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THE DAILY INDEX

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TLDR Crypto

PICO PRISM: 99.6% REAL-TIME PROVING FOR ETHEREUM ON CONSUMER HARDWARE

Brevis achieved 99.6% real-time proving coverage for 45M gas Ethereum blocks using 64 consumer-grade RTX 5090 GPUs across 8 servers, with 96.8% of blocks proven under the Ethereum Foundation's 10-second standard and 6.9-second average proving time. The system delivers 3.4x better performance efficiency than Succinct's SP1 Hypercube state-of-the-art, achieving 98.9% versus 40.9% coverage under 10 seconds for 36M gas blocks, 6.04-second versus 10.3-second average proving time, and $128k versus $256k GPU costs using half the hardware with 64 GPUs instead of 160. Pico Prism's breakthrough comes from completely redesigning the computational pipeline into embarrassingly parallel phases with computation-heavy workloads shifted to GPUs while setup tasks remain on CPUs, delivering near-linear acceleration when scaling across multi-machine, multi-GPU setups. The team's roadmap targets 99% real-time proving with fewer than 16 RTX 5090 GPUs in the coming months while maintaining the Ethereum Foundation's goals of sub-$100k hardware capex and sub-10kW power draw for on-premises proving.

UNISWAP ADDS SOLANA SUPPORT

Ethereum's largest decentralized exchange Uniswap has integrated Solana support into its web app, providing easy access to Solana, Ethereum, and 13 other chains in one interface and potentially unifying the two largest DeFi ecosystems. The integration simplifies user experience by allowing traders to connect Solana wallets and trade SOL tokens alongside Ethereum assets without using complex bridges or switching between different wallets and applications, removing barriers that previously affected both novice and experienced traders. Uniswap processes over $3.7 billion in 24-hour trading volume according to DeFiLlama, and the cross-chain functionality enables users to access Solana's speed and low costs through the familiar Uniswap platform while addressing the DeFi fragmentation problem.

TOP FIVE 20%+ APY STABLE FARMS

High-yield stablecoin strategies include Reservoir's wsrUSD/USDC loop on Morpho delivering 21.21% net APR from 8.25% collateral yield minus 6.81% borrow cost with $17.64 million available liquidity plus Season 2 points, Maple Finance on Arbitrum offering 20.5% net from 6.73% collateral yield minus 5.2% borrow cost with $18.57 million liquidity plus Drips rewards, and Stream DeFi LPing xUSD with Euler-lent USDT on Plasma for 23% APR plus Stream Points without leverage exposure. Additional opportunities include Avant Protocol on Avalanche with senior tranches exceeding 20% APR that can be leveraged on Euler for higher returns, and Pendle's short-dated AIDaUSDC Principal Tokens delivering 30% actual APR with 1% ROI on $100k deposits, though cap is hit, requiring purchases around peg on secondary markets.

STATE OF CRYPTO FUNDRAISING: Q3 2025

Total capital raised in Q3 2025 increased 47% quarter-over-quarter to $8.21 billion, reversing a two-year downtrend and marking the highest quarterly fundraising since Q1 2023, though deal count declined 16% to 480 transactions while investor participation rose 13% to 1,200 unique investors from Q2's record low. The top ten funding rounds raised $4.27 billion, led by Bullish's $1.11 billion IPO, surpassing Circle as the largest crypto IPO since Coinbase, Figure's $788 million IPO, pump.fun's $600 million public token sale at $4 billion valuation, Kraken's $500 million round at $15 billion valuation, preparing for 2026 IPO, and Rapyd's $500 million Series F, demonstrating a shift toward public market participation over token-based fundraising. M&A activity remained robust with 80 deals despite 6% quarterly decline from Q1's record 85 deals, with top acquisitions including Solowin's $350 million AlloyX purchase, Ripple's $200 million Rail acquisition for stablecoin payments, LayerZero's $120 million Stargate Finance acquisition after four-way bidding war, Polymarket's $112 million QCEX purchase for US market re-entry, and Talos's $100 million Coin Metrics acquisition backed by Citi. Newly launched funds raised $2.31 billion led by Sora Ventures' $1 billion Bitcoin Treasury Fund, 50T Fund V's $500 million growth equity vehicle, and Ondo Catalyst's $250 million RWA-focused fund, while Payments, Gaming, and DEX sectors led deal activity with AI Agents and RWAs showing steepest accelerator growth despite overall accelerator activity declining 56% to 88 deals.

STABLECOINS ARE 'CENTRAL BUSINESS DIGITAL CURRENCIES'

Privately-issued stablecoins are "central business digital currency" featuring all the surveillance, backdoors, programmability, and controls of CBDCs, plus unique risks, and that issuers like JPMorgan could freeze funds and unbank users through the Patriot Act or future regulations. Overcollateralized stablecoins backed by cash and short-term government securities face bank run risks if too many holders attempt simultaneous redemptions, while algorithmic and synthetic stablecoins carry counterparty risks and de-pegging vulnerabilities from volatility or flash crashes in crypto derivatives markets.

THE TWO-STABLECOIN FUTURE

Every fiat currency will eventually have two stablecoins. One is a “spending” version for daily commerce, and the other, a “savings” version backed by tokenized government bonds. This dual model will mirror power laws in FX, where most coins never rival USDT or USDC but still enable frictionless participation in local economies. Governments will back the shift to prevent dollarization, while onchain currencies will cut out FX middlemen, keeping more value with workers and businesses.

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