Perpetual protocol is a decentralized protocol to trade perpetual contracts for every asset powered by a Virtual Automated Market Maker (vAMM). The project aims to create novel financial instruments by democratizing Futures and other crypto-asset derivatives.

Perpetual Protocol

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.



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



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>

BlackRock

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

Blockworks

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 release marks Gemini’s first card tied to a specific blockchain network and 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%.



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="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>.



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



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.



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



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>

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.



<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.



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



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>

Bitcoin

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.



<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.



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



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>

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.



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



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>

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.



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



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>

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.



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



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>

OpenSea plans Q1 2026 launch of SEA token with buyback pledge

VanEck has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for a VanEck Lido Staked ETH ETF.



It’s the first U.S. exchange-traded fund proposal tied to stETH, the token representing ether staked through the Lido protocol.&nbsp;



Filed on Oct. 20, the <a href="https://www.sec.gov/Archives/edgar/data/2091159/000162828025045249/vanecklidostakedethereumet.htm?ref=blog.lido.fi">S-1 registration</a> seeks approval to offer regulated exposure to Ethereum’s staking ecosystem within a conventional ETF framework.



According to VanEck’s filing, the proposed fund would hold stETH, a liquid staking token that allows holders to access staking rewards while retaining liquidity.&nbsp;



The ETF aims to mirror Ethereum’s staking economics while maintaining daily liquidity and full onchain transparency. Lido’s protocol has generated over $2 billion in staking rewards and currently secures nearly $40 billion in total value locked, according to the foundation.



Kean Gilbert, Head of Institutional Relations at the Lido Ecosystem Foundation, <a href="https://blog.lido.fi/vaneck-files-for-lido-staked-eth-etf/">said</a> the filing “signals growing recognition that liquid staking is an essential part of Ethereum’s infrastructure.” The foundation noted that the ETF structure could offer institutional investors a tax-efficient, compliant path to staking exposure without direct onchain interaction.



The move follows recent clarification from the SEC’s Division of Corporation Finance, which stated that certain liquid staking operations do not constitute securities transactions when conducted under administrative parameters.



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.



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



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>

VanEck files for first Lido staked ETH ETF

Tempo, a payments-focused blockchain incubated by Stripe and Paradigm, has reportedly raised $500 million in a Series A round led by Greenoaks and Thrive Capital.



<a href="https://fortune.com/crypto/">Fortune</a> reported that the round values Tempo at $5 billion. Citing sources familiar with the round, Fortune said that other investors include Sequoia Capital, Ribbit Capital, and SV Angel.&nbsp;



Per the report, Paradigm and Stripe did not “contribute capital” as part of the Series A round.



The round is the latest in an especially busy period for crypto-related venture investing. According to Blockworks Research, more than $16 billion has been invested in crypto startups and projects in Q3 2025.&nbsp;



Tempo positions itself as a payments-optimized blockchain, built to integrate natively with fintech rails rather than decentralized finance protocols. The project is reportedly designed to enhance transaction throughput and compliance for digital money movement, an approach that echoes Stripe’s broader ambition to connect traditional payment systems with crypto infrastructure.



Stripe’s crypto payments ambitions have also grown via its acquisition of Bridge in a deal reportedly valued at $1.1 billion. Earlier this week, Bridge said that it had <a href="https://blockworks.co/news/stripes-stablecoin-occ">applied</a> to the US government for a national trust bank charter.&nbsp;Earlier Friday, Ethereum core researcher Dankrad Feist <a href="https://blockworks.co/news/dankrad-feist-joins-tempo">announced</a> that he was departing the Ethereum Foundation to take a role at Tempo, though he will continue to serve as an advisor.



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.



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



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>

paradigm

Tempo blockchain raises $500M in Series A round: report

Casey Wagner

The US government has <a href="https://blockworks.co/news/doj-seeks-forfeiture-of-more-than-14b-in-bitcoin-tied-to-global-fraud-ring">seized</a> nearly 130,000 BTC —&nbsp;worth almost $15 billion —&nbsp;marking the largest forfeiture action in history and spurring discussions of what this could mean for the newly-created strategic bitcoin reserves.&nbsp;



Experts warn that the road ahead is lengthy.&nbsp;



The actual seizure of the assets is only the first step, though. Should the court find that the assets were illicitly obtained, investigators will then have to go about finding and compensating victims.&nbsp;



“Yes, they&#8217;ve seized the assets, but that doesn&#8217;t mean they own it. It means they&#8217;ve laid a claim to it,” Aidan Larkin, co-founder and CEO of Asset Reality, said during a keynote address at DAS London Wednesday.&nbsp;



Larkin continued: “It could take five years, seven years, ten years. But the good news is there is a greater focus on asset management, because the next big concern is, historically, we don&#8217;t do well as a global society managing seized assets.”



Per President Trump’s March <a href="https://www.whitehouse.gov/presidential-actions/2025/03/establishment-of-the-strategic-bitcoin-reserve-and-united-states-digital-asset-stockpile/">executive order</a> establishing a strategic bitcoin reserve, it’s expected that whatever funds remain after victim compensation will be held by the US government.&nbsp;



The US government already holds between $15 billion and $20 billion in forfeited bitcoin, Treasury Secretary Scott Bessent said in August.&nbsp;



The process of asset recovery itself doesn’t differ much depending on the asset, Larkin said. For governments, recovering physical goods or cryptocurrencies comes with the same steps: find, recover and secure. The challenges with crypto asset recovery come with the management.&nbsp;



“If I&#8217;m the Lazarus group, and all of a sudden I&#8217;m seeing government agencies all around the world managing billions of dollars of seized crypto, I know where I&#8217;m going next to try and exploit,” Larkin said.&nbsp;



As part of the alleged money laundering scheme, the DOJ says Zhi and co-conspirators combined illicit funds with newly-mined bitcoin from their China-based mining operation, Lubian. During the time it was active, Lubian was the sixth-largest mining company in the world, prosecutors say.&nbsp;



Onchain sleuths are now speculating about when, exactly, the US government may have taken control of the seized bitcoin.&nbsp;



Blockchain analytics platform Arkham <a href="https://info.arkm.com/announcements/arkham-uncovers">reported</a> last month that Lubian was hacked in December 2020 for 127,426 BTC — worth $3.5 billion at the time.&nbsp;



Crypto data and compliance firm Elliptic now <a href="https://www.elliptic.co/blog/15-billion-us-seizure-reveals-prince-groups-connection-to-iran-china-bitcoin-mining-theft">says</a> that, according to the wallet addresses listed in the indictment, the assets the US government seized appear to be the same ones that were “stolen” from Lubian back in 2020.&nbsp;



According to a person familiar, it’s possible that the US government did seize the assets in 2020. This investigation may have only been recently announced, but it’s been underway for years, the person added.&nbsp;



Elliptic cofounder Tom Robinson agreed, telling <a href="https://www.wired.com/story/feds-seize-record-breaking-15-billion-in-bitcoin-from-alleged-scam-empire/">Wired</a> that it’s possible the US government itself hacked Lubian. He added that there’s also a chance that there was no hack at all, and Lubian faked it as part of the money laundering scheme.&nbsp;



The DOJ did not announce when it gained control over the assets or when the investigation started and did not return Blockworks’ request for comment.



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



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>

Capitol Gains: The US seized $15B in bitcoin. What comes next?

Donovan Choy

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



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



It is frankly really hard to be the Ethereum Foundation.



Your job is to fund public goods R&amp;D and ship complex network upgrades. But that means you’re also constantly choosing between selling ETH and being yelled at for selling ETH.



The EF has a staff of about 200 employees and an annual operating budget of ~$145 million. That money comes from a treasury of largely ETH. That ETH needs to be sold to pay your staff, but ETH holders dislike when you sell the thing they own. This is crypto’s most uniquely recurring theme: “Please make number go up, while also paying for things with the number.”



So the Crypto Twitter peanut gallery wants the EF to know they can simply “use DeFi.” Put the ETH in a lending vault, collect yield and stop wrecking the ETH chart, please.



The EF has historically been reluctant to do that for obvious reasons: It is not the job of a neutral ecosystem steward to be making complex risk management decisions.



Yet, yesterday the Ethereum Foundation doubled down on its use of DeFi (a <a href="https://x.com/ethereumfndn/status/1889978208986280031">continuation</a> since February). The EF deposited 2400 ETH ($9.1 million) and $6 million of stablecoins into Morpho’s vaults.



<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">0/ Today, the Ethereum Foundation deposited 2400 ETH and ~$6M stablecoins into Morpho’s yield-bearing vaults. Morpho is a pioneer in permissionless DeFi protocols and consistently demonstrates a commitment to Free/Libre Open Source Software (FLOSS) principles.&mdash; Ethereum Foundation (@ethereumfndn) <a href="https://twitter.com/ethereumfndn/status/1978460652877267301?ref_src=twsrc%5Etfw">October 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



This should be good news for bagholders, but not everyone is happy:



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="798" height="175" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-55.png" alt="" class="wp-image-109201" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-55.png?w=798 798w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-55.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-55.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-55.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-55.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-55.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-55.png?w=80 80w" sizes="auto, (max-width: 798px) 100vw, 798px" /></figure>



Where previously the Ethereum Foundation wasn’t supporting its own ecosystem, now it’s not supporting the right players, i.e. the smaller guys and underdogs.



I don’t know, man. You can’t seem to please everyone, so maybe these decisions simply shouldn’t be public.&nbsp;



You could imagine a world where the EF tries to be “fair.” It allocates capital to smaller projects, but that exposes the foundation to a wider range of smart contract/security risks.&nbsp;



Best case scenario: Nothing breaks but the foundation’s operating expenses are inflated to pay for security researchers and an investment team. Fairness is expensive. Worst case: Protocols get exploited and the EF’s treasury runway is shortened.



Solana doesn’t seem to have the same problems, namely because its foundation isn’t committed to the same levels of radical transparency as Ethereum is. Solana is selling SOL too, presumably, but no one’s upset because it’s not on the Twitter timeline.



For starters, the foundation has actively backed the Solmate DAT, and has an active partnership with the “Solana Company” DAT (previously Helius Medical). The EF has <a href="https://x.com/ethereumfndn/status/1943642682825523320">sold</a> ETH in OTC sales to DATs, but has not participated in any formal investments or partnerships with DATs.



Solana DATs, too, have been unabashedly proud about using DeFi. Forward Industries’ Kyle Samani wants Forward to be the most “natively onchain publicly traded company in the world,” he said on an <a href="https://youtu.be/1NQENVL4n4c">Empire</a> podcast, teasing the use of SOL in select Solana protocols.



Ethereum’s commitment to neutrality is admirable (remember when Justin Drake had to <a href="https://x.com/drakefjustin/status/1852734263541874824">step down</a> as an advisor to Eigenlayer for violating that tenet?).



But no one in Solana world seems to have a problem with that, so maybe the foundation’s optimal strategy is to do the low-profile, risk-minimized thing and announce as little of it as possible.



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



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>

Digital asset treasuries

Running a blockchain foundation is actually really tough

Dankrad Feist, a longtime Ethereum researcher and core developer, announced Friday that he is joining Tempo, the blockchain project backed by Stripe and Paradigm.



Feist, who joined the Ethereum Foundation in 2019, has played a key role in advancing data availability and sharding research. He stated that while leaving his full-time Ethereum role, he will remain a research advisor to EF protocol initiatives.



Tempo, backed by Stripe and Paradigm, aims to build a blockchain optimized for payments and real-world integration. Feist described Tempo as a “complement” to Ethereum and that the new project could later feed its open-source technology back into the Ethereum ecosystem.



“Tempo’s open-source technology can easily integrate back into Ethereum, benefiting the entire ecosystem,” Feist wrote. “ Ethereum and Tempo are strongly aligned, as they are built with the same permissionless ideals in mind. I am looking forward to staying involved with the community and continuing to push Ethereum forward!”



Feist had <a href="https://x.com/dankrad/status/1852734273461080320">previously</a> taken on an advisory role for EigenLayer, an Ethereum staking protocol, but later stepped down amid concerns about conflicts of interest.&nbsp;



The Tempo payments-centric initiative is currently in private testnet. According to Paradigm, <a href="https://www.paradigm.xyz/2025/09/tempo-payments-first-blockchain">the project</a> has drawn design input from major firms like OpenAI, DoorDash, Deutsche Bank and others.&nbsp;



“We are excited to further crypto’s ability to tackle real-world use cases including global payments and payroll, remittances, tokenized deposits for 24/7 settlement, embedded financial accounts, microtransactions, agentic payments, and more,” Paradigm said in September.



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.



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



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>

Developers

Ethereum core dev Dankrad Feist joins Stripe-backed stablecoin project

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



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



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



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



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



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



This is a developing story.



<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.



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



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>

DePIN

Daylight Energy secures $75M to expand decentralized solar network

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



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



No, Farcaster is not trying to replace Crypto Twitter.



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">100K DAU in Farcaster app yesterday 🔥&mdash; Farcaster (@farcaster_xyz) <a href="https://twitter.com/farcaster_xyz/status/1978494847871783346?ref_src=twsrc%5Etfw">October 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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



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



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



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



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



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



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>

dApps

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

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



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



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



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



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



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



This is a developing story.



<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.



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



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>

Perpetual ProtocolPERP

about Perpetual Protocol

What is Perpetual Protocol?

Perpetual Protocol Stats

What is the market cap of Perpetual Protocol?

What is the current trading activity of Perpetual Protocol?

What is the current price of Perpetual Protocol?

How many Perpetual Protocol are there?

What is the relative popularity of Perpetual Protocol?

market data

latest Perpetual Protocol news