Nov 15 🈷️ Web3 Big Stories 👇
1. CFTC may sue Kalshi in a reversal | Dozens of contract self-certification filings missing; Robinhood event-contract revenue hit $173 million, 44% more than crypto revenue
2. GENIUS Act: 62-day countdown | Only USDC/PYUSD among the top 10 dollar stablecoins are compliant = 26% of circulation; 72% is non-compliant
3. Binance: “Coverage ≠ Recovery” | More than $2.7 billion frozen, over $1.2 billion court-authorized (nested amounts cannot be added), $6.34 billion of its own funds; stablecoin reserves fell from $41 billion to $32 billion
4. Hyperliquid OI: $16.8 billion → $6.8 billion | Revenue down 36.5% YoY, with half of the increase coming from interest on Coinbase reserves; 97.5% of tokenized stock perpetuals concentrated on one platform
5. DeFi TVL tops $700 billion for the first time | $699.04 billion, down 13.56% in 8 days; DEX trading volume bucked the trend, surging to $10.6 billion/day
6. Securitize × Ethena: $100 million | Adds a 24/7 exit valve to BUIDL, with an initial $50 million investment (1:1)
7. Bitmine buys despite FY loss of $6.31 billion | Raised $13.2 billion vs. current value of $10.65 billion; 5% target nearly reached, unconditional ETH buying pressure set to disappear
8. 14 listed companies net sold 108,000 BTC | $8.08 billion, 94% from miners; MARA collateralization ratio fell from 57% to <5%
9. x402 volume-price divergence | Transaction count up 341.1%, value down 26.2%; average transaction fell from 12.4¢ to 2.1¢
10. Agent payment test | 49.1% of payments failed, of which 86.1% involved being “asked to pay again after already paying”
$BTC
1. CFTC may sue Kalshi in a reversal | Dozens of contract self-certification filings missing; Robinhood event-contract revenue hit $173 million, 44% more than crypto revenue
2. GENIUS Act: 62-day countdown | Only USDC/PYUSD among the top 10 dollar stablecoins are compliant = 26% of circulation; 72% is non-compliant
3. Binance: “Coverage ≠ Recovery” | More than $2.7 billion frozen, over $1.2 billion court-authorized (nested amounts cannot be added), $6.34 billion of its own funds; stablecoin reserves fell from $41 billion to $32 billion
4. Hyperliquid OI: $16.8 billion → $6.8 billion | Revenue down 36.5% YoY, with half of the increase coming from interest on Coinbase reserves; 97.5% of tokenized stock perpetuals concentrated on one platform
5. DeFi TVL tops $700 billion for the first time | $699.04 billion, down 13.56% in 8 days; DEX trading volume bucked the trend, surging to $10.6 billion/day
6. Securitize × Ethena: $100 million | Adds a 24/7 exit valve to BUIDL, with an initial $50 million investment (1:1)
7. Bitmine buys despite FY loss of $6.31 billion | Raised $13.2 billion vs. current value of $10.65 billion; 5% target nearly reached, unconditional ETH buying pressure set to disappear
8. 14 listed companies net sold 108,000 BTC | $8.08 billion, 94% from miners; MARA collateralization ratio fell from 57% to <5%
9. x402 volume-price divergence | Transaction count up 341.1%, value down 26.2%; average transaction fell from 12.4¢ to 2.1¢
10. Agent payment test | 49.1% of payments failed, of which 86.1% involved being “asked to pay again after already paying”
$BTC