Coinbase Tokenized Stock on FTX

Ben Strack

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



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Firms continue responding to investor calls for diversified exposure to a crypto space becoming more entwined with the traditional financial system.&nbsp;



S&amp;P Global is a few weeks from offering a Digital Markets 50 Index that would blend 15 tokens with 35 crypto-linked equities involved in digital asset operations, infrastructure, financial services, blockchain applications, etc. This mix of crypto stocks and tokens is a first for the index giant.&nbsp;&nbsp;



The company did not reveal the index’s specific holdings, but noted tokens would be selected from the S&amp;P Cryptocurrency Broad Digital Market Index (a benchmark with BTC, ETH, XRP, BNB and SOL as its top five holdings). Here’s that index’s track record:&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="690" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-24.png?w=1024&amp;h=1024" alt="" class="wp-image-108756" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-24.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-24.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-24.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-24.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-24.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-24.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-24.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-24.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-24.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



This comes as the crypto segment has moved “from the margins into a more established role in global markets,” S&amp;P Dow Jones Indices chief product/ops officer Cameron Drinkwater said. Market participants are gravitating to crypto for diversification, growth or innovation strategies, he added.&nbsp;



This isn’t some crypto-focused firm building an index like this. It’s the financial goliath who brought you the S&amp;P 500. Ever heard of it?&nbsp;



Dinari helped design the index and plans to create a token that tracks the benchmark by the end of 2025. The company offers what it calls dShares — 150 or so tokenized stocks and ETFs that are backed 1:1 by off-chain assets.



“It was clear to us that there’s a need for the ‘S&amp;P 500’ of the space,” Dinari chief business officer Anna Wroblewska told me. “Who better to build it with than the incredible S&amp;P team.”



Wroblewska told me in May that the company was focused on bringing the entire stock market onchain. Its subsidiary, Dinari Securities, received a broker-dealer registration with the SEC and FINRA the following month.



“In the longer term, Dinari’s mission is to help facilitate a global, pooled on-chain secondary market for tokenized stocks and other RWAs,” Wroblewska noted at the time. “Imagine, for example, the cross-asset opportunities if NYSE and the CBOE and the CME were all unified in one place that all market participants could access.”



Today, the Dinari executive added that her firm is focused on scaling tokenized equities while “preserving the ownership rights and control that make US capital markets function so well.” I’m also told to keep an eye out for Dinari’s US launch and regulated 24/7 trading.&nbsp;&nbsp;



Let’s go back to indexes for a moment, as CoinShares is set to introduce an ETF that tracks the CoinShares-Compass Altcoins Index.



That benchmark allocates to emerging layer-1 alternatives across three themes: high-speed blockchains, interoperability protocols and growing platforms. The ETF will offer this exposure by investing in ETPs listed in the US, Canada, the UK and EU.



Its ticker will be DIME — clever, given its plan to allocate to 10 tokens:



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1600" height="828" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-25.png?w=1024&amp;h=1024" alt="" class="wp-image-108767" style="width:681px;height:auto" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-25.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-25.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-25.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-25.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-25.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-25.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-25.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-25.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-25.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



These upcoming launches focused on diversification come after the Grayscale CoinDesk Crypto 5 ETF — holding BTC, ETH, XRP, SOL and ADA — hit the NYSE Arca last month. Hashdex recently <a href="https://blockworks.co/news/etfs-indexes-crypto-investing">added several assets to its crypto index ETF</a> — tracking a benchmark CIO Samir Kerbage said could one day hold 200 assets.



We’re also waiting for more single-asset crypto ETF approvals in the US. Given recent <a href="https://x.com/JSeyff/status/1971689757525868812?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1971689757525868812%7Ctwgr%5E9d9e027903749467ca991298513623da00e4111c%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fblockworks.co%2Fnews%2Fetfs-indexes-crypto-investing">S-1 amendments</a>, the SEC seems focused on greenlighting solana products first.&nbsp;



A person close to those filings told me there’s no clear approval timeline at the moment given the government shutdown has paused SEC reviews. “We expect the process to move quickly once the government reopens,” they added.&nbsp;&nbsp;&nbsp;&nbsp;



After two funding proposals failed in the Senate last night, it’s hard to know when that will happen.



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Index giant, crypto ETP issuer push diversification in latest product plans

Blockworks

S&amp;P Global announced Tuesday, that it will launch the S&amp;P Digital Markets 50 Index, a new benchmark combining cryptocurrencies and publicly traded crypto-linked equities.



The index, <a href="https://www.prnewswire.com/news-releases/sp-global-to-launch-innovative-crypto-ecosystem-index-a-new-way-to-combine-cryptocurrencies-and-crypto-linked-equities-302577058.html">developed</a> in partnership with Dinari, aims to provide a diversified view of the crypto ecosystem, spanning blockchain infrastructure, financial services and digital assets. Dinari will also issue a token tracking the benchmark, making the index accessible through blockchain-based instruments.



The index will include 35 companies involved in digital asset infrastructure and applications alongside 15 cryptocurrencies from the existing S&amp;P Cryptocurrency Broad Digital Market Index. S&amp;P Global said the index is designed to give investors a structured and transparent measure of performance across both traditional and decentralized finance sectors.



Cameron Drinkwater, Chief Product &amp; Operations Officer at S&amp;P Dow Jones Indices, said the move reflects the growing role of digital assets in global markets, offering consistent tools for evaluation and exposure. Dinari’s Chief Business Officer Anna Wroblewska described the initiative as a demonstration of how blockchain technology can modernize financial benchmarks, enabling combined access to equities and crypto within one instrument.



The new index expands S&amp;P Global’s suite of digital asset benchmarks, which already includes the S&amp;P Cryptocurrency Indices and S&amp;P Digital Market Indices.



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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S&P Global announces crypto ecosystem index blending digital assets and equities

Macauley Peterson

The current competition to host the next wave of stablecoin liquidity is less about raw throughput and more about control vs. openness. The field is getting crowded, both with veteran chains like Gnosis, newcomers like Plasma and Neural, and yet-to-be launched app-chains like Arc and Tempo.



First, a reality check. For all the new layer-1 (L1) fanfare, <a href="https://blockworks.co/tag/ethereum">Ethereum</a> still has the lion’s share of stablecoin issuance and liquidity. <a href="https://blockworks.co/tag/usdt">USDT</a>, <a href="https://blockworks.co/tag/usdc">USDC</a>, <a href="https://blockworks.co/news/peeling-back-usde-growth">USDE</a>, <a href="https://blockworks.co/tag/makerdao">USDS/DAI</a>, etc, along with most of the real activity in <a href="https://blockworks.co/tag/defi">DeFi</a>, all live (or anchor) there. Even as new chains arise, they’ll contend with the gravity of Ethereum’s liquidity and network effects.



The emerging stablecoin-specific blockchains — Arc, Plasma, Tempo, Neura — are designed to challenge that dominance by offering more “purpose-built” architectures. But at their core lies a tension: Do you give issuers control (and with it risk), or preserve an open system that welcomes any stablecoin without asking permission?



<h2 class="wp-block-heading">Gnosis and the pitch for open rails</h2>



In a recent <a href="https://www.youtube.com/live/q4haLNd9qmw">community presentation</a>, Gnosis leadership made their philosophy explicit. They repeatedly contrast a model where a chain backs a single issuer versus one where many issuers and partners can plug in. As business development head Julian Nesk put it, “We’re thinking of Gnosis chain as a B2B platform” and “giving tooling to our partners, which are mostly wallets, that then they will give to the users.”



In short, <a href="https://blockworks.co/tag/gnosis">Gnosis</a> wants to provide the plumbing — liquidity, bridges, DeFi applications — without choosing winners, keeping it aligned with Ethereum’s ethos of <a href="https://blockworks.co/news/ethereum-inclusion-lists-scrutiny">neutrality</a>.



For a refresher, Gnosis was founded in 2015 by Martin Köppelmann and Stefan George as one of the first projects built on Ethereum, originally focused on decentralized prediction markets. Over time, it evolved into a broader Ethereum ecosystem player, serving a role a bit like a canary network. For example, Gnosis has consistently adopted Ethereum upgrades — hard forks — <a href="https://blockworks.co/news/gnosis-chain-ethereum-dencun-hard-fork">in advance of mainnet</a>. Major infrastructure projects such as <a href="https://blockworks.co/tag/safe">Safe</a> (formerly Gnosis Safe) and <a href="https://blockworks.co/news/cow-dao-mev-capturing-amm">CoW Swap</a> originated with Gnosis.



A core argument from Gnosis: Why issue via a chain built by a stablecoin issuer when that issuer can deprioritize you later? They warn that when issuers launch their own chains, partners or smaller issuers may lose access or support. Gnosis frames its neutrality as a safeguard against that centralization trap.



Gnosis also emphasizes a more regional approach to stablecoins, aiming to become “the chain of local currencies” by supporting euro, peso, lira, rand, and more.



“We&#8217;re going to be definitely the stablecoin chain, not because we&#8217;re going to have the highest circulating supply of US-dollar stablecoins, but because we&#8217;ll be the stablecoin with the highest number of local currency stablecoins,” Nest said. That strategy depends heavily on openness: the more issuers and regional variants they integrate, the broader their moat.



<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-23.png?w=1024&amp;h=1024" alt="" class="wp-image-108741" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-23.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-23.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-23.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-23.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-23.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-23.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-23.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-23.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-23.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Celo has made a similar bid for non-USD stablecoins to Gnosis (not shown) | Source: <a href="https://blockworks.com/analytics/treasury-companies/ethereum-treasury-companies/ethereum-treasury-companies-eth-holdings">Blockworks Research</a></figcaption></figure>







That said, Gnosis acknowledges challenges: Liquidity buildup, bridging, and yield incentives are nontrivial. So far, there has been very little demonstrated demand for non-USD stablecoins. But its pitch is that openness will ultimately win. It is one of the few permissionless L1s explicitly courting multiple teams rather than being tied primarily to one.



<h2 class="wp-block-heading">Architectures in contrast</h2>



Arc is essentially <a href="https://blockworks.co/news/circle-l1-impact-ethereum">Circle’s attempt</a> to move from &#8220;issuer&#8221; to &#8220;rail operator.&#8221; The chain is designed around USDC, as its native gas token, enabling predictable, dollar-denominated fees, and <a href="https://www.circle.com/blog/introducing-arc-an-open-layer-1-blockchain-purpose-built-for-stablecoin-finance">intends to integrate</a> a built-in FX engine and cross-chain transfer protocol (CCTP) to tie stablecoins together.



The chain is expected to offer deterministic, sub-second finality via a Malachite consensus engine and allows opt-in privacy features. On paper, it looks like a prime test of the Cosmos-inspired app-chain thesis.



Because Circle already controls major stablecoin issuance and infrastructure (USDC, gateways, payments), Arc will begin life with deep liquidity and infrastructure hooks. But that comes with centralization risk: Validators, governance, and incentives may tilt toward Circle-aligned interests.



Arc’s architecture is thus a hybrid: open-source, EVM-compatible, but deeply integrated with an issuer’s stack.



Plasma, which went live on September 25, markets itself as a “stablecoin-native” chain. It touts zero-fee USDT transfers, configurable gas tokens, and support for confidential payments as baseline capabilities.&nbsp;



While optimized for high volume USDT flows and built for payments, not generalized DeFi, it has nevertheless gained <a href="https://defillama.com/chain/plasma">over $13 billion</a> in bridged TVL in its short life, lured by significant <a href="https://blockworks.co/news/plasma-announces-mainnet-beta">liquidity incentives</a> of the chain’s XPL token. But again, liquidity is concentrated in one stablecoin, and non-USDT issuers may find limited support. The tradeoff: excellent performance and low friction for USDT traffic, but a narrower ecosystem.



Tempo, backed by Stripe and built with Paradigm, <a href="https://blockworks.co/news/stripe-and-paradigm-incubate-tempo">has surfaced</a> as a payments-first chain that’s yet to launch. Technical details are slim, but it aims for sub-second finality, a stablecoin-agnostic gas model, and tight integration with merchant payment flows.&nbsp;



It will be interesting to see what stablecoins it targets for adoption.



Neura is more speculative and vertically ambitious: It <a href="https://x.com/Neura_io/status/1973418535528571032">envisions</a> owning hardware, protocol-level revenue (RPC, MEV / OEV), and “gas-free” transfers for its native stablecoin. It aims to capture yield flows along with settlement. But it’s going to have a lot of competition, and this latest incarnation of Near represents a pivot from an “AI chain” <a href="https://www.theblock.co/post/290147/ankr-launches-ai-focused-layer-1-blockchain-neura-on-public-testnet">originally pitched</a> by the Ankr team in 2024.



<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-22.png?w=1024&amp;h=1024" alt="" class="wp-image-108740" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-22.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-22.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-22.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-22.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-22.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-22.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-22.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-22.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-22.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Non-USD volume remains modest onchain (USD hidden above) | Source: <a href="https://blockworks.com/analytics/treasury-companies/ethereum-treasury-companies/ethereum-treasury-companies-eth-holdings">Blockworks Research</a></figcaption></figure>







What separates Gnosis from these challengers is its insistence on openness. Gnosis effectively bets that the next wave of stablecoin adoption will come from diversity, not dominance. If many local-currency stables, cross-border remittance tokens, regional FX bridges, and stablecoin partners emerge, the network that welcomes them without gatekeeping may have an edge.&nbsp;



Even as these stablecoin chains battle, the Ethereum Virtual Machine (<a href="https://blockworks.co/tag/evm">EVM</a>) remains the standard. No matter how optimized Arc or Plasma become, their stablecoins will likely still reside mainly on Ethereum mainnet, just as USDT does today (with <a href="https://blockworks.co/tag/tron">Tron</a> a close second). That inertia is immense.



Gnosis’s path to success is much steeper. Its openness is on par with any L1, but it must demonstrate yield, adoption, bridging, performance, and stability equal to the upstarts. If liquidity flows begin to prefer Arc’s guaranteed performance or Plasma’s zero-fee transfers, Gnosis may lean harder into diversity.



In narrative terms, this is not just a performance arms race — it’s a fight over who controls the rails of programmable money. Will stablecoins inhabit a world of corporate-owned rails or public goods that anyone can access? Watch this space.



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Ethereum

The fight for ‘the stablecoin chain’ is about control

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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A little-known privacy project, Umbra, launched its initial coin offering (ICO) on Solana yesterday.



As I write this, Umbra is already 1169% oversubscribed over its $750K raise target.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1146" height="633" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-20.png?w=1024&amp;h=1024" alt="" class="wp-image-108732" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-20.png?w=1146 1146w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-20.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-20.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-20.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-20.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-20.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-20.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-20.png?w=80 80w" sizes="auto, (max-width: 1146px) 100vw, 1146px" /><figcaption class="wp-element-caption">Source: <a href="https://metadao.fi/projects/umbra/fundraise">MetaDAO</a></figcaption></figure>







The real story here isn’t Umbra — it&#8217;s the infrastructure that’s powering its sale: MetaDAO’s “Unruggable ICO” futarchy launchpad.



A lot has <a href="https://futarchy.guide/">already</a> <a href="https://x.com/0xcarlosg/status/1971253625231147313">been</a> <a href="https://members.delphidigital.io/reports/markets-will-save-the-world#the-futarchy-rises-6b86">written</a> on the intersection of crypto and futarchy by people smarter than me, but here’s the gist: Futarchy is the simple idea that governance should be decided by markets, rather than “one man, one vote” democratic rules, or DAO token voting.



If you believe Donald Trump will spur economic growth more than Joe Biden, buying “Pass Trump” shares will get him elected if enough traders buy it past a set threshold.



Or if you believe Facebook spending $50 billion on investments in the metaverse will not improve Meta’s stock price, then do the opposite and buy “Fail” shares.



Futarchy markets work similarly to prediction markets: They channel the wisdom of markets by requiring participants put their money where their mouth is. The key difference is that with futarchy, actual outcomes are influenced by how markets “vote.”



This radical idea was popularized by the libertarian economist Robin Hanson and has existed for years as a topic of nerdy fascination in technolibertarian circles.&nbsp;



(Hanson, incidentally, was also responsible for advancing many of crypto’s major innovations, like automated market makers and prediction markets.)



For some time, DAOs like Drift, Sanctum and Marinade have experimented with piecemeal futarchy governance using MetaDAO’s core protocol.



The ongoing Umbra ICO is taking place on a relatively newer MetaDAO product, its futarchy-powered ICO launchpad.



<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-21.png?w=1024&amp;h=1024" alt="" class="wp-image-108733" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-21.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-21.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-21.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-21.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-21.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-21.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-21.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-21.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-21.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: <a href="https://x.com/0xcarlosg/status/1971253625231147313">Blockworks Research</a></figcaption></figure>







By launching on MetaDAO’s ICO launchpad, teams like Umbra in effect bind its entire governance to a futarchy model from day one.



The incentive for existing DAOs to adopt futarchy isn’t strong, which is why MetaDAO is now targeting founders from day one, MetaDAO’s pseudonymous co-founder Proph3t tells me.



This entails limiting the founding team’s powers in ways that would be considered abnormal in the real world.



For one, teams have to commit to a set budget allowance. Umbra, for instance, is agreeing to lock in to a <a href="https://x.com/UmbraPrivacy/status/1973785682872062014">$34K</a> monthly budget. This can change, but only if markets vote on it to pass.



Secondly, the team agrees to subject its treasury and all intellectual property — domain names, Discord and Twitter accounts, brand names — to ownership under a DAO LLC legal entity headquartered in the Marshall Islands, executed by MetaDAO themselves. This ensures that whatever happens onchain is legally binding in the real world.



The first criterion primarily serves to align long-term incentives between founders and tokenholders, avoiding situations where founding teams have quietly abandoned projects with huge controlled allocations.



The second avoids crypto’s notorious <a href="https://x.com/TheOneandOmsy/status/1975030540492308708">token equity mismatch problem</a>, where revenues are directed to equity holders rather than tokens.



“I&#8217;m not in love with governance. I see it as a tool to solve a specific problem. Most founders want control for obvious reasons and I would like to give them as much control as possible while still maintaining the properties that make tokens unruggable,” Proph3t tells me.



In return for binding their hands to a futarchy-based governance model, founding teams can signal legitimacy by advertising their tokens as protected by traditional “<a href="https://blockworks.co/news/token-transparency-framework">shareholder protections</a>”.



But whether or not you believe these protections are robust depends on whether you believe market forces can make the right governance decisions.



Are they? Take the example of the mtnCapital investment fund.



In April, mtnCapital ran the first ICO on MetaDAO’s futarchy launchpad, raising ~$5.7 million USDC. The fund’s performance eventually underperformed, so DAO members took it upon themselves to vote on a proposal to unwind the fund and return monies to MTN tokenholders in September.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="672" height="785" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-19.png" alt="" class="wp-image-108731" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-19.png?w=672 672w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-19.png?w=257 257w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-19.png?w=220 220w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-19.png?w=223 223w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-19.png?w=187 187w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-19.png?w=68 68w" sizes="auto, (max-width: 672px) 100vw, 672px" /><figcaption class="wp-element-caption">Source: <a href="https://futarchy.metadao.fi/mtncapital/trade-v4/DMvjMUJ9ePr9NYJjzMemJqVzWqyz1SECxWHpDtRXgbJ">MetaDAO</a></figcaption></figure>







That decision was made by tokenholders, as opposed to the mtnCapital investment team that could have quietly abandoned the project, or conjure an endless string of amorphous reasons for why their strategy “needed more time”.



Futarchy isn’t a guarantee that the business will succeed; it serves as a safeguard against the kinds of plutocratic rent-seeking that DAOs have been plagued with for years.



The META token, which has seen a speculative pump of 191% in the last month, currently receives no value accrual.



That is set to change in the near future with MetaDAO taking a 25 bps take-rate on its futarchy AMM.



This will work similarly to how memecoins launch from launchpads to a DEX, Proph3t tells me.



Updated 10/7/25 at 1:35 pm ET to correct a typo in Umbra&#8217;s raise target.



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DAOs

Umbra’s ICO and MetaDAO’s ‘Unruggable’ futarchy take center stage

Katherine Ross

Grass, the Solana DePIN project, is raising $10 million in a bridge raise, Blockworks has exclusively learned.&nbsp;



The project previously raised both a seed and a <a href="https://blockworks.co/news/grass-data-verification-depin-funding">Series A round</a>.&nbsp;



Polychain and Tribe Capital participated in the bridge round, which is primarily a token purchase, Grass’s Andrej Radonjic told Blockworks.



“Grass is a piece of technology that allows companies to access data at an unprecedented scale,” Radonjic said when asked why Grass was interested in a token purchase. The decentralized AI project allows folks to <a href="https://blockworks.co/news/depin-grass-reshaping-ai-data-layer">sell idle internet bandwidth</a>.



“The possibilities are kind of endless in terms of the directions that you&#8217;re able to go. And there are multiple things that we think are vital to build on top of this, namely live context retrieval.”



He further explained that, at this moment, the way AI companies are training their models is to scrape search engines such as Google. However, they can’t deploy internet-scale web crawls because they’re being blocked, but Grass offers a solution.&nbsp;



Grass wasn’t necessarily actively looking to raise at the moment, Radonjic said, but it happened at the right time for the team.&nbsp;



“I was mentioning that commercially, things are going really well, and…we&#8217;re seeing amazing growth in terms of selling training data to AI companies that are looking to train things like video models and text to speech models,” he said.&nbsp;



“But I had mentioned that one of the things that we&#8217;re looking forward to over the next year to two years…[is actually] having Grass become infrastructure for not just training data, but also inference data.”



There’ll be a shift from compute cycles on training to inference, and the Grass team wants to get ahead of it. The end goal will be to do an “internet scale web crawl,” which would allow them to build out the live context retrieval.&nbsp;



“Rarely have we come across a team executing as ferociously as the Grass team does. They are an archetypical example of how businesses built on distributed systems can outcompete web2 peers,” Polychain’s Josh Rosenthal told Blockworks in a statement.&nbsp;



“After leading their Seed round, participating in their Series A, and now leading this round, this is the third time Polychain Capital has backed Grass…We’re thrilled to triple down on Grass at such a meaningful inflection point of their journey as a leading data and AI business.”



In a cycle that’s hyper-focused on crypto use cases, Grass is offering a more crypto native use case than, say, stablecoins. But it’s also operating in a space — AI — that’s just as lucrative as it is competitive.



&#8220;Since we invested in 2023, Grass has served as a benchmark for how we want our portfolio companies to operate — a diabolical focus on product and revenue,” Boris Revsin, CEO and Managing Director of Tribe Capital, told Blockworks.&nbsp;



“Grass is a product leader and we have seen major 7-figure clients, including the largest AI labs, sign up in the last 12 months. That’s what matters. Everything else follows.”&nbsp;



In the last 30 days, Grass has had 8.5 million monthly active users and is currently working with around 20 companies, as well as with nonprofits and universities.&nbsp;



The structuring of the round was never really “a question,” Radonjic explained.&nbsp;



“The Grass Foundation…faces all of our customers contractually. And all the revenue that these customers are paying is going straight into the Grass Foundation&#8217;s bank account…The GRASS token is the primary vehicle for value accrual for everything that we&#8217;re doing.”



Updated 10/7/2025 at 1:15 pm ET for clarity.



Updated 10/7/2025 at 2:30 pm ET to correct a byline error.



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DePIN

DePIN Grass raises $10M from Polychain, Tribe Capital

Bitcoin life insurer Meanwhile has raised $82 million in new funding to meet surging global demand for BTC-denominated life insurance, annuities and savings products.



The round was co-led by Bain Capital Crypto and Haun Ventures, with participation from Pantera Capital, Apollo, Northwestern Mutual Future Ventures, and Stillmark. The company is regulated by the Bermuda Monetary Authority, giving it a prudential license comparable to traditional insurers while allowing it to operate globally.



The raise brings Meanwhile’s total 2025 funding to $122 million, <a href="https://blockworks.co/news/crypto-life-insurance-bitcoin-meanwhile-framework">following a $40 million Series A</a> earlier this year led by Framework Ventures and Fulgur Ventures.&nbsp;



CEO Zac Townsend said the company is “bringing the long-term capital discipline of life insurers to Bitcoin,” positioning BTC as a foundation for inflation-resistant savings and institutional financial products.



Meanwhile’s model combines standard insurance structures with Bitcoin as a reserve asset, earning yield through conservative private credit and long-duration lending. The company reports Bitcoin assets under management up more than 200% in 2025 as investors seek protection from inflation and currency devaluation.



Backers say the company is building core infrastructure for the Bitcoin economy, comparable to how traditional insurers underpin legacy financial markets.&nbsp;



Haun Ventures partner Chris Ahn said Meanwhile “will unlock a new wave of innovation across Bitcoin-denominated capital markets.” Bain Capital Crypto’s Stefan Cohen called it “a compliant path to Bitcoin-linked savings and retirement.”



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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Meanwhile raises $82 million to expand Bitcoin life insurance

Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, has taken a $2 billion equity stake in blockchain-based prediction market Polymarket, valuing the company between $8 billion and $9 billion, according to statements from both firms on Tuesday.



ICE shares <a href="https://www.cnbc.com/amp/2025/10/07/nyse-owner-intercontinental-exchange-2-billion-polymarket-stake.html">rose</a> more than 3% in premarket trading following the announcement. ICE CEO Jeffrey Sprecher said the partnership will allow both companies to “uniquely serve opportunities across markets,” while Polymarket founder Shayne Coplan <a href="https://x.com/Polymarket/status/1975528768039985449">described</a> it as a fusion of “institutional scale and consumer savvy.”



The deal marks one of the largest private investments ever made in a crypto-native platform, underscoring how traditional financial infrastructure is expanding into decentralized event-based markets.



Polymarket operates on Ethereum through Polygon, allowing users to trade on the probability of real-world outcomes such as elections, policy decisions, or sporting events — an approach sometimes called “event-driven finance.” The platform was recently cleared to operate in the United States and earlier this year received backing from 1789 Capital, a fund linked to Donald Trump, Jr.



Analysts at Piper Sandler project the prediction markets sector could reach $8 billion in annual revenue by 2030 as platforms like Polymarket and rival Kalshi attract institutional interest.



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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Polymarket

Intercontinental Exchange takes $2B stake in Polymarket

Pineapple Financial Inc. has launched its $100 million Injective Digital Asset Treasury (DAT) strategy with an initial open market purchase of 678,353 Injective (INJ) tokens valued at about $8.9 million, the company announced on Tuesday.



The Toronto-based fintech said the purchase marks the first phase of its plan to become the largest INJ holder and staker, with all tokens to be deployed onchain for staking at an expected annual yield of 12.75%. That yield is nearly double Ethereum’s and about 1.8 times higher than Solana’s current staking rates.



The move follows Pineapple’s September 2025 $100 million private placement to fund the treasury.



“This initial Injective investment underscores our conviction in the strength of the $INJ token’s future and our ambition to create the world’s largest and most productive INJ treasury platform,” said Shubha Dasgupta, Chief Executive Officer of Pineapple Financial. “We’re excited to see Pineapple take this important first step in executing its Injective treasury strategy,” added Eric Chen, co-founder of Injective Labs.&nbsp;



“Pineapple is helping accelerate the adoption of onchain finance while reinforcing Injective’s role as a leading blockchain purpose-built for financial applications.”



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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DATs

Pineapple launches $100M Injective treasury with $8.9M INJ purchase

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



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The SEC’s mid-2024 approval of spot ether ETFs was a milestone, for sure. But the agency not allowing those products to stake their holdings left something to be desired.&nbsp;



Grayscale today became the first issuer to unlock staking in US ETFs — for its Ethereum Trust (ETHE) and Ethereum Mini Trust (ETH) ETFs. This feature is available for its over-the-counter solana product, too (a trust <a href="https://blockworks.co/news/etfs-indexes-crypto-investing">waiting for the greenlight</a> to convert to an ETF).&nbsp;&nbsp;



<a href="https://blockworks.co/news/crypto-etf-swell">The SEC’s new generic listing standards</a> enable ETP issuers to stake assets within their proof-of-stake based products, a Grayscale spokesperson told me. The firm’s staking policy adheres to this piece of the regulator’s September <a href="https://www.sec.gov/files/rules/sro/nasdaq/2025/34-103995.pdf">order</a>:&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="605" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-14.png?w=1024&amp;h=1024" alt="" class="wp-image-108711" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-14.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-14.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-14.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-14.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-14.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-14.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-14.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-14.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-14.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



This footnote clarifies what the SEC means by disclosures related to assets that are “segregated, pledged, hypothecated, encumbered, or otherwise restricted or prevented from being liquidated, sold, transferred or assigned.” 



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="233" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-16.png?w=1024&amp;h=1024" alt="" class="wp-image-108714" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-16.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-16.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-16.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-16.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-16.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-16.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-16.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-16.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-16.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



The level of staking in each fund will vary with market conditions — i.e. protocol unstaking queue times and anticipated redemption activity —&nbsp;and be shared on the fund webpages daily, Grayscale notes. The firm warns there’s no guarantee the ETFs’ liquidity sleeves will be sufficient to satisfy all outstanding redemption requests.



It wasn’t clear which fund issuer could be next to add staking. A couple Grayscale competitors didn’t immediately share details with me.&nbsp;&nbsp;&nbsp;



Disclosures aside, why does this matter? It’s yet another unlock set to attract more investors to the crypto space. Grayscale notes that its staking via institutional custodians and validator providers also helps secure underlying protocols and supports long-term network resilience.



“By [adding staking], you then convert it from a passive exposure vehicle to an income-generating, yield-bearing product,” Twinstake CEO Andrew Gibb said last month during a Blockworks <a href="https://blockworks.co/roundtable/designing-etfs-for-a-staking-economy">Roundtable</a>. “I think that equates it more closely to a comparable traditional product — like a bond ETF or a dividend-paying equity.”



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1472" height="1138" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-17.png?w=1024&amp;h=1024" alt="" class="wp-image-108713" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-17.png?w=1472 1472w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-17.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-17.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-17.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-17.png?w=332 332w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-17.png?w=338 338w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-17.png?w=283 283w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-17.png?w=80 80w" sizes="auto, (max-width: 1472px) 100vw, 1472px" /></figure>



I remember chatting with CoinFund President Christopher Perkins in the lead-up to last year’s ETH ETF launches. <a href="https://blockworks.co/news/sizing-up-demand-for-us-eth-etfs">He called them “sub-standard” products</a> because investors would miss out on the additional yield. Others shared similar feelings.



While there was indeed lukewarm demand for these funds during their first few months on the market (particularly compared to BTC), the category collectively started to attract meaningful net inflows late last year. <a href="https://blockworks.co/news/record-crypto-product-inflows-july-eth">Inflows spiked more recently in July</a> and August, Blockworks Research data shows — reflecting a big ETH price rally. <a href="https://blockworks.co/news/ethereum-etf-momentum-collapses">September not so much</a>.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="926" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-18.png?w=1024&amp;h=1024" alt="" class="wp-image-108715" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-18.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-18.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-18.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-18.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-18.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-18.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-18.png?w=451 451w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-18.png?w=378 378w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-18.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Though a positive development for those seeking ETH exposure in a traditional vehicle, the staking unlock won’t necessarily result in a significant uptick in inflows, said NovaDius Wealth Management president Nate Geraci.&nbsp;



“In my view, the lack of a 2-3% yield hasn’t been a major deterrent for investors allocating to the category,” he told me. “That said, this is still a meaningful milestone — one that makes spot ether ETFs even more competitive with direct ether exposure.”



And while we’re talking about milestones, crypto investment products globally tallied a record weekly inflow total of $5.95 billion last week.&nbsp;



“We believe this was due to a delayed response to the FOMC interest rate cut, compounded by very weak employment data, as indicated by Wednesday’s ADP payroll release, and concerns over US government stability following the shutdown,” CoinShares research head James Butterfill wrote in a <a href="https://researchblog.coinshares.com/volume-254-digital-asset-fund-flows-weekly-report-126665afebbb">report</a>.&nbsp;



Solana and XRP products joined the party last week with $707 million and $219 million of inflows, respectively.&nbsp;



Here’s a snapshot of just the US crypto ETFs, which cracked the $4.5 billion combined weekly inflow mark for just the second time:



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="921" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-15.png?w=1024&amp;h=1024" alt="" class="wp-image-108712" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-15.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-15.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-15.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-15.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-15.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-15.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-15.png?w=453 453w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-15.png?w=380 380w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-15.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



The US bitcoin ETFs officially hit $60 billion of net inflows since their January 2024 debuts.



Bitcoin’s price was ~125,400 at 2 p.m. ET Monday — just below the all-time high it set just hours prior. Ether was at $4,700 — 5% off the record price it set in August. <a href="https://blockworks.co/news/etf-inflows-bitcoin-above-123k">Last week’s positive price action</a> pushed total crypto product AUM to a new high of $254 billion.&nbsp; <a href="https://blockworks.co/news/btc-uptober-factors">“Uptober” is in full swing</a>, I guess. We’re only six days in, though — and nothing goes up and to the right forever.



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Grayscale’s milestone ETF staking unlock comes as product flows surge

Bitcoin has reached a new all-time high above $125,700 on October 6, as strong inflows into spot exchange-traded funds (ETFs) and falling exchange balances pushed the market higher.



<a href="https://blockworks.com/analytics/bitcoin">According</a> to Blockworks Research, roughly $3.5 billion of net ETF inflows in August reversed earlier summer outflows, setting a foundation for renewed accumulation.



September followed with a 5% month-over-month rebound, while exchange balances continued to decline — a sign that long-term holders are keeping coins off trading venues.



Miner fundamentals also support the advance: With estimated breakevens near $108,000 and hashrate and difficulty both at or near records, network security remains high and margins positive.



With about 94.9% of the total 21 million bitcoin supply already mined and annual issuance growth below 1%, scarcity continues to tighten. This breakout also comes after gold <a href="https://finance.yahoo.com/news/inflation-adjusted-gold-price-hits-185401716.html">set</a> its own all-time high above $3,800 in late September, historically a bullish precursor for bitcoin.&nbsp;



Seasonality adds tailwinds, with October often delivering double-digit gains.



However, open interest in bitcoin derivatives hovers near cycle highs, leaving room for sharp intraday reversals if leveraged positions unwind. Analysts at Blockworks Research <a href="https://app.blockworksresearch.com/flashnotes/bitcoin-september-2025-update">note</a> that sustained ETF demand and stable funding conditions will be critical for consolidation above prior highs.



If momentum holds, bitcoin’s “staircase” pattern of rallies and consolidations may extend into the final quarter of 2025.



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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Bitcoin

Bitcoin price sets new all-time high above $125K

Uniswap Labs announced on Monday, that it has acquired Guidestar, a stealth team focused on automated market maker (AMM) and routing technology.



The move brings Guidestar’s engineers, including founder Alex Nezlobin, to strengthen research on advanced market design and execution. <a href="https://blog.uniswap.org/guidestar-joins-uniswap-labs">According</a> to Uniswap Labs, the acquisition builds on Uniswap v4’s enhanced flexibility, which allows developers to tailor liquidity pools and market structures for a range of assets — from stablecoins and liquid staking tokens to real-world assets and long-tail tokens.



Guidestar has been working to adapt AMMs to different market types and blockchain environments, including those using both priority ordering and first-come-first-serve transaction models. Uniswap said the combined effort will extend the protocol’s ability to serve diverse onchain markets with greater efficiency and flexibility.



In addition to market design, the acquisition will bolster Uniswap’s work on routing and execution, key to ensuring optimal swaps for users. Guidestar’s expertise will support improvements to UniswapX, an offchain and cross-chain protocol that aggregates liquidity beyond traditional pools.



Uniswap Labs said the goal is to make its products the fastest and most reliable path to competitive liquidity in decentralized finance.



The acquisition continues Uniswap’s broader push toward scalable and transparent market infrastructure. No acquisition terms were disclosed.



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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AMMs

Uniswap Labs acquires Guidestar to advance AMM and routing research

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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Bee Maps has raised $32 million to scale its DePIN mapping network, with Pantera Capital, LDA Capital, Borderless Capital and Ajna Capital participating in the round. Hivemapper, Inc. now operates under the brand name Bee Maps.



Alongside the raise, Bee Maps is introducing a new subscription-based “Bee Membership” to improve accessibility for contributors. Instead of paying $589 upfront for the Bee LTE device, drivers in the US can now get hardware, LTE connectivity and Beekeeper fleet software bundled for $19 per month on a 24-month term.



Hivemapper CEO Ariel Seidman frames the network’s challenge as one of supply rather than demand. The funding is earmarked to quickly expand coverage and scale contributor rewards so Bee Maps can meet a backlog of enterprise needs across navigation, automotive and city planning.



The company’s go-to-market momentum has grown through a string of notable customers in the past year.



Bee Maps <a href="https://beemaps.com/blog/bee-maps-adds-lyft-as-customer">announced</a> in May that ride-hailing company Lyft was sourcing real-time, crowdsourced street-level data to improve routing and support its autonomous strategy, while Volkswagen’s autonomous vehicle unit was <a href="https://x.com/aseidman/status/1942600814591082523">revealed</a> in July to be leveraging Bee Maps for robotaxi mapping data.&nbsp;



Bee Maps’ site also highlights media and mapping companies like NBCUniversal, Mapbox and HERE (formerly Nokia HERE) among users of its technology.&nbsp;



CEO Ariel Seidman tells me: “These aren’t small pilots; some of these are six and seven-figure deals,” noting that interest from those companies is driven by Bee’s ability to deliver data they can’t obtain elsewhere.



Companies “want broader coverage, especially in smaller markets like Des Moines. Dropping the Bee price from a $500 upfront cost to $19 a month changes who can participate. It turns this from a niche device into something anyone can deploy anywhere.”



Built on the Hivemapper Network, Bee Maps uses an edge-based AI pipeline to convert contributor imagery into dynamic map features.&nbsp;



By bootstrapping the supply side of the network with token rewards, Hivemapper is able to produce fresher map data at about a faster rate of <a href="https://x.com/aseidman/status/1753600670857671092">5-6x</a> than those supplied by incumbents like Google Maps and Apple Maps that traditionally rely on infrequent fleet surveys to refresh data.



According to Hivemapper official data, the network has mapped 644 million km of roads in total, including 21 million km in unique roadway.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1442" height="482" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-13.png?w=1024&amp;h=1024" alt="" class="wp-image-108694" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-13.png?w=1442 1442w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-13.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-13.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-13.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-13.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-13.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-13.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-13.png?w=80 80w" sizes="auto, (max-width: 1442px) 100vw, 1442px" /><figcaption class="wp-element-caption">Source: <a href="https://hivemapper.com/">Hivemapper</a></figcaption></figure>







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Hivemapper raises $32M, launches new subscription for Bee dashcams

Galaxy Digital Inc. has launched GalaxyOne, a new consumer-focused financial platform led by Zac Prince, the co-founder and former chief executive of BlockFi Inc. — the crypto lender that collapsed after the fall of FTX in 2022.



The platform <a href="https://www.bloomberg.com/news/articles/2025-10-06/blockfi-founder-zac-prince-returns-to-lead-galaxy-s-retail-push">combines</a> high-yield banking, crypto trading, and commission-free stock brokerage in one app, marking Galaxy’s first direct move into retail finance.



Prince <a href="https://x.com/GalaxyOneZac/status/1975171091204059412">joined</a> Galaxy earlier this year after the firm’s acquisition of Fierce, a personal finance app, to lead the integration and relaunch under the Galaxy brand. GalaxyOne offers a 4% APY cash account insured by Cross River Bank and the FDIC up to $250,000, along with crypto trading for Bitcoin, Ethereum, Solana and Paxos Gold.



A premium yield product offering 8% APY is <a href="https://x.com/galaxyhq/status/1975173116428234999">available</a> to accredited investors, though it is not FDIC-insured and is guaranteed only by a Galaxy subsidiary.



Prince said the new platform reflects lessons from BlockFi’s downfall, which resulted from risky lending practices and a lack of registration with the US Securities and Exchange Commission (SEC)—issues that led to a $100 million settlement in 2022.&nbsp;



He described Galaxy’s approach as “much more conservative,” emphasizing strengthened risk controls and regulatory alignment. Galaxy’s risk team has quadrupled in size in recent years, underscoring a shift toward institutional-grade oversight.



The launch follows Galaxy’s NASDAQ listing and aligns with broader efforts by firms such as Robinhood Markets Inc. to merge banking and crypto services. Shares of Galaxy Digital rose 5% to $38.06 after the announcement, tripling over the past year as the company expands beyond institutional trading into the retail market.



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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Banking

Galaxy Digital launches retail platform led by ex-BlockFi CEO

Switzerland’s gambling authority Gespa has opened a preliminary investigation into FIFA’s sale of blockchain-based tokens that grant fans the right to purchase tickets for matches at the 2026 World Cup.



Bloomberg <a href="https://www.swissinfo.ch/eng/fifas-blockchain-based-ticketing-system-for-2026-world-cup-faces-preliminary-probe/90122003">reported</a> on Monday that the regulator is determining whether FIFA’s “Right to Buy” tokens constitute a form of gambling under Swiss law. Gespa director Manuel Richard said the offering “may be relevant under gambling legislation” and that further fact-finding will decide whether regulatory action is warranted.



The tokens, developed with blockchain firm Modex Tech Ltd., allow holders to buy tickets for specific matches once sales open. Some are tied to national teams, such as the $999 “Right to Final: England” token, which guarantees access to the final only if the chosen team qualifies.&nbsp;



The structure has raised questions about speculative behavior, since most buyers will not receive tickets if their teams fail to advance. FIFA reportedly earned around $15 million from these sales, <a href="https://www.nytimes.com/athletic/6609001/2025/09/08/fifa-collect-world-cup-tickets-2026/">according</a> to The Athletic.



The 2026 tournament — hosted across the U.S., Mexico, and Canada — is projected to generate $11 billion for FIFA.



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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FIFA

FIFA faces Swiss probe over blockchain ticket tokens

Ondo Finance has completed its acquisition of Oasis Pro, a regulated digital asset broker-dealer and alternative trading system (ATS).



The deal, announced in October 2025, provides Ondo with SEC-registered broker-dealer, ATS, and transfer agent designations. This will <a href="https://ondo.finance/blog/ondo-acquires-oasis-pro">enable</a> it to operate compliant markets for tokenized securities within the United States.



Founded in 2019, Oasis Pro operates as a FINRA-member broker-dealer and SEC-registered transfer agent, and was among the first firms authorized to support digital securities settlement in both fiat and stablecoins such as USDC and DAI.&nbsp;



Its infrastructure enables issuance, transfer, and secondary trading of tokenized real-world assets (RWAs), including equities, corporate debt, and structured products.



With this acquisition, Ondo Finance gains a regulatory foundation to bridge traditional capital markets with blockchain-based infrastructure. The firm, which has $1.6 billion in tokenized assets under management, plans to build out compliant tokenized securities offerings accessible to US investors.



CEO Nathan Allman said the acquisition represents “the most comprehensive suite of licenses and infrastructure necessary to develop regulated tokenized securities markets in the US.”



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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M&amp;A

Ondo Finance finalizes Oasis Pro acquisition to expand US tokenized securities platform

Grayscale Investments has just launched the first US-listed spot crypto exchange-traded products (ETPs) offering staking.



The Grayscale Ethereum Trust ETF (ETHE) and Grayscale Ethereum Mini Trust ETF (ETH) now <a href="https://www.globenewswire.com/news-release/2025/10/06/3161548/0/en/Grayscale-Launches-First-Staking-Spot-Crypto-ETPs-in-U-S.html">enable</a> Ether staking, while the Grayscale Solana Trust (GSOL) has activated staking capabilities ahead of its proposed uplisting as a spot Solana ETP.



The move provides traditional brokerage investors with access to staking rewards — previously confined to native crypto platforms — through regulated vehicles.



The products are not registered under the Investment Company Act of 1940, meaning they operate outside the framework governing traditional mutual funds and ETFs. Staking, the process of locking up tokens to secure proof-of-stake blockchains like Ethereum and Solana in exchange for rewards, introduces yield potential but also adds operational and network risks.&nbsp;



Grayscale said staking will be managed through institutional custodians and diversified validator networks to reduce single-party risk.



This marks the first time US investors can access staking yield through exchange-traded exposure to Ethereum and Solana, expanding upon regulatory acceptance that began with spot Bitcoin ETFs in January 2024 and spot Ether ETFs in July 2024.&nbsp;



Grayscale CEO Peter Mintzberg called the initiative “first mover innovation,” underscoring the firm’s role in shaping institutional crypto access.



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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