TLDR Index
TLDR Crypto

TLDR CRYPTO 2025-12-05

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01MARKETS & BUSINESS

CRYPTO MARKETS HOLD GAINS AS BITCOIN TRADES ABOVE $92K

Bitcoin stabilized above $92,000 as Ethereum led top-20 gains at 3.4%. $732 billion in new capital was added this cycle. 1-year realized volatility nearly halved, suggesting a "calmer, larger and more institutional" environment. Over 25% of BTC supply remains underwater as spot Bitcoin ETFs recorded $14.9 million outflows, breaking a five-day streak. Liquidations totaled $282 million, with shorts accounting for $201 million as traders position ahead of the Fed's expected December 10 rate cut and digest jobless claims falling to 191,000.

links.tldrnewsletter.com4 min read

MONEYGRAM TEAMS UP WITH FIREBLOCKS TO EXPAND STABLECOIN PAYMENTS

MoneyGram partnered with Fireblocks to power stablecoin payments and cross-border settlements across its 200+ country network, reducing pre-funding requirements and enabling real-time treasury operations through multi-blockchain stablecoin transfers. The integration allows near-instant digital wallet arrivals for recipients using USDC while MoneyGram reconciles payments faster on the backend, reducing friction from local banking systems and capital requirements. Fireblocks, which has secured over $5 trillion in annual digital asset transfers, will act as the programmable layer routing value across chains and jurisdictions.

coindesk.com3 min read

02INNOVATION & LAUNCHES

ETHVAL V0.4.3: TRACKING FUSAKA'S SUPPLY EXPERIMENT

ETHval just shipped a “Supply Dynamics” dashboard to watch what Fusaka does to ETH inflation/deflation in real time. Fusaka boosts Ethereum's gas limit from 36M to 60M and massively expands blob capacity, so fees per transaction should fall at first. It is still debated whether cheaper blockspace makes ETH inflationary (because burn drops), or whether it pulls in so much extra activity that total burn still beats issuance, and ETH stays scarce. ETHval now surfaces gas utilization, daily burn/issuance, net supply, base fee, blob activity, and TVL so you can see which way the experiment goes.

threadreaderapp.com3 min read

BASE LAUNCHES BRIDGE TO SOLANA

Base launched a bridge to Solana, powered by Chainlink's Cross-Chain Interoperability Protocol, enabling native SPL token support in Base apps and bidirectional asset transfers verified by Coinbase and Chainlink node operators. The integration advances Base's goal to serve as a hub for the "everything economy" where users can trade and use assets across chains regardless of their starting network.

links.tldrnewsletter.com4 min read

03GUIDES & TUTORIALS

TETHER IN 2025: A CAPITAL ANALYSIS

Tether is like an unregulated bank rather than a simple money transmitter. Depending mostly on how harshly you treat BTC, Tether's total capital ratio ranges from ~10.9% (OK vs minimal regulatory standards) down to ~3.9% (bad vs market norms). Group-level profits and equity look big, but most sit outside the actual reserve entity and aren't legally committed to back USDT redemptions, so they can't be counted as true regulatory capital.

dirtroads.substack.com15 min read

WHAT ACTUALLY HAPPENS WHEN YOU SUBMIT A TRANSACTION

Ethereum transaction processing moved from validators building their own blocks to specialized block builders dominating the process through MEV-Boost relays that auction optimally-ordered blocks to validators selecting the most profitable bids. Transactions propagate through decentralized mempools where each node maintains local versions and compete on fees rather than arrival time, with wallets signing and broadcasting via RPC nodes like Alchemy before builders bundle transactions to capture MEV opportunities. Confirmation arrives after one 12-second slot when the majority attests the block, while finalization requires 12.8 minutes, providing cryptographic permanence that requires one-third of staked ETH to reverse.

links.tldrnewsletter.com8 min read

04MISCELLANEOUS

PEERDAS: HOW FUSAKA MAKES L2S CHEAPER

Fusaka's main feature, PeerDAS, changes how Ethereum stores blob data. Instead of every node keeping full copies of each blob, nodes only store a small slice of every blob while still being able to verify that the full data exists. That means the network can safely handle many more blobs per block, which lowers data-availability costs for rollups. More blobs per block means cheaper L2 data and cheaper L2 transactions for users.

threadreaderapp.com2 min read

CAN L1S COMPETE WITH BTC AS MONEY?

Most of crypto's value is really a bet on “cryptomoney”, BTC plus L1 tokens that the market hopes can act like money one day. When you strip out TRON/Hyperliquid, L1 revenues have fallen, while their price-to-sales multiples have exploded (40x to 500x+), meaning valuations are being driven far more by monetary premium than by cash flows. Against that standard, almost all major L1s have underperformed BTC since late 2022. Even Solana, whose fundamentals went from 20 to 30x, only managed an 87% outperformance (at one point) versus BTC. BTC's claim as cryptomoney is strengthening while the “maybe we'll be money later” story for most L1s is quietly breaking.

links.tldrnewsletter.com6 min read