-job-growth-beats-expectations-in-september-unemployment-rate-rises-to-4-4">beat</a> expectations. At the same time, the <a href="https://www.investing.com/central-banks/fed-rate-monitor">odds</a> of a December rate cut have fallen sharply from 45.4% last week to 28% now, and that shift in macro expectations is likely contributing to the recent weakness.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="957" height="368" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-127.png" alt="" class="wp-image-110076" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-127.png?w=957 957w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-127.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-127.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-127.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-127.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-127.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-127.png?w=80 80w" sizes="auto, (max-width: 957px) 100vw, 957px" /></figure>



Across crypto sectors, everything finished in the red. Two areas held up relatively well: Gaming at -2.8% and the Revenue sector at -3.2%.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1173" height="632" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-126.png?w=1024&amp;h=1024" alt="" class="wp-image-110074" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-126.png?w=1173 1173w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-126.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-126.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-126.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-126.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-126.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-126.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-126.png?w=80 80w" sizes="auto, (max-width: 1173px) 100vw, 1173px" /></figure>



On the other side, Crypto Equities and Miners were the hardest hit, falling -10.3% and -13.2%, respectively. The monthly picture is even more painful, with HOOD at -17.6%, COIN at -27%, and GLXY at -38%. Miners remain weighed down by skepticism around the AI trade and whether the pivot to AI data centers will deliver returns.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="957" height="368" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-127.png" alt="" class="wp-image-110075" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-127.png?w=957 957w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-127.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-127.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-127.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-127.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-127.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-127.png?w=80 80w" sizes="auto, (max-width: 957px) 100vw, 957px" /></figure>



One bright spot remains Solana ETF flows. While BTC and ETH ETFs have seen consistent outflows since Oct. 28, SOL ETFs just logged their 14th-straight day of inflows following the launch of BSOL. Roughly <a href="https://farside.co.uk/sol/#google_vignette">$500 million</a> worth of SOL is now held across these ETFs, with more issuers having entered the staked SOL ETF race.



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Crypto and tech indices close out a rough week

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<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“What had central bankers shaking in their boots, may end up being what steadies the ground beneath them.”



— David Beckworth on stablecoins
</blockquote>



Writing in The Atlantic, David Frum warns that stablecoins are “by far the most dangerous form of cryptocurrency” and that by legalizing them, the GENIUS Act has “lit a fuse to America’s next financial catastrophe.” Specifically, Frum expects stablecoin assets to surge to $4 trillion (citing an estimate from Citi), and that nearly all $4 trillion of it will go into three-month Treasurys (the riskiest asset issuers are allowed to buy under the GENIUS Act).



Then, he says, there will inevitably come a time when Treasurys crash — as they did in 2022-2023 — which will cause a bank run on stablecoins as holders withdraw their money before issuers are forced to realize their marked-to-market losses on the $4 trillion of Treasurys they hold.



Better yet, Frum thinks stablecoins “bristle with all the dangers of subprime-mortgage securities” and will end up forcing the government to socialize the losses it creates with a 2008-style bailout.&nbsp;



But the 2022-2023 crash in Treasurys played out over 18 months.



So it’s unclear to me why an 18-month decline in an asset that matures every three months would cause people to panic about stablecoin issuers that take no leverage.&nbsp;



But I present Frum’s take here because 1) it’s kind of amusing in its alarmism and 2) it probably represents what a lot of non-finance people are thinking: Stablecoins are dangerous because they will inevitably fail.



<a href="https://www.imf.org/en/publications/fandd/issues/2025/09/stablecoins-tokens-global-dominance-helene-rey">Stablecoins are dangerous because they will inevitably succeed</a>



Writing for the IMF, Hélène<a href="https://www.imf.org/en/settings/globals/publications/fandd/authors/helene-rey"> Rey</a> warns that stablecoins will be such a success that they’ll “threaten government revenues…and destabilize the international financial system.”



In short, she thinks so much of the world’s savings will be redirected to stablecoins that banks will no longer be able to lend, international governments will no longer be able to borrow, and central banks will no longer be able to set monetary policy.



The knock-on effects of such widespread stablecoin adoption will include “financial stability risks, potential hollowing out of the banking system, currency competition and instability, money laundering, fiscal base erosion, privatization of seigniorage and intense lobbying.”



Most alarmingly, Rey worries that this privatization of seigniorage will result in “significant wealth accumulation by…a few companies and individuals,” thereby undermining “the public good dimension of the international monetary system.”



Yikes.



“We must brace ourselves for substantial consequences,” she concludes.



<a href="https://www.federalreserve.gov/newsevents/speech/miran20251107a.htm">Stablecoins are not dangerous</a>



Like Rey, the Federal Reserve’s Steven Miran values our dollar-based international monetary system: “The reserve assets and currency provided by the US are global public goods.”&nbsp;



But that leads him to the opposite conclusion on stablecoins: “Stablecoins might establish an easier means for the financially repressed to enjoy these global public goods and evade draconian restrictions on their finances.”



Crypto people generally think of the Fed’s reserve assets (all the money it prints, basically) as a public bad.



But Miran is right on both substance and tactics: Framing US fiat as a public good is likely the best way to counter the anti-crypto arguments represented by The Atlantic and the IMF.



Unlike Frum and Rey, Miran sees “little prospect of funds broadly fleeing the domestic banking system” — mostly because the GENIUS Act mandates that they do not pay yield and are not FDIC-guaranteed (the flip side of Frum’s argument).



Instead, the “real opportunity in stablecoins is to satiate untapped foreign appetite for dollar assets from savers in jurisdictions where dollar access is limited.”



While Rey views this unsatiated appetite for dollars as a threat to all non-US governments, Miran says it&#8217;s a benefit to non-US people — because it “leapfrogs the challenges of high and unstable inflation or volatile exchange rates.”



It’s a convincing argument; certainly the most convincing of the three presented here.



But only if you can bring yourself to agree that fiat is a public good.



<a href="https://macroeconomicpolicynexus.substack.com/p/the-rise-and-redemption-of-stablecoins?utm_source=post-email-title&amp;publication_id=4309188&amp;post_id=166029841&amp;utm_campaign=email-post-title&amp;isFreemail=true&amp;r=3o9&amp;triedRedirect=true&amp;utm_medium=email">Stablecoins are stabilizing</a>&nbsp;



David Beckworth says that stablecoin alarmism “overlooks an important point: the widespread adoption of dollar-based stablecoins could actually help dampen the global financial cycle.”&nbsp;



Beckworth cites the aforementioned Hélène Rey, who has detailed the destabilizing effects of emerging market borrowers doing so much of their borrowing in US dollars.&nbsp;



Stablecoins, Beckworth says, could fix this by reducing the currency mismatch on private-sector balance sheets: When a strengthening dollar increases the value of dollar-denominated debts, the simultaneous increase in the value of their stablecoins will cushion the shock for emerging markets.



In other words, “stablecoins can act as a decentralized balance sheet stabilizer” for the global economy.



Combined with the likelihood that the Federal Reserve will “act as a backstop” to stablecoins in a future crisis — the very thing David Frum worries about! — the spread of stablecoins “may become one of the very tools that softens the peaks and troughs of the global financial cycle.”



“What had central bankers shaking in their boots,&#8221; Beckworth concludes, “may end up being what steadies the ground beneath them.”



<a href="https://www.justice.gov/usao-ndil/pr/founder-chicago-cryptocurrency-company-indicted-alleged-10-million-money-laundering">Stablecoins can be laundered, too</a>



Firas Isa, founder of an Illinois-based crypto ATM company, has been indicted on charges of money laundering — a reminder that despite the transparent nature of blockchains, many criminals believe the first step in laundering money is to put it onchain.



The (alleged) fact that Isa was able to collect $10 million of fees for converting stolen cash into cryptocurrency demonstrates that crypto crime isn’t just about stealing money that’s already onchain — it’s about laundering funds that were stolen off-chain, too.



Many worry this will get even easier as stablecoins get bigger and more integrated into the traditional banking system.



Hélène Rey, for example, says stablecoins could “help channel money linked to illicit or sanctioned activities and substantially erode the tax base of many countries.”



David Frum says “there is something perverse about a plan to boost demand for Treasury debt by making it easier for crooks to circumvent US laws against terrorist financing and money laundering.”



I don’t have a counterargument to cite against either of those takes, unfortunately.&nbsp;



<a href="https://x.com/KulveerRanger/status/1978912664379085126?s=20">Stablecoins can be boring, too</a>



Stablecoins recently made for perhaps the dullest exchange in UK parliamentary history when Lord Kulveen Ranger asked His Majesty’s government what it thought of them.&nbsp;



Responding on behalf of the King, Lord Livermore predicted that stablecoins will be useful in “reducing costs and enhancing efficiencies” in international payments.&nbsp;



As hot takes go, that is less newsletter-worthy than predictions that stablecoins will cause the next financial crisis, undermine the global financial system, save the global financial system or facilitate crime. But it’s much more likely, too.&nbsp;&nbsp;



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stablecoins

Stablecoins will transform everything — but commentators disagree on how

Shaunda Devens

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Equities ripped higher yesterday, with the Nasdaq up 2.15% and the S&amp;P 500 up 1.39% after Nvidia beat earnings and guided for $65 billion in Q4 revenue. Crypto moved the other way: BTC fell, most sectors closed red, and only a few outliers held up. Today we break down the divergence, Aave’s 2.6x YoY TVL growth and new app rollout, and why Solana’s equity-perp ecosystem is lagging Hyperliquid’s HIP-3 flywheel.



<h2 class="wp-block-heading">Indices</h2>



Despite the recovery in equities yesterday, BTC continued to show weakness and fell -1.66% on a day when the Nasdaq, S&amp;P 500, and Gold were up 2.15%, 1.39%, and 0.77%, respectively.



Nvidia’s earnings helped calm fears of the AI bubble popping, at least for now. The chipmaker beat analyst expectations with strong data center demand, and <a href="https://www.theguardian.com/technology/2025/nov/19/nvidia-earnings-ai-wall-street-relief#:~:text=The%20company%20is%20projecting%20fourth,AI%20bubble%2C%E2%80%9D%20he%20said.">projected</a> fourth quarter revenue of $65 billion, compared to the $61 billion estimate. With Nvidia shares up 5% after hours, the tech-heavy indices should continue to see some relief. The case for BTC is less straightforward, with OG Bitcoin whales <a href="https://x.com/santimentfeed/status/1991280300601508328?s=20">continuing</a> to sell as BTC struggles to reclaim the key $100,000 level.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1176" height="623" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-124.png?w=1024&amp;h=1024" alt="" class="wp-image-110061" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-124.png?w=1176 1176w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-124.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-124.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-124.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-124.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-124.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-124.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-124.png?w=80 80w" sizes="auto, (max-width: 1176px) 100vw, 1176px" /></figure>



The weakness in BTC spread across the crypto market, with nearly every sector closing in the red. Memes were the rare outlier, rising 0.2% on the day, driven by SPX and MemeCore — which gained 6.3% and 2.3%, respectively. L2s also held up better than most, down only -0.5%.&nbsp;



Starknet stood out in the group, jumping 20.8% on the day and 81% on the week as it picked up the privacy narrative bid following news that the team plans to launch <a href="https://x.com/Starknet/status/1990437640684888167?s=20">Ztarknet</a>, a Starknet L2 designed for Zcash.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1174" height="645" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-120.png?w=1024&amp;h=1024" alt="" class="wp-image-110055" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-120.png?w=1174 1174w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-120.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-120.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-120.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-120.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-120.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-120.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-120.png?w=80 80w" sizes="auto, (max-width: 1174px) 100vw, 1174px" /></figure>



On the downside, Crypto Miners fell -5.9% despite Nvidia’s strong results reinvigorating the AI trade. The No Revenue index was the next weakest, dropping -4.5%, with XRP and XLM down -4.9% and -3.9%, respectively, on the day. Even tokens with strong fundamentals were not spared, with the Revenue index finishing -3% lower.



<h2 class="wp-block-heading">Market Update</h2>



It can be hard to stay optimistic in markets like this, but it is worth remembering that some teams are still shipping, still innovating, and still strengthening their fundamentals week after week. These are the projects that typically emerge strongest when sentiment finally turns. One name that stands out right now for me is Aave, which rolled out both the new <a href="https://x.com/aave/status/1990421343175672159?s=20">Aave App</a> and <a href="https://x.com/aave/status/1990421343175672159?s=20">Aave v4</a> this week.



Let’s start with fundamentals. Over the past year, the total value of assets deposited into Aave has grown from $20.5 billion to a peak of $74 billion in early October. Even after the recent market pullback brought that number down to $53.8 billion, Aave is still up roughly 2.6x year over year, which speaks to real, sustained demand for the protocol.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="713" height="368" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-119.png" alt="" class="wp-image-110056" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-119.png?w=713 713w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-119.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-119.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-119.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-119.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-119.png?w=80 80w" sizes="auto, (max-width: 713px) 100vw, 713px" /></figure>



The price of the Aave token may be drifting near April lows, but weekly revenues tell a different story. Revenues today are about 2.6x higher than they were back then, which suggests that the token is seeing multiple compression driven more by sentiment than by fundamentals.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="713" height="368" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-119.png" alt="" class="wp-image-110057" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-119.png?w=713 713w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-119.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-119.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-119.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-119.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-119.png?w=80 80w" sizes="auto, (max-width: 713px) 100vw, 713px" /></figure>



These fundamentals are primed to strengthen further with the launch of the Aave App. The goal is simple: Remove complexity and give everyday users a clean, intuitive savings experience. And the pitch is strong. Aave is offering interest rates of up to 6.5% on USD deposits, well above the <a href="https://aave.com/app">0.40-3.50%</a> range offered by savings accounts.



Onboarding is designed to be easy, with deposits supported through bank accounts and debit cards, and balances advertised as insured up to $1 million. The app is available in early access on iOS with Android support on the way.&nbsp;



However, the insurance piece deserves a closer look. The coverage is provided by <a href="https://relminsurance.com/">Relm Insurance</a>, a firm that focuses on emerging industries such as fintech, digital assets, AI and the space economy. Relm’s <a href="https://relminsurance.com/crypto-asset-insurance-comprehensive-protection-in-the-digital-asset-ecosystem/">crypto asset insurance</a> includes coverage for risks like smart contract exploits, stablecoin depegs, oracle manipulation, liquidity pool exploits and governance attacks. What remains unclear are the policy limits, the risk premiums Aave is paying, and whether Relm has the balance sheet strength or reinsurance in place to backstop large claims. For context, insuring $1 million of USDC on Aave v3 through <a href="https://app.nexusmutual.io/cover/product/97">Nexus Mutual</a> costs about 1.9% annually.



As a potential user, I would want these details around the insurance promise laid out clearly and upfront before I’d feel comfortable depositing capital into the app. And as an investor, it raises questions about the cost structure of offering both high savings rates and insurance at scale. These uncertainties sit alongside the broader question of how long Aave intends to subsidize the difference between the 6.5% yield offered in the app and the 4% APY available in stablecoin markets on Aave today.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="714" height="364" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-121.png" alt="" class="wp-image-110058" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-121.png?w=714 714w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-121.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-121.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-121.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-121.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-121.png?w=80 80w" sizes="auto, (max-width: 714px) 100vw, 714px" /></figure>



Even with those uncertainties, this moment feels important. The Neobank narrative is gaining momentum, and Aave is now positioned directly in that slipstream. Pair that with the arrival of <a href="https://aave.com/blog/understanding-aave-v4s-architecture">Aave v4</a>, and you have the foundation for what could be the protocol’s next major growth phase.



<h2 class="wp-block-heading">Solana equity perps?</h2>



Solana has long positioned itself as a platform purpose-built for institutional trading, with Anatoly Yakovenko describing the vision as &#8220;Nasdaq, but on a public, permissionless blockchain.&#8221; Central to this mission is bringing TradFi assets onchain, a goal that is slowly materializing. Since June 30, 2025, over 60 tokenized stocks from major US companies and ETFs (e.g., Apple, Nvidia, S&amp;P 500) are now available for non-US persons to buy and hold like they would any SPL token.



These tokenized stocks have gained significant traction on Solana, reaching $143 million in AUM compared to just $6.3 million for the EVM-based xStocks version. Furthermore, Galaxy Digital&#8217;s decision to tokenize its GLXY equity via the Opening Bell platform, along with its work with Superstate, signals that institutional adoption is slowly gaining momentum.



However, on the other side — equity perpetuals — Solana seems to be lagging behind. While Solana is advancing its capabilities by enabling CLOB latency (via BAM) to support trading of synthetic perps, Hyperliquid’s HIP-3 mainnet and subsequent &#8220;Growth Mode&#8221; (offering a 90% fee discount) has changed the landscape. With TradeXYZ clearing $400 million in daily volume, there is a question of whether Hyperliquid’s dominance is already too far ahead.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="900" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-125.png?w=1024&amp;h=1024" alt="" class="wp-image-110062" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-125.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-125.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-125.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-125.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-125.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-125.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-125.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-125.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-125.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



The main argument for Solana’s struggle here is Hyperliquid’s distribution advantage via HIP-3. Normally, general-purpose chains benefit from users’ &#8220;proximity to capital&#8221; — the friction of bridging to a new exchange and setting up a wallet usually makes users prefer to stay within their own ecosystem. However, through Builder codes, Hyperliquid has secured integrations with top distribution channels: Phantom now directly offers HIP-3 equities through its frontend interface.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1056" height="676" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-123.png?w=1024&amp;h=1024" alt="" class="wp-image-110059" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-123.png?w=1056 1056w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-123.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-123.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-123.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-123.png?w=401 401w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-123.png?w=408 408w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-123.png?w=342 342w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-123.png?w=80 80w" sizes="auto, (max-width: 1056px) 100vw, 1056px" /><figcaption class="wp-element-caption">Source: Phantom Builder code volume ASXN</figcaption></figure>







Alternatively, the argument is that Solana retains a structural advantage due to its proximity to tokenized spot tokens (e.g., xStocks). This simplifies the task for market makers, as they can easily hedge between spot and perps (theoretically, as xStocks currently lack the onchain volume). In this regard, protocols like Drift that focus on scaling composability are well-positioned. For example, users could easily enter delta-neutral positions (collateralizing xStock to short an xStock perp). This could solve a very important problem with perps currently: the extremely high cost of carry.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1078" height="668" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-122.png?w=1024&amp;h=1024" alt="" class="wp-image-110060" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-122.png?w=1078 1078w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-122.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-122.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-122.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-122.png?w=415 415w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-122.png?w=421 421w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-122.png?w=353 353w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-122.png?w=80 80w" sizes="auto, (max-width: 1078px) 100vw, 1078px" /></figure>



That being said, most Solana protocols have still not integrated perpetual equities, so it remains to be seen how they execute on this theoretical advantage.



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AI relief rally meets BTC drag

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<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“Patternicity: Noun. The tendency to find meaningful patterns in meaningless noise.”



— Michael Shermer
</blockquote>



We are hardwired to see patterns in noise — a stick in the grass that looks like a poisonous snake, or a rustle in the bushes that looks like a saber-toothed tiger getting ready to pounce.&nbsp;



With a moment’s reflection, we can usually recognize we’re almost certainly not in danger. But why risk it?



When faced with ambiguity, our brains have been fine-tuned to succumb to Type I errors (false positives) due to the high evolutionary cost of making a Type II error (false negatives).



In other words, it’s better to mistake a stick for a snake than a snake for a stick.



Those prone to the latter — the Type II error of failing to recognize mortal danger — are soon removed from the gene pool.



The Darwinian result is that we’re all descended from people who were quick to make the (occasionally life-saving) Type I error of jumping to false-positive conclusions.&nbsp;



Michael Shermer <a href="https://www.scientificamerican.com/article/patternicity-finding-meaningful-patterns/">calls</a> this “patternicity”: the human tendency to find meaningful patterns in meaningless noise.



“Our brains are belief engines,” he explains — “evolved pattern-recognition machines that connect the dots and create meaning out of the patterns that we think we see in nature.”



Traders and investors are the world champions of patternicity.



Confronted with the cacophonous noise of financial markets, we try to impose order on chaos by drawing lines on charts and searching for reassuringly familiar patterns.&nbsp;



When we perceive a “cup and handle” pattern in the price history of a stock, for example, we’re using the same part of our brain that perceives the shape of a rabbit in a cloud.&nbsp;



But the cup-and-handle is formed by charting prices over time, which seems more quantitatively scientific than a billowy pattern of vapor in the sky.



James Gleick refers to this as “periodicity.”&nbsp;



&#8220;Why do investors insist on the existence of cycles in gold and silver prices?” he asks in <a href="https://www.amazon.com/Chaos-Making-Science-James-Gleick-ebook/dp/B003YL4KOO/ref=tmm_kin_swatch_0?_encoding=UTF8&amp;dib_tag=se&amp;dib=eyJ2IjoiMSJ9.wbgQnuEhLIWY1HpuwBAg68ey4RWvDMHGoydJqSagN4DxsD4TW9khHUiB4S07pkwyAI9PZ7ENDVba-3DmEALTYmFRxnkGKpt3W5vPpmeXRkqNgnlaydfPEjxyz0U8yOIAu9ORS2bGtNkz7lg0WJpWXVD0Fkj3btJCEdSVpvoov9NIk_t-_tbOTc-zPX5j3z9D7AX8h3Fz4GEt2z0aNarG0V8yuxoJPEJrhuZEAmC0b5U.3e_k-V8SS5j8t5RCNcYG3xub3le5GO-LXI9WElflzMU&amp;qid=1763573303&amp;sr=1-1">Chaos</a>. “Because periodicity is the most complicated orderly behavior they can imagine.”&nbsp;



Investors, being the descendants of Type I thinkers, impose neat, repeating cycles on chaotic price data because that’s the most complexity our pattern-hungry brains can process.



“When they see a complicated pattern of prices,” Gleick adds, “they look for some periodicity wrapped in a little random noise.”



Investors and traders may be particularly prone to this evolutionary foible because even the best of them have a hit rate close to 50%.



That makes their performance close enough to random — and randomness tends to beget superstition.



Shermer, for example, notes that baseball players are much more superstitious about their hitting than they are about their fielding because the lower success rate in hitting makes it feel more random.



Traders don’t do anything as obviously superstitious as donning a lucky shirt like they would when they sit down to watch their favorite team play football or baseball.



But that’s because drawing lines on charts and picking patterns out of the noise makes us think we have more agency in making or losing money than we actually do.&nbsp;



Worse than superstition, this is superstition dressed up as science — not just seeing patterns in the stars, but believing the patterns have some meaning.&nbsp;



The “science” of technical analysis is really just astrology for traders.



Shermer calls this “agenticity”: the tendency to infuse patterns with meaning, intention, or agency — or the belief that ghosts, demons, aliens, and government conspiracists haunt our world and control our lives.



Stock market traders, for example, commonly believe it’s the Federal Reserve that controls prices on the way up (and sometimes a cabal of hedge funds that control themes on the way down).



But of all traders, crypto traders are the best of the best at both patternicity and agenticity — because what else is there to go on?



With little or no intrinsic value to ground their decisions, crypto traders are forced to impose imaginary patterns on pure price noise just to have a reason to act.



The original imaginary pattern was the four-year cycle — the idea that bitcoin (and therefore all of crypto) should rally for about 18 months after each of its four-year halvings.



That perceived periodicity is now breaking down, however, with bitcoin falling below $90,000 when the pattern says it should be making new highs above $150,000.&nbsp;



This idea was particularly unscientific, as it’s based on a sample size of just three previous halvings.



Still, there are presumably some tradeable patterns in finance — otherwise Cliff Asness wouldn&#8217;t be a billionaire.&nbsp;



The persistent success of quantitative traders like Asness in finding tradeable price patterns suggests that markets are not perfectly random.



Some might even <a href="https://www.skeptic.org.uk/2024/11/hadd-its-day-theres-no-evidence-for-an-inherited-hyperactive-agency-detection-device/">argue</a> that patternicity is itself a pattern in the noise of human behavior.



In financial markets especially, it might be that human behavior creates the patterns that humans are always looking for.



But even so, the thing to know about markets is this: Any pattern of prices that’s visible to the naked eye will soon stop being a pattern.



In crypto, the four-year cycle lasted longer than most before being exposed as a Type I error of overzealous pattern-matching — which made it a profitably tradeable pattern for a while.&nbsp;



But with bitcoin at $89,000, it’s time to start looking for the next one.



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bitcoin halving

Astrology for traders

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Markets opened to a clear risk-on tone, with crypto sectors sharply outperforming traditional assets. BTC posted a modest gain of +0.8%, while Gold (+1.0%) performed similarly. However, equities lagged meaningfully as the S&amp;P 500 (-0.9%) and Nasdaq 100 (-1.3%) both slipped, reflecting a mild unwind in tech momentum. Crypto equities also softened (-1.0%), suggesting the rotation favored onchain assets rather than public proxies.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="853" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-116.png?w=1024&amp;h=1024" alt="" class="wp-image-110044" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-116.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-116.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-116.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-116.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-116.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-116.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-116.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-116.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-116.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Crypto sector indices saw broad strength, with DePIN (+6.2%) and AI (+6.1%) leading the board amid continued enthusiasm for infrastructure-heavy narratives. Ethereum-aligned assets (+5.1%) and Revenue-generating protocols (+4.3%) also climbed, hinting at renewed investor appetite for cash-flow visibility as activity improves on major L1s. Launchpads (+4.1%), Gaming (+3.8%), and Solana-ecosystem names (+3.3%) followed, rounding out a day dominated by high-beta segments. Even traditionally slower sectors like RWA (+3.1%), L1s (+3.0%), and DeFi (+2.8%) participated, while L2s (+1.8%) and Modular (+0.3%) underperformed relative to the rest of the crypto complex.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="835" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-118.png?w=1024&amp;h=1024" alt="" class="wp-image-110046" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-118.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-118.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-118.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-118.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-118.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-118.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-118.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-118.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-118.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



The move appears to have been driven less by macro catalysts and more by positioning. With equities cooling and rates stable, crypto’s higher-volatility sectors benefited. Looking ahead, volatility remains compressed, but today’s dispersion hints that rotation trades are back in focus. With macro data light over the next 48 hours, crypto may continue to trade on sector-specific flows and narrative momentum.



<h2 class="wp-block-heading">Market Update</h2>



MegaETH’s “Frontier” mainnet beta was <a href="https://x.com/megaeth/status/1990833692067901552">announced</a> and starts in early December 2025. This announcement drops into a market primed for speed-as-a-moat narratives and any catalysts or excitement during the current downturn.&nbsp;



With Frontier running for one month in December (with zero incentives!), early flows are likely to pivot toward infra and app plays that are incredibly fast. Think high-frequency options and reactively-updating onchain games, segments that have been bottlenecked by block cadence rather than liquidity. Sentiment is cautiously optimistic: “real-time blockchain” messaging positions MegaETH as the execution-layer analogue to Solana’s UX but with Ethereum’s settlement trust. That “forced inclusion from day 1” call-out also matters, as it frames MegaETH not as a parallel universe L2 but as a high-performance lane plugged into the ETH security budget. This subtly shifts the modular narrative from “many uncorrelated rollups” to “one performance frontier.”&nbsp;



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="900" height="447" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-117.png" alt="" class="wp-image-110045" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-117.png?w=900 900w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-117.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-117.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-117.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-117.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-117.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-117.png?w=80 80w" sizes="auto, (max-width: 900px) 100vw, 900px" /></figure>



On the valuation front: MegaETH’s public sale opened with a starting fully diluted valuation (FDV) of about $1 billion for 5% of supply, while the auction cap sat at roughly $999 million. Meanwhile, futures contracts on platforms like Hyperliquid implied an FDV in the $5-$6 billion ballpark ahead of token launch. The spread from the auction cap and futures pricing suggests that speculators are already betting on a substantially higher launch valuation than the public sale implies. From a market-dynamics lens, this divergence means the derivative markets are frontrunning launch expectations, creating a potential mismatch between early allocation pricing and broad-market demand. If the actual listing price aligns with the futures-implied $5-$6 billion FDV, early backers could enjoy a sharp upside.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="853" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-116.png?w=1024&amp;h=1024" alt="" class="wp-image-110043" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-116.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-116.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-116.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-116.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-116.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-116.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-116.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-116.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-116.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



High-speed apps that prove real user loops could see speculative capital frontrun expectations before the beta ships. However, downtime is explicitly expected (it’s happened with EVERY “fast chain”), so levered bets on “MegaETH never breaks” may be mispriced.



<h2 class="wp-block-heading">Equity perpetuals</h2>



Equity perpetuals seem to be the single sector dominating most mindshare over the past few weeks, with the launch of multiple Pre-IPO and public equity perpetuals markets on Hyperliquid by various HIP-3 market providers, including Ventuals, Felix and trade.xyz.



At their core, equity perpetuals promise two new forms of tradable markets, which have not existed yet, or have not existed meaningfully:



<ol class="wp-block-list">
<li>Perpetuals futures on equity products</li>



<li>24/7 trading of equity products</li>
</ol>



Apart from recent HIP-3 markets, we saw steps taken toward equity perpetuals a few times over the past few years, most recently by Ostium, but previously by Gains Network as well.



Both Ostium and Gains Network use a peer-to-pool model, where traders trade against a pool of capital (which liquidity providers deposit into). Although an improvement on the GMX v1 style pools, where LPs had to hold a broad basket of risk assets (BTC, ETH, UNI, LINK etc.), peer-to-pool trading still struggles due to difficulties in scalability. In addition, toxic flow could take advantage of the pool, which always has to take the other side of the traders. However, overall, we’ve seen some of these pools be profitable for a long period of time (although it can end up like the “1000 days in the life of the turkey” charts every once in a while).



Similarly to the shift away from peer-to-pool perpetuals models, order-book-based equity perpetuals have also become increasingly more popular compared to Ostium. For example, while NDX-USD on Ostium has seen $5.5 million in volume on Ostium over the past day, XYZ100 (tradexyz’s Nasdaq 100 market) has seen $75 million in volume. Similarly, while TSLA-USD on Ostium has had only $1.4 million in 24-hour volume, the trade.xyz TSLA market has had $12 million and the Felix TSLA market has seen $2.6 million in volume.



There are other equity perpetuals platforms coming up slowly as well. One new player is Vest markets, which also provides equity perpetuals for a broad range of assets, including equity indices like Nasdaq 100 (24-hour volume: $9.5 million) and SPY (24-hour volume: $7.5 million). We also expect other competitors to pop up over the next few months, in particular Lighter, which will likely deploy equity perpetuals at some point.



In particular, we believe internally that equity perpetuals offer an opportunity for perpetuals platforms to get more involved in the tokenization space. Thus far, most tokenization has benefited spot DEXs and lending products. However, perpetuals platforms can now start getting involved as they launch more markets. We believe that perpetuals are a great way to take on risk (but not to hedge risk!), especially for retail traders, given they are more intuitive. With increasing demand from retail for options (particularly 0DTE options) to gain leveraged exposure to the stock market, we believe that perpetuals can largely replace this demand and provide the best venue for doing so.



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We should give everybody unrestricted access to leveraged perpetuals for stocks

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<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“No problems, no progress.”



— Kevin Kelly
</blockquote>



Large portions of the world wide web, including services like X, ChatGPT, Uber and Spotify, were inaccessible for hours yesterday morning because Cloudflare, a content delivery network, had an “outage” — just weeks after a similarly debilitating outage caused by AWS.



We did not have these problems when every website was hosted on a dedicated server, often in someone’s basement.



Back then, however, the sites were slow to load and quick to crash.&nbsp;



CDNs like Cloudflare were designed to fix this. Instead of every website fighting for itself, we now route traffic through a kind of virtual switchboard that caches content globally (solving latency) and absorbs threats like DDoS attacks (solving security and availability).



It worked.&nbsp;



The web has become incredibly fast, secure and reliable, and services like ChatGPT and Uber can scale without burning scarce capital on redundant infrastructure.



Last morning’s events suggest it might have worked too well. 



Most of the modern web now runs on three cloud providers and a few dominant content delivery networks, which have created single points of failure in what was once a decentralized system.



As a result, we have massive, internet-wide blackouts instead of sporadic, isolated crashes.&nbsp;



This is the typical way that technology develops.&nbsp;



As Kevin Kelly <a href="https://www.ted.com/talks/kevin_kelly_the_future_will_be_shaped_by_optimists">explains</a>, “Most of the problems we have today are created by the solutions we had in the past.”



The problem of widespread hunger, for example, was solved by industrialized farming — but now food is so cheap and industrialized we have an epidemic of obesity.



The problem of routine infections becoming deadly was solved by antibiotics, but now we have antibiotic-resistant superbugs.



The problem of near-universal poverty was solved by fossil fuels, but now we have the problem of climate change.



If it seems like there are ever more of these technology-induced problems, that’s because there probably are.



In the same way that one scientific answer gives rise to several new questions, one technology solution gives rise to several new problems.



“There will be more problems because new solutions create many more problems,” Kelly explains.



But this is good news, not bad.



“Problems don’t impede progress,” Kelly says; just the opposite: “Problems are the conduit of progress.”&nbsp;



Progress, he adds, is not the process of eliminating problems, but of upgrading them.&nbsp;



Obesity is an upgrade relative to starvation, for example, and climate change is an upgrade relative to near-universal poverty.



Therefore, the increasing complexity of our problems is not a cause for despair, but a measure of the progress we’re making.



Even when these upgraded problems seem too complex, Kelly assures us they won’t be for long: “We can trust the fact that future generations will be able to solve problems that we cannot ourselves.”



In other words, the problems born from solving the last generation’s problems will be solved by the next, because each succeeding generation is more capable than the last.



Now, let’s do crypto.



<h2 class="wp-block-heading">Mo solutions mo problems</h2>



Whereas: Problems are the engine of technological progress. Resolved: Technologies with the most problems will do the most good.



If problems are good, then crypto — by the transitive property of equality — must be great.



Crypto has lots of problems! And all of its own creation.



But it’s worth remembering that, as with any technology, these new problems arose as solutions to previous problems:&nbsp;



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1400" height="1004" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-115.png?w=1024&amp;h=1024" alt="" class="wp-image-110035" style="width:781px;height:auto" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-115.png?w=1400 1400w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-115.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-115.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-115.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-115.png?w=358 358w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-115.png?w=364 364w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-115.png?w=305 305w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-115.png?w=80 80w" sizes="auto, (max-width: 1400px) 100vw, 1400px" /></figure>



Kevin Kelly’s dictum that there’s “no progress without problems” is unfortunately not a law of physics, so there’s no guarantee that crypto will find solutions for all these new problems it’s created.



But there are reasons to share Kelly’s techno-optimism and belief that this is all for the best.



In the case of the world wide web, for example, we solved the frequent, small inconveniences of decentralized Web1 with a solution that created the rare but large-scale outages of centralized Web2.



And the solution to that problem might be to re-decentralize the internet…with crypto!



At its best, Web3 might be seen as solving the problems that Web2 created in solving the problems of Web1.



That, too, would cause all new problems, I’m sure.&nbsp;



We should welcome them.



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technology

Techno-optimism and problems as a conduit of progress

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Markets retreated on Monday amid renewed uncertainty over Federal Reserve rate cuts, softer real-economy prints and broadening rhetoric that we are in an “AI bubble.” The S&amp;P 500 and Nasdaq 100 dipped 1% and 1.1%, respectively, pressured by tech sector weakness. Gold was also down 1.4%, with bitcoin down 2.3% to now sitting just above $90,000.&nbsp;



It was a risk-off day across the board, with virtually every major sector in the red except bitcoin miners, which managed a modest +1.0% gain. The hardest-hit pockets were L2 tokens (−6.1%) and the Solana ecosystem (−5.6%), hurt by broader DeFi deleveraging. L1s (−2.3%) tracked our REV index lower at roughly the same pace, while AI (-2.6%), DePin (-2.7%), and RWAs (-3.2%) were marginally worse off.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1109" height="599" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-106.png?w=1024&amp;h=1024" alt="" class="wp-image-110023" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-106.png?w=1109 1109w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-106.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-106.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-106.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-106.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-106.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-106.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-106.png?w=80 80w" sizes="auto, (max-width: 1109px) 100vw, 1109px" /></figure>



None of our indexes have held up on a one-week view, underscoring crypto&#8217;s status as the most reflexive asset class amid escalating macro headwinds. BTC is down 13% over the period, holding up the best among crypto investments. Network fundamentals are deteriorating, with our REV index sliding 13.3% as Ethereum and Solana ecosystem tokens crater 25-30%.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1332" height="740" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-109.png?w=1024&amp;h=1024" alt="" class="wp-image-110026" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-109.png?w=1332 1332w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-109.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-109.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-109.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-109.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-109.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-109.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-109.png?w=80 80w" sizes="auto, (max-width: 1332px) 100vw, 1332px" /></figure>



When dollars get scarce, the most speculative asset classes, crypto first among them, always take the hardest and fastest hit. An example of liquidity stress is the widening positive spread (SOFR &gt; EFFR) being a sign of low levels of cash in overnight money markets. This means when cash gets scarce, people are desperate enough to pay more than the Fed’s rate to get their hands on dollars overnight.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1007" height="622" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-111.png" alt="" class="wp-image-110028" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-111.png?w=1007 1007w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-111.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-111.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-111.png?w=416 416w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-111.png?w=423 423w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-111.png?w=355 355w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-111.png?w=80 80w" sizes="auto, (max-width: 1007px) 100vw, 1007px" /></figure>



Broader macro themes remain tense. With the government shutdown resolved, TGA drawdowns should provide some liquidity relief as the government reopens. Debate continues on QT ending and how much a pivot to Fed balance-sheet expansion will actually increase liquidity and support risk assets. On more fundamental data, Nvidia earnings hit Wednesday, and the delayed September jobs report arrives Thursday following the six-week government shutdown.



<h2 class="wp-block-heading">Market Update</h2>



Bitcoin ETFs have flipped to heavy outflows in November, with roughly $3 billion in outflows over the last three weeks as institutional investors de-risk amid macro weakness and liquidity stress. ETH spot ETFs saw ~$1.2 billion outflows over the last three weeks. Meanwhile, Solana ETFs pulled in nearly $650 million, helped by new ETF launches.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="900" height="500" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-105.png" alt="" class="wp-image-110022" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-105.png?w=900 900w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-105.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-105.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-105.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-105.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-105.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-105.png?w=80 80w" sizes="auto, (max-width: 900px) 100vw, 900px" /></figure>



Even perennial outperformers like Strategy (MSTR) are cracking under the pressure, its their mNAV ratio dipping below 1.0, now trading at around 0.9x, a stark inversion from the 2-3x premiums in the early 2025 surge. All other bitcoin treasury companies are now trading materially below NAV, with mNAV ratios ranging from 0.7x to nearly 0.4x.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="900" height="500" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-108.png" alt="" class="wp-image-110025" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-108.png?w=900 900w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-108.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-108.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-108.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-108.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-108.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-108.png?w=80 80w" sizes="auto, (max-width: 900px) 100vw, 900px" /></figure>



Corporate crypto treasury accumulation has slowed dramatically in November amid compressed equity premiums that curb fundraising for buys. The fading momentum raises questions around whether persistent mNAV discounts will lead these firms to sell crypto assets.&nbsp;



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="900" height="500" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-107.png" alt="" class="wp-image-110024" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-107.png?w=900 900w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-107.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-107.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-107.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-107.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-107.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-107.png?w=80 80w" sizes="auto, (max-width: 900px) 100vw, 900px" /></figure>



Bitcoin miners aren&#8217;t faring any better, with hashprice collapsing to ~$38 per PH/s as network hashrate climbs back to 1,100 EH/s despite falling BTC prices. The sole bright spot is rising volatility driving network activity higher, pushing fees to ~1.2% of block rewards, up from last month&#8217;s 0.5% lows. <img loading="lazy" decoding="async" src="blob:https://cms.blockworks.co/71dd3e2a-c7c1-461a-8f46-a02c26bf8fd8" width="720" height="227">



Miners’ cash flows are still tied to collapsing BTC hashprice, driving a one-week selloff of ~17%. The drop was amplified by rising “AI bubble” chatter, with our AI index down ~20%. We see that as noise, with the dip presenting an opportunity as they transform into critical AI infrastructure players (see our report <a href="https://app.blockworksresearch.com/research/bitcoin-miners-the-megawatt-trade">Bitcoin Miners: The Megawatt Trade</a>).



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1330" height="743" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-110.png?w=1024&amp;h=1024" alt="" class="wp-image-110027" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-110.png?w=1330 1330w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-110.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-110.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-110.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-110.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-110.png?w=467 467w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-110.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-110.png?w=80 80w" sizes="auto, (max-width: 1330px) 100vw, 1330px" /></figure>



<h2 class="wp-block-heading">Near Intents: The cross-chain liquidity hub</h2>



The Near Intents product was introduced as part of the core Near Protocol in November 2024. For context, intents are an order type in which a user specifies a desired outcome, rather than a specific path of execution. This order type tasks external agents, referred to as “solvers” or “fillers,” to identify some transaction that returns the desired outcome, usually in exchange for a fee. Leveraging Near’s <a href="https://blockworks.co/news/near-protocol-chain-signatures-multichain-defi">chain abstraction stack</a> and the intent solver network, Near Intents allows trading of hundreds of assets across various chains from a single account or by any agent, without the need for bridging or wrapping assets.



After steady but slow monthly growth, October marked a breakout month for Near Intents. As shown in the chart below, the protocol processed $1.72 billion in volume in October, a 256% MoM increase. November has already surpassed that with $2.19 billion in volume as of Nov. 17, putting Near Intents on track to settle nearly $4 billion this month.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="900" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-114.png?w=1024&amp;h=1024" alt="" class="wp-image-110031" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-114.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-114.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-114.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-114.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-114.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-114.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-114.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-114.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-114.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Looking at fees, the growth over the past two months is even more dramatic. Near Intents has generated $4.09 million in fees in November 2025, surpassing the $3.95 million of cumulative fees from inception to October 2025, with nearly two weeks still left in the month. If current activity levels persist, Near Intents is on pace to generate around $7 million in fees in November.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="900" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-112.png?w=1024&amp;h=1024" alt="" class="wp-image-110029" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-112.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-112.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-112.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-112.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-112.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-112.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-112.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-112.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-112.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Near Intents’ primary catalyst for its exponential growth in recent months was its Zcash support and Zashi integration. Zashi, the most popular Zcash mobile wallet, allows users to perform decentralized cross-chain swaps from other crypto assets into ZEC within the wallet. Yesterday, Zashi<a href="https://x.com/zashi_app/status/1990467451461787783?s=20"> introduced</a> an update to the Near Intents integration that unlocks private swaps, allowing users to directly convert any Near-supported asset (e.g., BTC, ETH, USDC) into shielded ZEC. Previously, Zashi only supported swaps to a transparent address, requiring users to manually shield their ZEC afterward. Moreover, a swap from ZEC to other assets would<a href="https://x.com/zachxbt/status/1980612190609576229?s=20"> return</a> a small refund to a transparent address even if executed from a shielded one, establishing a link between both addresses. With yesterday’s update, this issue is now fixed.&nbsp;



The chart below shows the cumulative volume of Near Intents by asset since Sept. 1, 2025. ZEC is the most swapped asset behind USDT and USDC, with $569 million in cumulative volume. A key question is whether Near Intents’ recent activity spike is a temporary effect of ZEC buying demand or the start of more durable growth. The surge in attention could ultimately seed a stickier user base for permissionless swapping across a broader set of blockchains and assets.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="900" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-113.png?w=1024&amp;h=1024" alt="" class="wp-image-110030" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-113.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-113.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-113.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-113.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-113.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-113.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-113.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-113.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-113.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



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Markets in full risk-off mode

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<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“How did Andean societies exchange resources and administer large numbers of people without currency or writing?”



— Jacob Bongers, digital archeologist
</blockquote>



A mysteriously precise, mile-long band of 5,200 holes dug into Monte Sierpe, Peru, at least 600 years ago has long been a subject of speculation.



Ever since the site was popularized by aerial photography in 1933, professional archeologists have puzzled over its purpose — but hypotheses related to defense, water collection, fog capture, gardening, burial, geoglyph symbology and resource mining have all been discounted for one reason or another.



Having ruled all those out, amateur archeologists settled on the only remaining explanation: “ancient astronauts.”



Last week, however, a team of digital archeologists published an academic <a href="https://www.cambridge.org/core/journals/antiquity/article/indigenous-accounting-and-exchange-at-monte-sierpe-band-of-holes-in-the-pisco-valley-peru/41D83389D230D99CFF18194CF274A9A3">study</a> that finally determined the site’s true purpose: Monte Sierpe, they explain, was “an indigenous system of accounting and exchange.”



“We hypothesise that Monte Sierpe initially served as a barter marketplace before being turned into a large-scale accounting device under the Inca Empire (1400-1532 AD) for collecting tribute from local communities.”



One hundred years before Luca Pacioli popularized the concept of double-entry accounting in Italy, Incas in Peru were keeping their books on a hillside.



The paper’s lead author, Jacob Bongers, frames this in modern terms by <a href="https://theconversation.com/a-centuries-old-grid-of-holes-in-the-andes-may-have-been-a-spreadsheet-for-accounting-and-exchange-269277">saying</a> the hillside “functioned as a large spreadsheet for the Inca Empire.”&nbsp;



Others call it a ledger.



But it looks like a blockchain:



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1141" height="613" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-104.png?w=1024&amp;h=1024" alt="" class="wp-image-110014" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-104.png?w=1141 1141w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-104.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-104.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-104.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-104.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-104.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-104.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-104.png?w=80 80w" sizes="auto, (max-width: 1141px) 100vw, 1141px" /></figure>



Imagine a blockchain, and you’ll likely see something like Monte Sierpe: a continuous, physical stream of data stretching a mile into the horizon.



Bongers’ paper comes close to acknowledging the likeness: “The band is not continuous but rather segmented into sections or blocks.”



This is even more evident in the <a href="https://www.youtube.com/watch?v=oRhNJQxx41Y&amp;t=63s">video</a>, where the “blocks of holes” are more visible.



But the resemblance is much more than skin deep — because what could be more proof-of-work than digging thousands of holes?



“Depositing goods in the holes,” the paper explains, “could have been a way of publicly displaying information about the quantity of goods” used for “tribute collection.”



This is useful because you can&#8217;t have a system for tribute or large-scale economic exchange unless you first have clear rules about who owns or controls what.



Blockchains are a public display of information, designed to allow anyone to verify who owns and controls what unit of exchange.



Monte Sierpe was a public display of information that allowed anyone to verify who had paid what tribute to whom.



This public display, the paper proposes, is how a society as large as the Inca Empire was able to administer larger numbers of people without the help of currency or a system of writing.



“The visual prominence of Monte Sierpe…may have increased the probability of locating suitable trading partners, drawing together producer-specialists (e.g. farmers and fisherfolk), mobile traders (e.g. llama caravans and seafaring merchants), lords and administrators for periodic exchange. Large numbers of people depositing goods in the holes would give participants information about the quantity of goods available in an ordered way.”



In other words, they built a public blockchain.&nbsp;



The key insight that led the researchers to this conclusion is that the arrangement of Monte Sierpe’s 5,200 holes into 60 distinct blocks “is structurally reminiscent of at least one locally found khipu, an Inca knotted-string device used for detailed record-keeping.”



In pre-modern Andean societies, khipus — knotted and maintained by specially trained khipukamayuq —&nbsp; “were used to keep track of census information, tribute and inventory,” the paper explains.&nbsp;



By that definition, the portable khipu was the spreadsheets of the time, not Monte Sierpe.&nbsp;



Monte Sierpe — immutable, publicly verifiable, trustless — was the blockchain.



To trust a khipu was to trust the khipukamayuq who tied the knots…much like trusting a bank account is trusting the banker who keeps the accounts.



It’s not a perfect analogy.&nbsp;



The Incas probably were not adding new blocks to their chain of holes for each new bundle of transactions that came in.



Instead, each block is thought to have corresponded to a social group, and each group would fill their assigned holes with goods when it was their turn to pay tribute to the State.



Like a blockchain, the key innovation was that the Band of Holes allowed this to be done publicly, where anyone could verify the payments — up until the goods were removed.



So this analog precursor to the modern blockchain had one limitation: reusing the blocks erased the chain’s history.



It took 600 years to invent a digital version that preserves the full history of a chain by appending new blocks rather than overwriting old ones.



This is Satoshi’s great innovation.



But the principles are unchanged — as is the value proposition.&nbsp;



Digging 5,200 holes in a precise formation on top of a hill is not just a proof-of-work, it was hard work, too.



This monumental investment of labor is evidence that the Incas thought recording transactions in a public, immutable ledger had significant value as a way to organize large groups of people.&nbsp;



Perhaps we are only now catching up.



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History

Did the Inca envision a blockchain system?

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Following the longest government shutdown in US history, markets still have not recovered well. While gold has outperformed (+1.79% over the past week) and the S&amp;P 500 and Nasdaq 100 are only slightly down (-0.21% and -0.57%, respectively), BTC has seen significant downside, with -10.32% over the past seven days.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1477" height="824" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-101.png?w=1024&amp;h=1024" alt="" class="wp-image-110000" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-101.png?w=1477 1477w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-101.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-101.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-101.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-101.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-101.png?w=468 468w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-101.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-101.png?w=80 80w" sizes="auto, (max-width: 1477px) 100vw, 1477px" /></figure>



Altcoins have similarly not fared well. The only sectors which have outperformed BTC are RWA and no-revenue indices. No-revenue tokens have outperformed slightly due to XRP holding up better than BTC (down only -6.36% over the past week), and RWA tokens have been held up by OUSG (+0.73%) and HASH (-3.44%) this past week.



In terms of worst performers, we’ve seen the crypto-miner, Solana Eco, and Modular indices bear the brunt of the pain. Notably, within Solana Eco, MPLX is down -42.36% over the past week (due to an <a href="https://x.com/playsolana/status/1989732663289147540">exploit/incident during the PSG1 launch</a>), and JTO is down -26.81% (possibly due to the announcement of Harmonic as a competitor).



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1481" height="829" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-102.png?w=1024&amp;h=1024" alt="" class="wp-image-110001" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-102.png?w=1481 1481w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-102.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-102.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-102.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-102.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-102.png?w=466 466w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-102.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-102.png?w=80 80w" sizes="auto, (max-width: 1481px) 100vw, 1481px" /></figure>



<h2 class="wp-block-heading">Charts for The Week</h2>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="900" height="500" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-99.png" alt="" class="wp-image-109998" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-99.png?w=900 900w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-99.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-99.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-99.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-99.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-99.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-99.png?w=80 80w" sizes="auto, (max-width: 900px) 100vw, 900px" /></figure>



Hyperliquid continues to lead in terms of application revenue, making $17.1 million over the past week, followed by Pump.fun, which made $9.6 million. Despite Pump.fun having a lower multiple based on these revenue figures, the token has held up worse than HYPE. The PUMP/HYPE pair is down 23.4% over the past week.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="900" height="500" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-100.png" alt="" class="wp-image-109999" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-100.png?w=900 900w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-100.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-100.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-100.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-100.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-100.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-100.png?w=80 80w" sizes="auto, (max-width: 900px) 100vw, 900px" /></figure>



In terms of chain revenue, Solana has held up surprisingly well, despite the continued downturn in memecoin activity (apart from pump.fun). Over the past two months, Solana revenue market share has shrunk from 21% of all chains to 12%. Despite this, the chain still has higher revenue compared to Ethereum, but now sits behind Hyperliquid and Tron.&nbsp;



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="900" height="500" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-98.png" alt="" class="wp-image-109997" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-98.png?w=900 900w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-98.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-98.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-98.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-98.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-98.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-98.png?w=80 80w" sizes="auto, (max-width: 900px) 100vw, 900px" /></figure>



MSTR outstanding mNAV has fallen to 0.9. Earlier today, Saylor announced that MSTR bought 8,178 BTC for ~$835.6 million at ~$102,171 per BTC. Although Saylor is unlikely to sell, NAV less than 1 makes issuance increasingly difficult, leading to fewer buys and potentially lower mNAV.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="900" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-103.png?w=1024&amp;h=1024" alt="" class="wp-image-110003" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-103.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-103.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-103.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-103.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-103.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-103.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-103.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-103.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-103.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



In the most recent Upbit 10 listings, the median listing-day price jump was 70%, with an average of 115%, compared to roughly 40% on Binance for non-meme listings — reflecting South Korea’s highly active retail investor base, where enthusiasm for new assets often drives short-term price spikes (read <a href="https://app.blockworksresearch.com/research/naver-s-bid-for-upbit-building-korea-s-next-generation-super-app">more</a>).



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="900" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-103.png?w=1024&amp;h=1024" alt="" class="wp-image-110002" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-103.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-103.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-103.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-103.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-103.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-103.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-103.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-103.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/11/image-103.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Loopscale deposits have grown by about 28% over the past 90 days to $93 million, with active loans growing at a similar rate to $34 million. For comparison, both Kamino deposits and outstanding loans have experienced negative growth over the same period (read <a href="https://app.blockworksresearch.com/research/loopscale-scaling-net-new-assets-in-de-fi">more</a>).



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Bitcoin falls, even as Strategy buys $835.6M for its holdings

Macauley Peterson

This is a segment from The Breakdown newsletter. To read full editions, <a href="https://blockworks.co/brand/the-breakdown" target="_blank" rel="noreferrer noopener">subscribe</a>.



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As crypto markets have tumbled, it’s been a reflective week in Ethereum land. On Thursday, Vitalik Buterin and co-authors Yoav Weiss and Marissa Posner dropped <a href="https://trustlessness.eth.limo/general/2025/11/11/the-trustless-manifesto.html">The Trustless Manifesto</a> — a sweeping, almost poetic call to arms for developers to recommit to the network’s founding ethos: Build systems that rely on math and consensus, not on people or platforms.



The document reads like a philosophical companion to Justin Drake’s Lean Ethereum proposal, which turned one year old this week. A newly active X account, <a href="https://x.com/leanEthereum">@leanEthereum</a>, has popped up to mark the milestone — and the overlap in timing doesn’t feel accidental. With <a href="https://devconnect.org/">DevConnect</a> kicking off Monday in Buenos Aires, the pair of ideas together set the tone for a week that’s as much about vision as it is about innovation.



<h2 class="wp-block-heading">‘Trustlessness is the thing itself’</h2>



At its core, the manifesto argues that Ethereum’s success has also made it fragile. As infrastructure and apps scale, the community risks outsourcing too much — RPC endpoints, rollup sequencing, even “self-custody” — to a shrinking circle of trusted intermediaries. Each convenience, it warns, brings the network closer to dependence.



“The only defense is trustless design,” the authors write. “Without it, everything else — efficiency, UX, scalability — is decoration on a fragile core.”



The text lays out three “laws” of trustless design — no critical secrets, no indispensable intermediaries and no unverifiable outcomes — and ends with a pledge: “We refuse to call a system ‘permissionless’ when only the privileged can participate.”



<h2 class="wp-block-heading">The drift toward dependence</h2>



One of the manifesto’s most striking metaphors compares Ethereum’s current trajectory to that of email — once an open, decentralized protocol that anyone could run themselves. Today, spam filters, blocklists and trust-based reputation systems have made it practically impossible for ordinary users to host their own mail servers, the manifesto reads.&nbsp;



“Email became effectively centralized — not because the protocol was closed, but because practical trustlessness was lost,” the authors write.



It’s a cautionary tale for Ethereum’s access layer. If node operation, transaction relaying or cross-chain messaging ends up dependent on a handful of privileged service providers, the network could become as “permissionless” as Gmail: still functional, but fundamentally gatekept. The manifesto’s plea is simple — don’t let that happen.



“Every shortcut that assumes trust eventually costs freedom.”



If that strikes a chord, a smart contract is now live on mainnet for those who want to “sign” the manifesto — literally staking their names to the principle that decentralization is worth the friction.



<h2 class="wp-block-heading">From ‘Lean Ethereum’ to the endgame</h2>



If The Trustless Manifesto is a moral compass, Lean Ethereum is the architectural blueprint it points toward. Drake’s vision, described as Ethereum’s “endgame” or “final form,” imagines a network stripped down to its purest minimal core — fewer dependencies, simpler consensus, and stronger guarantees that anyone can run a node without institutional backing.



The Lean Ethereum account opened with a video teaser of sorts, sketching a picture of where Ethereum might be heading next: lighter, smaller, but more robust.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">zkEra soon™️ <a href="https://t.co/PZSzNr1kPZ">pic.twitter.com/PZSzNr1kPZ</a>&mdash; lean Ethereum (@leanEthereum) <a href="https://twitter.com/leanEthereum/status/1988645664595878183?ref_src=twsrc%5Etfw">November 12, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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A related <a href="https://ethresear.ch/t/eil-trust-minimized-cross-l2-interop/23437">research proposal</a> getting attention this week is the Ethereum Interop Layer (EIL), posted Nov. 13 on Ethereum Research.



EIL aims to make L2s feel like one chain without new trust assumptions: Users sign once via ERC-4337, wallets bundle a Merkle-rooted set of cross-L2 calls, and a CrossChainPaymaster coordinates “XLP” liquidity providers who front gas and funds with an L1-anchored dispute process to slash misbehavior. Instead of relying on intent solvers and opaque relayers, EIL leans on atomic, optimistic swaps and onchain vouchers to keep censorship resistance and verifiability intact — the manifesto’s “no indispensable intermediaries” rendered as working plumbing.



<h2 class="wp-block-heading">A fitting prelude to DevConnect</h2>



For all the talk of rollup scaling and AI agents, the conversation heading into DevConnect feels unusually introspective. Vitalik’s timing suggests a deliberate recalibration, reminding attendees that Ethereum’s biggest challenges are not only technical, but cultural.



Developers (and this newsletter writer) gathering in Buenos Aires may be debating zk cryptography and DeFi security, but beneath it all lies the same question the manifesto asks outright: What does it mean to trust less in 2025?



As the week begins, Ethereum stands ready to prove that growth doesn’t have to mean compromise. Or, as manifesto’s closing line opines:



“The designs will change. The principles will not.”



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