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Daylight Energy, a DePIN startup focused on distributed solar power, has raised $75 million in new financing to expand its decentralized energy network.&nbsp;



The round includes $15 million in equity led by Framework Ventures with participation from a16z crypto, Lerer Hippeau, M13, Room40 Ventures, EV3, Crucible Capital, Coinbase Ventures, and Not Boring Capital, along with a $60 million project development facility led by Turtle Hill Capital.



The company said the capital will fund installations of home solar and battery systems on the Daylight Network, a subscription-based program offering households backup power and stable electricity rates without upfront costs.&nbsp;



Homeowners currently earn “Sun Points,” a non-crypto rewards system that Daylight expects to evolve into a network token over time. The firm is also introducing DayFi, a decentralized finance (DeFi) protocol designed to offer yield tied directly to electricity revenues generated by Daylight’s infrastructure portfolio.



Framework Ventures co-founder Vance Spencer said the model bridges capital markets and renewable energy, adding that DeFi investors are seeking real-world yield sources as global power demand rises.&nbsp;



“As AI accelerates global power demand, and energy costs rise, we think Daylight is uniquely positioned to meet the moment by connecting capital to the next generation of renewable infrastructure,” Spencer said.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

DePIN

Daylight Energy secures $75 million to expand decentralized solar network

Kate Irwin

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



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No, Farcaster is not trying to replace Crypto Twitter.



But Farcaster’s Ecosystem Lead Linda Xie is laser-focused on the crypto-native audience.



The crypto social app isn’t gunning to be the next Instagram or TikTok, either. Instead, there’s a built-in wallet, financial rewards up for grabs for building a Farcaster mini app, and a leaderboard for top posters that mimics more degen trading platforms.



“The team has spent five years building out a social graph in the crypto space, and that’s really, really tough,” Xie told me in an interview. “And so now we’re at the point where we’re going from social to adding the wallet.”



The social media app ecosystem is pretty crowded, with many options to choose from. The wallet world is also crowded: Lately we’ve seen a surge in more established apps like Robinhood and the Coinbase Wallet adding social elements, plus a slew of new startups trying to reimagine crypto trading from a social-first perspective.



With so many options and so little time, traders will be forced to pick a few to focus on that reward them the most.&nbsp;



What makes <a href="https://www.coinbase.com/learn/crypto-basics/what-is-the-decentralized-social-media-platform-farcaster">Farcaster</a> different, I’d argue, is that it’s effectively an Apple- and Google-approved crypto ecosystem hosting its own mini app store within the app itself.



Farcaster can help early crypto builders find their first 100 or 1,000 users, with a core audience that already likes and understands crypto.&nbsp;



“You’re able to do things that just aren’t even possible on Twitter,” Xie said of Farcaster’s permissionless ecosystem. “You can iterate really quickly, put things out there, have people try using it and see what happens.”



She noted that builders don’t have to pay Farcaster or get its permission to build and distribute a mini app there.&nbsp;



“As a builder, it’s crucial to be gaining distribution off the bat,” Xie said.



<h2 class="wp-block-heading">By the numbers</h2>



On CT, you might see a lot of joking and troll-posts about how Farcaster has “no users.”&nbsp;



But such claims aren’t accurate when you look at the data. It’s not on the level of Twitter, of course, but it has its own community.&nbsp;&nbsp;



On Monday, Xie told me that Farcaster’s number of daily active users varies a lot, but said that number is in the “tens of thousands” of users per day.



“What we’re really focused on looking at is the number of funded wallets, especially the ones with meaningful balances,” she said.



Xie added that Farcaster has seen over 100,000 total wallets funded so far.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1920" height="1080" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Farcaster.png?w=1024&amp;h=1024" alt="" class="wp-image-109188" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Farcaster.png?w=1920 1920w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Farcaster.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Farcaster.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Farcaster.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Farcaster.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Farcaster.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Farcaster.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Farcaster.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Farcaster.png?w=80 80w" sizes="auto, (max-width: 1920px) 100vw, 1920px" /><figcaption class="wp-element-caption">A look at Farcaster’s vibrant mini app ecosystem</figcaption></figure>



After our conversation, Farcaster saw a spike in iOS downloads this week, Appfigures data shows, which may be due to Farcaster’s <a href="https://x.com/farcaster_xyz/status/1977941893028659348">decision</a> to reward some users who deposit USDC on Base into their Farcaster wallet with a match of up to 10%, or up to $500.&nbsp;



Crypto loves free money, of course, but it does seem like the world of Farcaster mini apps has a lot of rewards up for grabs that some CT diehards might be leaving on the table by not exploring the app.



To me, Farcaster’s app ecosystem feels like a more refined, user-friendly version of the Telegram crypto mini app world.



<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">100K DAU in Farcaster app yesterday 🔥&mdash; Farcaster (@farcaster_xyz) <a href="https://twitter.com/farcaster_xyz/status/1978494847871783346?ref_src=twsrc%5Etfw">October 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Appfigures estimates that Farcaster has seen over 65,000 iOS downloads this year, and over 25,800 Android downloads this year.



Google <a href="https://play.google.com/store/apps/details?id=com.farcaster.mobile&amp;hl=en_US">data</a> shows Farcaster has seen over 500,000 total downloads on Android, and Appfigures’s algorithm suggests Farcaster has seen at least 400,000 iOS downloads in total.



Going forward, the Farcaster team is continuing to support features its crypto-native audience actually wants.



Xie said Farcaster is looking into adding “more privacy features” long-term, and has continued to add support for more blockchains. Most recently, they added BSC support, perhaps in part due to the recent surge in memecoin activity on that chain. 



She added: “We want to be the place where crypto people are talking, where they’re transacting, and it’s like, regardless of which chain it is, like, we just want the user to have the best experience.”



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<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



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<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

dApps

Farcaster hits 100K+ funded wallets as it builds out its app store

Ripple has acquired GTreasury, a leading treasury management software provider, in a $1 billion deal that extends the company’s reach into corporate finance and cash management.&nbsp;



The acquisition, announced Thursday, marks the latest step in Ripple’s expansion strategy following its earlier purchases of prime brokerage firm Hidden Road and stablecoin payments platform Rail.



GTreasury, based in Chicago, provides software that helps multinational corporations manage liquidity, payments, and risk across global operations. Ripple said combining its blockchain settlement infrastructure with GTreasury’s treasury tools will allow companies to manage digital and fiat assets in real time.&nbsp;



“Ripple’s and GTreasury’s capabilities together bring the best of both worlds, so treasury and finance teams can finally put their trapped capital to work, process payments instantly, and open up new growth opportunities,” said Ripple CEO Brad Garlinghouse in the announcement.



The deal gives Ripple direct access to the multi-trillion-dollar corporate treasury market, positioning it to compete with incumbents such as Kyriba and SAP Treasury. Integrating blockchain-based settlement into traditional treasury operations could enable companies to move money instantly, reduce transaction costs, and improve working capital efficiency.



Ripple said GTreasury will continue operating as a subsidiary, maintaining its customer relationships while incorporating Ripple’s digital asset and liquidity infrastructure.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



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<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



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<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
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M&amp;A

Ripple acquires GTreasury in $1B deal to expand into corporate finance

Shaunda Devens

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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Just last week, we wrote about HIP-3&#8217;s final stages of testnet, and now it&#8217;s live on mainnet with UNIT already launching their HIP-3 DEX.&nbsp;



Their first product, XYZ100 — an index tracking the top 100 companies — has generated $24.1M, $21.6M, and $20.7M in volume over the first three days, respectively. This performance stands out when compared to spot volumes for tokenized equities, which typically range between $8M-$12M weekly.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="889" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-52.png?w=1024&amp;h=1024" alt="" class="wp-image-109173" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-52.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-52.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-52.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-52.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-52.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-52.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-52.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-52.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-52.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: Blockworks Research</figcaption></figure>



A powerful indicator was seeing Phantom list the XYZ100 perp via their frontend. As discussed previously, HIP-3 markets will not be originally listed on Hyperliquid&#8217;s frontend, meaning distribution is heavily dependent on builders listing markets.&nbsp;



Phantom (54K users) and BasedApp (28K users) have already listed XYZ100, though some builders like Axiom decided not to, showing the optionality at play here. While builders still account for a small amount of Hyperliquid&#8217;s total volume (3.5%), they have significant distribution with 37% of Hyperliquid&#8217;s users trading from these platforms.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="608" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-53.png?w=1024&amp;h=1024" alt="" class="wp-image-109175" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-53.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-53.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-53.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-53.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-53.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-53.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-53.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-53.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-53.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: <a href="https://hyperliquid.allium.so/">Allium HyperLiquid Dashboard</a></figcaption></figure>



However, it remains unclear exactly how builders will approach HIP-3 market listings. According to Phantom&#8217;s documentation, &#8220;<a href="https://phantom.com/learn/crypto-101/hyperliquid-hip-3#faqs">Any HIP-3 perpetual futures market can be accessed via Hyperliquid-compatible platforms, including Phantom</a>.&#8221; This suggests that in a bull case scenario, Phantom could permissionlessly list all HIP-3 markets, though we expect some degree of curation.&nbsp;



The value proposition is clear: HIP-3 already provides deployers with institutional-grade orderbook technology, and with builder participation, potentially elite distribution as well. HIP-3 already abstracts the orderbook infrastructure layer, and builders will potentially abstract away the need for deployers to maintain frontends or build their own communities. The only thing that matters is listing markets users want to trade



One such project that will depend heavily on builder distribution is <a href="https://app.blockworksresearch.com/research/tokenized-private-equity-platforms#ventuals">Ventuals</a>. Ventuals creates synthetic perpetual futures on private company valuations for firms like OpenAI, SpaceX, and Cursor. The platform&#8217;s innovation lies in its hybrid oracle system that addresses the fundamental challenge of pricing illiquid private assets (50/50 weighting between offchain secondary market data and 8-hour EMA of mark price).&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="573" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-54.png?w=1024&amp;h=1024" alt="" class="wp-image-109174" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-54.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-54.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-54.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-54.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-54.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-54.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-54.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-54.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-54.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: Ventuals Testnet Dashboard</figcaption></figure>



Builders&#8217; decision to list these markets would abstract everything away from users, meaning the end user simply sees the ability to buy and trade pre-IPO projects directly from their wallet, though this could be a risk as end users cannot accurately distinguish risks for pre-IPO tokens such as liquidity constraints.



<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/2025/10/image-51.png?w=1024&amp;h=1024" alt="" class="wp-image-109172" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-51.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-51.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-51.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-51.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-51.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-51.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-51.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-51.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-51.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



To secure the 500K HYPE requirement for HIP-3 deployment, Ventuals will open deposits for vHYPE on October 16 at 15:00 UTC (11 a.m. ET). vHYPE holders receive 25% of exchange revenue as ongoing fee share, in addition to earning Ventuals points toward a future protocol stake with up to a 10x boost for early participants. 



However, depositors take on liquidity risk, as withdrawals are paused if total deposits sit at the minimum 500K threshold, since this stake must be maintained for the exchange to operate. Over time, Ventuals will add HYPE from their treasury and purchase additional HYPE with exchange revenue to create a withdrawal buffer above the minimum requirement.



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</ul>

0xResearch Newsletter

HIP-3 brings equity perps to crypto

Andreessen Horowitz’s crypto arm has invested $50 million in Jito, a Solana-based staking and infrastructure protocol.



In a statement, the Jito Foundation characterized the deal as a “strategic investment from a16z crypto via a private token sale.”



“The Foundation will utilize this funding to further its mission of advancing Jito Network technology—and the Jito community—in an effort to maximize scalability, efficiency, and economic value on Solana, enhancing Solana’s position as the home of Internet Capital Markets,” the group said.



The news was first reported by <a href="https://fortune.com/crypto/2025/10/16/andreessen-horowitzs-crypto-arm-invests-50-million-in-solana-staking-protocol-jito/?utm_source=x&amp;utm_medium=blog&amp;utm_campaign=a16z_oct16">Fortune</a>.&nbsp;



Founded to enhance Solana’s validator performance and optimize transaction execution, Jito has become one of the network’s most visible infrastructure projects. Jito <a href="https://blockworks.co/news/jito-bam-solana-mainnet">launched</a> its Block Assembly Marketplace (BAM) on Solana mainnet in September, as Blockworks previously reported.&nbsp;



“We’re excited to back Jito and its stellar team’s efforts to accelerate the adoption of decentralized finance,” Ali Yahya, General Partner at a16z crypto, said in a statement.&nbsp;



The investment marks another sign of a16z’s focus on the Solana ecosystem.&nbsp;



A16z has taken stakes in Solana-based startups like <a href="https://blockworks.co/news/lightspeed-newsletter-a16z-solana-gaming">MagicBlock</a> and <a href="https://blockworks.co/news/reflect-stablecoin-infra-raise">Reflect</a>, as part of a broader push into DeFi and on-chain infrastructure.



Beyond Solana, a16z has taken stakes in other crypto projects as well. This year, the firm participated in funding rounds for EigenLayer, LayerZero, and Saga.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

a16z

a16z invests $50M in Solana staking protocol Jito

Jack Kubinec

Institutional crypto staking firm Figment has acquired Rated Labs, a staking and validator analytics platform.



The Rated brand and website will stay unchanged, but the Rated team and technology will join Figment. The deal marks Figment’s first acquisition. Figment and Rated declined to disclose the deal terms.



Figment runs a staking platform aimed at institutional customers. It operates validators on a number of blockchains including Ethereum and Solana and accounts for over $15 billion worth of staked crypto. It also offers staking-related products like white label validators and staking APIs that clients can embed into their platforms.



Rated offers public <a href="https://explorer.rated.network/?network=mainnet&amp;view=pool&amp;timeWindow=1d&amp;page=1&amp;pageSize=15&amp;poolType=all">explorers</a> for Solana and Ethereum staking, and it sells access to its APIs. Figment was a “very big” Rated customer prior to the acquisition, Figment co-founder and chief product officer Andrew Cronk said.&nbsp;



“Figment sits at the center of where staking is heading: institutional scale, integrated infrastructure, and higher standards of reporting. We had traction in our lane, but the lane itself is consolidating, and Figment is best positioned to carry our mission forward,” Rated co-founder Elias Simos said.



Cronk added that Rated fits Figment’s business model because prospective customers want transparent data about what is happening onchain.



Figment acquiring Rated marks the latest intra-crypto acquisition in an M&amp;A market that is <a href="https://blockworks.co/news/selling-time-stablecoins">still heating up</a>. Over the past month-plus, <a href="https://www.theblock.co/post/370486/keyrock-acquire-turing-capital-as-it-expands-into-asset-and-wealth-management?utm_source=rss&amp;utm_medium=rss">Keyrock</a>, <a href="https://decrypt.co/337657/coincheck-to-acquire-french-crypto-brokerage-aplo-in-push-beyond-japan">Coincheck</a>, <a href="https://www.theblock.co/post/369612/kraken-breakout-acquisition?utm_source=rss&amp;utm_medium=rss">Kraken</a>, and <a href="https://blockworks.co/news/moonpay-acquires-meso">MoonPay</a> have made acquisitions. Figment, which had previously <a href="https://www.bloomberg.com/news/articles/2025-05-06/staking-firm-figment-hunts-acquisitions-amid-crypto-deal-spree">telegraphed</a> its desire to make acquisitions in the range of $100 million to $200 million, likely isn’t done.



Cronk pledged “more coming” when asked about future M&amp;A deals.



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<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Figment

Figment acquires staking analytics firm Rated

CME Group posted record-breaking activity in its cryptocurrency derivatives markets during the third quarter of 2025, with total futures and options volume exceeding $900 billion, according to its <a href="https://www.cmegroup.com/newsletters/quarterly-cryptocurrencies-report/2025-october-cryptocurrency-insights.html">October 2025 Cryptocurrency Insights report</a>.&nbsp;



The exchange also reached a record average daily open interest (ADOI) of $31.3 billion, signaling expanding institutional appetite for regulated digital asset exposure.&nbsp;



The number of large open interest holders climbed to 1,014 in mid-September, a clear marker of market depth and participation growth.



ETH led the rally, with futures volume up 355% year-over-year and open interest up 441% to $8.7 billion. Open interest peaked at $10.6 billion in August, and ETH options hit a record $1.2 billion ADOI. CME cited the rise of Ethereum-based trading and hedging as a sign of maturing institutional risk management across decentralized finance markets.



New SOL and XRP futures also reached milestones since launching earlier this year, trading $34 billion and $23.7 billion in notional value, respectively.&nbsp;



Solana open interest surpassed $2.1 billion, and XRP hit $1.4 billion, both achieving record large-holder counts. The activity underscores rising diversification beyond Bitcoin and ETH into altcoin derivatives.



CME’s spot-quoted Bitcoin (QBTC) and Ether (QETH) futures continue to attract institutional use, blending futures’ capital efficiency with spot-market exposure. More than 400,000 contracts have traded, totaling over $380 million in notional value.&nbsp;



The exchange expanded its crypto suite with new options on Solana and XRP futures on October 13, 2025 — the only CFTC-approved XRP and Solana options in the U.S. — and announced plans to introduce 24/7 trading in early 2026, aligning its regulated offering with the always-on digital asset market.



This is a developing story.



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



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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CME Group

CME Group hits $900B in Q3 crypto derivatives as ETH leads surge

Euler plans to launch a USD synthetic “in a few weeks,” a step the startup says will complete a triad of products spanning lending, exchange, and a dollar-denominated asset, according to remarks in a recent interview on the Bell Curve podcast.&nbsp;



Co-founder Michael Bentley described the new product as “USD synthetic,” adding that Euler today is “not just a lending protocol” but also a DEX. They argued that launching the synthetic within Euler’s stack would avoid “value leakage outside of the system” and “bring more value to token holders,” indicating an intent to keep core economics internal to the protocol.&nbsp;



<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">Excellent chat with <a href="https://twitter.com/euler_mab?ref_src=twsrc%5Etfw">@euler_mab</a> where he dropped an exclusive: Euler is launching a stablecoin! Give it a watch. <a href="https://t.co/UVFAraS6m3">https://t.co/UVFAraS6m3</a>&mdash; Mippo 🟪 (@MikeIppolito_) <a href="https://twitter.com/MikeIppolito_/status/1978569992854536579?ref_src=twsrc%5Etfw">October 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



No ticker, collateral model, or peg mechanism was disclosed in the conversation, and the team said the product is still “a few weeks out,” suggesting work remains before users can access it.



Bentley positioned the synthetic dollar as a strategic complement to Euler’s credit markets and on-protocol exchange, with an emphasis on tight integration rather than reliance on external liquidity incentives.



This is a developing story.



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



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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Euler Labs

Euler teases launch of synthetic dollar product

Kraken has acquired Small Exchange, a U.S. Commodity Futures Trading Commission-licensed Designated Contract Market, from IG Group for $100 million, the company announced.



The deal positions Kraken to offer fully regulated onshore derivatives trading in the United States, extending its reach into the world’s largest capital market. The acquisition gives Kraken the regulatory foundation to design and operate U.S.-listed derivatives under direct CFTC oversight.



Kraken co-CEO Arjun Sethi said the purchase marks “the foundation for a new generation of United States derivatives markets,” describing the move as an effort to consolidate spot, futures, and margin trading into one regulated ecosystem. The integration aims to reduce market fragmentation and bring high-performance, low-latency trading onshore — capabilities often available only in offshore venues.



The transaction follows Kraken’s earlier purchase of NinjaTrader, which gave clients access to CME-listed crypto futures, and builds on its prior acquisitions of Crypto Facilities in the U.K. and its regulated derivatives presence in Europe under MiFID II.&nbsp;



With operations now spanning six fiat currencies and more than 450 digital and traditional assets, Kraken is positioning itself as one of the few global crypto firms with derivatives venues across three major jurisdictions.



This is a developing story.



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



This article was generated with the assistance of AI and reviewed by editor <a href="mailto:david@blockworks.co">David Canellis</a> before publication.

CFTC

Kraken acquires CFTC-regulated Small Exchange for $100M

Macauley Peterson

Citi has raised its base-case projection for stablecoin issuance to $1.9 trillion by 2030, up from $1.6 trillion earlier this year, with a $4 trillion bull case and a $0.9 trillion bear case.



On Day 3 of DAS London, Sophia Bantanidis, a research analyst on Citi’s Future of Finance team, presented the findings of the bank’s “Stablecoins 2030: Web3 to Wall Street” <a href="https://www.citigroup.com/rcs/citigpa/storage/public/GPS_Report_Stablecoins_2030.pdf">report</a>, calling the stablecoin boom “blockchain’s ChatGPT moment for institutional adoption.”



Bantanidis pointed to “a huge surge of announcements from digitally native firms integrating stablecoins into commerce, payments and real-world applications,” noting big e-commerce names are “partnering with the wallet providers to accept crypto and stablecoins.”



Stablecoin issuers could become a top Treasury holder —potentially more than any single jurisdiction today, the report says — with $1 trillion+ in T-bills by 2030, amassing political capital in the process.



Bantanidis also cited “regulatory tailwinds” — including the GENIUS Act — and “offshore international demand for holding USD,” as primary drivers of stablecoin growth.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="889" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-50.png?w=1024&amp;h=1024" alt="" class="wp-image-109130" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-50.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-50.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-50.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-50.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-50.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-50.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-50.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-50.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-50.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Ethereum holds roughly $177b of the <a href="https://defillama.com/stablecoins">$306 billion total</a> stablecoin supply | Source: <a href="https://app.blockworksresearch.com/analytics/team/charts/3228">Blockworks Research</a></figcaption></figure>







Beyond growth in supply, Citi’s updated outlook projects even more eye-popping numbers for transaction volume. Since stablecoins “can circulate with really high velocity,” Bantanidis said the base case implies roughly $100 trillion in annual stablecoin transaction volume by 2030, or even double in the bull scenario.



But there’s a caveat, she told the London audience: “Stablecoins are not going to be the only game in town.”



<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">&quot;The takeaway from both reports is that stablecoins are not going to be the only game in town,&quot; <a href="https://twitter.com/Citi?ref_src=twsrc%5Etfw">@Citi</a>&#39;s Sophia Bantanidis says <a href="https://t.co/CoAnVDoIce">pic.twitter.com/CoAnVDoIce</a>&mdash; Digital Asset Summit 2025 (@blockworksDAS) <a href="https://twitter.com/blockworksDAS/status/1978407929263923239?ref_src=twsrc%5Etfw">October 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



“We envision a multi-format, monetary ecosystem,” Bantanidis said, predicting that “bank tokens…will outpace stablecoins in transaction volume by 2030.”



The report models $100–$140 trillion in annual bank-token turnover at modest penetration of large-value payment rails.



On adoption, corporate treasurers “can optimize liquidity management globally” via programmability, embedded compliance and conditional settlement — but many “are likely going to prefer bank tokens and tokenized deposits because of their risk appetite [and] regulatory considerations,” Bantanidis said.



Geopolitically, Citi believes dollar-backed stablecoins could extend USD dominance, with Hong Kong and the UAE among jurisdictions likely to embrace local-currency rails but, Bantanidis cautioned, “there are multiple regulatory loopholes that still need to be filled.” Risks include interoperability and fragmentation, the quality of the reserve assets, transparency and auditability.



Despite lingering uncertainties, one thing is clear, Bantanidis said: “Stablecoins are shifting from a niche decentralized finance experiment into a viable rail for moving money.”



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Banking

Citi posits bank tokens may be more popular than stablecoins

The Office of the Comptroller of the Currency (OCC) has granted preliminary conditional approval for a de novo national bank charter to Erebor Bank.



The approval positions Erebor Bank, a venture backed by Anduril founder Palmer Luckey and firms connected to Joe Lonsdale and Peter Thiel, to become one of the first federally-chartered banks built around the innovation-economy client base once served by Silicon Valley Bank.&nbsp;



According to Erebor’s June <a href="https://www.occ.treas.gov/news-issuances/news-releases/2025/nr-occ-2025-101.html">filing</a>, investors plan to commit around $250 million in capital through 8VC, Founders Fund, Haun Ventures, and other backers. The proposed leadership team includes Michael Hagedorn as president, with Owen Rapaport and Jacob Hirshman serving as co-chief executives.



Erebor’s application outlines a target clientele spanning crypto, AI, and defense startups as well as high-net-worth individuals in those sectors. The bank also intends to assist foreign banks with U.S. dollar-based transactions.&nbsp;



In its OCC filings, Erebor <a href="https://www.wired.com/story/palmer-luckey-joe-lonsdale-bank-erebor/">describes</a> plans to become “the most regulated entity conducting and facilitating stablecoin transactions,” to promote “broader acceptance of stablecoins,” and to accept cryptocurrencies as collateral for certain loans. Stablecoins are digital tokens whose value is pegged to a currency such as the U.S. dollar, often backed by cash or short-term Treasuries to maintain price stability.



Comptroller Jonathan V. Gould called the move a milestone for a “dynamic and diverse federal banking system,” adding that the agency “does not impose blanket barriers” to banks that want to engage in permissible digital-asset activities, provided they are conducted in a safe and sound manner.



While the OCC’s conditional approval confirms Erebor’s eligibility to proceed, the bank must still meet all pre-opening requirements, including capital adequacy, governance, and compliance testing.



This is a developing story.



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



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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OCC guidance paves way for Erebor’s crypto-bank ambitions

Coinbase has agreed to invest in Indian crypto exchange CoinDCX, valuing the company at $2.45 billion post-money.



Coinbase said in a<a href="https://www.coinbase.com/blog/Coinbase-makes-investment-in-CoinDCX-expanding-our-commitment-to-India-and-the-Middle-Easts-crypto-future"> statement</a> that the deal underscores its commitment to “responsible innovation” in emerging crypto economies.&nbsp;



“This investment adds to our growing presence in the region, where we also maintain local operations and other important local partners. Taken together, these steps reflect a clear commitment: we believe India and its neighbors will help shape the future of the global onchain economy,” the firm said.&nbsp;



CoinDCX last raised $135 million in an<a href="https://techcrunch.com/2022/04/18/indian-crypto-exchange-coindcx-tops-2-1-billion-valuation-in-new-135-million-funding/"> April 2022 funding round</a> led by Pantera Capital and Steadview, with participation from Coinbase Ventures and B Capital Group. That round valued the Mumbai-based exchange at $2.15 billion, marking it as India’s first crypto unicorn.&nbsp;



Founded in 2018, CoinDCX has built a user base exceeding 14 million, offering trading, staking, and education tools aimed at onboarding Indian retail users. Coinbase’s fresh investment reinforces its regional expansion following licenses in Singapore and Dubai.&nbsp;



When completed, the deal aims to deepen Coinbase’s exposure to Asia’s largest retail crypto market while signaling long-term confidence in regulated local exchanges.



Two investments this month signal Coinbase’s particular focus on two key areas in crypto today: prediction markets and stablecoins.&nbsp;



Coinbase joined a $300 million Series D round into prediction market <a href="https://news.kalshi.com/p/kalshi-hits-5-billion-valuation-amid-international-expansion">Kalshi</a>, which secured a $5 billion valuation.<a href="https://cryptorank.io/ico/kalshi?utm_source=chatgpt.com"> </a>It also participated in a $25 million Series A for Coinflow, supporting the company’s expansion in stablecoin payments infrastructure, according to <a href="https://fortune.com/crypto/2025/10/08/stablecoin-coinflow-startup-funding-round-pantera-stripe-payments/">Fortune</a>.



This is a developing story.



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



This article was generated with the assistance of AI and reviewed by editor <a href="https://blockworks.co/author/michael-mcsweeney">Michael McSweeney</a> before publication.



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Coinbase

Coinbase invests in CoinDCX, valuing crypto exchange at $2.45B

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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Beyond the near-term sector rotation, one group continues to stand apart on a year-to-date basis: Bitcoin Miners, up 150.32% YTD. That outpaces Crypto Equities at 16.13% and leaves BTC itself, up just 1.05%, far behind.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="843" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-49.png?w=1024&amp;h=1024" alt="" class="wp-image-109114" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-49.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-49.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-49.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-49.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-49.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-49.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-49.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-49.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-49.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



This miner outperformance reflects a structural shift in how the market values the sector. Previously viewed primarily as leveraged proxies to BTC, miners are now increasingly seen as infrastructure providers controlling scarce, pre-permitted power capacity and high-density data-center real estate that can be monetized via either hash or AI/HPC hosting. This generates approximately 70% more revenue per megawatt than BTC mining, with contracts delivering roughly $149K/MW-month vs. $87K/MW-month from mining at current hashprice levels.



Several miners, including Core Scientific (CORZ), Cipher Mining (CIFR), Iris Energy (IREN), CleanSpark (CLSK), and TeraWulf (WULF), are benefiting from this trend. They&#8217;ve secured multi-year hosting agreements that deliver contracted, dollar-linked cash flows in addition to mining revenues. <img loading="lazy" decoding="async" src="blob:https://cms.blockworks.co/3950e72d-5493-43c2-9e3b-19bcf1f6cfd6" width="572" height="307">



Leadership remains highly concentrated. Heavyweight CLSK, IREN, and WULF have delivered outsized, triple-digit performance YTD, supported by three key competitive advantages:



<ol class="wp-block-list">
<li>Rapid scale-up in efficient exahash and rack capacity.</li>



<li>Cheap, reliable power with secured grid interconnects and clear expansion pathways.</li>



<li>Credible AI/HPC optionality, converting their power-rich campuses into diversified, contracted revenue streams.</li>
</ol>



Conversely, laggards within the sector typically have smaller operating footprints, higher energy costs, weaker balance sheets or limited progress on pivoting infrastructure toward AI/HPC workloads.&nbsp;



— <a href="https://x.com/shaundadevens">Shaunda</a>



<h2 class="wp-block-heading">Plasma has liquidity, but now it needs life</h2>



As Plasma Mainnet approaches its <a href="https://blockworks.co/news/plasma-announces-mainnet-beta">one-month anniversary</a>, it’s a good time to assess whether it has lived up to its reputation as the stablecoin chain. After an explosive start, the price action of XPL has been brutalized. It is down -43% in the past week and -70% from its all-time high.



Despite ranking as the fourth-largest chain by DeFi TVL at $8.42 billion, Plasma’s defining feature should be utility, not deposits. The hallmark of a stablecoin chain is active circulation. Weekly P2P transfer data shows Tron and Solana leading by a wide margin, with each stablecoin dollar turning over roughly twice per week. Plasma and Ethereum lag, suggesting most stablecoins are either parked in farms or left idle.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="563" height="135" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-46.png" alt="" class="wp-image-109111" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-46.png?w=563 563w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-46.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-46.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-46.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-46.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-46.png?w=80 80w" sizes="auto, (max-width: 563px) 100vw, 563px" /></figure>



Around 65% of Plasma’s stablecoins are deposited in lending protocols such as Aave, reflecting a farming-heavy ecosystem. Incentives explain the behavior. Roughly $230K in daily rewards are given for lending and $55K for borrowing USDT0 on Aave. While TVL bootstrapping has its place, incentives on stablecoins should ideally fuel usage, not just inflate metrics.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="481" height="161" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-47.png" alt="" class="wp-image-109112" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-47.png?w=481 481w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-47.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-47.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-47.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-47.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-47.png?w=80 80w" sizes="auto, (max-width: 481px) 100vw, 481px" /></figure>



This TVL is proving far from sticky. As XPL’s price fell, rewards declined, prompting large withdrawals and loan repayments. With limited real utility, XPL has effectively become a reward token, facing continuous sell pressure from roughly 25% annualized inflation.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="798" height="387" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-48.png" alt="" class="wp-image-109113" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-48.png?w=798 798w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-48.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-48.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-48.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-48.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-48.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-48.png?w=80 80w" sizes="auto, (max-width: 798px) 100vw, 798px" /></figure>



Plasma’s next phase must move beyond incentives. Unless users begin using USDT0 for payments or unique use cases for stables emerge, it risks losing out to the next yield farm. Still, there are bright spots. Neutrl opens pre-deposits today with $50 million in capital to offer hedged OTC and delta-neutral yield strategies. This gives retail access to institutional-grade products traditionally locked behind OTC desks. If projects like Neutrl gain traction on Plasma and merchant integrations follow, Plasma could still evolve from a yield farm to a functional stablecoin economy.



— <a href="https://x.com/Kunallegendd">Kunal</a>



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Mining

Miners power higher as Plasma’s stablecoin hype fades

David Canellis

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



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Today’s subject is an unsolved mystery of crypto market microstructure. We only have so many facts, and we’ll likely never know all the details.



To get up to speed with the fundamentals of what happened over the weekend, I recommend the <a href="https://x.com/i/broadcasts/1YqGolZBBRgJv">Empire livestream</a> from Sunday with Doug Colkitt, as well as Doug’s <a href="https://x.com/0xdoug/status/1976850615621107743">helpful X thread</a> on Auto-Deleveraging.



For those wanting the quick and dirty headline summary, here goes.&nbsp;



For some silly reason, Binance was using spot prices to value three tokens accepted as collateral for margin positions — liquid staking derivatives wBETH and BNSOL, alongside Ethena’s synthetic dollar USDE.



Not exactly a problem when Binance’s order books for those tokens were thick with bids on either side. But they’d quickly dried up around the time that bitcoin and other coins started dumping on word that Trump’s trade war with China would persist, leading prices to slip well below par, and in the case of the two staking derivatives, almost to zero.



Bad news for anyone using the affected coins as collateral for margin trading on Binance. Suddenly their collateral wasn’t considered valuable enough to cover their position — even though prices remained much more stable elsewhere — and they were liquidated.&nbsp;



At the same time, leveraged traders on perps DEXs like Hyperliquid, many incentivized to take margin by points campaigns for airdrops, were also hit as a result of second-order price effects.&nbsp;



So, if you’re after an analogy, it’s easiest to consider Binance as the epicenter of an earthquake. Had Binance valued USDE, wBETH and BNSOL using an index or some other pricing system, rather than its own illiquid spot markets, maybe there would have been no earthquake at all. The Ethena protocol was still redeeming USDE tokens for $1 value throughout the entire ordeal, for instance.



<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">While we share these suggestions privately with any partner we work with across both DeFi and CeFi, want to surface this publicly so there is zero doubt going forward on what we view as appropriate oracle design and risk management for USDe: <a href="https://t.co/lb4OeaGn9Y">pic.twitter.com/lb4OeaGn9Y</a>&mdash; G | Ethena (@gdog97_) <a href="https://twitter.com/gdog97_/status/1977302774636540403?ref_src=twsrc%5Etfw">October 12, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Now comes the mystery: As Colin Wu <a href="https://wublock.substack.com/p/opinion-is-this-crash-an-attack-on">pointed out</a> earlier this week, Binance had, only days before the liquidation quake, publicly <a href="https://www.binance.com/en/support/announcement/detail/d6deec042d784b6ba5d8710a8c69d79d?utm_source=chatgpt.com">announced</a> that it would be reconfiguring its price oracles away from its own spot markets for wBETH and BNSOL “to minimise the risk of depegging.”



Hypothetically, that opens the door to the whole situation amounting to a coordinated attack on Binance (or one of its market makers).&nbsp;



Whether Binance knew it or not, the announcement made it clear that there was a structural weakness in the way its oracles were valuing certain tokens used as collateral. Any malicious whale with a decent-enough position in the implicated spot markets could (again, hypothetically) dump enough coins to depeg those assets, triggering liquidations that shouldn’t be triggered at all.



Which, I suppose, could be the case. But for such a plan to work, it would take knowing that the order books were so thin that prices would actually collapse under a certain amount of acceptable selling pressure applied by the malicious whale.&nbsp;



As it so happens, there is data that suggests that this might’ve been possible.&nbsp;



The tip off came from an X poster by the name of Benson Sun, who has been unpacking the implications in a series of articles. Sun <a href="https://x.com/BensonTWN/status/1978083314121552360">wrote</a> that between 21:18 and 21:20 UTC, Binance underwent an “abnormal, synchronized withdrawal of liquidity,” through which “order books were nearly drained, leaving the market in a brief but total vacuum.”



Indeed, bid and ask volumes on Binance’s BTC/USDT market evaporated by more than 95% between 21:13 and 21:22, per Blockworks Research data and as shown on the chart below. The orderbooks were drained almost completely in under 10 minutes and would take the better part of an hour to recover to reasonable levels.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1282" height="718" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-45.png?w=1024&amp;h=1024" alt="" class="wp-image-109104" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-45.png?w=1282 1282w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-45.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-45.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-45.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-45.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-45.png?w=466 466w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-45.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-45.png?w=80 80w" sizes="auto, (max-width: 1282px) 100vw, 1282px" /></figure>



Binance, meanwhile, compensated liquidated users affected by localized depegs that occurred between 21:36 UTC and 22:16 UTC.&nbsp;



Which makes sense: The depegs had started around 21:40 UTC, with the worst of it coming about 10 minutes later. Trump’s announcement of potential additional tariffs on China came 20 minutes after that, at 20:00 UTC, on Truth Social.&nbsp;



Curiously, two Hyperliquid accounts <a href="https://www.wsj.com/finance/currencies/a-historic-crypto-selloff-erased-over-19-billion-but-two-accounts-made-160-million-3144cccd">got ahead of the news</a> by shorting bitcoin and ether minutes before that post, leading to $160 million profits.



Were those traders the same whales who might’ve intentionally crashed prices on Binance after they simultaneously pulled their chips off the table, imploding markets that they themselves turned illiquid? Was that a strategy to profit even more from their shorts, fueled by the tears of liquidations across the exchange ecosystem?



<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">Reminded by <a href="https://twitter.com/BensonTWN?ref_src=twsrc%5Etfw">@BensonTWN</a> <a href="https://twitter.com/Arthur_0x?ref_src=twsrc%5Etfw">@Arthur_0x</a>, I further explored the data points of <a href="https://twitter.com/ethena_labs?ref_src=twsrc%5Etfw">@ethena_labs</a> price at 9:18 pm UTC and 9:19 pm UTC on 10 Oct across <a href="https://twitter.com/binance?ref_src=twsrc%5Etfw">@binance</a> <a href="https://twitter.com/okx?ref_src=twsrc%5Etfw">@okx</a> <a href="https://twitter.com/Bybit_Official?ref_src=twsrc%5Etfw">@Bybit_Official</a> <a href="https://twitter.com/bitgetglobal?ref_src=twsrc%5Etfw">@bitgetglobal</a> . 0.34 -&gt; 0.27 at 9:18 pm 0.27 -&gt; 0.15 at 9:19 pm It looks like mms withdrew the liquidity… <a href="https://t.co/PhtTWMHAqx">https://t.co/PhtTWMHAqx</a> <a href="https://t.co/Fyvycbethz">pic.twitter.com/Fyvycbethz</a>&mdash; YQ (@yq_acc) <a href="https://twitter.com/yq_acc/status/1978138671531618777?ref_src=twsrc%5Etfw">October 14, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



We’ll never know without Binance publicly releasing details of how their largest traders operated around the time of the crashes (which would never happen).&nbsp;



But remember the part about pattern recognition: In a separate post, another analyst <a href="https://x.com/yq_acc/status/1977433963728867630">catalogued</a> four other instances of attacks on oracles prone to manipulation since late 2020, including bZx, Harvest Finance, Compound and Mango Markets.



So the $19 billion question of whether a single culprit caused the chaos might be a misnomer. It was a situation that could’ve easily been caused by just one person.&nbsp;



Whether or not they intended to trigger the situation is the real kicker. And it doesn’t take a tinfoil hat to suggest that exchange operators (CEX or otherwise) would do well to consider this a coordinated attack in any case.&nbsp;



Fingers crossed, at least.



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Binance

Attack on Binance? Crypto meltdowns are starting to rhyme

Ben Strack

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forward-guidance">subscribe</a>.



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Stablecoins and tokenization (shocker!) remained a big theme at DAS London’s Day 2. Upon the umpteenth mention of these segments, Inversion founder Santiago Roel Santos got real with the industry members watching. But first, Algorand Foundation CEO Staci Warden kicked off the main stage festivities by calling tokenization crypto’s killer app. This clip comes from later in the chat:



<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">Enjoyed this conversation to kick off Day 2. &quot;With tokens, everything can become money, and it can be yield-bearing money. Why do we have $20 billion a year in collateral in the financial system tied up earning absolutely nothing?&quot; <a href="https://t.co/U3bqLsy9p4">https://t.co/U3bqLsy9p4</a>&mdash; Ben Strack 🟪 (@strack_ben) <a href="https://twitter.com/strack_ben/status/1978022303595118905?ref_src=twsrc%5Etfw">October 14, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The market value of stablecoins — tokenization’s “top of the funnel” — has grown to nearly $300 billion. There’s about $33 billion worth of tokenized real-world assets (RWAs) — i.e. private credit, money market funds, equities, etc. — <a href="http://rwa.xyz">RWA.xyz</a> data shows.



Even many crypto skeptics understand the benefits of blockchain technology. Index fund giant Vanguard, which doesn’t allow bitcoin ETFs to trade on its platform, was <a href="https://corporate.vanguard.com/content/corporatesite/us/en/corp/who-we-are/pressroom/Press-Release-Vanguard-Advances-Blockchain-Technology-Pilot-061120.html">testing the tech</a> five-plus years ago in an effort to streamline asset-backed securities markets.&nbsp;&nbsp;



So tokenization’s growth potential is by no means a new conversation. You know that as a Forward Guidance reader.&nbsp;



That might explain what Santos said during an afternoon chat I was moderating: “I’m tired of sitting behind a screen or coming to these panels and pontificating about this [gosh darn!] technology. It’s good, we use it, but someone has to deploy it at scale.”



We shouldn’t need another decade before mass adoption takes hold, Santos argued. He told me there’s a three-to-five year “execution window” before tokenization becomes “table stakes” — and no excuse if the industry can’t make it happen.&nbsp;



“The tech is ready, the regulation is there and so let’s accelerate that, let’s actually muscle our way to go-to-market and development,” Santos said.&nbsp;



He didn’t stop there, and I think his words kind of sum up where the industry is heading.&nbsp;



The goal, Santos explained, is making crypto a relatable piece of tech for people who may not even understand it. In other words, the infrastructure should be invisible to them — and yet they’ll feel the impact. All’s to say: The industry should focus less on the “casino” side of crypto and instead fully seek to deliver real value to end users.&nbsp;



“Building distribution is very hard; convincing people to set up a wallet is hard,” the Inversion founder went on. “I think now we’ve got to invert the playbook. Let’s acquire real business and let’s just kind of Trojan horse our way into mainstream adoption.”



That’s what you might call real talk.



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DAS Day 2: Tokenization’s ‘Trojan horse’ moment

Bridge, Stripe’s stablecoin unit, has applied to the U.S. Office of the Comptroller of the Currency for a national trust bank charter.



The move was announced by co-founder Zach Abrams <a href="https://x.com/zcabrams/status/1978138910464324060">on X</a>.&nbsp;



Abrams said that the charter would enable Bridge to manage reserves, provide custody and other functions. The post cited the GENIUS Act, a legal framework for stablecoins that was <a href="https://blockworks.co/news/trump-signs-genius-law">signed into law</a> in July.



“We’ve long believed stablecoins will be a core, regulated financial building block. This regulatory infrastructure will enable us to tokenize trillions of dollars and make this future possible,” Abrams wrote.



The OCC charter, if approved, would place Bridge in a similar regulatory category to Paxos and Anchorage Digital, both of which hold charters. These charters permit companies to engage in digital asset custody and token issuance under federal banking supervision rather than state-by-state licensing.



Stripe’s acquisition of Bridge marked a major strategic step for the payments firm into stablecoins. The transaction, <a href="https://blockworks.co/news/stripe-bridge-acquisition-stablecoin-infrastructure">announced</a> last year, was completed in February.&nbsp;



The latest move suggests a deeper integration of stablecoins into mainstream financial rails. Stripe <a href="https://stripe.com/en-hk/newsroom/news/sessions-2025">announced</a> new stablecoin-powered money management tools in May.



The OCC has not publicly commented on the filing. Bridge’s application remains pending, with review timelines typically spanning several months.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor<a href="https://blockworks.co/author/michael-mcsweeney" target="_blank" rel="noreferrer noopener"> Michael McSweeney </a>before publication.



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