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Carlos

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SOL ETFs begin trading: Can Jito drive a network rebound?

Blockworks

Trump Media &amp; Technology Group announced that it will launch Truth Predict, a prediction-market product built into its Truth Social platform.



The prediction market will launch through an integration with Crypto.com Derivatives North America (CDNA), a CFTC-registered exchange and clearinghouse.



Truth Predict will allow users to trade event contracts tied to real-world outcomes, including U.S. elections, interest-rate decisions and sports results. The platform’s real-time price updates will reflect shifting market sentiment as events unfold.&nbsp;



A beta version will debut “in the near future” before a national rollout, with global expansion to follow once additional regulatory requirements are met.



Under the arrangement, Truth Social and its sister platforms Truth+ and Truth.Fi will integrate with CDNA’s infrastructure, enabling users to convert in-platform rewards called “Truth gems” into Cronos (CRO) tokens for use in prediction contracts.&nbsp;



The system builds on Trump Media’s existing partnership with Crypto.com to establish Trump Media Group CRO Strategy, Inc., a digital asset treasury vehicle formed through a proposed SPAC merger.



Trump Media CEO Devin Nunes said the integration aims to “democratize information” and “turn free speech into actionable foresight.” Crypto.com CEO Kris Marszalek called prediction markets a “multi-deca-billion dollar opportunity” and said the collaboration aligns social engagement with transparent market sentiment.



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



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



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



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



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



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



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

Crypto.com

Trump Media unveils prediction market Truth Predict

Figment and Coinbase Prime have expanded their institutional staking partnership to support a wider range of Proof-of-Stake networks, the companies announced on October 28, 2025.&nbsp;



The integration, which began in early 2024 with Ethereum staking, has enabled more than $2 billion in staked assets to date.



Through this extended collaboration, institutional clients using<a href="https://www.coinbase.com/en-gb/blog"> Coinbase Prime</a> — Coinbase Global’s full-service prime brokerage for trading, financing, and custody — can now access Figment’s institutional-grade staking infrastructure across multiple networks. The expansion adds support for assets such as Solana, Sui, Aleo, Aptos, Avalanche, Axelar, Cardano, Celestia, Cosmos, EigenLayer, NEAR, and Polkadot.



Coinbase Prime clients are able to stake tokens directly from Coinbase’s custody platform without moving assets, allowing institutions to manage staking, trading, and financing in one interface. The firms said the integration enhances decentralization and maintains the security standards required by institutional asset managers.



“Expanding our staking integration gives institutions more flexibility to select high-quality staking providers like Figment while safeguarding assets with Coinbase Prime’s institutional-grade controls and secure custody,” said Lewis Han, Head of Staking Sales at Coinbase.&nbsp;



“Clients will continue to benefit from our comprehensive staking solution, including turnkey infrastructure and robust staking reporting.”



“From the start, Figment has focused on security and risk-adjusted performance, building infrastructure for the world’s most trusted financial institutions,” said Lorien Gabel, Co-founder and CEO of Figment.&nbsp;



“Our relationship with Coinbase Prime has been integral here, and we look forward to bringing more companies onchain together.”



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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Get the news in your inbox. Explore Blockworks newsletters:



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



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



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



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



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



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



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

Coinbase

Coinbase Prime, Figment expand institutional staking integration

Securitize, a leading platform for tokenizing real-world assets, announced that it will go public through a business combination with Cantor Equity Partners II, a special-purpose acquisition company sponsored by Cantor Fitzgerald.&nbsp;



The merger values Securitize at a $1.25 billion pre-money equity valuation, positioning it as the first publicly traded company dedicated to securities-focused tokenization infrastructure. The combined entity will trade under the ticker “SECZ” on Nasdaq upon completion in the first half of 2026.



The deal includes an upsized $225 million PIPE financing, led by Arche, Borderless Capital, Hanwha Investment &amp; Securities, InterVest, and ParaFi Capital, alongside $244 million in CEPT’s trust account.&nbsp;



Existing equity holders — including ARK Invest, BlackRock, Hamilton Lane, Morgan Stanley Investment Management, and Tradeweb Markets — will roll 100% of their stakes into the new company.



As part of the transaction, Securitize plans to tokenize its own equity, a first-of-its-kind move designed to demonstrate how capital markets can operate entirely onchain.&nbsp;



Founded in 2017, Securitize has tokenized over $4 billion in assets, working with institutions such as KKR, Apollo, and VanEck. Its work with BlackRock’s BUIDL fund in 2024 marked the largest real-world asset tokenization to date.&nbsp;



CEO Carlos Domingo called the listing “a defining moment” for bringing traditional finance onchain, while Cantor Fitzgerald CEO Brandon Lutnick said the partnership underscores confidence in tokenization’s long-term potential.



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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Get the news in your inbox. Explore Blockworks newsletters:



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



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



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



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



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



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



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

IPOs

Securitize to go public at $1.25B via Cantor SPAC deal

Ben Strack

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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







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



This is a developing story.



<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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Get the news in your inbox. Explore Blockworks newsletters:



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



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



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



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



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



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



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

Bitwise

Bitwise slated to launch milestone US solana ETF Tuesday

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Canary just filed 8-As for Litecoin and HBAR ETFs joining Bitwise who filed one for Solana. These are the ones rumored to be poss looking to launch (along w Grayscale solana) this week despite shutdown. Not a done deal but clearly preparations being made. Stay tuned.. <a href="https://t.co/4lj8NPn9s7">pic.twitter.com/4lj8NPn9s7</a>&mdash; Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1982827068837806544?ref_src=twsrc%5Etfw">October 27, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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



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



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



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



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



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Get the news in your inbox. Explore Blockworks newsletters:



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



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



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



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



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



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



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

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

Donovan Choy

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



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



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



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



Cryptoland, however, has its own rules.



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



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



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



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



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



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



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







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



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



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



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



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



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



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



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">A snapshot was taken of all <a href="https://twitter.com/search?q=%24PADRE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PADRE</a> holders at 13:59 UTC on Friday, October 24th 2025. These holders are now able to receive a set number of <a href="https://twitter.com/search?q=%24PUMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PUMP</a> tokens which correspond to the value of <a href="https://twitter.com/search?q=%24PADRE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PADRE</a> they held at the time of the snapshot. Holders can submit their Solana wallets and…&mdash; Padre (@PadreApp) <a href="https://twitter.com/PadreApp/status/1982571060785545554?ref_src=twsrc%5Etfw">October 26, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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



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



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



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Wait a second. That&#39;s not how M&amp;A is supposed to work. This is straight up unethical, and would be illegal in traditional finance. The <a href="https://twitter.com/search?q=%24PADRE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PADRE</a> holders deserve to be paid at the pro rata acquisition value (40M?) not at the FDV value at the time of snapshot (5M). futardio <a href="https://t.co/ww1CAD2tAX">https://t.co/ww1CAD2tAX</a>&mdash; StrategicHash (@StrategicHash) <a href="https://twitter.com/StrategicHash/status/1982596235128348703?ref_src=twsrc%5Etfw">October 26, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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



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



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Lightspeed Newsletter

Pump acquires Padre trading terminal, promises token compensation

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



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



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



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



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



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



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



This is a developing story.



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



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

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



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



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



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



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



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



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



This is a developing story.



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



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tZERO plans IPO to expand tokenized asset platform

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



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



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



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



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



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



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



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



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



This is a developing story.



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



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IBM unveils blockchain development platform for governments and institutions

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



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



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



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



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



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



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



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CFTC

Trump plans to pick Michael Selig to lead CFTC: Report

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



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



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



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



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



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



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



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







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



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Despite this, the NEAR core team decided to proceed with implementing the inflation reduction in the next network upgrade, even though the governance process did not reach consensus.&mdash; Chorus One (@ChorusOne) <a href="https://twitter.com/ChorusOne/status/1981009981026799734?ref_src=twsrc%5Etfw">October 22, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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



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



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



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



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



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



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



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



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

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



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



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



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



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



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



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



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor <a href="https://blockworks.co/author/katherine-ross">Katherine Ross</a> before publication.



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



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



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



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



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</ul>

Polymarket

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

Macauley Peterson

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



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



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



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



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



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



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="889" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-119.png?w=1024&amp;h=1024" alt="" class="wp-image-109497" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-119.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-119.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-119.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-119.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-119.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-119.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-119.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-119.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-119.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Blob utilization is one Ethereum metric that’s been up and to the right | Source: <a href="https://app.blockworksresearch.com/analytics/team/charts/659">Blockworks Research</a></figcaption></figure>







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



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



The Sepolia fork continues to progress smoothly.&nbsp;



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



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



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



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



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



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



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Ethereum

Fusaka upgrade on track as devs eye December mainnet fork

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



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



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



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



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



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



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



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



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



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



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



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



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">We already see the risk-reward for depositors deteriorating, with yield (still subsidized) down to 15%. Similarly, the cost to borrow is reduced from 20% to 15%, which should save Rune around $2m a year in borrowing costs. With borrowers paying 15%, and utilization around 33%,… <a href="https://t.co/wVvz2ZspS7">https://t.co/wVvz2ZspS7</a>&mdash; PaperImperium (@ImperiumPaper) <a href="https://twitter.com/ImperiumPaper/status/1978796127953580395?ref_src=twsrc%5Etfw">October 16, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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



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



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



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



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Stablecoin composition on SparkLend has seen big changes over the past couple months. USDT and PYUSD have quickly become the dominant stablecoins on the platform, replacing USDS and DAI as both the 1st and 2nd most deposited and borrowed stablecoins on the platform. DAI, and… <a href="https://t.co/gXe8y5TJPA">pic.twitter.com/gXe8y5TJPA</a>&mdash; Jack 🟪 (@JackMandin) <a href="https://twitter.com/JackMandin/status/1981349953969516941?ref_src=twsrc%5Etfw">October 23, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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



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MakerDAO

Sky pivots beyond treasuries as yields dip, staking overhaul looms

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



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



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



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



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



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



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



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



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



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



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



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



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="889" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-118.png?w=1024&amp;h=1024" alt="" class="wp-image-109481" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-118.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-118.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-118.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-118.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-118.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-118.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-118.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-118.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-118.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">DEX trading volume, which was steady throughout the summer, has spiked sharply in October. | Source: <a href="https://app.blockworksresearch.com/analytics/team/charts/2164">Blockworks Research</a></figcaption></figure>







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



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



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



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



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



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



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



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



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