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JUSTIN DRAKE TEASES ETH 3.0

Justin Drake has teased a proposal for ETH3.0, to be revealed tomorrow at Devcon, that outlines a roadmap for a faster, more ambitious beacon chain development.

MICROSTRATEGY'S BITCOIN PORTFOLIO SURPASSES $20B, ROI NOW OVER 100%

MicroStrategy's Bitcoin holdings have surpassed $20B in value, successfully achieving an ROI of over 100% as Bitcoin's price exceeded $80,000. The company will continue to increase its Bitcoin reserves by raising $42B over the next three years.

BITCOIN PRICE TOPS $80K AS FUTURES PREMIUM SOARS AND $1.6B IN OPEN OPTIONS BET HINTS BIG SWINGS

Bitcoin hit a new all-time high of $80,000, leading to a total weekly gain of 15%. The premium on futures contracts, which give the buyer the right to buy Bitcoin at a future date for a set price, has soared, indicating a continued bullish sentiment.

AGENTKIT - COINBASE'S MODEL-AGNOSTIC, PRODUCTION-READY AI AGENT FRAMEWORK

Coinbase Developer Platform (CDP) has released AgentKit, a model-agnostic toolkit for giving AI agents access to any onchain functionality alongside access to web2 APIs. Built in Python and powered by LangChain, the goal of AgentKit is to be both powerful yet simple to use. Out-of-the-box features include memecoin deployment on a bonding curve, access to posting on X, and arbitrary smart contract invocations. Going forward, CDP plans to highlight user-created agent templates and curate a community of agent builders.

FUTARCHY - ALLOWING COMPANIES TO USE MARKETS TO MAKE DECISIONS

Futarchy has introduced a platform that uses prediction markets to make organizational decisions and address misaligned incentives in DAOs. The platform creates conditional markets for proposals where participants can trade on share prices under different outcomes, allowing the market to determine the holders. Futarchy aims to evolve governance into a broader system for aggregating global information through interconnected markets.

FROM PREDICTION MARKETS TO INFO FINANCE

In this post, Vitalik Buterin explores the concept of “info finance” – deliberately designed markets that elicit specific information from participants, with prediction markets being one early example. These systems can create better implementations of social media, science, news, and governance through mechanisms like distilled human judgment and decision markets. AI could enable efficient micro-markets by solving the problem of low volume. The convergence of scalable blockchains, growing trust issues, and AI capabilities make this the perfect time for info finance to take off.

ETHEREUM FOUNDATION 2024 REPORT

The Ethereum Foundation reported $134.9M in spending for 2023, with a current treasury of $970.2M, 81% of which is in crypto. This year, it introduced a new conflict of interest policy and supported the growth of independent ecosystem organizations. $22.2B is being held across various project treasuries across the ecosystem and nearly $500M was deployed for ecosystem support in 2022-23.

KAST OFFICIAL TO GO LIVE

KAST is launching a global on-ramp to USDC via SWIFT with fees between 0%-0.1% and a $10k minimum. The surface will initially be offered in Asia but the team expects to expand soon to the U.S., Europe, and the UAE. They hope to make stablecoin access frictionless for compliant customers.

A POSITIVE PATH FORWARD

Optimism is high for a more supportive regulatory environment in the U.S. crypto space following recent elections. There is potential for bipartisan progress that will enable consumer-focused innovation in areas like digital identity, stablecoins, and decentralized networks. Clearer rules are anticipated to support good actors while protecting consumers, allowing projects to embrace tokens and decentralization with greater confidence.

MYSTERIOUS COUNTRY CONTINUES TO BUY BITCOIN

David Bailey, CEO of Bitcoin Magazine, claims that an unnamed country has become a top five Bitcoin holder.

BITCOIN'S MOVE TO $80,000 COULD TRIGGER A RALLY IN ETH, SOL, SUI, AND AAVE

Bitcoin's recent surge to $80K is expected to fuel bullish momentum in Ethereum (ETH), Solana (SOL), Sui (SUI), and Aave (AAVE).

ADVICE FOR FIRST TIME CRYPTO FOUNDERS

For new crypto founders: prioritize a 36-month runway in short-term U.S. T-bills, avoid leverage and derivatives, and focus on early launches and user-driven iteration.

PERSPECTIVE ON PRAXIS

Praxis recently secured $525 million in financing to build a new city.

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AVALANCHE FOUNDATION BUYS BACK $52 MILLION WORTH OF AVAX TOKENS FROM DO KWON'S DEFUNCT 'LUNA FOUNDATION GUARD'

The Avalanche Foundation has repurchased $52M worth of AVAX tokens from the defunct Luna Foundation Guard, closing its involvement with Do Kwon's failed Terra stablecoin project. The tokens will support grants, incubators, and events to boost the Avalanche ecosystem.

DETROITERS WILL BE ABLE TO PAY THEIR TAXES IN CRYPTO NEXT YEAR USING PAYPAL

Starting in mid-2025, Detroit residents will be able to pay city taxes and fees in crypto using PayPal. Detroit is the largest U.S. city to offer this option. The city is encouraging blockchain entrepreneurs to propose civic applications that could improve transparency, data security, and public services to support Detroit's goal of becoming a tech-friendly hub.

PAYPAL-BACKED MAGIC LABS AND POLYGON LAUNCH A NEW CROSS-CHAIN NETWORK AIMING TO BUST 'BLOCKCHAIN SILOS'

PayPal-backed Magic Labs and Polygon have launched “Newton,” a new cross-chain network that aims to simplify cross-chain dapp usage. Newton will allow developers to create dapps that operate across chains without needing separate wallets. Magic Labs will integrate Newton with its Passport wallet for a unified user experience.

INTRODUCING POND

Pond is building a decentralized AI model layer specifically for crypto applications. The platform has demonstrated strong early results across multiple use cases, including accuracy in calculating dynamic DeFi fees, malicious address detection, and NFT recommendations. These implementations showcase the value of crypto-specific models as the agent narrative takes center stage.

AERODROME: THE ONCHAIN LIQUIDITY ENGINE

Aerodrome has emerged as the dominant DEX on Base, capturing 63% market share and growing its TVL to $1.3B and monthly volumes to $16.5B. Its success stems from its design, which combines features from Curve tokenomics and Uniswap V3-style concentrated liquidity. The platform has become particularly popular for cbBTC, commanding 80% of volume, while its emissions strategy has been productive in building sustainable liquidity.

ECONOMIC IMPLICATIONS OF A COMPETITIVE BLOB MARKET

The blob market has entered a new competitive phase. It has generated $11M in fees since its inception. 11.8% of fees were from priority fees, while the rest of the ETH was burned. L2s have profited nearly $20 million from the cost savings from blobs, with some achieving 99% profit margins on transaction fees. Fees could see a similar increase if the blob count doubles, though increased competition and proposed changes like EIP 7762 could impact profitability and fee dynamics.

A FRUSTRATED MIGRATION AND A PLEA TO THE DEGEN COMMUNITY

DEGEN has experienced challenges migrating its L3 blockchain from Conduit, citing prolonged delays, unfulfilled contractual obligations, and poor operational practices, which have consequently led to significant downtime, lost funds (~$160k), and withheld assets. It is launching a new L3 chain to ensure the community's interests are safeguarded and to restore trust in the ecosystem.

CRYPTO MARKET TAILWINDS

The coming months may be transformative for crypto, with favorable political and economic conditions likely boosting BTC and ETH, regulatory clarity benefiting the DeFi ecosystem, Solana volumes surging, and crypto x AI projects gaining traction amidst increasing global liquidity and rising asset price targets.

HIGH ETH SPOT ETF INFLOWS

Eth spot ETF inflows hit $52.3M, the highest amount since more than a month ago (September 27).

WINTERMUTE PROPOSES TURNING ON THE FEE SWITCH

Wintermute has proposed a fee switch for Ethena's sENA that will allow ENA holders to share in USDe revenue.

ECLIPSE LAUNCHES ITS MAINNET

Eclipse, a Layer 2 built using the Solana Virtual Machine, is now live on mainnet.

CBBTC GOES LIVE ON SOLANA

Coinbase has launched cbBTC, a 1:1 Bitcoin-backed SPL token held in Coinbase custody, on Solana, offering users easy access to Bitcoin within the Solana ecosystem.

FRANCE TO BAN POLYMARKET

France's gambling regulator, the ANJ, plans to block Polymarket, a U.S.-based crypto prediction market popular for its election betting, due to its classification as illegal gambling under French law. Access through VPNs and other workarounds could make enforcement challenging.

REFLECTIONS ON THE ELECTION THROUGH A CRYPTO LENS

CRYPTO.COM RELEASES 2025 ROADMAP

Crypto.com has released its roadmap for 2025. It plans to launch a stock and options trading platform, a stablecoin, and an ETF. It is also exploring the banking sector with personal multi-currency accounts and interest on cash balances. Notable milestones include “1 second, 1 cent” transfers, a US credit card, and fiat on and off ramps in South Korea and Hong Kong.

THE FOUNDATIONAL ELEMENTS OF THE SUPERCHAIN AND OPTIMISM'S FUTURE

Optimism has expanded its mission from a single Ethereum Layer 2 (L2) solution to a foundational role within the "Superchain," a network of interconnected, Optimism-governed blockchains using the OP Stack to facilitate Ethereum's scalability. Through shared technology, governance, and a collaborative ecosystem that rewards impactful open-source contributions, the Superchain aims to harness network effects to grow Ethereum's capacity and enhance interoperability, benefiting all participants and developers in its ecosystem.

ON SOLVER ECONOMICS: HOW VALUE FLOWS IN DEFI

ERC-7683 standardizes intent-based transactions, leading to a commoditization of solver services and a redistribution of value to the ecosystem. As solver fees have declined from 15 to 4 basis points over the past year, value is increasingly flowing to order originators like UniswapX and settlement networks like Across, which provide critical infrastructure including flexible repayment systems and intent backstopping. The standard is expected to capture 20-30% of L2 DEX volume and 25-40% of the bridging market.

TOKEN VALUATION IN THEORY AND PRACTICE

There is no clear “L1 premium” in fully diluted valuations (FDV). That being said, it does exist in market cap comparisons, with L2s trading at FDV/revenue multiples of 100-250x versus L1s at 118-140x. Optimism has significantly higher multiples largely due to successful collective strategy implementation and adoption of OP Stack technology. The data challenges common assumptions about blockspace restriction and revenue generation, with Arbitrum showing lower L2 profit than Base despite higher fees.

TALUS: UNLOCKING NEW FRONTIERS IN AUTONOMOUS DAPPS

Talus is an L1 designed for AI agent deployment. It addresses current issues like platform isolation, API fragmentation, and payment rail restrictions. Its onchain agentic framework, Nexus, enables agent orchestration through IBC protocol integration, permissionless payments, and programmable security. Built on MoveVM, Talus aims to provide the essential infrastructure for autonomous agents including composability, interoperability, cost-effectiveness, and verifiable computation.

DYDX ROLLUP SHUTDOWN: WHAT HAPPENS WHEN AN L2 STOPS?

dYdX v3 shutdown with $70 million in user funds stranded on the L2. The platform's Escape Hatch mechanism allowed users to withdraw nearly $30M through a three-step transaction process on the Ethereum mainnet. This incident highlights the importance of security measures and fallbacks for L2s. More robust solutions are needed for general-purpose L2s.

AI AGENTS ON BASE, VISUALIZED

This chart shares a visual depiction of various AI projects on Base and their specific sub-category.

COWSWAP LISTS ON BINANCE

Binance is listing Cow Protocol (COW) and Cetus Protocol (CETUS) with a "Seed" tag, which indicates higher risk and volatility - trading will open on November 6.

WHAT POLYMARKET GOT RIGHT THAT THE EXPERTS GOT WRONG

Polymarket outperformed traditional media and pollsters in forecasting the election by quickly and accurately processing data without bias.

VITALIK DEPOSITS STRK TO BINANCE

Vitalik Buterin deposited 2.09 million STRK tokens, valued at $799,000, into Binance.

NEW GLOBAL DOLLAR STABLECOIN BACKED BY ROBINHOOD, KRAKEN, PAXOS, AND OTHER CRYPTO HEAVIES

Paxos has launched USDG, a new Singapore-based stablecoin backed by major crypto firms like Kraken, Robinhood, and Galaxy Digital. It distributes 97% of reserve yield to network participants who help drive the adoption of the “Global Dollar Network.” DBS Bank, the largest bank in Southeast Asia by assets, will be the primary banking partner.

KALSHI FIRST, POLYMARKET FOURTH IN FINANCIAL CATEGORY OF APPLE APP STORE ON ELECTION DAY

Prediction platforms Kalshi and Polymarket reached the top spots in Apple's finance app category on US Election Day 2024, with Kalshi ranking first and Polymarket fourth. Both platforms are prediction markets, which allow users to bet on election outcomes. However, only Kalshi is available to US users, having recently received approval to list election betting contracts and driving high user interest and volume.

PM-AMM: A UNIFORM AMM FOR PREDICTION MARKETS

The pm-AMM is a new type of automated market maker specifically optimized for prediction markets where traditional outcome tokens behave differently from other assets. By modeling these tokens with "Gaussian score dynamics," the pm-AMM aims to deliver consistent liquidity provider losses across prediction market scenarios with a dynamic variant that adapts as market expiration approaches.

LAUNCHING DELEGATED ACTIONS ON PRIVY

Privy has introduced “delegated actions,” a feature that allows users to grant apps permission to perform specific on-chain actions on their behalf, even when offline, improving the user experience in self-custodial systems. This tool enables automated workflows like executing limit orders or recurring transactions, with all actions rooted in user consent and secured through Privy's key splitting cryptosystem and secure enclaves.

DELPHI DIGITAL'S AGENTIC ECONOMY REPORT TAKEAWAYS

LRT LIQUIDITY AND UTILIZATION UPDATES (JULY - OCTOBER)

The latest LRT Liquidity and Utilization report highlights key updates across top liquid restaking tokens (LRTs), with notable developments in EigenLayer's incentivization programs and liquidity trends in decentralized exchanges and lending protocols. Liquidity has generally decreased, but lending protocols are absorbing more LRTs, a trend expected to continue as restakers prioritize ETH rewards for greater capital efficiency, especially as auto-compounding options gain traction.

THE AI AGENT REVOLUTION: 2 TRENDS YOU NEED TO KNOW

AI agents are evolving from pure personality-based agents like Truth Terminal to hybrid personality-utility agents like Luna that can perform onchain transactions. There has been an expansion from single-channel to multi-channel presence across social media platforms. Major AI platforms like Fetch.ai and Virtuals are positioning for this transition, with 2025 projected as a pivotal year for AI agent adoption across DeFi, strategy management, and social media content creation.

ETHEREUM ROADMAP UNDER FIRE

Ethereum's roadmap, with key upgrades like EIP1559, Proof of Stake, Shapella, and EIP4844, has had wide-ranging economic effects on developers, validators, users, and token holders by impacting fees, validator yields, and transaction costs. While these changes have supported Ethereum's scalability, especially through increased L2 adoption, questions remain about whether the primary value will continue to accrue at the L1 level or shift more significantly to L2 solutions.

OPENSEA TEASES VERSION 2.0

NFT marketplace OpenSea posted a mysterious video announcing a new version of the platform launching in December.

POLYMARKET MONTHLY VOLUME HITS $5.15B

Polymarket's monthly volume hit $5.15B just five days into November, already surpassing October's total of ~$4.6B.

POLYMARKET BLOCKWORKS RESEARCH

This Polymarket dashboard, now freely accessible throughout the week, enables users to track betting volumes, open interest, wallet segments, collateral, trade types, and market types.