Ethereum Fusaka Upgrade Live on Hoodi Test Network, Wormhole Launched Rewards Program, Hyperithm Addressed Community Concerns, and many more...

Launches 🚀

• Wormhole launched Portal Earn, a loyalty and rewards program for Portal Bridge users that turns on-chain activity into XP. Participants can earn XP by bridging, staking, and swapping across the Wormhole ecosystem, unlocking boosts and higher status tiers as they progress.

• Frax has launched FraxNet, a multichain stablecoin account platform for minting, redeeming, and earning with frxUSD—its new GENIUS-standard stablecoin backed 1:1 by tokenized U.S. Treasuries from BlackRock, Superstate, and WisdomTree.

  • Available across 20+ chains and supported by Fraxtal L1 and LayerZero, FraxNet enables users to KYC, connect bank accounts, and onramp seamlessly, marking a major step toward institutional-grade digital dollar infrastructure.

• f(x) Protocol launches fxMINT, a new mechanism allowing users to mint fxUSD directly against BTC or ETH without interest in normal market conditions. Unlike traditional collateralized stablecoins that incur ongoing debt costs, fxMINT charges only a one-time open and close fee (0.8%/0.2% for BTC, 0.5%/0.2% for ETH).

  • The feature lets holders maintain full BTC or ETH exposure while unlocking stable liquidity for DeFi use, marking a major step toward making crypto assets productive without selling or losing upside.

• IQ and Frax launched KRWQ, the first Korean won–pegged stablecoin on Base, Coinbase’s Ethereum Layer 2 network. The KRWQ-USDC pair is live on Aerodrome, with the token also operating as a multichain asset via LayerZero’s OFT standard and Stargate bridge. IQ’s Chief Brain, Navin Vethanayagam, said KRWQ addresses a key market gap as the first credible won-denominated stablecoin built for institutional adoption, leveraging Frax’s compliance expertise.

  • While not yet available to Korean residents, KRWQ is designed to meet upcoming stablecoin regulations under review in South Korea’s National Assembly.

• Polynomial launched onchain perpetuals for traditional markets, enabling users to trade SPX, NASDAQ, Gold, Oil, and major Forex pairs directly on-chain with up to 20x leverage. Powered by Pyth Network, the system uses an oracle-based AMM design instead of orderbooks, ensuring deep liquidity without competing with CME markets.

  • Traders can use crypto assets like ETH, stETH, cbBTC, or stablecoins as collateral, with fixed rollover fees replacing funding rates.

• ORE detailed its new mining economy built on Solana, featuring a 5×5 grid where miners deploy SOL to claim blocks each round. Winners receive pooled rewards, while the “motherlode” adds a rare jackpot element. A 10% refining fee redistributes rewards to long-term holders, and 10% of all SOL revenue funds ORE buybacks—90% of which are burned (“buried”) and 10% distributed to stakers.

  • With a 5M token cap and ~1 ORE/min emission rate, the system turns PoW value leakage into sustainable value capture for the community.

• Haust Network has launched its mainnet, introducing a next-gen zk Layer-2 built for speed and scalability. The ecosystem is now live with HaustScan, Haust Bridge, and Haust DEX, while the Haust Wallet is set to launch next.

• Circle has launched the Arc Public Testnet, a layer 1 “Economic OS” for the internet designed to merge programmable money, focusing on stablecoins with real-world economic activity. Builders can now deploy smart contracts with USDC as gas, deterministic sub-second finality, and access to Circle’s USDC and EURC services.

  • Arc’s ecosystem features integration with major institutions such as BlackRock, Goldman Sachs, Deutsche Bank, AWS, and Mastercard, alongside DeFi protocols like Uniswap, Curve, Euler, and Velodrome.

  • The testnet also supports global stablecoins like AUDF, BRLA, JPYC, KRW1, and MXNB, laying the foundation for a trusted, interoperable, and institutional-grade blockchain network.

• Pistachio Fi is now live on the Google Play Store, bringing mobile access to instant yield and DeFi protection tools. Users can download the app directly via pistachio.fi/download to start earning on the go.

• BULK launches BulkSOL, its new liquid staking token (LST), now live on Sanctum. The launch adds to Solana’s growing LST ecosystem, allowing users to stake SOL while maintaining liquidity through Bulk’s platform.

• 375ai launched its mainnet on Solana, introducing a real-world data network that transforms video, audio, and environmental inputs into real-time intelligence via edge AI. The network processes data locally through 375edge devices, reducing bandwidth needs by 26,000x, and now indexes over 2 million vehicles and 300,000 mobile users daily.

Updates 📰

• Hyperithm addressed community concerns about recursive exposure within mHYPER, confirming that all links to yUSD (YieldFi) and xUSD (Stream Finance) have been removed. The protocol has deployed new isolated lending vaults on Morpho and Euler to prevent inter-protocol risk loops, with full liquidity migration expected next week.

• SharpLink (SBET) announced plans to deploy $200M worth of ETH on Linea in partnership with EtherFi, EigenLayer, and Anchorage. The move aims to generate enhanced ETH-denominated yield through native staking, Linea and EtherFi incentives, and EigenLayer restaking rewards.

  • SharpLink said the strategy aligns with its long-term vision of making Ethereum more productive for shareholders while maintaining institutional-grade security and compliance.

• ETHZilla has initiated a $40M share buyback as its stock trades at a steep discount to NAV, repurchasing around 600,000 shares (~$12M) since October 24 under its $250M authorization. The firm is funding the buybacks by selling part of its $400M ETH holdings, aiming to reduce shares available for short borrowing and boost NAV per share.

  • ETHZilla cited concentrated short selling as a key reason for the move and emphasized its strong balance sheet and debt-free position.

• Ethereum’s next major upgrade, Fusaka, is now live on the Hoodi test network ahead of its mainnet activation on December 3. The upgrade introduces key EIPs including PeerDAS (EIP-7594) for higher L2 throughput, gas limit adjustments (EIP-7825, 7935), and security boosts (EIP-7939, 7951).

  • Blob capacity increases scheduled for December 17 and January 7, 2026.

• Falcon Finance has partnered with BackedFi to integrate xStocks—tokenized equities like TSLAx, NVDAx, and SPYx—as collateral for minting USDf. These ERC-20 and SPL assets, fully backed by underlying stocks held with regulated custodians, enable users to mint USDf and stake for sUSDf yield while maintaining equity exposure.

• VII Finance launched a Uniswap v4 hook on Unichain enabling LPs to earn both lending interest and swap fees. Using wrapped tokens (VII-xUSDC, VII-xUSDT) pegged 1:1 to stablecoins, it prevents price drift and auto-distributes accrued interest to LPs, combining lending and trading yields with no UX changes for users.

• Ondo Global Markets has expanded to BNB Chain, launching over 100 tokenized U.S. stocks and ETFs on the network. Supported by PancakeSwap, the move brings regulated, tokenized exposure to U.S. markets for global users, extending Ondo’s mission to bridge traditional finance and onchain markets.

• Grayscale Listed the Grayscale Solana Trust ETF (GSOL) on NYSE Arca, its first staking-enabled product to list under the SEC’s new ETP standards. GSOL offers Solana exposure with staking rewards, passing 77% of returns to investors. The product expands Grayscale’s crypto ETF lineup, positioning it among the largest Solana ETP managers in the U.S.

• Huma Finance has integrated with Jupiter Lend, allowing users to supply PST and borrow USDC directly. The new PST/USDC vault offers up to 85% LTV with launch incentives for early borrowers, expanding institutional-grade yield opportunities on Solana.

• YieldBasis outlined its next growth phase after activating on-chain governance and $YB emissions, aiming to expand TVL toward $500M. The roadmap includes upgrading pool mechanics for stable yield distribution between ybBTC and st-ybBTC, expanding the crvUSD credit line to $1B, and tripling PegKeeper limits to stabilize the crvUSD peg.

  • YB bribes on Curve will deepen crvUSD liquidity, while a veYB fee switch will activate around $2M in accrued fees for governance participants once scaling milestones are met—completing YieldBasis’s governance-based utility cycle.

• Aster announced that 70–80% of its Season 3 fees will be allocated for $ASTER buybacks, with the final percentage determined by market conditions after the season concludes.

  • The team emphasized maintaining operational flexibility amid current market uncertainty and stated that details for future airdrops and buyback rounds will be announced as they are finalized.

• Skate DAO completed another weekly buyback, acquiring 175,824.15 SKATE and raising its total holdings to 276,722.67 SKATE. The program, funded by protocol fees from the Skate AMM, has resumed after an infrastructure upgrade restored aggregator integrations to full functionality.

• MegaETH has opened its public sale for the $MEGA token, running until October 30 at 1 p.m. UTC (9 a.m. EST). The sale is accessible exclusively through sale.megaeth.com. MegaETH positions itself as a high-performance Ethereum Layer 2 optimized for scalability and developer accessibility.

• Chainlink announced an update to its Reserve, which has grown by 64,445 LINK, bringing the total to 651,085 LINK. The Chainlink Reserve accumulates LINK through both offchain revenue from enterprise integrations and onchain service usage, aiming to strengthen the network’s long-term sustainability and growth.

• Spark released its Q3 financial report, recording $53.01M in gross revenue, $19.2M in gross profit, and $12.12M in net profit. Revenue was primarily driven by the Spark Liquidity Layer, SparkLend, and curated Morpho vault performance fees, alongside USDS distribution rewards and treasury yield from SKY savings.

• Plume announced the launch of fourteen tokenized funds from WisdomTree, marking the largest deployment of its kind in RWAfi. The funds, including the Private Credit and Alternative Income Digital Fund (CRDT) and the Government Money Market Digital Fund (WTGXX), are now live on Plume and accessible via WisdomTree Connect.

• Avalon Labs released its whitepaper unveiling the industry’s first onchain AI-backed RWA marketplace and AI-Model-as-a-Service (AI-MaaS), launching exclusively on BNB Chain. The platform enables GPU hardware owners and AI developers to deploy and monetize AI models, starting with a Reinforcement Learning Model powered by H200 GPUs.

• Bitwise announced the launch of $BSOL, the Bitwise Solana Staking ETF, set to begin trading tomorrow. It’s the first U.S. exchange-traded product offering 100% spot exposure to SOL, targeting full staking with an average 7%+ reward rate through Bitwise Onchain Solutions powered by Helius Labs.

  • The ETF launches with a temporary 0% fee waiver, providing traditional investors direct access to Solana’s staking yields.

• Falcon Finance has added Tether Gold ($XAUt) as collateral for minting $USDf, allowing users to convert gold-backed assets into yield-bearing stablecoins. XAUt holders can mint USDf with a 20% overcollateralization ratio and stake it into sUSDf for high stablecoin yields.

  • The move brings gold’s $27T market into DeFi, turning a traditional store of value into productive onchain collateral.

• Sky Protocol has surpassed 80 million USDS in buybacks, totaling about 1.25 billion SKY repurchased—equivalent to 4.6% of total supply. The decentralized buyback mechanism operates under parameters defined in the Sky Atlas and approved by Sky Ecosystem Governance.

• Trade.xyz has expanded access to 500 more users, who can now trade directly through the platform without transferring funds to their XYZ balance, thanks to Hyperliquid’s new DEX abstraction feature. Additional users will be onboarded soon.

Issues ⚠️

• Stream Finance addressed community questions regarding recursive looping, explaining that it involves reusing a protocol’s own asset to earn a yield spread—for example, depositing an asset earning 15% and borrowing at 10% to amplify returns with each loop.

  • Stream noted that the additional yield benefits users through higher returns or insurance funding, acknowledging the added risk.

  • While DefiLlama has excluded recursive positions from TVL, Stream clarified that it now differentiates between ~$160M in user deposits and ~$520M in total deployed assets.

  • The team is working with third-party attestation firms for transparency and has updated its dashboard to show fund deployment details.

• On-chain data shows a cluster of 10 wallets linked to the Stable Vault owner deposited around $500M USDT shortly before the public announcement. The main vault (0x6503d...) and owner address (0x1407c...) were traced to prior funding from 0x1fa1c..., which supplied ETH to these wallets for the transactions.

• Mt. Gox has postponed its creditor repayment deadline by another year to October 31, 2026, marking the third extension since the original 2023 target. The trustee said repayments to around 19,500 creditors have been completed, but some remain pending due to incomplete procedures.

  • Mt. Gox still holds 34,689 BTC (about $4 billion), according to Arkham Intelligence, as it continues efforts to finalize distributions of recovered assets, including 142,000 BTC, 143,000 BCH, and ¥69 billion in fiat.

• Algorand Developers reported that Folks Finance discovered a potential vulnerability when using Algorand Python (PuyaPy) to build smart contracts. The Algorand Foundation engineering team identified and fixed two related issues. No impact on the ecosystem has been detected, but developers are advised to review their code and notify users of any potential effects.

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