1/ Perpetual exchanges have faced a trade-off:
Push execution onto a specialized L1 and lose composability with Ethereum’s $122B DeFi collateral, or accept generalized L1 constraints.
Breaking down @ZKsync's Atlas solution for composable perps, powering @grvt_io's Market layer.

Twitter

The Pi Network community is raising the alarm about a new scam that has emerged, resulting in millions of Pi Token being stolen from users' wallets.
This scam exploits the payment request feature...

Pi Network has temporarily suspended payment requests after being scammed out of 4.4 million Pi coins.

The charts speak for themselves, and market sentiment has shifted accordingly. As 2025 draws to a close, we must face reality: Bitcoin has officially entered a bear market.

For months, traders and analysts have debated whether the price action was merely a consolidation phase or a deeper correction. Now, confirmation signals have arrived, not only in price but also in on-chain data, reversals in capital flows, and the convergence of fragmented market structures. While the term "bear market" often triggers panic, understanding the mechanisms behind this downturn is the first step to navigating this difficult period successfully.

This in-depth analysis will break down the factors defining the current landscape at the end of 2025...

Bitcoin has officially entered a bear market: On-chain evidence, fund flows, and how investors can profit.

A business backed by football star David Beckham has unexpectedly abandoned plans to expand its Bitcoin holdings, despite having recently successfully raised tens of millions of dollars with the goal of building a...

David Beckham-backed company abandons plans to buy Bitcoin.

6/ The payoff is both monetization and expandability:
If collateral remains in ETH/LST form, the exchange can monetize beyond pure taker fees via yield on deposited collateral, margin interest spreads, and ecosystem-level fees alongside execution fees.
The same architecture also sets Grvt up for RWA expansion: tokenized equities can become eligible collateral, and market makers can post hedge inventory as margin directly, reducing buffer requirements versus siloed venues.
Grvt’s roadmap extends from RWA perps into unified margin using vault tokens as collateral, then a spot CLOB, and eventually options.

7/ ZKsync Atlas makes high-performance perps compatible with Ethereum composability, letting perp venues extend beyond execution into a broader market layer, as illustrated by Grvt.
Full report unlocked by ZKsync: