Elon Dumps Bitcoin, Justice Department Looks into Binance

Get your weekend macro fix with Blockworks’ own Mike Ippolito and Tyler Neville.

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In the weekly roundup episode of Blockworks’ podcast “On the Margin,” Michael Ippolito, co-founder, sits down with Senior Editor Tyler Neville to talk about the news in macro, including: Elon announces that Tesla will stop allowing customers to pay in Bitcoin, the US Department of Justice and IRS look into Binance, and Stan Druckenmiller predicts the currency will lose reserve status in 15 years.

“On the Margin” is a two-part show. Once a week, Mike interviews industry experts, and then at the end of the week he is joined by co-host Tyler Neville where they break down the top crypto and macro stories. Episodes go live every Wednesday and Saturday morning.

Subscribe to “On the Margin” today on Apple or Spotify, or watch the episode on YouTube.

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Research

We believe that few tokens at the application layer are diverging more from fundamentals than ZORA. Its fully-diluted P/S sits at 90x, pricing significant growth despite a consistent decline in weekly revenues since late July. We foresee an 80% decrease in protocol net margins due to a recent update to the fee structure that reduces trading fees from 3% to 1%, while boosting creators’ portion of the fee split. ZORA’s supply overhang also represents a near-term headwind, with 45% of ZORA’s supply (4.5B tokens or $350M at current prices) earmarked for the team & investors beginning to unlock on October 23, 2025 (36-month linear vesting schedule).

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Insiders have the best information — markets should be willing to pay for it

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The CFTC-regulated exchange is opening doors to crypto builders and traders through grants, partnerships, and new deposit options

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DFS tells banking organizations to integrate blockchain monitoring tools to curb money laundering and sanctions risks

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New short and long-term priorities include L1 gas boosts, ZK-EVMs, privacy reads, and a lean, quantum-resistant Ethereum

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The new stBTC token redistributes Bitcoin gas fees to users, creating liquid yield without inflation or lockups

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The reserve will collect protocol revenues to back W token, alongside new yield and unlock schedule

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