Club Atletico Independiente Fan Token

Ben Strack

Bitwise’s proposed solana ETF is set to go live on the NYSE Arca Tuesday — marking the latest milestone in a pivotal year for crypto.&nbsp;



The firm revealed the upcoming launch Monday evening, calling its Solana Staking ETF (BSOL) the “first US ETP to have 100% direct exposure to spot SOL.” Staking of the product’s SOL will be powered by Helius, Bitwise said. 



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="717" height="600" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-129.png" alt="" class="wp-image-109550" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-129.png?w=717 717w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-129.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-129.png?w=307 307w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-129.png?w=312 312w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-129.png?w=262 262w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-129.png?w=80 80w" sizes="auto, (max-width: 717px) 100vw, 717px" /><figcaption class="wp-element-caption">Source: <a href="https://x.com/BitwiseInvest/status/1982927182901993968">X</a></figcaption></figure>



 The announcement came just hours after Bitwise wrote “Big week incoming” in an X post, fueling speculation of ETF developments. A NYSE <a href="https://www.sec.gov/Archives/edgar/data/2045872/000114336225000365/BSOL102725.pdf">letter</a>, dated Monday, noted the exchange “certifies its approval for listing and registration” of the product.  



Proposed Canary Capital ETFs that hold hedera (HBAR) and litecoin (LTC) also “went effective” Monday, Canary CEO Steven McClurg told me in an email. The plan is for those to begin trading on the Nasdaq tomorrow morning, he added.



The imminent product debuts follows the launch of US bitcoin and ether ETFs in January 2024 and July 2024, respectively.&nbsp;



Issuers had been working with the SEC’s Division of Corporation Finance in recent months to finalize S-1 registration statements tied to solana product proposals. Though progress was slowed amid the ongoing US government shutdown, discussions with the regulator did not halt completely.&nbsp;



The greenlight from the SEC to launch these ETFs comes after the agency last month finalized generic listings standards for exchange-traded products that hold spot commodities.



Read more: <a href="https://blockworks.co/news/crypto-etf-swell">Crypto ETF swell approaching after Grayscale’s latest launch</a>



The standards essentially streamline an ETF’s approval so long as the underlying holdings meet certain requirements — like having futures trading on CFTC-regulated venues for six-plus months.



Bitwise CIO Matt Hougan told Blockworks last month that new crypto ETPs could <a href="https://blockworks.co/news/crypto-etf-market-outlook">launch by Halloween</a>.



Hougan wrote in a September <a href="https://experts.bitwiseinvestments.com/cio-memos/solana-season">memo</a> that Solana’s promoters argue it’s “the only blockchain fast enough to support the tokenization of major assets at a global scale.”&nbsp;



Other issuers with solana ETF proposals include Grayscale, 21Shares, Canary Capital, Franklin Templeton, VanEck, Fidelity and CoinShares.&nbsp;



A number of asset managers, including Bitwise, are also seeking to launch ETFs holding other crypto tokens. 



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="502" height="572" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-130.png" alt="" class="wp-image-109551" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-130.png?w=502 502w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-130.png?w=263 263w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-130.png?w=226 226w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-130.png?w=229 229w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-130.png?w=192 192w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-130.png?w=70 70w" sizes="auto, (max-width: 502px) 100vw, 502px" /><figcaption class="wp-element-caption">Source: <a href="https://x.com/EricBalchunas/status/1980775078922166338">X</a></figcaption></figure>







With the generic listing standards in place, industry watchers expect many more single-asset crypto ETFs — including products that hold XRP — to hit US exchanges by the end of the year.



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">Michael McSweeney</a>&nbsp;before publication.



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Bitwise

Bitwise slated to launch milestone US solana ETF Tuesday

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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As we detail what to watch on this week’s crypto/macro front, let’s first look back to some telling economic data. Friday’s CPI report showed overall and core inflation increased 3% over the 12 months ending in September. This impacted risk assets, with S&amp;P 500 futures rising to a new record and bitcoin reclaiming the $111,000 level. BTC continued to climb early Monday, hovering 6% higher than a week ago by midday.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1402" height="872" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-127.png?w=1024&amp;h=1024" alt="" class="wp-image-109545" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-127.png?w=1402 1402w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-127.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-127.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-127.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-127.png?w=413 413w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-127.png?w=420 420w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-127.png?w=352 352w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-127.png?w=80 80w" sizes="auto, (max-width: 1402px) 100vw, 1402px" /></figure>



The “softer-than-expected” CPI print “reinforced the Fed’s dovish pivot,” according to 21Shares crypto investment specialist David Hernandez.



CME Group’s FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a> — using 30-day fed funds futures prices — put the chance of a 25bps interest rate cut this week at 96.7%, as of Monday morning. The chance of two 25bps cuts by the end of the year stood at roughly 94%.&nbsp;



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="645" height="112" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-126.png" alt="" class="wp-image-109544" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-126.png?w=645 645w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-126.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-126.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-126.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-126.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-126.png?w=80 80w" sizes="auto, (max-width: 645px) 100vw, 645px" /></figure>



We’ll be listening to Jerome Powell’s press conference Wednesday.&nbsp;&nbsp;



“Any potential easing aimed at supporting a softening labor market is unlikely to change the broader momentum: capital continues to flow toward Bitcoin, recognizing its growing role as a resilient anchor asset in an increasingly complex financial landscape,” Xapo Bank’s Gadi Chait said in a statement.



BTC’s return for October was barely in the green just after Noon ET. If it holds throughout the week, the “Uptober” narrative would be satisfied for a seventh-straight year: <img loading="lazy" decoding="async" src="blob:https://cms.blockworks.co/794e9108-96e6-4561-b57a-ac22115957b6" width="624" height="376">



The latest BTC bounce came two weeks after <a href="https://blockworks.co/news/crypto-liquidations-drive-historic-market-turbulence">a historic wave of liquidations</a> rocked crypto markets. This event “dramatically reduced excess positioning across major centralized venues,” Hernandez noted.



“With positioning cleaned up and macro easing now confirmed rather than speculated, the foundation for upside looks materially stronger,” he added.



Not everyone is bullish about BTC’s near-term outlook.&nbsp;



Ledn CIO John Glover noted Friday that, according to his Elliott Wave Theory analysis, the bull run that started in November 2022 has been completed. He suspects a correction (Wave IV) — to be completed in mid-to-late 2026 — resulting in BTC dipping to somewhere between $84,000 and $100,000. It would then go up from there, his chart shows:



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1430" height="938" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-128.png?w=1024&amp;h=1024" alt="" class="wp-image-109546" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-128.png?w=1430 1430w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-128.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-128.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-128.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-128.png?w=392 392w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-128.png?w=398 398w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-128.png?w=334 334w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-128.png?w=80 80w" sizes="auto, (max-width: 1430px) 100vw, 1430px" /></figure>



“Welcome to the Bear Market of 2025/26!&#8221; Glover added in an email.&nbsp;



Looking beyond BTC, we continue to be on crypto ETF watch. We’re hearing rumblings that the government shutdown does not mean we won’t see any movement on altcoin ETF proposals.&nbsp;



Asset manager Bitwise <a href="https://www.sec.gov/Archives/edgar/data/2045872/000121390025101434/ea0262034-8a12ba1_bitwise.htm">filed</a> a Form 8-A for its proposed Solana Staking ETF, and the firm <a href="https://x.com/BitwiseInvest/status/1982810396000973012">tweeted</a> “Big week incoming” this morning. The firm declined to comment.



<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">Canary just filed 8-As for Litecoin and HBAR ETFs joining Bitwise who filed one for Solana. These are the ones rumored to be poss looking to launch (along w Grayscale solana) this week despite shutdown. Not a done deal but clearly preparations being made. Stay tuned.. <a href="https://t.co/4lj8NPn9s7">pic.twitter.com/4lj8NPn9s7</a>&mdash; Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1982827068837806544?ref_src=twsrc%5Etfw">October 27, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



As we keep an eye on ETF updates, we also have Coinbase’s Q3 earnings on our radar. That’s set for Thursday, after the market closes. Executives have been transparent on past earnings webcasts about <a href="https://blockworks.co/news/coinbase-eyes-everything-exchange-q2">the exchange’s priorities</a>.&nbsp;



JPMorgan analysts last week updated its Coinbase stock grade to “overweight.”



“We see Coinbase exploring a Base token, which we see accelerating the growth of development on the Base blockchain, but has the ancillary benefit of enabling Coinbase to equitize the success in what is the largest L2 on multiple metrics,” analysts wrote in an Oct. 24 note. “We also see Coinbase further exploring its USDC payouts.”&nbsp;&nbsp;



The bank’s COIN price target for December 2026 is $404 — a roughly 10% increase from where it was midday Monday ($366).&nbsp;



So a busy week appears certain. Time will tell how “big” it will be.



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Coinbase

Big crypto week ahead? What to watch for in the ‘Uptober’ homestretch

Donovan Choy

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



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One recurring theme in crypto is that token holders keep discovering that they don’t have the same protection rights as shareholders.



Legal protections make M&amp;A a smooth process. For instance, if BigCo acquires LittleCo for $1 per share, the people who own LittleCo’s shares should get $1 per share. The acquirer is buying the company, and the shares are the company, so the shareholders get bought out. No investor is left behind. There are exceptions, but that is generally “supposed” to be the way it works under traditional financial laws.&nbsp;



Cryptoland, however, has its own rules.



Various efforts exist to mitigate this problem, like <a href="https://blockworks.co/news/umbra-metadao-futarchy">MetaDAO’s </a>futarchy markets or the Blockworks <a href="https://blockworks.co/token-transparency">Token Transparency</a> reports. But the default for now is mostly to just vibe it out on Twitter.



<h2 class="wp-block-heading">Pump acquires Padre</h2>



Pump announced its <a href="https://x.com/pumpdotfun/status/1981722548350894498">acquisition</a> of Padre last Friday. Padre is a trading terminal with about 4% market share on Solana (it’s also on BNB Chain, Base and Ethereum).



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="962" height="524" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-122.png" alt="" class="wp-image-109535" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-122.png?w=962 962w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-122.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-122.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-122.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-122.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-122.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-122.png?w=80 80w" sizes="auto, (max-width: 962px) 100vw, 962px" /></figure>



Padre also has a PADRE token of its own. Why does a trading terminal have a token? I don’t know. The token confers things like fee discounts and access to features, which is nice, but not the same as “owning Padre,” which is a different thing.



Unfortunately for the PADRE investors who raised ~$1.7 million on Fjord Foundry 19 months ago, that token will “no longer have utility on the platform with no further plans for the future,” as per Pump’s acquisition <a href="https://x.com/pumpdotfun/status/1981722561235788074">announcement</a>.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1389" height="729" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-125.png?w=1024&amp;h=1024" alt="" class="wp-image-109537" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-125.png?w=1389 1389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-125.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-125.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-125.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-125.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-125.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-125.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-125.png?w=80 80w" sizes="auto, (max-width: 1389px) 100vw, 1389px" /><figcaption class="wp-element-caption">Source: <a href="https://x.com/FjordFoundry/status/1764807903150739688">X</a></figcaption></figure>







PADRE token holders got upset and complaints of classic rugging ensued, with some <a href="https://x.com/1ntr0l1na1/status/1981748544651637230">alleging</a> the team was banning Discord users for speaking the unspeakable thing about ownership rights.



You can see below that PADRE’s price tanked 80% moments after the acquisition was made public.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="904" height="669" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-124.png" alt="" class="wp-image-109538" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-124.png?w=904 904w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-124.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-124.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-124.png?w=347 347w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-124.png?w=353 353w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-124.png?w=296 296w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-124.png?w=80 80w" sizes="auto, (max-width: 904px) 100vw, 904px" /></figure>



This wouldn’t happen in an alternate universe where crypto tokens are governed by the same laws as TradFi.



But in cryptoland, if the token you own is adjacent to the company that gets bought, and that token doesn’t give you cash consideration, then the rational thing to do for the PADRE holder, upon learning their adjacency, is to be extremely adjacent and sell.



In any case, the ruckus on Twitter seems to have prompted teams to take action.



Just this morning, Padre announced that PADRE token holders will be compensated with PUMP tokens, based on a snapshot from Friday, Oct. 24, 2025.



<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">A snapshot was taken of all <a href="https://twitter.com/search?q=%24PADRE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PADRE</a> holders at 13:59 UTC on Friday, October 24th 2025. These holders are now able to receive a set number of <a href="https://twitter.com/search?q=%24PUMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PUMP</a> tokens which correspond to the value of <a href="https://twitter.com/search?q=%24PADRE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PADRE</a> they held at the time of the snapshot. Holders can submit their Solana wallets and…&mdash; Padre (@PadreApp) <a href="https://twitter.com/PadreApp/status/1982571060785545554?ref_src=twsrc%5Etfw">October 26, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Nice! This is the part where crypto governance is sometimes benevolent.



Still, there’s a valuation problem. If Pump bought Padre for, say, $40 million, and PADRE’s value at the snapshot was ~$5 million, then compensating token holders at market is merely ~13% of what they would’ve gotten as per the deal’s implied equity value.



Shareholders would’ve gotten the $40 million pro rata, as StrategicHash points out.



<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">Wait a second. That&#39;s not how M&amp;A is supposed to work. This is straight up unethical, and would be illegal in traditional finance. The <a href="https://twitter.com/search?q=%24PADRE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PADRE</a> holders deserve to be paid at the pro rata acquisition value (40M?) not at the FDV value at the time of snapshot (5M). futardio <a href="https://t.co/ww1CAD2tAX">https://t.co/ww1CAD2tAX</a>&mdash; StrategicHash (@StrategicHash) <a href="https://twitter.com/StrategicHash/status/1982596235128348703?ref_src=twsrc%5Etfw">October 26, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Making PADRE holders “whole” at the pre-announcement price is better than nothing, I suppose, but it is also not the same as paying them as if they owned the company, because they do not.



You can think of Pump’s swap as a goodwill gesture, or even a (Padre) customer retention strategy, kind of like if United Airlines gives you 1,000 miles for canceling your flight. But it’s not a legal payout.



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Lightspeed Newsletter

Pump acquires Padre trading terminal, promises token compensation

Blockworks

The initial coin offering for MegaETH, a project dedicated to building a real-time blockchain, drew significant interest Monday morning.



The ICO, which is open for 72 hours, is 3x oversubscribed, according to MegaETH’s info page. The project shows more than $150 million worth of bids at the $0.099 max price and an implied FDV of $3.05 billion at the time of publication.



MegaETH’s venture backers include Vitalik Buterin and Joe Lubin, who participated in a $20 million <a href="https://blockworks.co/news/vitalik-buterin-backs-megalabs-raise">seed round</a> led by Dragonfly, as Blockworks previously reported.&nbsp;



Per MegaETH’s <a href="https://token.megaeth.com/">site</a>, the accredited investors have a mandatory year lock-up with a 10% discount, though the lock-up is “optional for non-US participants.”



“Once the MegaETH mainnet goes live, eligible users (Fluffle holders and anyone who attempted to get allocation in the Echo or Public Sale) have an opportunity to receive additional tokens after actively using apps in the MegaETH ecosystem,” the site noted.



A <a href="https://static.megaeth.com/MEGA%20MiCA%20Whitepaper.pdf">whitepaper</a> previously showed that MegaETH’s team would only receive a 9.5% allocation.&nbsp;



“MegaETH’s public sale could offer outsized returns for early buyers,” 0xResearch’s Kunal Doshi and Shaunda Devens <a href="https://blockworks.co/news/megaeths-public-sale-looks-megacheap">wrote</a> last week.&nbsp;“This is the third round open to the community, after the Echo community round (priced similarly to VC investors including Dragonfly and Vitalik) and the Fluffle NFT round, which implied roughly a $532 million FDV. This follows MegaETH’s recent buyback of around 4.75% <a href="https://www.theblock.co/post/375090/megaeth-buys-back-equity-token-warrants-pre-seed-investors">equity and token-linked warrants</a> from early pre-seed investors.”



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">Michael McSweeney</a>&nbsp;before publication.



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MegaETH initial coin offering 3x oversubscribed less than 30 minutes post-launch

tZERO Group, Inc. announced plans to pursue an initial public offering, signaling its intent to expand its blockchain-powered platform for tokenized securities and real-world assets.&nbsp;



Chief Executive Officer Alan Konevsky <a href="https://tzero.com/press-releases/tzero-announces-plan-to-pursue-public-listing/?utm_medium=email&amp;_hsenc=p2ANqtz-_3CTndkLVLTlJ-pTxPOitjQVn2ZVZBM2Csv0B2F2O6AJSKdcyb4BCDbHvDpP-Zs18TbmxNDk2EYpcPECyS2Swwtmq2fQ&amp;_hsmi=387007124&amp;utm_content=387007124&amp;utm_source=hs_email">said</a> the IPO would mark tZERO’s next step in building “regulated infrastructure for digital assets” through its U.S.-based broker-dealer platform. The proposed listing is subject to regulatory approval and market conditions.



He told <a href="https://www.bloomberg.com/news/articles/2025-10-27/tokenized-securities-market-tzero-is-readying-2026-ipo">Bloomberg</a> that the company is also mulling a pre-IPO fundraising round and that it’s not currently profitable.



The firm’s ecosystem integrates the issuance, trading, and settlement of tokenized securities, aiming to create transparency and scalability across asset classes — from private equity to real estate and derivatives.



tZERO’s move comes as tokenization gains momentum among traditional finance players, with institutions exploring blockchain rails for efficiency and liquidity.&nbsp;



Its largest shareholder, Bed Bath &amp; Beyond Executive Chairman Marcus Lemonis, praised the company’s strategy to “democratize access” to tokenized assets.



The IPO could reinforce tZERO’s position in the regulated segment of digital markets, distinguishing it from decentralized exchanges that face heightened scrutiny under the U.S. Securities and Exchange Commission’s (SEC) evolving framework for crypto assets.



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">Michael McSweeney</a>&nbsp;before publication.



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tZERO plans IPO to expand tokenized asset platform

IBM has launched a new platform for banks, governments, and corporations to build and manage blockchain-based services with enterprise-grade security and compliance, the company said in a press release.&nbsp;



Developed with digital wallet infrastructure provider Dfns, the Digital Asset Haven platform allows institutions to manage the full digital asset lifecycle — from custody to transaction and settlement — across more than 40 connected public and private blockchains.



Bloomberg first <a href="https://www.bloomberg.com/news/articles/2025-10-27/ibm-launches-digital-assets-platform-as-crypto-activity-jumps">reported</a> the news.&nbsp;



IBM <a href="https://newsroom.ibm.com/ibm-digital-asset-haven">said</a> the platform integrates its Z and LinuxONE infrastructure with Dfns’ multi-party computation (MPC) and hardware security module (HSM) custody technology.&nbsp;



It also includes native support for governance frameworks, programmable multi-party approvals, and policy-driven compliance tools. Dfns, which has created over 15 million wallets for 250 clients, brings digital asset custody and transaction management expertise to the partnership.



According to Tom McPherson, IBM General Manager for Z and LinuxONE, Digital Asset Haven “empowers governments and enterprises to build the next generation of financial services” with the same resilience and security standards as IBM’s core financial infrastructure.&nbsp;



Dfns CEO Clarisse Hagège added that the collaboration “goes beyond custody to orchestrate the full digital asset ecosystem,” paving the way for large-scale institutional deployment.



The launch arrives as financial institutions increasingly explore tokenization and stablecoin infrastructure following U.S. legislative clarity under the GENIUS Act.&nbsp;



IBM joins a growing field of enterprise providers developing compliance-ready blockchain services amid rising demand for asset tokenization and blockchain settlement capabilities.



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">Michael McSweeney</a>&nbsp;before publication.



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IBM unveils blockchain development platform for governments and institutions

President Donald Trump plans to tap Michael Selig, chief counsel for the Securities and Exchange Commission’s crypto task force, to chair the Commodity Futures Trading Commission, according to a <a href="https://www.bloomberg.com/news/articles/2025-10-24/trump-to-pick-michael-selig-for-cftc-chair-amid-crypto-expansion?srnd=homepage-americas">report</a> from Bloomberg.&nbsp;



The appointment marks the administration’s latest step toward unifying federal oversight of digital assets as Congress debates broader crypto market structure legislation.



Selig currently serves as a senior aide to SEC Chairman Paul Atkins, where he has focused on aligning the SEC and CFTC’s regulatory approaches to digital assets, swaps, and futures markets.&nbsp;



Before joining the SEC, Selig was a partner at Willkie Farr &amp; Gallagher, advising asset managers on derivatives and financial regulation.&nbsp;



If confirmed by the Senate, Selig would succeed acting leadership at the CFTC, a relatively small but increasingly central regulator of derivatives and crypto markets.&nbsp;



The nomination follows Trump’s earlier failed attempt to install former CFTC commissioner Brian Quintenz, a16z crypto’s global policy head, whose bid stalled amid industry opposition.



The CFTC, which supervises swaps, futures, and prediction markets, has gained prominence as lawmakers weigh bills clarifying jurisdiction between the SEC and CFTC over digital assets.



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CFTC

Trump plans to pick Michael Selig to lead CFTC: Report

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



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The NEAR L1 blockchain is running into something of a governance debacle.



Since June, NEAR’s community has <a href="https://blockworks.co/news/l1s-overpaying-security-tokens-inflation">debated</a> a proposal to halve protocol emissions from 5% to 2.5%.



The original proposal argues that fee burns have fallen well short of expectations, leaving “high inflation without high usage,” which is unsustainable.



The situation for NEAR is stark. NEAR is issuing roughly $140 million of tokens annually to secure a chain with $157 million in TVL and about $3.2 million in year-to-date fees.



For context, Solana’s estimated annual issuance is roughly $5.5 billion, but it supports a far larger, more active DeFi ecosystem with around $11 billion in TVL. From a purely economic lens, NEAR is definitely “overpaying” for security.



That discussion finally culminated in a vote that concluded earlier this week. But though the vote won a simple majority, it failed to clear the 66.67% approval threshold, leaving it technically unsuccessful under NEAR’s governance rules.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1014" height="636" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-121.png" alt="" class="wp-image-109508" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-121.png?w=1014 1014w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-121.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-121.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-121.png?w=410 410w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-121.png?w=416 416w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-121.png?w=349 349w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-121.png?w=80 80w" sizes="auto, (max-width: 1014px) 100vw, 1014px" /><figcaption class="wp-element-caption">Source: <a href="https://vote.linearprotocol.org/">Linearprotocol</a></figcaption></figure>







That’s where the controversy begins. Validator operator Chorus One is criticizing indications that NEAR’s core contributors may still ship a nearcore release containing the change, relying on a subsequent onchain upgrade mechanism to activate it.



<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">Despite this, the NEAR core team decided to proceed with implementing the inflation reduction in the next network upgrade, even though the governance process did not reach consensus.&mdash; Chorus One (@ChorusOne) <a href="https://twitter.com/ChorusOne/status/1981009981026799734?ref_src=twsrc%5Etfw">October 22, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Louis Thomazeau of L1D fund is <a href="https://x.com/0xLouisT/status/1981334985387757821">pushing back</a> against Chorus One, countering that cutting emissions is “common sense” economics and should take precedence over blind adherence to decentralization ideals. In other words: Sure, there are rules, but a startup’s main job is not to die.



It’s hard to say if there’s a clear right or wrong here; it fundamentally comes down to your philosophical values.



Breaking the rules delivers short-term efficiency, but it risks a dangerous “Fed put” precedent. Following the rules of governance, I guess, safeguards governance integrity, but that’s costly for the network and NEAR in the near term.



Crypto seems to run into the same kinds of problems all the time.



Hyperliquid recently faced a similar <a href="https://blockworks.co/news/hyperliquid-liquidation-market-uncertainty">bind</a>.



In March, a trader squeezed the JELLY perps market, saddling the HLP vault with large losses. The team delisted JELLY perps and manually overrode the oracle price to close exposure and stem the damage — an explicit break from crypto’s sacrosanct “code is law” principle to protect depositors.



There are countless examples: Should a chain halt during an exploit (e.g., <a href="https://blockworks.co/news/what-it-takes-to-halt-a-decentralized-blockchain-like-binance">BNB</a> in 2022)? Should a community hard fork to reverse a hack (Ethereum in 2016)? You get the idea.



If NEAR wants legitimacy, it should probably take the loss and honor its own thresholds. Forcing the outcome through for a “good” outcome today signals that your governance rules are written in sand. But then again, this industry has the memory of a goldfish, so who are we kidding?



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NEAR’s inflation reduction vote fails pass threshold, but it may still be implemented

Polymarket Chief Marketing Officer Matthew Modabber confirmed the prediction market platform will launch a native POLY token and accompanying airdrop following the company’s planned U.S. app rollout.&nbsp;



Speaking on the Degenz Live <a href="https://x.com/i/broadcasts/1DXxyWLbaBvGM">podcast</a>, Modabber said the project’s leadership has been deliberate in timing the token release to ensure “true utility, longevity, and permanence.”&nbsp;



His remarks followed earlier hints from founder Shayne Coplan, who suggested a token launch was in progress in a <a href="https://x.com/shayne_coplan/status/1975994093529690405">post</a> on X.



Polymarket’s renewed U.S. focus comes after regulators permitted the firm to resume operations in the country, which had been suspended in 2022 amid legal uncertainty.&nbsp;



“Why rush a token if we need to prioritize the U.S. app?” Modabber said, emphasizing that the airdrop and broader token rollout would follow once the relaunch is complete.



The confirmation solidifies months of speculation that Polymarket would reward its most active users. Community members anticipate allocations based on trading volume, a model similar to those used by decentralized exchanges and derivatives protocols.&nbsp;



Modabber, on the podcast, praised the Hyperliquid team and noted that teams that take the right approach will be around “forever.” He added that his team is focused on a successful launch focused on longevity.Bloomberg previously <a href="https://www.bloomberg.com/news/articles/2025-10-23/polymarket-is-seeking-funding-at-a-valuation-of-up-to-15-billion">reported</a> that Polymarket is pursuing new funding that could value the firm as high as $15 billion, following earlier <a href="https://blockworks.co/news/intercontinental-exchange-polymarket">investments</a> by Intercontinental Exchange and Founders Fund.



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/katherine-ross">Katherine Ross</a> before publication.



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Polymarket

Polymarket CMO confirms POLY token and airdrop plans amid U.S. relaunch

Macauley Peterson

Ethereum developers are moving ahead with a Dec. 3 mainnet fork for the long-awaited Fusaka upgrade, following strong client team support during Thursday’s All Core Devs (ACD) call.



The <a href="https://blockworks.co/news/fusaka-rollout-glamsterdam">timeline remains</a> technically conditional on Hoodie testnet finalization next week, but with no major issues reported on the first two testnets and all client teams signaling approval, the dates are effectively locked in.&nbsp;



Release candidates for mainnet clients are expected Nov. 3, giving node operators one month to make the switch.



The progression to Blob Parameter Override (BPO), will get a schedule tweak, however.



“BPO one and two on December 9 and then on January 7, respectively,” Alex Stokes <a href="https://www.youtube.com/watch?v=In1-paNfjzQ">said on the call</a>. “We did a temperature check last call, we’re generally on board, so I wanted to do the same thing here.” All major client teams present gave a green light.&nbsp;



Blobs were <a href="https://blockworks.co/news/ethereum-dencun-upgrade-mainnet">introduced with Dencun</a> (March 2024), specifically through <a href="https://blockworks.co/news/ethereum-improvement-proposal-4844">EIP-4844</a> (proto-danksharding), but the BPO staging is a new mechanism being introduced with Fusaka to dynamically adjust blob parameters post-fork, unlike Dencun’s static blob configuration.



<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-119.png?w=1024&amp;h=1024" alt="" class="wp-image-109497" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-119.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-119.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-119.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-119.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-119.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-119.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-119.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-119.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-119.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Blob utilization is one Ethereum metric that’s been up and to the right | Source: <a href="https://app.blockworksresearch.com/analytics/team/charts/659">Blockworks Research</a></figcaption></figure>







The advantage of BPOs is that they lower risk, Gabriel Trintinalia noted, an engineer on the Consensys team that maintains LFDT&#8217;s <a href="https://www.lfdecentralizedtrust.org/projects/besu">Besu</a> client.



“It lets us grow blob capacity step by step, based on real network data and performance,” Trintinalia told Blockworks. “And of course, in the unlikely event that we observe any performance degradation, BPOs can be used to safely reduce the number of blobs as needed.”



The Sepolia fork continues to progress smoothly.&nbsp;



“We have 99% [validator participation]. Every single combination is just fine now. We rolled out the latest stage and that solved all of our bugs,” said Barnabas Busa, who coordinates Ethereum testnets. “Everything went smooth.”



The next Sepolia BPO activation is scheduled in four days, ahead of the Hoodi fork. If those proceed as planned, mainnet confirmation is expected during next week’s call.



“Client teams have done extensive work to ensure the network can handle the blob increase unlocked by PeerDas, including multiple benchmarks, bandwidth analysis, instability simulations, and more.”



Holesky, which has already seen its last fork with Fusaka testing, <a href="https://blockworks.co/news/ethereum-hard-fork-updates">will be deprecated</a> next week. “We’ll be officially shutting it off next Friday,” Busa said.



Fusaka introduces Peer Data Availability Sampling (PeerDAS), allowing nodes to verify data through sampling instead of full downloads. Infrastructure providers expect <a href="https://blockworks.co/news/0xresearch-newsletter-ethereum-tps">PeerDAS</a> to lower costs by more than 90%, paving the way for lower blob fees, cheaper rollup operations, and faster oracle updates across the L2 ecosystem.



Formal confirmation of the fork date is expected soon after Hoodi’s fork activation on Oct. 28, barring any unforeseen issues.



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Ethereum

Fusaka upgrade on track as devs eye December mainnet fork

The rapid slide in US Treasury yields is prodding some stablecoin treasuries to diversify.&nbsp;



This week, Spark — the DeFi lending protocol and core “Star” within the <a href="https://blockworks.co/tag/makerdao">Sky</a> (formerly MakerDAO) ecosystem — allocated $100 million of its stablecoin reserves to Superstate’s USCC fund, a regulated crypto carry product that earns yield from futures basis trades instead of solely interest on government debt.



The move comes just as the 10-year Treasury yield dipped below 4% for the first time since April, closing at 3.976%. Lower yields have squeezed protocols that rely on short-duration Treasuries to fund operations and incentives. Spark’s pivot marks one of the first large-scale moves by a major stablecoin issuer away from Treasuries into regulated, crypto-derived yield.



“Access to stable, diversified yield is increasingly critical as Treasury returns compress,” <a href="https://blockworks.co/podcast/empire/24236f98-1f88-11ee-8f36-3b1c045b48bd">Superstate</a> CEO Robert Leshner said. “The investment allows Spark to maintain exposure to yield opportunities uncorrelated with Federal Reserve rate policy while operating within a compliant institutional framework.”



Sam MacPherson, CEO and co-founder of Phoenix Labs — which developed <a href="https://blockworks.com/analytics/spark">Spark</a> — said Superstate’s USCC fund enables the protocol to “diversify its reserves while maintaining the same level of safety and compliance Spark always prioritizes.”



USCC uses basis trading strategies that exploit the spread between spot and futures prices on assets such as bitcoin, ether, solana, and XRP. It currently reports a 30-day yield of 8.35%. The strategy benefits from busy derivatives markets, which provide the pricing gaps the fund harvests. CME alone logged more than $900 billion in futures and options volume in Q3, led by ETH.



The product is custodied by <a href="https://blockworks.co/tag/anchorage-digital">Anchorage Digital</a>, audited by Ernst &amp; Young, and calculates its NAV through NAV Fund Services.



<h2 class="wp-block-heading">Rate compression meets tokenomics overhaul</h2>



The USCC allocation comes amid broader changes in <a href="https://blockworks.co/news/sky-dao-adoption">the Sky ecosystem</a> as it adapts to a lower-rate environment. A fresh governance proposal would shift staking rewards from being paid in <a href="https://blockworks.co/price/usds">USDS</a>, Sky’s flagship stablecoin, to the SKY token itself. The plan would direct 500 million SKY to the treasury and raise daily buybacks to $300,000 in USDS, with rewards transitioning fully to SKY after 90 days. The change would be reversible if market conditions shift.



This tokenomics revamp follows Sky’s introduction of stUSDS, its first risk capital token. The new instrument is designed for advanced users and institutions willing to take on more protocol risk in exchange for a higher share of system rewards. stUSDS yield is derived from the stability fees paid by borrowers minting USDS against SKY collateral, linking capital formation more directly to protocol revenues.



<a href="https://blockworks.co/tag/rune-christensen">Rune Christensen</a>, co-founder of Sky, said stUSDS is part of a strategy to bring “maximum effectiveness and efficiency to capital formation” as the protocol scales beyond its original MakerDAO model.



Christiansen is also the top user of the new borrowing option, which could strain liquidity in a crisis.



<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">We already see the risk-reward for depositors deteriorating, with yield (still subsidized) down to 15%. Similarly, the cost to borrow is reduced from 20% to 15%, which should save Rune around $2m a year in borrowing costs. With borrowers paying 15%, and utilization around 33%,… <a href="https://t.co/wVvz2ZspS7">https://t.co/wVvz2ZspS7</a>&mdash; PaperImperium (@ImperiumPaper) <a href="https://twitter.com/ImperiumPaper/status/1978796127953580395?ref_src=twsrc%5Etfw">October 16, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Sky’s ecosystem has expanded through its autonomous Stars — Spark, Grove, and Keel — which deploy stablecoin reserves into DeFi markets. Spark alone has grown to over $11 billion in total volume locked.&nbsp;



Grove has secured <a href="https://blockworks.co/news/janus-henderson-clo-token-1b">$1 billion in allocations</a> for institutional credit strategies, while <a href="https://blockworks.co/podcast/bellcurve/e52e1726-a071-11f0-9ade-f7dada941856">Keel</a> is set to bring $2.5 billion in capital to Solana’s on-chain ecosystem.



<h2 class="wp-block-heading">Spark’s evolving yield mix</h2>



Spark’s own Savings product has been expanding in parallel. Its V2 launch this week brings support for USDC, USDT, and ETH, while maintaining a conservative risk framework. Spark Savings currently offers 4.75% APY — about 75 basis points above <a href="https://blockworks.co/tag/aave">Aave’s</a> comparable stablecoin yields — primarily from lending against BTC, ETH, and liquid staking tokens.



<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">Stablecoin composition on SparkLend has seen big changes over the past couple months. USDT and PYUSD have quickly become the dominant stablecoins on the platform, replacing USDS and DAI as both the 1st and 2nd most deposited and borrowed stablecoins on the platform. DAI, and… <a href="https://t.co/gXe8y5TJPA">pic.twitter.com/gXe8y5TJPA</a>&mdash; Jack 🟪 (@JackMandin) <a href="https://twitter.com/JackMandin/status/1981349953969516941?ref_src=twsrc%5Etfw">October 23, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The USCC allocation represents a measured step into basis-driven, crypto-native yield that remains market-neutral and regulated — a combination DeFi protocols increasingly seek as Treasury returns slide. For Sky, which oversees more than <a href="https://info.sky.money/supply">$9 billion</a> in circulating USDS and DAI across multiple chains, the shift shows how the DAO can maintain flexibility in its treasury strategy, positioning for a lower rate environment where yield will have to come from new sources.



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MakerDAO

Sky pivots beyond treasuries as yields dip, staking overhaul looms

Ledger is recasting its companion app from a portfolio viewer into the primary interface for its hardware.



Ledger Live is becoming Ledger Wallet, with native dapp logins (starting with <a href="https://blockworks.co/tag/1inch">1inch</a>) and integrated cash-to-stablecoin rails.



Front and center is the goal is to remove <a href="https://blockworks.co/tag/ledger">Ledger</a> owners’ need to use a third-party wallet like Rabby to as an interface for their signer.



At the same time, Ledger is targeting institutional workflows with Enterprise Multisig. The new offering is “built on Safe’s open source tech, but with Clear Signing natively integrated,” Sebastien Badault, Ledger&#8217;s VP of Enterprise, told Blockworks.



The company says it will be simple to migrate from <a href="https://blockworks.co/tag/safe">Safe</a> to Ledger Multisig to make use of Clear Signing features not yet available in the Safe Wallet.



“The industry told us they want Multisig, but the last year of hacks told us they also need Clear Signing (<a href="https://blockworks.co/news/bybit-attack-institutional-grade-security">see Bybit</a>, <a href="https://blockworks.co/news/p2p-eth-staking">Swissborg</a> etc), so we built it,” Badault said.



Ledger <a href="https://shop.ledger.com/pages/ledger-multisig-terms-of-use">charges</a> a &#8220;multisig fee&#8221; per transaction, automatically bundled into the transaction’s “priority fee,” however.



For Safe, it’s “a validation” of the infrastructure provider’s role as “the industry standard,” according to Lukas Schor, President of Safe Ecosystem Foundation.



“We are collaborating with Ledger as well as the wider ecosystem on making clear signing the standard,” Schor told Blockworks, noting that the feature should make its way into “all products build on Safe,” soon.



On the hardware side, Ledger is pitching its new Nano Gen5 signer as a step-up for budget conscious users looking for features found in the company’s pricier hardware.



“The goal was to offer the experience of <a href="https://blockworks.co/news/ledger-new-touchscreen-focused-offering">Ledger Flex</a> and Ledger Stax at a more affordable price point,” Ledger spokesperson Ariel Wengroff told Blockworks. The device lists at $179/€179 and includes Bluetooth 5.2, NFC and an E Ink touchscreen.



It could also be seen as a replacement for <a href="https://blockworks.co/news/ledger-nano-s-support-ending">the aging Nano S line</a>.



<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-118.png?w=1024&amp;h=1024" alt="" class="wp-image-109481" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-118.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-118.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-118.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-118.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-118.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-118.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-118.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-118.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-118.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">DEX trading volume, which was steady throughout the summer, has spiked sharply in October. | Source: <a href="https://app.blockworksresearch.com/analytics/team/charts/2164">Blockworks Research</a></figcaption></figure>







Currently, few dapps offer direct Ledger connections, and many users prefer connecting <a href="https://blockworks.co/news/cold-wallets-secure-crypto-custody">hardware signers</a> through a browser-based wallet such as <a href="https://blockworks.co/tag/metamask">MetaMask</a>, Rabby or <a href="https://blockworks.co/tag/phantom">Phantom</a>. On-ramping from fiat rails is getting a boost via global payments firm Noah, to provide instant USD/EUR top-ups into USDC with no additional fees from Ledger.&nbsp;



Under the hood, Ledger continues to emphasize its audit posture and the maturity of its secure-element stack, which has a spotless record in an increasingly crowded hardware signer market.



Rival Trezor just unveiled its Safe 7 (no relation to Safe Wallet), an all-wireless, “quantum-ready” device using Tropic Square’s TROPIC01 open, auditable chip with a $250 price, <a href="https://thedrop.beehiiv.com/p/crack-it-open">according to my colleague Kate Irwin at The Drop</a>.



While Ledger’s hardware has remained secure, its <a href="https://blockworks.co/news/ledger-victims-being-made-whole">software connections</a> and customer data have been the target of hackers in the past, <a href="https://blockworks.co/news/coinbase-class-action">a persistent industry problem</a>.



Competition beyond incumbents like Trezor, Keystone, GridPlus and Keycard, include a new wave of mobile-first signers — such as <a href="https://blockworks.co/news/seeker-review-solana-mobile">Solana’s Seeker</a> and the Ethereum-focused <a href="https://x.com/EthereumPhone">dgen1</a>. These devices target a bespoke dapp experience, for users on-the-go.



For Ledger users, the Nano Gen5 pairs with Bluetooth 5.2 for signing and NFC for Ledger Security Key (FIDO2 passkeys) for logins, alongside USB-C when you want a wired link.



Under this paradigm, the hardware becomes less a dongle and more an identity-and-approvals layer that spans uses from retail swaps to policy-gated multisig.



Updated October 24, 2025 at 4:13 am ET: Added info about Ledger Multisig fee



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Ledger

Ledger Nano Gen5 feels like Flex for less

Casey Wagner

Democrats and Republicans hosted dueling roundtables with crypto industry executives on Wednesday in an effort to advance cryptocurrency market structure legislation.&nbsp;



More than three months after the House passed the CLARITY Act, the bill has yet to make meaningful progress in the Senate. According to people familiar with Wednesday’s discussions, both parties are pointing fingers.&nbsp;



Democrats, gathered by Sen. Kirsten Gillibrand on Wednesday morning, are growing frustrated with the crypto industry’s tendency to align itself with Republicans.&nbsp;



“Don’t be an arm of the Republican Party, they used you all and your megaphones to f*** us,” Democrat Sen. Ruben Gallego told industry members and fellow Democrats during the roundtable discussion, according to two people in attendance.&nbsp;



Senate Banking Committee Chair Sen. Tim Scott, who hosted fellow Republicans and industry voices Wednesday afternoon, disagreed, saying Republicans have been waiting for Democrats to come to the table.&nbsp;



“Despite repeated requests for edits and redlines from Democrats, they have yet to provide formal feedback or agree to a markup date,” a spokesperson for Sen. Scott told Blockworks.&nbsp;



The roundtables come after Senate Banking Committee Republicans released a <a href="https://www.banking.senate.gov/imo/media/doc/senate_banking_committee_digital_asset_market_structure_legislation_discussion_draft.pdf">second discussion draft</a> of the legislation last month. Democrats responded with a list of <a href="https://www.gallego.senate.gov/wp-content/uploads/2025/09/Market-Structure-Framework-Final.pdf">principles</a> they’d like to see in the legislation. An additional Democratic proposal focused on DeFi was <a href="https://docs.google.com/document/d/16Ws48Myk5E_iwaBrhjgZmxFUnhPG0KdQ/edit">leaked</a> earlier this month, furthering the divide between the two parties.&nbsp;



The industry’s public — and widely negative — response to this leaked document derailed negotiations between Democrats and Republicans, a person familiar with the matter told Blockworks. Democrats specifically warned industry members that the reaction thwarted the bill’s progress, the person added.&nbsp;



Committee Republicans originally wanted to markup the legislation in late September, but delayed “to give Democrat colleagues additional time to come to the table and substantively engage on legislative text,” the spokesperson added.&nbsp;&nbsp;



Republicans have not ruled out scheduling a markup amid the government shutdown, which has now entered its fourth week, a person familiar with the matter said.&nbsp;



Several Democrats are still concerned about President Trump and his family’s crypto business dealings, a person in attendance noted.&nbsp;



Coinbase CEO Brian Armstrong, who attended both the Democrat and Republican meetings, told reporters Wednesday that these ethical concerns are “much broader than crypto.”&nbsp;



The industry is still waiting on the Senate Agriculture Committee to release its market structure bill draft. This version of the legislation will focus primarily on the Commodity and Futures Trading Commission’s role in overseeing crypto markets.&nbsp;



The bill was “close” to the finish line before the government shutdown, a person familiar with the matter said, but with CFTC staffers who work with Congressional committees now furloughed, it’s unclear when progress could be made.



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Capitol Gains

Capitol Gains: What’s the market structure holdup? Depends who you ask

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



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Less than two years ago, Jupiter was “just” a DEX aggregator. Today, the company looks more like a DeFi conglomerate, or a “superapp.”



On top of its flagship spot aggregator, the team runs perps, a memecoin launchpad, the JLP liquidity pool, lending, liquid staking, a portfolio tracker, a RFQ venue (JupiterZ), developer APIs, a token verification system (Verify) and the third-largest Solana validator.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1166" height="1263" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-117.png?w=1024&amp;h=1024" alt="" class="wp-image-109473" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-117.png?w=1166 1166w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-117.png?w=277 277w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-117.png?w=945 945w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-117.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-117.png?w=237 237w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-117.png?w=241 241w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-117.png?w=202 202w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-117.png?w=74 74w" sizes="auto, (max-width: 1166px) 100vw, 1166px" /><figcaption class="wp-element-caption">Source: <a href="https://docsend.com/view/bihwsdikxcpnv3kt">Jupiter</a></figcaption></figure>







Too many? That’s not yet including the pipeline of emerging products: a jupUSD stablecoin, a prediction market in partnership with Kalshi, an ICO launchpad (Jupiter DTF), and its “omnichain” network JupNet. I’m probably still missing some.



Jupiter’s suite of products is not inactive shelfware, either. Almost every product stands on its own. In its <a href="https://www.youtube.com/watch?v=YBZ1N7cOddY">Q3 token holder update</a> yesterday, the team pegs Q3 revenue at ~$45 million — ~$180 million annualized. 



For a crypto business, that’s real money.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="922" height="503" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-114.png" alt="" class="wp-image-109470" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-114.png?w=922 922w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-114.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-114.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-114.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-114.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-114.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-114.png?w=80 80w" sizes="auto, (max-width: 922px) 100vw, 922px" /><figcaption class="wp-element-caption">Jupiter’s DEX aggregator dominates Solana DeFi</figcaption></figure>







But while Jupiter is firing on all cylinders, there’s an uncomfortable truth: The JUP token hasn’t kept up. JUP sits at around a $1.1 billion market cap today, down from $3 billion at its peak earlier this year, or a ~6.2x P/S.



In my conversations with Solana traders and investors, everyone has a different explanation for why the token of Solana’s most prominent protocol hasn’t performed well this year.



Some cited the token’s lack of utility. One liquid fund told me that JUP was perceived as too “safe” for speculative money; others pointed to the fact that JUP’s buybacks were too small relative to its FDV.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1179" height="579" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-116.png?w=1024&amp;h=1024" alt="" class="wp-image-109471" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-116.png?w=1179 1179w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-116.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-116.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-116.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-116.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-116.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-116.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-116.png?w=80 80w" sizes="auto, (max-width: 1179px) 100vw, 1179px" /></figure>



The pseudonymous founder of Elemental, Moo, gave me a simpler take: “Jupiter had an ‘Avengers’ moment where all the hype the team built culminated in last year’s Catstanbul event.



“Given the level of hype, a correction was inevitable. And when prices drop, people start questioning everything. The community’s main concern now seems to be whether Jupiter&#8217;s growth plans will be enough to reignite interest in the token. Jupiter has a grand vision, but it will take time to execute.”



Jupiter also has something of a complexity tax, a similar problem that <a href="https://blockworks.co/news/ethereum-elevator-pitch">Ethereum</a> suffers from.&nbsp;



When a company spans a dozen interrelated businesses, the story gets harder to model, and markets often apply a discount until the value capture is obvious.&nbsp;



I’d love to see an investment analyst brave enough to publish a sum-of-parts model for Jupiter’s product zoo.



To the team’s credit, they seem to recognize these problems and are taking steps to rectify it.



In the team’s <a href="https://www.youtube.com/watch?v=YBZ1N7cOddY">Q3 token holders update</a> last night, the Jupiter team called for a “fresh start for JUP” and outlined moves aimed at tighter focus: scaling back DAO voting to only &#8220;major tokenomics and treasury decisions&#8221;, cutting the JUP unstaking period from 30 days to seven, and — pending governance — burning 121 million JUP (~$42 million) from the Litterbox strategic reserve.



“Some of the mechanics around [the] JUP token were preventing people from getting engaged. We want to fix that. Some of the overemphasis and overfocus on the comms side around the DAO was turning people off and creating a negative attention flywheel. Don&#8217;t want to do that anymore,” Dhanda said on the livestream.



Jupiter has built a rare thing in crypto, an operating business that throws off cash across multiple product lines.&nbsp;



Markets are for now pricing the token like a safe, sprawling operator rather than a single, spicy bet. If Jupiter can make the value path to JUP simpler, maybe it can change the fate of its token, too.&nbsp;



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DEXs

Jupiter wants to turn its token’s fate around

US President Donald Trump has issued a full pardon to Changpeng Zhao, the founder and former chief executive of Binance.



Zhao, widely known as “CZ,” pleaded <a href="https://www.justice.gov/archives/opa/pr/binance-and-ceo-plead-guilty-federal-charges-4b-resolution">guilty</a> in 2023 to violations of U.S. anti-money-laundering laws and was serving a four-month prison sentence following a $4.3 billion settlement between Binance and the U.S. Department of Justice.



The Wall Street Journal first <a href="https://www.wsj.com/finance/currencies/trump-pardons-convicted-binance-founder-7509bd63?mod=breakingnews">reported</a> the news.&nbsp;



The pardon removes all remaining legal penalties against Zhao, who had stepped down from Binance as part of the plea deal, according to the report.&nbsp;



White House press secretary Karoline Leavitt told the WSJ that Trump had “exercised his constitutional authority by issuing a pardon for Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency.&nbsp;



“The Biden Administration’s war on crypto is over.”



Zhao, a Canadian citizen born in China, founded Binance in 2017 and built it into the world’s largest crypto exchange by trading volume. His conviction stemmed from failures to implement anti-money-laundering controls and violations of U.S. sanctions.



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">Michael McSweeney</a>&nbsp;before publication.



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Binance

Trump pardons Binance founder Changpeng Zhao: WSJ

Kunal Doshi

Shaunda Devens

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GM, everyone. These markets are definitely not the easiest to trade. Bitcoin and major indices continue to bleed, and on the altcoin side, only 24% of the top 100 tokens have outperformed bitcoin in the last 90 days. However, there are still pockets of outperformance, and we believe MegaETH&#8217;s public sale will be one of them.



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



The market remained under pressure yesterday, with the S&amp;P 500 (-0.62%), Nasdaq (-0.97%), and BTC (-0.63%) all closing lower. Despite the sharp selloff earlier this week, gold has continued to attract safe-haven flows, rising 0.78% as buyers stepped in amid a weaker dollar and growing expectations of rate cuts.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="854" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-110.png?w=1024&amp;h=1024" alt="" class="wp-image-109455" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-110.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-110.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-110.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-110.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-110.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-110.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-110.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-110.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-110.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Much of the recent sentiment has been shaped by developments in US-China trade talks, but Q3 earnings are adding to the caution. Both Netflix and Tesla reported softer-than-expected results, while Texas Instruments issued a weak revenue outlook for the fourth quarter, citing tariff-related headwinds.



Crypto markets mirrored the broader pullback, with all sectors closing in the red. Still, a few pockets of resilience stood out. The AI sector, down -0.28%, and DeFi, down -0.27%, both outperformed BTC on the day. The AI index held up, mainly thanks to TAO, which accounts for 17.5% of the sector, supported by renewed optimism ahead of its halving event in two months.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="847" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-113.png?w=1024&amp;h=1024" alt="" class="wp-image-109459" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-113.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-113.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-113.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-113.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-113.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-113.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-113.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-113.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-113.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



At the other end, Launchpads and Memes were the weakest sectors, down -4.6% and -3.4%, respectively, reflecting fading risk appetite across the market. All eyes now turn to tomorrow’s CPI print, which could set the tone for inflation expectations and determine how quickly rate cuts follow.



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



Despite $615 million in ETF inflows Tuesday, overall flows have flipped negative again, underscoring the market’s uncertainty. Much of bitcoin’s recent weakness has been driven by OG whales taking profits, with one notable trader, who pocketed $197 million during October’s crash, building a massive $230 million short position against BTC. But even he has now <a href="https://x.com/lookonchain/status/1981024032074957176">closed</a> his short, a move that’s being read as a subtle signal of renewed confidence and a possible shift in sentiment.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="797" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-109.png?w=1024&amp;h=1024" alt="" class="wp-image-109454" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-109.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-109.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-109.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-109.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-109.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-109.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-109.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-109.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-109.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



The bulk of the recent moves have also come from the uncertainty of US-China trade relations and questions surrounding whether the presidents of both these countries will be meeting to discuss these issues. But there is a high chance of a resolution here, with markets on Kalshi pricing in a 70% chance of both the presidents meeting by the end of October. Any small positive development here is enough to push the market higher.&nbsp;



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="876" height="616" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-107.png" alt="" class="wp-image-109452" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-107.png?w=876 876w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-107.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-107.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-107.png?w=365 365w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-107.png?w=371 371w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-107.png?w=311 311w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-107.png?w=80 80w" sizes="auto, (max-width: 876px) 100vw, 876px" /></figure>



The Altcoin Season Index paints a similar picture of consolidation. We’re sitting near 90-day lows, with only 24 of the top 100 tokens outperforming bitcoin, including exchange tokens such as BNB and MNT, perp DEX names like ASTER and MYX, and privacy coins including ZEC and XMR. These pockets of strength reflect the recent narratives that have run. Periods like this, when exuberance fades and dominance consolidates, often form the base for the next market leg higher.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1502" height="671" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-111.png?w=1024&amp;h=1024" alt="" class="wp-image-109456" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-111.png?w=1502 1502w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-111.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-111.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-111.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-111.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-111.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-111.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-111.png?w=80 80w" sizes="auto, (max-width: 1502px) 100vw, 1502px" /></figure>



With three rate cuts <a href="https://kalshi.com/markets/kxratecutcount/number-of-rate-cuts/kxratecutcount-25dec31">expected</a> in 2025 and a potential Trump-Xi Jinping meeting on the horizon, there are clear short-term tailwinds building for a relief move. But remember, markets rarely reward complacency. Stay patient, stay nimble, and accumulate projects you’d want to own even if the market takes one more leg down.



<h2 class="wp-block-heading">MegaETH’s public round</h2>



MegaETH’s public sale could offer outsized returns for early buyers.&nbsp;



This is the third round open to the community, after the Echo community round (priced similarly to VC investors including Dragonfly and Vitalik) and the Fluffle NFT round, which implied roughly a $532 million FDV. This follows MegaETH&#8217;s recent buyback of around 4.75% <a href="https://www.theblock.co/post/375090/megaeth-buys-back-equity-token-warrants-pre-seed-investors">equity and token-linked warrants</a> from early pre-seed investors.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="854" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-110.png?w=1024&amp;h=1024" alt="" class="wp-image-109457" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-110.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-110.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-110.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-110.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-110.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-110.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-110.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-110.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-110.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



The public sale of $MEGA starts at 9 a.m. ET on Oct. 27, 2025 and will run for 72 hours. Key details of the upcoming sale include:



<ul class="wp-block-list">
<li>Date: Oct. 27-30, 2025 (72 hours)</li>



<li>Payment Method: USDT on Ethereum mainnet</li>



<li>Supply: 10 billion MEGA tokens (5% allocation, totaling 500 million tokens)</li>



<li>Sale Format: English Auction (FDV range approximately $1 million-$999 million)</li>



<li>Bid Limits: Minimum $2,650 / Maximum $186,282</li>



<li>Lock-up Terms: Mandatory one-year lock-up plus 10% discount for US investors; optional lock-up for non-US investors</li>
</ul>



While the public sale initially opens at an implied FDV as low as $1 million, recent raises strongly suggest it will reach the maximum valuation of around $1 billion (and quickly). Meanwhile:



<ul class="wp-block-list">
<li>The MEGA-USD premarket perpetual on Hyperliquid currently prices $MEGA at a $5 billion FDV, with $17 million in trading volume over the past 24 hours.</li>



<li>Polymarket, despite lower volume ($147K traded), forecasts an 89% likelihood that MEGA trades above a $2 billion FDV and a 50% chance it surpasses $4 billion FDV within 24 hours post-launch.</li>
</ul>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1262" height="686" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-112.png?w=1024&amp;h=1024" alt="" class="wp-image-109458" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-112.png?w=1262 1262w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-112.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-112.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-112.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-112.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-112.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-112.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-112.png?w=80 80w" sizes="auto, (max-width: 1262px) 100vw, 1262px" /></figure>



But why would MegaETH intentionally launch below its potential valuation ceiling?



Historically, public sales conducted via English auctions suffer from a common problem: The sale price lands exactly at the valuation acceptable to the final marginal buyer. When the token becomes liquid post-sale, buying pressure evaporates, often triggering a price collapse. Dutch auctions (where price starts high and lowers) have a similar problem; the marginal buyer buys at the highest price acceptable to them. Oftentimes the subsequent price action leads to the project being dead out of the gates.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="501" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-108.png" alt="" class="wp-image-109453" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-108.png?w=740 740w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-108.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-108.png?w=380 380w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-108.png?w=386 386w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-108.png?w=323 323w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-108.png?w=80 80w" sizes="auto, (max-width: 740px) 100vw, 740px" /></figure>



Therefore, recently some projects have deliberately chosen to underprice their public sales (think Plasma at $500 million FDV), guided by the following ideals:



<ol class="wp-block-list">
<li>The best way to build a community is to reward them early and give them something to believe in.</li>



<li>Long term, the market is a weighing scale and prices will adjust close to fair value. </li>



<li>If the fair value of a token is $5 billion, it&#8217;s better that the token re-rates upwards from $1 billion, rather than repricing from $20 billion to $5 billion.</li>
</ol>



Raising a small community round at an attractive valuation appears to be an effective go-to-market strategy, almost becoming a necessary “community tax” similar to airdrops for building positive public sentiment. Overall, I believe the MegaETH public sale will be worth a punt.



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