TLDR CRYPTO 2025-11-13

COINBASE AND BVNK CALL OFF $2 BILLION ACQUISITION

AERODROME EXPANDS BEYOND BASE TO ETHEREUM AND ARC

SOFI LAUNCHES IN-APP CRYPTO TRADING

SoFi is the first nationally chartered US bank to launch direct in-app crypto trading for Bitcoin, Ethereum, and Solana, leveraging its banking charter and 12.6 million users who already trust it with checking and loans. The company has operated Lightning Network remittances with Lightspark since August, targeting the $740 billion global remittance market, where users send dollars that convert to pesos using Bitcoin rails invisibly. SoFi plans to launch a proprietary stablecoin by mid-2026, positioning crypto trading as a complement to its remittance strategy rather than a standalone product. 60% of crypto-owning members prefer licensed bank custody over exchanges.

JPMORGAN LAUNCHES JPM COIN ON COINBASE'S BASE NETWORK

JPMorgan is rolling out JPM Coin on Coinbase's Ethereum L2, Base, introducing a new class of interest-bearing deposit tokens backed by bank funds. These tokens enable instant, 24/7 settlements and will be accepted as collateral on Coinbase, following a successful pilot with Mastercard and B2C2. Other major banks like BNY Mellon and HSBC are pursuing similar products. This move underscores how Ethereum has become the preferred settlement layer for global finance.

AERODROME'S BLITZSCALING

Aerodrome's critics misunderstand token economics by ignoring velocity. 49% of AERO supply is locked as veAERO, creating ~5.6% net circulating inflation comparable to gold's 2-3% annual rate despite higher gross emissions. The protocol generates $185M in annualized revenue with zero cash burn since emissions are equity distribution rather than expenses, mirroring Google's early stock-based compensation strategy that showed accounting losses while preserving cash. veAERO holders capture 100% of protocol revenue plus rebases that offset dilution, while Aerodrome commands 60% DEX market share on Base with $425M total revenue since launch and accumulation from Coinbase, Circle, and Animoca Brands.

PUBLIC SALES ARE THE NEW AIRDROPS

Public ICOs have replaced airdrops as the dominant token launch method after airdrop farming turned distribution events into exit liquidity for sybil attackers. Projects are now raising hundreds of millions at pre-launch valuations that still offer retail profitable flips. PUMP raised $600M at $4B FDV while XPL presalers captured 6x returns despite drawdowns, and upcoming launches MegaETH and Monad are raising $50M at $900M FDV and $200M at $2.5B FDV, respectively, with MegaETH oversubscribed 27.8x. This ICO surge redirects capital from existing altcoin holders into new launches, creating a headwind for high-FDV vaporware projects and accelerating dispersion between coins with monetary premium or cashflow versus narrative-driven tokens.

MAJORS NEED TO LEAD BEFORE ALTCOINS FOLLOW

Market positioning has reset following October's washout, but crypto remains the worst-performing cross-asset class despite selective altcoin strength in DePIN (+22%), L2s (+13%), and mid-caps (+15%), driven by a weekend bounce. Bitcoin sits at $105k, 16% below all-time highs, a range where historical data shows BTC outperforms alts 54% of the time and explains why recent dinocoin rallies in FIL, ICP, and FET quickly lost momentum. Supportive macro conditions, including rate cuts and ended QT, haven't translated to broad crypto flows. The next volatility drivers are expected to come from US regulatory and political headlines rather than positioning shifts, as majors must reclaim leadership before sustained altcoin breadth returns.

ETHEREUM DOMINATES STABLECOIN MARKET AS SOLANA SLIPS TO 4TH

Ethereum's stablecoin market cap hit an all-time high of $167B, cementing its position as the leading stablecoin ecosystem. Meanwhile, Binance Smart Chain flipped Solana, pushing it to fourth place after a $2B decline in circulating stables. With over 80% of non-centralized stablecoin liquidity now on Ethereum L1 and L2 (Arbitrum and Base holding $8B combined), capital is increasingly consolidating around Ethereum's DeFi and payment infrastructure.

WHAT TO DO WITH $50K IN CRYPTO

For users with a moderate-sized portfolio, one path to accumulating wealth is participating in upcoming presales and allocating capital to new platforms and projects to farm potential token launches and airdrops.

DEFI AS SAVINGS IS FINALLY VIABLE

DeFi on Ethereum has reached a turning point because there is a big difference in security and maturity compared to the 2020 DeFi Summer era.

SOLANA TRANSACTION CLAIMS DEBUNKED, ETHEREUM SCALING TO 1M+ TPS

While Solana touts 3.1B lifetime transactions, much of that count includes vote transactions, which inflate totals and distort comparisons.

BEGINNER'S GUIDE TO YIELD FARMING

On the low side of the DeFi risk-reward matrix are T-bills, Aave USDC, and Morpho cbBTC/USDC, representing conservative, stablecoin-based yields.