DexTools

Macauley Peterson

James Craig and Louis Giles’ Code Is Law lands at a time when the phrase is both cultural shorthand and contested legal terrain. The film, released today, discusses the concept using several case studies: The DAO hack in 2016, and exploits of Indexed Finance and Mango Markets in 2021 and 2022 respectively.



The DAO hack feels like ancient history at this point (it predates Blockworks News by 5 years), but in addition to being a novel smart contract exploit, it also resulted in Ethereum’s only real <a href="https://blockworks.co/news/ethereum-split-is-possible-but-many-remain-optimistic-about-the-merge">contentious hard fork</a> (“Eth PoW” notwithstanding). So it’s natural that any honest reckoning with “code is law” begins there.



The filmmakers foreground those who lived through the fracture. Griff Green frames the DAO as an attempt to encode a new legal structure, while Fabian Vogelsteller warns of the potential accountability problem.



&#8220;There’s the strong idea of ‘code is law,’ or, once the rules are set, they aren’t changeable anymore,” says Vogelsteller. “The downside is: If you build something truly decentralized, that means truly unowned, then that also means that there’s no one who can fix it if something is broken.”



Within days of its launch on April 30, 2016, millions of dollars of ether flowed in, governed by new smart contract primitives that were being tested in the wild.



&#8220;We had everyone looking at these contracts,” Green says. “But no one had any formal training in <a href="https://blockworks.co/news/audits-cannot-guarantee-defi-exploits">smart contract audits</a> because there were no smart contracts to audit.&#8221;



It was the moment crypto’s first grand experiment in immutability collided with the messy world it was supposed to transcend.



<h2 class="wp-block-heading">Courts aren’t buying it</h2>



“Code is law” has always been a slogan in search of a sovereign. As protocols amassed TVL and users racked up losses, courts tended to treat the phrase as legally meaningless.



In 2022, Blockworks asked Timothy Spangler, at Dechert LLP, <a href="https://blockworks.co/news/qa-crypto-lawyers-talk-3ac-liquidation-whether-code-is-law">who dismissed the idea</a>.



“Code isn’t law, code is code. Law applies to any sort of transaction, and the purpose of law is about shifting losses from where they fall to some other party,” Spangler told Blockworks. And when large sums disappear, litigation follows.



That shift comes through in the film’s second act, tracing <a href="https://blockworks.co/news/canadian-15-8m-defi-theft-case-could-upend-code-is-law-convention">Indexed Finance’s 2021 exploit</a> and the identification of Canadian math prodigy Andean Medjedovic as the culprit.



Indexed co-founder Laurence Day is in the camp squarely rejecting the ethos outright, calling the idea dystopian in the film. Ontario courts responded in kind, granting extraordinary relief and treating on-chain manipulation as theft. US prosecutors followed, charging Medjedovic over Indexed and <a href="https://blockworks.co/news/kyberswap-hacker-stole-48m">Kyber exploits</a> worth roughly $65 million.&nbsp;



Medjedovic, through his online personas, has tried to rally support among “code is law” diehards, revealing that the notion still animates hacker culture, but it generally doesn’t hold up in court. He remains on the run from authorities, and ironically, he won’t be able to benefit from the heist, according to Day, thanks to a subsequent hacker.



“He had the Indexed funds stolen from him in turn by <a href="https://blockworks.co/news/the-bug-that-took-down-wintermute-is-still-at-large">the Profanity breach</a> about a year later,” Day told Blockworks. Unfortunately for users, that means — even if he’s eventually caught and tried — funds from the original theft are likely out of bounds for recovery.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="798" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-74.png?w=1024&amp;h=1024" alt="" class="wp-image-109327" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-74.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-74.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-74.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-74.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-74.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-74.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-74.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-74.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-74.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Laurence Day | Source: <a href="https://x.com/CodeIsLawFilm">Code is Law</a></figcaption></figure>







One of the film’s strongest threads explores the moral triangle between exploiters, users and white-hat responders. A brief detour through the 2023 Euler hack shows how <a href="https://blockworks.co/news/funds-stolen-hackers-mind">pressure and negotiation</a> enticed the attacker to return almost all stolen funds. Recovery teams have clawed back hundreds of millions through similar interventions, revealing the reality that trust and coordination remain decisive in crisis.



The <a href="https://blockworks.co/tag/mango-markets">Mango Markets</a> saga, which rounds out the film, complicates things further. Avraham Eisenberg’s 2022 exploit was prosecuted as fraud. But in May of this year, a federal judge <a href="https://www.trmlabs.com/resources/blog/breaking-federal-judge-overturns-all-criminal-convictions-in-mango-markets-case-against-avraham-eisenberg">vacated</a> his <a href="https://blockworks.co/news/mango-markets-trader-guilty">criminal convictions</a>, ruling the evidence didn’t support the jury’s findings.



Advocates for “code is law” as a slogan celebrated, but the ruling turned on evidence of intent presented, and doesn’t serve to legalise extractive strategies, just because code allows them.



Still, the line between “aggressive trading” and criminal fraud remains muddied.



<h2 class="wp-block-heading">Whitehats versus hackers’ creed</h2>



In a way, every exploit since the DAO — from flash loans to oracle manipulation — echoes that first contact between economic design and adversarial innovation. Courts lean on familiar concepts like property, fraud and breach, while Dr. Paul Dylan-Ennis, analogizes black- and whitehat hackers to outlaws in the wild west. They fight against each other, but both hate the sheriff.



In practice, the rise of white-hat war rooms has boosted DeFi security, and <a href="https://medium.com/@cicadapartners/the-state-of-defi-exploit-risk-dd2b2c32b25f">exploits have dropped</a> in frequency and severity in recent years. But permissionless systems invite edge-testing, and as long as it pays, nefarious actors will try and break them.&nbsp;



“Code is law” can be an engineering demand for precision and defense-in-depth — just don’t count on it to be a promise the courts will honor.



Code Is Law (dir. James Craig; Louis Giles) screened on the festival circuit and is now <a href="https://www.journeyman.tv/film/8785">streaming</a> worldwide.



Updated 10/21/2025 at 2:30 p.m. with the correct dates in the second paragraph. 



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‘Code is law,’ revisited, in new feature doc

Luke Leasure

Carlos

0xResearch Newsletter

Meteora’s TGE: What is fair value for MET?

Byron Gilliam

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



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María Corina Machado received the news that she’d been awarded the Nobel Peace Prize while confined to an undisclosed location.



The “Iron Lady of Venezuela” and “Latin American Joan of Arc” has been in hiding since Nicolás Maduro threatened her with &#8220;maximum justice” in the wake of the 2024 election that made clear she’s the rightful president of Venezuela.



Machado reports that she’s survived assassination attempts and a kidnapping since then, but has refused to leave the country.



She sent her three children into safety abroad, but chose to remain herself — “a choice that has inspired millions of people,” <a href="https://www.nobelprize.org/prizes/peace/2025/press-release/">according</a> to the Nobel committee. It’s an example that should resonate far beyond Venezuela: “María Corina Machado has shown that the tools of democracy are also the tools of peace,” the committee added.



One of those tools, Machado says, is bitcoin.



The Maduro regime has “weaponized financial systems against its people,” she <a href="https://hrf.org/latest/hrf-interviews-venezuelan-opposition-leader-maria-corina-machado-on-financial-repression-and-freedom/?utm_source=chatgpt.com">told</a> the Human Rights Foundation (HRF), citing a deliberate bout of hyperinflation that hit a high of 10 million percent in 2018.



Since 2008, the Venezuelan government has expropriated its citizens’ savings by removing 14 zeros from the national currency — 100 trillion of today’s bolívars buy what a single bolívar did in 2008.



“Holding a bag of candy was worth way more than having a bag of your national currency,” one expropriated Venezuelan <a href="https://mission.org/hidden-in-plain-sight/bitcoin-a-lifeline-in-venezuela/?utm_source=chatgpt.com">said</a>, “because the candy could hold its value.”&nbsp;



Machado advocates for bitcoin as a better, less sugary store-of-value: “Some Venezuelans found a lifeline in bitcoin, using it to protect their wealth and finance their escape.”



Machado herself, however, uses it not to escape.



“Our campaign operates without banking access,” Machado says. But they can still take donations: “Unlike bank wires, which the regime usually blocks, bitcoin donations cannot be seized.”



In that sense, bitcoin has helped Machado lead the struggle against Maduro from within Venezuela.



It’s enabled many other Venezuelans to both survive and resist Maduro.



“Bitcoin bypasses government-imposed exchange rates and helps many of our people,” Machado adds. “It has evolved from a humanitarian tool to a vital means of resistance.”



Another protesting Venezuelan, Jorge Jraissati of the Economic Inclusion Group, says this makes bitcoin part of a “tech-based strategy” to combat authoritarianism.



“The key to defeating autocratic regimes lies in citizens’ having universal access to freedom technologies like Bitcoin, Signal, and Nostr,” he <a href="https://hrf.org/latest/the-role-of-freedom-tech-in-venezuela/">writes</a>.&nbsp;



Bitcoin in particular has empowered his countrymen “to overcome Maduro’s financial surveillance and repression.”



Much of the world lives in similarly repressive circumstances.&nbsp;



Alex Gladstein of the Human Rights Foundation <a href="https://hrf.org/latest/why-bitcoin-is-freedom-money-hrf-in-the-journal-of-democracy/">estimates</a> that “87% of humanity was born into either an authoritarian regime or a collapsing fiat currency.”&nbsp;



In that large part of the world, “the legacy banking system simply does not work well enough anymore to fund democracy work,” he explains.



Bitcoin, however, is “keeping resistance alive” in places where government-issued currency “cannot be used for essential human-rights activities.”



Gladstein says bitcoin is increasingly the currency for those activities, and is on its way to becoming “a standard currency for human-rights activism and beyond by 2030.”



We’re accustomed to seeing giant 2030 price targets for bitcoin, but could it hit an even bigger activist target?



If it does, the Nobel committee may get credit for helping it on its way.



Gladstein notes that “the overwhelming majority of bitcoin critics live in the United States or Europe and are blinded by enormous financial privilege.”&nbsp;



By awarding their Peace Prize to an enthusiastic user, the Nobel committee might help remove the blinders and improve bitcoin’s image in the 13% of the world that doesn’t need it as anything other than an investment.



For Machado, the primary benefit of the Nobel Peace Prize is that it makes her safer by making her more famous.



“This raises her visibility and increases the cost of attempts to suppress and destroy her,” Gideon Rose of the Council on Foreign Relations <a href="https://pca.st/episode/71800157-576f-4b22-8e41-a546ac12f437?t=1645">explains</a>. “By putting the sanction of benevolent international opinion on her efforts, [the Nobel] may protect her life.”



For bitcoin then, the significance of the award is that Machado has similarly put her benevolent opinion on the oft-maligned cryptocurrency, which may protect it from its critics.



Because only a Maduro-like authoritarian can be opposed to freedom tech.



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Bitcoin

Bitcoin is the currency of resistance, says Nobel Laureate

Blockworks

Galaxy Digital reported net income of $505 million for the third quarter of 2025, driven by record trading performance and gains across digital asset and investment positions.&nbsp;



The company’s adjusted EBITDA rose to $629 million, marking its strongest quarter since listing. The Toronto- and New York–based digital asset firm said total assets grew 27% quarter-over-quarter to $11.5 billion, with $1.9 billion in cash and stablecoins and $3.2 billion in equity.&nbsp;



Galaxy’s Global Markets division led the rebound, delivering a 432% increase in adjusted gross profit to $295 million amid higher spot and derivatives activity. Trading volumes jumped 140% from Q2, including the execution of a $9 billion bitcoin sale on behalf of a client.



The company’s Asset Management &amp; Infrastructure Solutions segment recorded $2 billion of net inflows and ended the quarter with $9 billion in assets under management and $7 billion under stake. Its Treasury &amp; Corporate unit generated $408 million in adjusted gross profit, supported by digital asset and equity investment gains.



Galaxy said its Helios data center campus in Texas remains on schedule, with 133 MW of capacity set to come online in the first half of 2026 under lease to AI infrastructure provider CoreWeave. A newly secured $1.4 billion project financing facility will fully fund the $1.7 billion Phase I build, while Phase II expansion is now under contract.



Recent initiatives include the October 6 launch of GalaxyOne, a unified platform for U.S. investors to access high-yield cash, crypto, and equities, and a $460 million equity investment from an unnamed asset manager to support corporate growth.



Galaxy’s management said the quarter reflects the company’s “record operating performance across trading and asset management,” while noting that data-center earnings will remain immaterial until 2026.



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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Galaxy

Galaxy posts $505M profit as trading and asset gains surge

Katherine Ross

YZi Labs, which was rebranded from Binance Labs, led a $25.5 million strategic investment round for Sign, Blockworks has exclusively learned. IDG Capital also participated in the round.  In January, Sign raised <a href="https://fortune.com/crypto/2025/01/28/billionaire-binance-cz-founder-jumps-back-into-crypto-with-16-million-investment-in-token-airdrop-service-sign/">$16 million</a> from YZi Labs, which was also the firm’s first investment following its <a href="https://www.bloomberg.com/news/articles/2025-01-23/crypto-s-richest-man-cz-zhao-turns-binance-labs-into-family-office">rebrand</a>. Sign has, in total, raised over $55 million in all three — seed, Series A and strategy — rounds.



Sign builds digital infrastructure and plans to use the capital to expand its tech team, CEO Xin Yan told Blockworks.&nbsp;



Sign is “actively seeking top talent in Hyperledger Fabric, zero-knowledge proofs and interoperability. Additionally, we are establishing local teams in each country,” Yan continued.&nbsp;



Capital will also be used to expand various partnerships aimed at boosting the development of sovereign blockchain infrastructure.



“The crypto industry is currently rich in technology but poor in adoption,” Yan said. “Investors and our team believe it&#8217;s time to unite and tackle the biggest hurdle to crypto adoption: engaging with countries. Our goal is to implement progressive solutions that benefit nations while respecting existing regulations.”



The team currently works with Thailand and South Korea as well as “leading tech nations in Central Asia and the Middle East,” though Yan didn’t disclose specifics.&nbsp;



“While the concept of blockchain for nations is new, we believe a progressive approach to new technology adoption is crucial. Tempo and other projects share this perspective. However, we anticipate being the first cryptocurrency company to implement a nationwide digital currency system, ahead of competitors like Ripple or Solana,” Yan said.



Additionally, Sign initiated <a href="https://x.com/ethsign/status/1955616135778570565">buybacks</a> of its native token SIGN through both open market purchases and private settlements.&nbsp;



Now the team will move forward with securing national deals, as well as continuing to develop infrastructure.



Updated Oct. 21, 2025 at 10:18 am ET: Clarified that YZi Labs was rebranded from Binance Labs.



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Funding

Exclusive: YZi Labs leads $25M round for Sign

Jack Kubinec

Some crypto founders releasing tokens end up giving a portion of the token’s supply to Binance in order to be listed on the exchange. Just don’t call it a listing fee or imply Binance makes money from it.



Binance <a href="https://x.com/binance/status/1978429250735677766">argues</a> that it does not make money from token listings since it reinvests the assets in its users. It also <a href="https://x.com/FTPager/status/1978631990917156994">contests</a> the term “listing fees” to describe its token allocations.



But regardless of how it’s described, and despite the sometimes steep cost of a Binance listing, engaging with the world’s largest exchange is likely still a good business decision for crypto founders.



Three founders granted anonymity to discuss their dealings with Binance told Blockworks that the world’s largest crypto exchange asked for a percentage of their token supply in order for their tokens to be listed on Binance.&nbsp;



These offers can be negotiated, of course, and not every project ends up giving the same amount of supply to the exchange. One source at a Binance-listed project said they ended up giving none of the token’s supply to Binance. A second source said they agreed to give Binance 3.5% of their token supply, which were earmarked for airdrops and marketing.



Although the concept is nothing new in crypto, the most recent flareup in interest surrounding Binance listings was kicked off by CJ Hetherington, founder of the prediction market startup Limitless. Hetherington posted an alleged token listing offer from Binance that would have given the exchange control over 8% of the Limitless token supply. The post gained over 3 million views on X.



<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">offer from <a href="https://twitter.com/binance?ref_src=twsrc%5Etfw">@binance</a>: &gt; 1% airdrop on day 1, alpha listing &gt; 3% further airdrops in 6 months &gt; 1% for &quot;marketing&quot; at Binance full discretion &gt; provide 100% of TVL for token pool on Pancake Swap ($1M+) &gt; $250k security deposit &gt; 3% reserved for BNB HODLer programme &gt; $200k…&mdash; CJ / 晨杰 (@cjhtech) <a href="https://twitter.com/cjhtech/status/1978039748565532700?ref_src=twsrc%5Etfw">October 14, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Binance’s customer support page on X <a href="https://x.com/FTPager/status/1978631990917156994">called</a> Hetherington’s post “false and defamatory” and implied that Binance could take legal action. It then deleted the post and <a href="https://x.com/binance/status/1978429250735677766">replaced</a> it with a slightly more PR-friendly one from Binance’s main account.&nbsp;



“Binance does not make money from the listing process. All project token allocations go 100% to users,” Binance said, continuing later: “Our business model is simple: small trading fees, not listing revenue.”



Binance founder and former CEO Changpeng Zhao <a href="https://x.com/cz_binance/status/1978172838990258626">called</a> Hetherington a “loser” in a post from his personal page.



It may be a red herring to say Binance doesn’t make money from the listing process. Binance says it routes token allocations to its users for things like airdrops. However, in order to qualify for Binance airdrops, users often must complete actions that can make money for Binance, such as <a href="https://www.binance.com/en/support/announcement/detail/d2942143c5e342dc9490eeeca9b75343">purchasing</a> tokens or <a href="https://www.binance.com/en/support/announcement/detail/1a341efb516d46609b77dab6bd3f85e0">holding</a> assets on the exchange.&nbsp;



Founders certainly don’t seem too appreciative. One founder who didn’t end up listing their token on Binance said the exchange listing process in general is “extremely predatory” and “made [them] lose a lot of faith in the industry.”&nbsp;



A second founder who did gain a Binance listing said, “I never want to deal with their listing team again.”



But lest we feel too sorry for the poor founders, it’s worth noting that no one is forcing projects to be listed on Binance. It’s one exchange among many, and crypto projects who end up ponying up some of their supply for a Binance listing are betting that the exchange’s distribution will make the dilution worthwhile.



In July 2025, Binance accounted for 39.8% of crypto exchange market share, according to a CoinGecko <a href="https://www.coingecko.com/research/publications/centralized-crypto-exchanges-market-share#top-10-centralized-exchanges-market-share-july-2025">report</a>. Binance’s market share is greater than that of the next five biggest exchanges combined, according to the report, which notes that Binance processed nearly $700 billion in trading volume in July.



Due to its size, Binance can offer listing terms that other exchanges don’t have the leverage to ask for.&nbsp;



“[O]ther exchanges were incredibly reasonable compared to [Binance],” said one of the founders.



Despite the annoyance of listing standards, it’s probably good business for crypto projects to continue working with Binance, said Switchboard co-founder Chris Hermida, who declined to comment on his startup’s SWITCH token.&nbsp;



However, some high-performing tokens may be able to get by without a Binance listing. Hermida gave the example of Hyperliquid’s HYPE token, which has grown to over $10 billion in market capitalization in under a year without a Binance listing.



When reached for comment, a representative for Binance pointed Blockworks to Binance’s <a href="https://x.com/binance/status/1978429250735677766">post</a> on X.



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Binance

Crypto founders criticize Binance listing process

Coinbase has acquired Echo, the onchain capital formation platform founded by crypto investor Cobie, for approximately $375 million.



The move underscores the exchange giant’s push to build compliant, blockchain-native fundraising infrastructure as onchain capital markets mature, according to<a href="https://www.coinbase.com/en-gb/blog/coinbase-acquires-echo-unlocking-the-future-of-onchain-capital-formation"> Coinbase’s announcement</a>.&nbsp;



Cobie reflected on the sale in a <a href="https://x.com/cobie/status/1980579379244855384">post</a>, writing: “When I started building Echo two years ago, I knew it had a 95% chance of failing. To be honest, I couldn’t really imagine any other outcome, but I thought at least it may be a noble failure worth attempting.&nbsp;



“I certainly didn’t think Echo would be sold to Coinbase, but, here we are,” he added.



<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">New episode with <a href="https://twitter.com/ShanAggarwal?ref_src=twsrc%5Etfw">@ShanAggarwal</a> <a href="https://twitter.com/coinbase?ref_src=twsrc%5Etfw">@coinbase</a> out now! <a href="https://twitter.com/JasonYanowitz?ref_src=twsrc%5Etfw">@JasonYanowitz</a> We discuss: &#8211; Acquiring <a href="https://twitter.com/echodotxyz?ref_src=twsrc%5Etfw">@echodotxyz</a> for $375m &#8211; Coinbase&#39;s end goal &#8211; IPOs &amp; tokenization &#8211; Advice for founders &#8211; Prediction markets &#8211; The acquisition process &#8211; Exchange listings, crypto venture &amp; more!… <a href="https://t.co/JltPZIr58P">pic.twitter.com/JltPZIr58P</a>&mdash; Empire 🟪 (@theempirepod) <a href="https://twitter.com/theempirepod/status/1980594280361046384?ref_src=twsrc%5Etfw">October 21, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Echo will remain a standalone platform under its existing brand while Coinbase integrates Sonar, Echo’s public sale product, into its ecosystem. The companies plan to expand access for founders and investors to onchain capital formation directly through Coinbase’s interface.



On Monday, Coinbase CEO Brian Armstrong revealed that the company also purchased Cobie’s original UpOnly NFT — the emblem of Cobie’s long-running crypto podcast — for $25 million, calling it “a piece of crypto culture worth preserving” in a<a href="https://x.com/brian_armstrong/status/1980397986149744769"> tweet</a>. The NFT will reportedly be displayed in Coinbase’s onchain heritage collection, though financial details have not been independently verified.



Coinbase has made a handful of acquisitions so far this year.&nbsp;The exchange bought Deribit in a multi-billion dollar deal to expand into global derivatives trading,<a href="https://blockworks.co/news/coinbase-deribit-deal-focus-derivatives?utm_source=chatgpt.com"> Blockworks</a> reported. It also acquired the <a href="https://blockworks.co/news/coinbase-acquires-opyn-leadership-team">Opyn leadership team</a> in July to strengthen its onchain markets stack, and acquired the founders of <a href="https://blockworks.co/news/coinbase-adds-sensible-leadership?utm_source=chatgpt.com">Sensible</a> in September to develop consumer-friendly DeFi tools.



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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Coinbase

Coinbase acquires Cobie’s crypto fundraising platform Echo for $375M

Ethereum just lost one of its most prolific researchers, Dankrad Feist, to Tempo — the Stripe/Paradigm co-production that’s building a purpose-built EVM chain for payments.&nbsp;



The <a href="https://blockworks.co/news/dankrad-feist-joins-tempo">move</a> has reignited debate in the <a href="https://blockworks.co/tag/ethereum">Ethereum</a> community: Is a venture-owned, EVM-compatible chain a threat to Ethereum mainnet and talent pool — or a healthy forcing function that clarifies what Ethereum should (and shouldn’t) chase?



On Monday, Ethereum co-founder Joe Lubin <a href="https://x.com/ethereumJoseph/status/1980279130638672175">weighed in</a> with a measured counterpoint, arguing that venture capital both extracts and contributes, and reaffirming Ethereum’s position as the “rigorously decentralized, credibly neutral” base layer.&nbsp;



Prominent Ethereum Foundation voices, from <a href="https://blockworks.co/tag/vitalik-buterin">Vitalik Buterin</a> on down, have been united in praise for Feist. Others worry about the growing gravitational pull of “corpo-chains” and their potential to poach both talent and users.



What happens next is key: Will Tempo evolve into a proving ground that strengthens Ethereum, or a parallel system that siphons value away?



<h2 class="wp-block-heading">The departure</h2>



Backing up: On Friday, Feist <a href="https://x.com/dankrad/status/1979133618254405775">announced</a> he’s joining Tempo while staying on as a research advisor to the Ethereum Foundation. His note framed Tempo as aligned with Ethereum’s values and suggested open-source work could flow back upstream.



The EF messaging around the move smells of a concerted effort to download its impact. Everyone from Vitalik Buterin to a range of core developers offered kudos.



“Dankrad has been an excellent researcher and has made immensely valuable contributions to the Ethereum that we know and love today, including <a href="https://blockworks.co/news/ethereum-cancun-upgrade-blobs">Danksharding</a>, consensus research and much more,” Buterin <a href="https://x.com/VitalikButerin/status/1979140260622930348">said on X</a>, wishing Feist well.



Other prominent EF voices <a href="https://x.com/barnabemonnot/status/1979163259031753181">Barnabé Monnot</a>, <a href="https://x.com/adietrichs/status/1979174596864594039">Ansgar Dietrichs</a> and <a href="https://x.com/ralexstokes/status/1979260592319017330">Alex Stokes</a> praised Dankrad’s contributions, with Stokes calling it an “opportunity for Ethereum and Tempo to be closer together.”



Within hours, the conversation expanded — from one career move to first principles: What should Ethereum optimize for, as venture-backed chains sprint toward payments?



<h2 class="wp-block-heading">VC heavyweights vs. credible neutrality</h2>



Lubin’s intervention today stood out for both tone and specificity.&nbsp;



In his words, “the goal of [Paradigm] and many other VCs is to suck as much value as possible from the Ethereum and broader ecosystem, while also adding value to the ecosystem in the service of maximizing their own gains,” and calling the hiring “natural and inevitable.”



His conclusion was a restatement of Ethereum’s mission — to be a “rigorously decentralized, credibly neutral digital asset settlement ledger infrastructure.”



That’s something corporate chains can never be, and therefore they aren’t existential threats, but complementary.



“Corpo-chains will be important infrastructure built on top of neutral permissionless chains,” Lubin said.



<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">There seems to be a lot of fuss about <a href="https://twitter.com/tempo?ref_src=twsrc%5Etfw">@tempo</a>, and seems like they threw a lot of money around to make everybody be a launch partner, while people claiming it’s an <a href="https://twitter.com/ethereum?ref_src=twsrc%5Etfw">@ethereum</a> killer. I think it needs to be clear that this is currently a PoA chain running in Testnet. I would love… <a href="https://t.co/5fkuxltQPN">pic.twitter.com/5fkuxltQPN</a>&mdash; Fabian Vogelsteller (@feindura) <a href="https://twitter.com/feindura/status/1979961609549463615?ref_src=twsrc%5Etfw">October 19, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Bankless’ David Hoffman <a href="https://x.com/TrustlessState/status/1979900912903586286">has doubts</a> about the supposed synergy Feist promises. “I’d like to hear the leadership at Tempo elaborate on that further, because I&#8217;m not buying it,” Hoffman said.



The hinge of his argument is sovereignty: If a corporate L1 captures the “incoming flow of trillions of dollars of stablecoins,” the value accrues there first. He also points to Ethereum’s special regulatory positioning: “Only Ethereum and Bitcoin, and – maybe if you squint – a few other chains, operate above the law – anyone’s law.”



Yes, Tempo may — and probably will — “grow the pie,” but will any of that growth route to Ethereum’s settlement, security and culture, or redound to ETH’s benefit?



<h2 class="wp-block-heading">Don’t race Tempo on payments</h2>



A cluster of voices argues Ethereum shouldn’t try to compete with the Tempos of the world head on. Nick Almond, for instance, <a href="https://x.com/DrNickA/status/1979492079194546448">suggested</a> a return to Ethereum’s roots: “It needs to become the cypherpunk chain.”



Its unique selling point, 0xBreadguy <a href="https://x.com/0xBreadguy/status/1979186891049308574">agrees</a>, is that, “there will never be a chain more decentralized, credibly neutral and censorship resistant and live as Ethereum.”



In other words, let TradFi have their permissioned playground. Differentiation is good. If payments at scale require speed, distribution, and regulatory alignment that Ethereum won’t or can’t offer, the play is to double down on what only Ethereum is uniquely positioned to deliver, all while scaling on its own terms.



On this view, Tempo is a productive sandbox, argues GregTheGreek, who sketched a “<a href="https://blockworks.co/price/ksm">Kusama</a> thesis” for the chain, referring to the <a href="https://blockworks.co/tag/polkadot">Polkadot</a> “canary network.”



<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">I think Tempo will be a net positive for Ethereum If the community allows it 👇 I think <a href="https://twitter.com/ajwarner90?ref_src=twsrc%5Etfw">@ajwarner90</a> got a lot right in his post, but let&#39;s talk about the actual value add no one wants to talk about.<a href="https://t.co/zh5CQzuZP0">https://t.co/zh5CQzuZP0</a> There&#39;s something deeply special about <a href="https://twitter.com/gakonst?ref_src=twsrc%5Etfw">@gakonst</a> and…&mdash; GregTheGreek.eth (@gregthegreek) <a href="https://twitter.com/gregthegreek/status/1979296662922117550?ref_src=twsrc%5Etfw">October 17, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



“Reth will become extremely feature rich, all the EIPs we want but can&#8217;t get, batteries included.” He suggests that real-world load on a high-velocity venue could produce open-source contributions to the EVM that Ethereum can adopt.



“We need to accept they&#8217;ll be battle-testing every possible change, and prove (or disprove) the viability at scale,” Greg <a href="https://x.com/gregthegreek/status/1974398708784549948">said</a>.



But not everyone is so bullish. Follow the incentives 0xBreadguy says: “I do not believe in the ‘it&#8217;s all EVM bro’ narrative. Tempo, Avalanche, Binance, Monad et al will contribute ~0 value to $ETH.”



The dichotomy carries over to disparate views on Ethereum’s place in the sweep of technological change, and who chooses to work on it. Feist’s career move <a href="https://x.com/conorsvensson/status/1979903540106809806?s=46&amp;t=yjAdM2ddX0KgGQimu7jcDQ">provoked</a> Conor Svensson of Enscribe to reminisce, “the reason why I was first pulled into Ethereum, was that it reminded me of Linux.”



“Linux went on to power vast swaths of the internet, but it didn’t make everyone rich,” Svensson said. “However, to most of those working on it, financial motivations were never the primary reasons for working on what they were.”



<h2 class="wp-block-heading">Talent, compensation and retention</h2>



Even if one is not motivated solely by money, it’s a factor.&nbsp;



“Ethereum core devs aren’t paid well enough, imagine earning peanuts for maintaining and improving 400 billion $ protocol,” Ouranos Capital <a href="https://x.com/ouranoscapital/status/1979181808273998226">declared</a>.



Not to worry. The Ethereum Foundation’s Tomasz Stańczak <a href="https://x.com/tkstanczak/status/1979237879038775655">pointed</a> to a recent <a href="https://www.linkedin.com/in/arpinet/">Head of Talent</a> hire to help attract world-class candidates — and better support both departures and returns. It’s a pragmatic acknowledgment: the competition for research talent is now an issue.



At the same time, Trent van Epps at the Protocol Guild <a href="https://x.com/trent_vanepps/status/1979946429771559184">flagged</a> the pressure: “We likely have a counterfactual where top shelf talent never even considers core [developer roles] because of the [compensation] gap.” The Protocol Guild <a href="https://blockworks.co/news/important-ethereum-devs-underpaid">has been focused on this problem</a> in recent years.



As far as Feist goes, no need to panic, Ethereum advocate DCinvestor <a href="https://x.com/iamDCinvestor/status/1979321926515593452">said</a>: “Change is healthy.”



“EF and Ethereum research and core dev jobs should not be for life,” he said, adding, “they should constantly cycle in new talent and supporting future leaders as they grow their skillset.”



The funding debate <a href="https://x.com/keonehd/status/1979348825258029425?s=46">surfaced</a> a spicy take from Monad founder Keone Hon, who proposed Ethereum should “put in a hard fork to add 0.25% annual inflation to fund research.”&nbsp;



Hoffman’s Bankless partner Ryan Sean Adams, poured cold water on that idea, <a href="https://x.com/RyanSAdams/status/1979357111994978449">saying</a> it “will never happen,” because it “would be an arbitrary monetary policy change directed to a specific group of individuals — [a] vector for corruption — same as fiat.”



<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-57.png?w=1024&amp;h=1024" alt="" class="wp-image-109271" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-57.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-57.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-57.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-57.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-57.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-57.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-57.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-57.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-57.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">The ether supply growth rate has leveled off in the past year | Source: <a href="https://app.blockworksresearch.com/analytics/team/charts/1291">Blockworks Research</a></figcaption></figure>







There’s the rub: Matching corporate compensation with protocol-level funding runs straight into Ethereum’s commitments to predictability and neutrality.



That’s where Lubin’s framing and the EF’s talent posture intersect. It’s not “Tempo vs Ethereum” so much as “incentives and culture vs churn.” The chain with the best combination of funding, mission and network effects can still win the hiring battles of the next decade.



<h2 class="wp-block-heading">Stripe’s distribution vs Ethereum’s moat</h2>



Tempo isn’t just well-funded, it presumably will have distribution. As Gabriel Shapiro <a href="https://x.com/lex_node/status/1979947572333781375">noted</a>: “If it can put a meaningful [percentage] of [Stripe’s volume] onchain, and also put a meaningful [percentage] of a few partners&#8217; volumes onchain, it could quickly be rivaling Solana and Ethereum in volumes.” It’s a clean articulation of the “distribution is greater than product” thesis.



But that scale cuts both ways. “BIG IF,” <a href="https://x.com/wmougayar/status/1979948987382964464">countered</a> William Mougayar, at the Ethereum Market Research Center. He argues that “payments is not a sweet spot for blockchains,” and that people “severely underestimate the switching costs and barriers to entry” — wallets, developer trust, tooling, nodes, clients, and culture — all part of Ethereum’s compounding moat.



The human capital moat matters too. As Gnosis’ Martin Köppelmann <a href="https://x.com/koeppelmann/status/1979996805015142697">put it</a>, “I am not worried about another L1. But yes, I am worried about a number of people who used to embody Ethereum, leaving.”



<h2 class="wp-block-heading">Troubling exit or healthy evolution?</h2>



From today’s vantage, it’s too early to declare Feist’s jumping ship for Tempo bullish or bearish for Ethereum. What’s clear is that the move forced Ethereum’s community to reassert what makes it special — and where it should or shouldn’t compete.



The most constructive stance may be to treat Tempo as both a competitor and a lab, useful for the mother ship, so long as it doesn’t outsource Ethereum’s identity to corporate governance.



There are many outstanding questions, and Tempo’s technical details are still scant.



Permissionless trend: Will Tempo move from PoA testnet to a permissionless validator set? Does Feist’s hiring increase the prospect of eventually moving to an Ethereum layer-2? (Blockworks reached out to Paradigm with questions, but they declined to comment beyond <a href="https://blockworks.co/news/tempo-stripe-paradigm-planned-l1">previous remarks</a>.)



Upstreaming: Will EVM/Reth innovation beget useful EIPs or merged features on Ethereum L1?



Economic: Will there be any ETH-denominated flows that make “grow the pie” mean grow ETH too?



If yes, “exit” begins to look like “evolution,” a proving ground that helps Ethereum scale faster while preserving what only it can be. If not, Ethereum will view Tempo like Hoffman: “a privately-owned corpo-chain.”



Either way, Ethereum’s best move is to keep playing its own game: keep neutrality sacred, scale responsibly, and keep giving the best researchers a reason to stay.



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decentralization

Ethereum reckons with Dankrad Feist’s move to Tempo

Ben Strack

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



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



Conferences like last week’s Digital Asset Summit remind us of the broader world that crypto is percolating. The attendance of some of the largest banks and asset managers (and what they’re working on) seems a solid indication of where we’re headed.



Citi was in the building, with research analyst Sophia Bantanidis giving the DAS crowd a talk on stablecoins. The financial giant’s base-case projection is for stablecoin issuance to reach $1.9 trillion by 2030. It labels growth in this segment as “blockchain’s ChatGPT moment for institutional adoption.”&nbsp;



My colleague Macauley Peterson wrote more about that <a href="https://blockworks.co/news/citi-posits-bank-tokens-may-be-more-popular-than-stablecoins">here</a>.&nbsp;&nbsp;&nbsp;



BNP Paribas <a href="https://group.bnpparibas/en/press-release/group-of-leading-international-banks-explores-issuance-of-a-1-1-reserve-backed-form-of-digital-money">revealed</a> on Oct. 10 that it’s looking into issuing “a 1:1 reserve-backed form of digital money that provides a stable payment asset available on public blockchains, focused on G7 currencies.” So a stablecoin. Citi is among the nine other banks BNP Paribas said it was exploring this with. Another is Goldman Sachs, which also sent an exec to DAS. Mathew McDermott, the firm’s head of digital assets, called tokenization the “topic du jour” — noting the use of distributed ledger technology for collateral mobility is one area of focus for Goldman.



<figure class="wp-block-embed is-type-video is-provider-vimeo wp-block-embed-vimeo wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Inside the Goldman Sachs Digital Asset Playbook | DAS London 2025 | Day 3 | Institutional" src="https://player.vimeo.com/video/1127584430?h=dbb0d5820f&amp;dnt=1&amp;app_id=122963" width="1024" height="576" frameborder="0" allow="autoplay; fullscreen; picture-in-picture; clipboard-write; encrypted-media; web-share" referrerpolicy="strict-origin-when-cross-origin"></iframe>
</div></figure>



It was the same day McDermott took the stage that US Bank <a href="https://ir.usbank.com/news-events/news/news-details/2025/U-S--Bank-establishes-new-Digital-Assets-and-Money-Movement-organization/default.aspx">launched</a> a division focused on stablecoin issuance, crypto custody, asset tokenization and digital money movement.



Back to Citi: Chris Cox, the firm&#8217;s investor services head, confirmed the company is considering a Citi stablecoin.



“At the same time, we are focused on the ongoing adoption of our tokenized deposit capabilities…that are already addressing friction in payments,” he told me. The firm recently shared plans to integrate its blockchain-based Citi Token Services platform with its 24/7 USD clearing solution. That would allow multi-bank cross-border instant payments for institutional clients in the UK and US.



So while the bank has been exploring blockchain tech for many years, Cox explained, it continues to develop real-time quick and constant services using other means. The convergence of growing institutional interest in the crypto asset class (from asset managers, banks, asset owners, etc.) and regulatory clarity are important for Citi and its clients, he added.



Citi is also plotting crypto custody — a service Cox <a href="https://www.cnbc.com/2025/10/13/citi-aims-to-launch-crypto-custody-in-2026-exploring-stablecoin.html">confirmed</a> to me is slated to launch in 2026. The bank expects to initially support “the leading crypto assets” for institutional clients only.



“We are now simply extending our existing real-time and instant capabilities to be able to support digital assets, including crypto,” he said. “Ultimately, our vision is to provide a multi-asset and multi-network digital custody capability that is seamlessly connected to our existing custody proposition.”



And I know <a href="https://forward-guidance.beehiiv.com/p/cambrian-explosion">I wrote about BlackRock</a> on Friday, but that centered around ETFs. I wanted to mention the world’s largest asset manager <a href="https://blockworks.co/news/blackrock-fink-bitcoin-dollar">tripling</a> (quadrupling?) down on its tokenization conviction, as vocalized on its Oct. 14 earnings call.&nbsp;&nbsp;



Bridging the gap between TradFi and crypto via tokenization is “one of the most exciting areas of growth in financial markets,” BlackRock CEO Larry Fink said. Digital wallets, after all, hold roughly $4.5 trillion in crypto tokens, stablecoins and tokenized assets, he noted.



“We envision a future where investors never need to leave a digital wallet to allocate efficiently across crypto, stablecoin and exposures to long-term stocks and bonds,” Fink explained.



While BlackRock CFO Martin Small added that the company would keep pursuing partnerships to make this vision a reality, Fink added it’s “spending a great deal of time on trying to develop our own technology related to this.”



Many agree making the adoption process incredibly easy will be crucial. (Remember these sentiments from last week?):



<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 href="https://t.co/YYXSSSerVp">https://t.co/YYXSSSerVp</a> <a href="https://t.co/iRwhTTrMuw">pic.twitter.com/iRwhTTrMuw</a>&mdash; Santiago R Santos (@santiagoroel) <a href="https://twitter.com/santiagoroel/status/1978221018540863545?ref_src=twsrc%5Etfw">October 14, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



We’re in a constant “stay tuned” sort of scenario. It’s no longer a question of whether another goliath firm will enter crypto or lean more into the space — but just a matter of which one and when. Breaking news teams beware.



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BlackRock

Behemoth buy-in: Citi, BlackRock, Goldman Sachs lay out crypto visions

Gemini has launched a Solana edition of its Gemini Credit Card, allowing users to earn and automatically stake Solana (SOL) rewards for additional yield.&nbsp;



<a href="https://www.gemini.com/blog/gemini-releases-solana-edition-of-the-gemini-credit-card-and-automatic">Announced</a> on Monday, the card integrates auto-staking for card rewards directly within the platform. The card design pays tribute to Solana’s branding and community, offering up to 4% back in SOL on gas, EV charging, and rideshare purchases, 3% on dining, 2% on groceries and 1% on all other transactions.



Customers can now opt to automatically stake their Solana credit card rewards at Gemini, where the staking rate currently stands at 6.77%. Staking — locking up tokens to validate transactions — allows users to earn additional yield while contributing to the Solana network’s security.&nbsp;



The integration effectively turns credit card rewards into network participation, reflecting a growing trend in crypto-native financial products that merge traditional payments with DeFi mechanics.



Gemini said it chose Solana for its high throughput and active developer ecosystem.



According to Gemini data, Solana rewards have been among the platform’s top-performing assets, with cardholders who held their rewards for at least one year seeing gains exceeding 290%.



Updated Oct. 21 at 2:11 pm ET: Updated artwork and added further information.



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

Gemini

Gemini launches Solana credit card with automatic staking rewards

Kate Irwin

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



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In the wake of Pump’s success, OpenSea has been transforming from an art-forward NFT marketplace into a token-trading aggregator supporting 22 blockchains.&nbsp;



OpenSea has gained over <a href="https://dune.com/opensea_team/opensea-overview">$25 million</a> in token trading revenue and roughly $5.6 million in NFT trading revenue in the past month, marking a sudden surge in activity after what has otherwise been a slow year for the platform.



“There’s a huge opportunity in the app layer for a company to hyperfocus on building an experience that combines the best of what a centralized exchange experience has to offer in terms of Web2-type usability, and [what] DEXs have to offer,” OpenSea CEO Devin Finzer told me in an interview. “No one has really done that.”&nbsp;



OpenSea’s own <a href="https://dune.com/opensea_team/opensea-overview">data</a> on Dune shows the marketplace has seen about $45.8 million in revenue this year so far. That means that the past month alone currently makes up over 66% of its annual revenue, which is a staggering stat.



It saw 202% month-over-month revenue growth, with over $520 million in 30-day NFT volume and $3 billion in 30-day token volume.&nbsp;



What gives? Well, the OpenSea Foundation — which OpenSea has been very tight-lipped about&nbsp; — is gearing up to launch the SEA token sometime in Q1 next year. OpenSea has repeatedly emphasized that the foundation is separate from the company, but has largely dodged my requests for more information. Back in February, the company told me that no OpenSea board members or staff members work at the foundation, and that OpenSea’s legal team didn’t set it up, but OpenSea has not yet shared who is actually running it.&nbsp;



On its platform, OpenSea has been <a href="https://support.opensea.io/en/articles/10549924-how-does-opensea-s-rewards-program-work">incentivizing traders</a> with a reward pool of NFTs and tokens, distributed via “treasure chests.” Traders are also buying and selling various assets in hopes that they’ll SEA a big payday when the token finally launches.&nbsp;



So the farmers are keeping busy.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1552" height="918" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-56.png?w=1024&amp;h=1024" alt="" class="wp-image-109246" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-56.png?w=1552 1552w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-56.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-56.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-56.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-56.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-56.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-56.png?w=441 441w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-56.png?w=370 370w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-56.png?w=80 80w" sizes="auto, (max-width: 1552px) 100vw, 1552px" /></figure>



We also now know that <a href="https://blockworks.co/news/opensea-q1-2026-token">half the token supply</a> will be allocated to “the community,” which suggests there may be lots of SEA up for grabs for power-traders.&nbsp;



This long-awaited token, plus other types of rewards including various NFTs, is likely what’s driving traders and farmers back to the platform.&nbsp;



OpenSea had <a href="https://dune.com/hildobby/ethereum-nfts">over 73%</a> of the Ethereum NFT trading market share last week, with Blur coming in second with over 22%.&nbsp;



“We don’t even really think of Blur as a primary competitor these days,” Finzer said. “We’ve expanded our vision to trading everything.”&nbsp;



OpenSea will also be building on that vision to become a one-stop shop for crypto traders by adding perps trading, which Finzer confirmed in his <a href="https://x.com/dfinzer/status/1979200646763929835">post</a> last week.&nbsp;



The marketplace is overhauling its mobile app to further compete in the trading app space, and is looking at more ways to simplify the user experience even further by quashing existing friction points (one of my personal gripes I hope it’ll fix is that wETH is still required to make offers on OpenSea). The mobile app rework is currently in closed alpha.



“There’s ETH on Solana, there’s ETH on all of these different chains,” Finzer said during our conversation. “For a user, they just want to understand it as a single ticker. They just want to be able to buy and sell ETH, regardless of where it is, wherever the best liquidity is. And so we’re going to abstract even that layer away from people, so that [they] can actually use this in a way that feels natural to them, without having to worry about the different chains.”



“If you want to know under the hood, we also provide that functionality for people who are more advanced, but the point is you don’t have to. And so I think this is really the next layer of abstraction for really great consumer apps,” he continued.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">OpenSea crossed $2.6B in trading volume this month, with over 90% from token trading. This is just the beginning of our transformation, from “NFT marketplace” to “trade everything.” NFTs were chapter one for us. In 2021, OpenSea brought the first wave of everyday internet users…&mdash; dfinzer.eth | opensea (@dfinzer) <a href="https://twitter.com/dfinzer/status/1979200646763929835?ref_src=twsrc%5Etfw">October 17, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The marketplace is doling out over <a href="https://x.com/opensea/status/1978501230969422302">$12.2 million</a> in NFT and token rewards to traders who used its platform in the first wave of its gamified <a href="https://blockworks.co/news/opensea-sea-token-os2-launch">engagement campaign</a> that’s been ongoing for much of the year.&nbsp;



Some traders in OpenSea’s Discord server, however, are concerned that they might have to KYC, or divulge their locations and government IDs, in order to claim rewards. Some appear worried they might be spending to maximize their rewards, only to receive a reward that they might not even be allowed to ultimately claim.&nbsp;



While we don’t have firm confirmation from OpenSea yet on what rewards might require this, one OpenSea Discord community mod said that winning “select NFTs” would require recipients to KYC.



Back in February, OpenSea <a href="https://blockworks.co/news/opensea-announces-token-and-open-beta">confirmed</a> to me that SEA will be available to US residents.&nbsp;



It’s still unclear, though, whether OpenSea will reward past users of its platform — or whether only those grinding its rewards campaign will be eligible to claim any amount of the upcoming token.



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NFTs

OpenSea monthly revenue surges 200% in pivot to trading aggregator

BlackRock has launched the iShares Bitcoin ETP on the London Stock Exchange (LSE), marking its first exchange-traded bitcoin product open to UK retail investors. The physically backed product holds bitcoin through custody provided by Coinbase, with coins transferred daily from trading wallets into segregated, offline cold storage.



Jane Sloan, EMEA head of global product solutions at BlackRock, told the <a href="https://www.ftadviser.com/bitcoin/2025/10/20/blackrock-launches-bitcoin-backed-fund/">Financial Times</a> that the listing comes as the UK crypto investor base is projected to reach 4 million within a year.&nbsp;



“Built on institutional-grade infrastructure, [the ETP] enables UK investors to gain exposure to bitcoin with the confidence of robust custody and regulatory oversight,” Sloan said.



The launch follows rising domestic interest in digital assets: a recent BlackRock report found a 12% increase in crypto investments since 2022, with a further 21% of UK adults expected to invest for the first time over the next year.



The iShares Bitcoin ETP extends BlackRock’s digital asset lineup following its earlier spot bitcoin ETF approval in the U.S. in January 2024, a pivotal moment for institutional adoption. Unlike derivatives-based exposure, the UK-listed ETP is directly backed by bitcoin held in Coinbase’s cold wallets, reducing counterparty and rehypothecation risks.



The listing underscores a <a href="https://www.fca.org.uk/news/press-releases/fca-opens-retail-access-crypto-etns">gradual easing</a> of regulatory stances toward crypto-linked investment products in Europe, though the Financial Conduct Authority (FCA) continues to caution retail investors on volatility and potential losses when investing in digital 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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BlackRock lists bitcoin ETP for UK retail investors

Blockchain investigator ZachXBT said that a U.S.-based crypto user lost roughly $3.05 million (1.2 million XRP) after their Ellipal wallet was compromised, with the funds ultimately laundered through Huione-linked over-the-counter networks in Southeast Asia.&nbsp;



In a detailed<a href="https://x.com/zachxbt/status/1979899767212699910"> thread on X</a>, ZachXBT traced the movement of stolen assets through 120 Ripple-to-Tron swaps executed via Bridgers (formerly SWFT) on October 12, showing how the attacker consolidated the funds on the Tron network before dispersing them to OTC addresses adjacent to Huione by October 15.



The laundering trail led to entities linked to<a href="https://www.fincen.gov/news/news-releases/fincen-issues-final-rule-severing-huione-group-us-financial-system?utm_source=chatgpt.com"> Huione Group</a>, which the U.S. Financial Crimes Enforcement Network (FinCEN) formally designated a “foreign financial institution of primary money-laundering concern” earlier this month.



ZachXBT said the victim appeared inexperienced and may have misunderstood the wallet’s security configuration, believing it functioned as an offline cold wallet when in fact it operated as a hot wallet connected to the internet.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">1/ A video went viral on YT this week after a US based victim lost $3.05M (1.2M XRP) from their Ellipal wallet. Here’s the tracing of where the stolen funds ended up and the biggest takeaways for similar thefts. <a href="https://t.co/Gyw0OWjts4">pic.twitter.com/Gyw0OWjts4</a>&mdash; ZachXBT (@zachxbt) <a href="https://twitter.com/zachxbt/status/1979899767212699910?ref_src=twsrc%5Etfw">October 19, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The breach led to the rapid depletion of funds, with transactions visible on block explorers as passing through Binance liquidity endpoints due to Bridgers’ infrastructure, ZachXBT noted.



ZachXBT said the recovery outlook remains low, citing limited capacity by law enforcement to pursue such cross-jurisdictional crypto crimes. He urged centralized exchanges and stablecoin issuers to implement stronger controls around OTC channels to curb illicit flows.



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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Cybersecurity

ZachXBT links $3M XRP theft to wallet-draining phishing ring

Evernorth Holdings Inc., a new Nevada-based digital asset company backed by Ripple, announced that it will go public through a merger with Armada Acquisition Corp II, a Nasdaq-listed SPAC.



The transaction, unanimously approved by both boards, is expected to raise more than $1 billion in gross proceeds and close in the first quarter of 2026, subject to customary approvals. Upon closing, the combined company will operate as Evernorth and trade under the ticker symbol XRPN.&nbsp;



Investors include SBI Holdings, which is contributing $200 million, alongside Ripple, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. Net proceeds will primarily fund open-market purchases of XRP to establish what the company says will be the world’s leading institutional XRP treasury, with remaining funds allocated to operations and general corporate purposes.



Evernorth’s model differs from passive crypto funds or exchange-traded products by seeking to grow XRP per share over time through lending, liquidity provisioning, and decentralized finance yield strategies.&nbsp;



The company’s leadership is headed by CEO Asheesh Birla, formerly a senior executive at Ripple. Ripple executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz will serve as strategic advisors. Birla told Reuters he is stepping down from Ripple’s board to focus on Evernorth.



The company says its approach will offer investors liquid, transparent exposure to XRP while contributing to the asset’s broader institutional adoption. Evernorth also plans to operate XRP validators, integrate Ripple’s RLUSD stablecoin for DeFi participation, and provide liquidity across tokenized asset and payment markets.



This is a developing story.



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



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



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DATs

Ripple-backed Evernorth aims to raise over $1B for XRP treasury

Cleanspark announced that it will expand its operations from bitcoin mining into AI infrastructure.&nbsp;



The Las Vegas-based company said the move marks a “strategic evolution” beyond bitcoin mining as it develops advanced AI data centers to diversify revenue and strengthen long-term cash flow.



As part of this change, the firm has brought on Jeffrey Thomas as Senior Vice President of AI Data Centers.



Thomas brings more than 40 years of experience in emerging technologies and data center development, with leadership spanning the United Kingdom, the United States, Europe, Africa, and the Middle East. He previously served as president of AI Data Centres at Humain, where he led Saudi Arabia’s multi-billion-dollar AI data center initiative, forming partnerships with hyperscalers and global technology firms.&nbsp;



The company plans to leverage its vertically integrated “infrastructure-first” model—built around its bitcoin mining operations—to support large-scale AI compute.&nbsp;



Cleanspark’s Chief Development Officer Scott Garrison said the company is assessing new Georgia-based projects, including recently contracted power and real estate in College Park, and is exploring “giga-campus” opportunities across its portfolio to meet growing off-taker demand.



CEO Matt Schultz said Thomas’s appointment will help Cleanspark “expand operations and deliver diversified growth for shareholders” as demand for energy-efficient compute surges. The company’s AI division will operate alongside its bitcoin mining business.



This is a developing story.



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



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



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Cleanspark expands beyond bitcoin mining into AI data centers

OpenSea has confirmed plans to launch its long-anticipated SEA token in the first quarter of 2026, marking a major shift for the company from a pure NFT marketplace to a broader onchain trading platform.&nbsp;



The announcement, made jointly by the OpenSea Foundation and CEO Devin Finzer last week, outlines a token structure that allocates 50% of SEA’s supply to the community, with more than half of that available through an initial claim for existing users and “OGs” from prior rewards programs.



In a statement on <a href="https://x.com/devinfinzer/status/">X</a>, Finzer said that 50% of OpenSea’s revenue at launch will be directed toward SEA buybacks, positioning the token as a core element of the platform’s next phase. The company also plans to integrate staking functions tied to collections and tokens listed on OpenSea, further embedding SEA in user activity.



OpenSea, which reported $2.6 billion in trading volume this month — over 90% from token trades, aims to evolve into what Finzer described as a “home for the onchain economy,” allowing users to trade tokens, NFTs, and other digital assets across chains without centralized intermediaries.&nbsp;



Upcoming releases could include a mobile app, perpetual futures, and cross-chain abstraction features to simplify user experience.



This is a developing story.



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



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



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