Today's top news highlights:
After AI16Z is swapped for ELIZAOS, the total token supply will increase by 40% to 11 billion.
dYdX plans to enter the US market by the end of the year and significantly reduce transaction fees.
Macro
According to Cointelegraph, UK-based fintech company Revolut has launched a 1:1 exchange feature between the US dollar and stablecoins (including USDC and USDT), supporting six blockchains including Ethereum, Solana, and Tron. Users can exchange up to $578,000 every 30 days without paying fees or spreads. Revolut stated that this move aims to simplify the conversion process between fiat currency and cryptocurrency, eliminating operational pain points. Furthermore, Revolut recently received a Crypto Asset Market Regulatory License (MiCA) from the Cyprus Securities and Exchange Commission, allowing it to provide regulated crypto services in 30 countries within the European Economic Area.
The General Offices of five departments, including the Ministry of Commerce, issued the "Action Plan for Improving the Quality of Urban Commerce," which points out the need to strengthen the empowerment of emerging technologies and enhance the integrated application of technologies such as artificial intelligence and blockchain in the urban commercial system.
According to crypto journalist Eleanor Terrett, multiple sources indicate that the U.S. Senate Agriculture Committee is about to release its bipartisan draft bill, which includes commodity-related content from the cryptocurrency market structure bill. However, the exact release date varies depending on the source. Some say the committee could act as early as tomorrow; others suggest final preparations mean the release may be delayed until next week. Regardless, this upcoming draft, coupled with the resumption of negotiations between bipartisan staff on the Banking Committee, indicates that progress on market structure matters is back on track following last week's industry roundtable.
The US Senate passed a resolution to end Trump's comprehensive tariff policy.
According to CCTV News, the US Senate passed a resolution by a vote of 51 to 47, ending President Trump's comprehensive tariff policy implemented globally. The Senate announced that it had approved a joint resolution terminating the national emergency declared by the president to implement the global tariffs. Earlier this week, the Senate passed two resolutions aimed at lifting tariffs imposed on Canada and Brazil. These resolutions now need to be voted on in the House of Representatives. However, House Republicans have repeatedly blocked legislation to overturn the tariffs, making it difficult for these resolutions to pass in the House. Even if the House ultimately passes them, Congress still needs a two-thirds majority to override the president's veto.
JPMorgan Chase: USDC outperforms USDT in on-chain activity and market capitalization growth.
According to The Block, JPMorgan analysts stated that Circle's stablecoin USDC has surpassed Tether's USDT in on-chain activity and market capitalization growth, driven by a clearer regulatory framework and increased institutional adoption. USDC's market capitalization has risen from approximately $43 billion in January to approximately $74 billion today, an increase of 72%, far exceeding USDT's 32% growth rate during the same period. This reflects a market shift towards stablecoins that prioritize transparency. USDC's transparent reserve management and regular audits have earned it institutional trust, and its adherence to frameworks such as the Crypto Asset Markets Regulation (MiCA) has made it a preferred stablecoin for financial institutions. The MiCA regulations, which will take effect in July 2024, have accelerated the divergence in the velocity of circulation between the two stablecoins. USDC's velocity of circulation and on-chain activity have increased, further boosted by the Genius Act. USDT, lacking MiCA authorization, has been delisted, while USDC's growth is driven by its increased integration with payment networks, its presence on chains like Solana, and its cross-chain transfer protocols. This emerging competition is likely to be a zero-sum game; unless the entire crypto market expands significantly, US stablecoin issuers will primarily be vying for market share.
According to crypto journalist Eleanor Terrett, Canary Capital has filed an updated S-1 form for its XRP spot ETF, removing the "delayed amendment clause" that prevented automatic registration and handing control of the timeline to the U.S. SEC. Assuming Nasdaq approves the Form 8-A application, Canary's XRP ETF will officially launch on November 13th. Note: The reopening of the government may affect the timeline; if the application is complete and the SEC is satisfied, the launch may be earlier; if staff raise further concerns, the launch may be delayed. However, it's worth noting that the SEC Chairman himself seems to support companies utilizing the automatic registration mechanism. While not directly commenting on the ETF launch, Paul Satkins stated yesterday that he was pleased to see companies like MapLight using the 20-day statutory waiting period to list during the government shutdown and praised Bitwise and Canary for using the same legal mechanism when launching their SOL, HBAR, and LTC ETFs this week.
Opinion
According to The Block, Standard Chartered Bank estimates that the market capitalization of Real-World Asset Tokenization (RWA), excluding stablecoins, is projected to expand from approximately $35 billion to $2 trillion by 2028, representing a growth of about 5600%. Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered, stated that stablecoins lay the foundation for the large-scale on-chaining of other assets, with the "vast majority" of such activity taking place on Ethereum, given its over 10 years of operation without mainnet outages. Kendrick estimates that by 2028, tokenized money market funds and listed stocks will account for the largest share, with money market funds, driven by corporate use of stablecoins, accounting for $750 billion, and listed stocks, pending clarification of US regulations, also accounting for $750 billion. Kendrick believes that lending, especially RWA, is key to DeFi's disruption of traditional finance, and that DeFi has begun a growth cycle. The US Genius Act has accelerated the adoption of stablecoins, and the Digital Asset Markets Clarification Act is expected to further legalize asset tokenization. Even without this act, regulatory bodies may have clear rules operating within the law; however, the lack of clarity in US regulations remains a risk.
Michael Saylor: Strategy is not interested in acquiring other Bitcoin asset reserve companies.
According to Cointelegraph, Strategy Chairman Michael Saylor stated that while he hasn't completely ruled out acquiring other Bitcoin asset reserve companies, the company is not interested due to the inherent uncertainty of such acquisitions. Saylor said during the company's third-quarter earnings call, "Generally speaking, we don't have any plans to engage in M&A activities, even if such activities seem to offer added value. There's just too much uncertainty involved, and these things often last six to nine months or even a year. What seems like a good idea at first might not be a good idea six months later."
Project Updates
According to official news from the Kite Foundation, the snapshot of the Ozone testnet and the "FLY THE KITE" NFT was completed at 08:00 Beijing time on October 31st, involving interaction and social media binding data. Meanwhile, EOA wallet binding is still underway, with the specific deadline to be displayed on the official page. In addition, the Kite Foundation released its token economic model. The token $KITE aims to support the first blockchain for AI-assisted payments, with a total supply of 10 billion. The initial token allocation includes: ecosystem and community (48%), modules (20%), team and early contributors (20%), and investors (12%). Modules, as an important part of the Kite network, cover supply-side services such as computing, models, and data, as well as demand-side services such as agents and applications, earning rewards based on verified usage. Previously, Binance Launchpool listed Kite (KITE), and KITE spot trading will begin on November 3rd.
After AI16Z is swapped for ELIZAOS, the total token supply will increase by 40% to 11 billion.
According to the announcement, after the AI16Z token swap to ELIZAOS tokens, the total supply will increase from 6.6 billion to 11 billion (+40%), with the following allocation: 75%: Community (60% of which is for AI16Z token holders); 5.5%: Liquidity and listing; 4.5%: Foundation; 2.5%: Ecosystem; 2.5%: Protocol-owned liquidity; 15%: Future token simple protocol; 10%: Team and contributors. Simultaneously, the circulating supply will immediately increase from 6.6 billion to 7.4 billion, with the additional 607 million allocated to liquidity and listing, and 275 million to protocol-owned liquidity. Previously, Binance Alpha and Binance Futures announced that they would support the ai16z (AI16Z) token swap, incremental supply, and rebranding as elizaOS (ELIZAOS).
Binance Alpha and Binance Futures will support the AI16Z (ai16z) token swap, increment, and rebranding as ELIZAOS (elizaOS). According to the announcement, Binance Alpha 2.0 will suspend AI16Z trading and deposits at 18:00 (Beijing time) on November 6, 2025, and complete the swap at a ratio of 1 AI16Z = 6 ELIZAOS. After the upgrade, ELIZAOS trading and deposits will resume at 10:00 (Beijing time) on November 7, 2025. Furthermore, Binance Futures will automatically liquidate the AI16ZUSDT U-margined perpetual contract at 17:00 (Beijing time) on November 6, 2025. The trading pair will be removed after liquidation, and the relisting time will be announced separately.
Western Union's "WUUSD" trademark suggests it may be launching a cryptocurrency service.
According to Cointelegraph, Western Union filed a trademark application for "WUUSD" with the U.S. Patent and Trademark Office on Wednesday. The WUUSD trademark can be used for multiple areas, including cryptocurrency wallets, cryptocurrency trading, and stablecoin payment processing. The trademark covers a range of stablecoin-related services. The application has been accepted but no examiner has been assigned. It is unclear what distinguishes WUUSD from its planned stablecoin USDPT, as Western Union also filed the exact same trademark application for USDPT in early October. The application documents show that WUUSD can be used for stablecoin exchange, trading, and payment processing, and also suggest a broader range of cryptocurrency services, such as software for managing and verifying transactions, "consuming and trading cryptocurrencies," and cryptocurrency exchanges, trading, payment processing, and financial brokerage services. Furthermore, the documents mention cryptocurrency lending services, specifically "conducting securities and derivatives trading," which could significantly differ from Western Union's traditional business. Previously, it was reported that Western Union plans to launch USDPT, a stablecoin built on the Solana blockchain, in 2026; Western Union has already applied to register the WUUSD trademark.
dYdX plans to enter the US market by the end of the year and significantly reduce transaction fees.
According to Reuters, dYdX President Eddie Zhang stated in an interview that dYdX is preparing to enter the US market before the end of the year. This shift means the decentralized exchange (DEX) will be open to US users who were previously unable to access it. Zhang said, "The platform plans to expand its trading offerings and will launch spot trading of Solana and other related cryptocurrencies in the US before the end of the year. After entering the US market, dYdX plans to drastically reduce trading fees by up to half, to between 50 and 65 basis points. Perpetual contracts will not be launched in the US, but dYdX hopes that US regulators will eventually provide guidance to decentralized platforms to enable them to offer these products."
The Ether.Fi community has proposed allocating treasury funds for an ETHFI buyback program, authorizing the foundation to use treasury funds to buy back ETHFI tokens when the market price falls below $3, with a maximum buyback amount of $50 million. The goal is to continuously accumulate ETHFI while the price remains below this threshold and increase the proportion of protocol revenue used for buybacks. The buyback will begin immediately upon DAO approval and continue until one of the following occurs: the maximum amount is reached; the foundation deems the program complete; or a subsequent governance vote modifies or terminates the program. The next step will be a four-day vote on Snapshot. Once approved, the buyback program will take effect immediately upon meeting certain price conditions.
Bonk and Manta's zero-destruction MEME recycling protocol, Junk.Fun, launches its first season.
According to official news, Junk.Fun, a Solana zero-value asset recovery protocol co-incubated and supported by Bonk and Manta Network, has officially launched mainnet and started its first season. Junk.Fun allows users to destroy zero-value assets in their wallets, passively receive MEME airdrops, retrieve SOL rental fees, and participate in a lottery. During its 48-hour pre-launch period, it accumulated over 20,000 active addresses. The prize pool comes from the SOL rewards generated from the recovery, as well as initial rewards provided by Manta and Bonk. Each season lasts one week, and the prize pool for the first season is currently estimated at $40,000. Junk Fun expects the prize pool to grow significantly next week as the season progresses.
SBF released a report stating that FTX never truly went bankrupt.
Former CRYPTO EXCHAGE CEO Sam Bankman-Fried (SBF) retweeted a report titled "FTX: Where Did The Money Go?". The report states that "In November 2022, over seven million customers deposited approximately $20 billion into FTX. However, when customers attempted to withdraw their funds, FTX filed for bankruptcy, still owing customers $8 billion. For years, customers received nothing. So, where did these billions of dollars go? The money never disappeared. After two years of delays, the bankruptcy administrator revealed that all customers will receive 119% to 143% of their debt. Currently, approximately 98% of creditors have received 120% of their debt, after paying out $8 billion in claims and $1 billion in other debts." After paying legal fees, the bankruptcy estate still held $8 billion. In fact, FTX was never insolvent. Whether in November 2022 or now, FTX has always had sufficient assets to fully and in-kind repay all customers. The crisis FTX faced in November 2022 was a liquidity crisis, a sudden cash shortage. This crisis was expected to be resolved by the end of the month; however, it wasn't until FTX's outside legal counsel took control. Even when lawyers pushed it into bankruptcy proceedings, FTX never truly went bankrupt.
Jupiter announced on its X platform that after scaling down the DAO and resetting the community, the "Litterbox burn vote" is a major step in this new beginning, refocusing on JUP as the core of the ecosystem and rebuilding long-term confidence and consensus. Currently, 50% of Jupiter's on-chain revenue goes into the "Litterbox Trust Fund," which repurchases JUP from the open market, having accumulated approximately 130 million tokens, representing about 4% of the circulating supply. These tokens were originally planned for use by the DAO after three years, but recently, holders have felt they create uncertainty for the community and them. After considering these opinions, the DAO began voting today on whether to burn existing tokens (deadline in 4 days and 13 hours). In the coming weeks, a separate vote will be held on how to handle the continued inflow of revenue into the "Litterbox."
Ethereum developers have officially set the target date for the Fusaka upgrade as December 3rd.
According to The Block, Ethereum Foundation researchers have officially finalized the mainnet hard fork date two days after launching the final testnet deployment of Fusaka, Ethereum's next major upgrade. During a full-core developer call on Thursday, Ethereum Foundation researchers stated that Fusaka will officially launch on December 3rd. The backward-compatible Fusaka hard fork will implement approximately a dozen Ethereum improvement proposals aimed at enhancing the sustainability, security, and scalability of the base chain and its surrounding Layer 2 ecosystem. Notably, Fusaka will introduce PeerDAS technology, providing validators with a more efficient way to access data. PeerDAS was originally planned for inclusion in Ethereum's previous major upgrade, Pectra, in February of this year, but was delayed due to testing needs. Furthermore, Fusaka will increase Ethereum's block gas limit from 30 million units to 150 million units and is expected to quickly double blob capacity.
Important data
According to SoSoValue data, Ethereum spot ETFs saw a total net outflow of $184 million yesterday (October 30th, Eastern Time). The Ethereum spot ETF with the largest single-day net outflow was BlackRock ETF ETHA, with a net outflow of $118 million. ETHA's historical total net inflow is currently $14.206 billion. This was followed by Bitwise ETF ETHW, with a single-day net outflow of $31.1443 million. ETHW's historical total net inflow is currently $399 million. As of press time, the total net asset value of Ethereum spot ETFs is $24.992 billion, with an ETF net asset value ratio (market capitalization as a percentage of Ethereum's total market capitalization) of 5.51%, and a historical cumulative net inflow of $14.467 billion.
According to SoSoValue data, Bitcoin spot ETFs saw a total net outflow of $488 million yesterday (October 30th, Eastern Time). The BlackRock ETF (IBIT) experienced the largest single-day net outflow at $291 million, bringing its historical total net inflow to $65.052 billion. Following closely were Ark Invest and 21Shares' ARKB ETF, with a net outflow of $65.6193 million, bringing its historical total net inflow to $2.053 billion. As of press time, the total net asset value of Bitcoin spot ETFs was $143.944 billion, with an ETF net asset value ratio (market capitalization as a percentage of total Bitcoin market capitalization) of 6.71%, and a historical cumulative net inflow of $61.378 billion.
According to SoSoValue data, on October 30th (Eastern Time), the Canary HBAR ETF (HBR) saw a net inflow of $29.9 million, a new record high since its listing. As of press time, the Canary HBAR ETF's total net asset value was $33.05 million, with an HBAR net asset ratio (market capitalization as a percentage of HBAR's total market capitalization) of 0.41%. The Canary Litecoin ETF (LTCC) saw no net inflows or outflows. As of press time, the Canary Litecoin ETF's total net asset value was $1.34 million, with an LTC net asset ratio (market capitalization as a percentage of LTC's total market capitalization) of 0.02%.
According to SoSoValue data, on October 30th (Eastern Time), the total net inflow into the US Solana spot ETF was $37.33 million. The Bitwise Solana spot ETF (BSOL) saw a single-day net inflow of $36.55 million, bringing its historical total net inflow to $153 million. The Grayscale Solana spot ETF (GSOL) saw a single-day net inflow of $780,000, bringing its historical total net inflow to $2.18 million. As of press time, the total net asset value of the Solana spot ETFs was $440 million, with a net asset value ratio (market capitalization as a percentage of total market capitalization) of 0.44%, and a historical cumulative net inflow of $155 million.
Financing/Acquisition
Solana's ecosystem project, Dare Market, has raised $2 million in funding.
According to Finance Feeds, Dare Market, a Solana-based challenge platform, announced the completion of a $2 million funding round led by Karatage and Paper Ventures. Initially launched in September, the platform allows users to complete challenges posted by other users. Participants are required to share proof of completion on social media after completing a challenge in exchange for rewards. Users can also create their own challenges and commit to completing them once specific fundraising goals are reached. Dare Market takes a 6.9% commission on the reward earned from each successfully completed challenge.
According to The Block, Bitcoin rewards app Lolli has acquired the browser extension Slice, which allows users to earn BTC while browsing the web. This acquisition follows Lolli's acquisition this summer by Bitcoin infrastructure company Thesis (for an undisclosed amount). The merger will help enhance the earning potential for Lolli users. Currently, users earn Bitcoin rewards when shopping online through partner retailers. Slice, on the other hand, rewards users for "passive" online activities such as scrolling through pages and streaming media.
Lombard Finance acquires Avalanche's cross-chain Bitcoin asset BTC.
According to The Block, Bitcoin DeFi protocol Lombard Finance announced the acquisition of Avalanche's (AVAX) cross-chain Bitcoin asset BTC.b and its related infrastructure in a deal involving Ava Labs. BTC.b has a market capitalization of approximately $502 million and will continue to operate on Avalanche with its contracts and name remaining unchanged.
Web3 toy project Capybobo announced the completion of an $8 million funding round, led by Pluto Vision Labs, an organization backed by YZi Labs and the creator of CatizenAI, which boasts 63 million players. This round also saw participation from several well-known firms, including Folius Ventures, Animoca Brands, HashKey Capital, and Mirana Ventures.
Capybobo stated that the funds will be used to accelerate the development of its online doll clothing (PYBOBO Outfits), build a global toy trading platform, and promote its brand in the European and Asian markets. Capybobo is a GameFi project within the TON and Kaia ecosystem, focusing on bringing global toy art and culture to Web3 and creating toy IPs that blend the virtual and real worlds.
Metalpha receives $12 million in strategic investment from Gortune and Avenir Group.
Nasdaq-listed Metalpha Technology Holding Ltd. (ticker symbol: MATH) announced that it has signed a subscription agreement with two strategic institutional investors, Gortune International Investment Limited Partnership and Avenir Group, to raise approximately $12 million through a private placement. The transaction is expected to close around November 30, 2025.
Legal AI startup Harvey has raised $150 million in funding, led by Andreessen Horowitz (a16z), bringing its valuation to $8 billion. This is Harvey's third major funding round in 2025, bringing its total funding this year to approximately $750 million. Named after a main character in the legal drama series *Suits*, Harvey focuses on developing generative AI tools for law firms, aiming to automate legal tasks such as contract review and case document analysis. The company has previously received investment from Sequoia Capital, Coatue, OpenAI Startup Fund, GV Capital, and Kleiner Perkins.
DeepSafe completes $3 million seed funding round; core technology accepted by IEEE TIFS.
DeepSafe announced the completion of a $3 million seed funding round, with investors including Antalpha, ViaBTC Capital, Spark Capital, Cogitent Ventures, Sharding Capital, Gate, Satoshi Lab, and CKB Eco Fund. Its core decentralized verification technology has been accepted by the international cryptography journal IEEE TIFS. DeepSafe claims its network has processed nearly 120 million transaction verifications, with over 2.65 million active accounts. The project states it will build a better "Trust Layer."
Semantic Layer raises $5 million, led by Greenfield Capital.
According to official news from Semantic Layer, it has completed a Series A funding round led by Greenfield Capital, raising a total of $5 million. The funding aims to promote on-chain AI autonomy and delegation, dApps, and the ordering sovereignty of assets. Furthermore, Binance Alpha has been listed on Semantic Layer (42). Previously, Semantic Layer, a MEV infrastructure developer, completed a $3 million seed round led by Figment Capital, which was used to develop core products and increase market awareness of ASS, including sponsoring research and developer events.
Institutional holdings
According to Lookonchain, Strategy has transferred 22,704 BTC (worth $2.45 billion) to multiple new wallets in the past 9 hours.
According to Cryptobriefing, Nasdaq-listed SEGG Media plans to launch a $300 million digital asset initiative, allocating 80% of the funds to a multi-asset cryptocurrency reserve. Bitcoin will be the initial focus of this reserve, providing a stable foundation, while other assets such as ETH, SOL, and ZIG will also be included to enhance yields through validator operations.
Coinbase increased its holdings by 2,772 BTC and 11,933 ETH in Q3.
Coinbase co-founder Jesse Pollak stated on the X platform that in addition to 2,772 BTC, Coinbase added 11,933 ETH in Q3 and will continue to do so. Previously, Coinbase released its Q3 financial report, showing net income of $433 million, total revenue of $1.9 billion, and an increase of $299 million in Bitcoin holdings.
According to Bloomberg, Strategy reported a net profit of $2.8 billion in the third quarter, with unrealized gains recorded due to the increased value of its approximately $69 billion cryptocurrency reserves. In announcing the results, the company stated that the yield on its variable-rate Series A perpetual extended preferred stock would be increased by 25 basis points to 10.5% in November. Co-founder Michael Saylor stated, “We believe we are at an inflection point where our net asset value multiple has been declining as the Bitcoin asset class matures and volatility decreases.” Since hitting an all-time high last November, Strategy’s stock price has fallen by approximately 45%, erasing much of the premium the stock has enjoyed over the years relative to its Bitcoin holdings. Meanwhile, demand for the preferred stock has been weak. Recent sales have fallen far short of Saylor’s anticipated large-scale fundraising target, leading to a slowdown in Bitcoin buying in recent weeks. Strategy CEO Phong Le stated in a conference call that the company is also seeking to raise funds in international markets and is considering launching a preferred stock-backed ETF. Strategy’s annual interest and dividend expenses are approximately $689 million. In its latest earnings report, the company stated that it did not issue any Class A common stock this month under its Common Stock ATM program and reiterated its commitment to continuing to take a prudent approach to raising capital through common stock. Revenue from the company's traditional enterprise software business grew 11% to $128.7 million.
According to Onchain Lens monitoring, two newly created wallets received 44,036 ETH from Kraken and BitGo, worth $166.76 million. These wallets likely belong to Bitmine.
According to Forbes, crypto exchage Coinbase reported net revenue of $433 million in the third quarter. Total revenue increased 25% quarter-over-quarter to $1.9 billion. During the quarter, Coinbase increased its Bitcoin holdings by $299 million through weekly purchases, currently holding 14,548 Bitcoins. As of September 30, its fair market value of investable crypto assets was $2.6 billion (of which $1.6 billion was Bitcoin), with an additional $1 billion in crypto assets held as collateral. Including crypto assets, Coinbase's total available resources reached $15.5 billion. Trading revenue for the quarter was $1 billion, a 37% increase from the previous quarter, but still significantly lower than at the beginning of the year. Coinbase's trading revenue is projected to reach $1.6 billion in the fourth quarter of 2024 and $1.3 billion in the first quarter of 2025. This trend indicates that despite rising Bitcoin prices and increased market activity, trading volume has not yet reached the level needed for Coinbase to significantly increase revenue. Individual investor trading volume reached $59 billion, a 37% increase quarter-over-quarter, outperforming the US spot market. Individual investor trading revenue surged to $844 million, a 30% increase. Institutional investor trading volume reached $236 billion, a 22% increase quarter-over-quarter, with trading revenue of $135 million, a 122% increase. Forty-seven days after Coinbase acquired Deribit, Deribit contributed $52 million in revenue to Coinbase. Its subscription and service revenue reached $747 million in the quarter, a 14% increase quarter-over-quarter. Stablecoin revenue increased to $355 million, a 7% increase quarter-over-quarter. The average USDC balance held in Coinbase products grew by 9% to $15 billion, while USDC balances outside the platform grew by 12% to $53 billion. Furthermore, according to Bloomberg, Coinbase CEO Brian Armstrong stated in a conference call that Coinbase plans to hold a product showcase on December 17th, where it will announce more details about tokenized stocks and prediction markets. The company will continue to focus on M&A opportunities, particularly in the trading and payments sectors.
According to Lookonchain, Jump Crypto transferred 1.1 million unlocked SOL (worth $205 million) to Galaxy Digital early this morning, receiving 2,455 BTC (worth $265 million) in exchange.
