Adam Efrima is the SSV Core team Co-founder. He has been active in the crypto industry since 2013. Over eight years living in China working in the financial industry and fintech space, Adam has worked in CITIC Bank covering outbound investments for Chinese SOEs, he was also in charge of setting up the eToro Shanghai operation. Since then, Adam has been deeply involved in Ethereum staking, co-founding top performing staking project Bloxstaking as well as co-founding SSV Network, a decentralized validator infrastructure for ETH staking.

Adam Simmons is Chief Strategy Officer at RDX Works, a key contributor to the Radix public ledger. He has over 13 years of experience in building &amp; growing businesses in a range of industries including online video, blockchain &amp; digital marketing. With experience in both senior leadership &amp; hands-on roles, he has repeatedly recruited, managed, and trained highly successful teams within marketing, customer success and operations functions. Adam is also a previous member of the UK Paralympic Sprint Kayaking Team and has competed in multiple World and European Championships.


Adam Swick is the Chief Growth Officer at Marathon Digital Holdings. Prior to joining Marathon, he served as a principal at Refinery Ventures, where he was responsible for identifying and recommending business strategies to accelerate the growth of all companies in Refinery’s portfolio. Before Refinery, Swick was the director of strategic finance at Kraken Digital Asset Exchange, where he managed the company’s balance sheet, debt program, investor relations, and all forecasting activities. Prior to Kraken, he founded Swick Capital, a crypto-asset hedge fund, worked at Pritzker Group Venture Capital, and was a consultant at Boston Consulting Group. Swick holds an MBA from the Kellogg School of Management at Northwestern University and a BS in finance from the Wharton School of Business at the University of Pennsylvania.

Adrian Brink is the co-founder of Namada and Anoma, where he focuses on building privacy-preserving systems that are resilient to global crises. Previously, he was a core developer at Tendermint (Cosmos) and worked at the Web3 Foundation. He also co-founded Cryptium Labs, which was later sold to Chorus One, and Metastate, where he contributed to major upgrades to the Tezos protocol​.

Adrien Stern is the founder &amp; CEO of Reveel, the omnichain payments infrastructure that enables one-click cross-chain payments to connect people across borders and networks. Before founding Reveel, Adrien led digital transformation efforts at BNP Paribas CIB. He was also previously a venture builder, and owns Bridge Music, a record label and recording studio. Adrien has a Bachelor’s degree in Sciences of Management from The University of Lausanne and a Master’s degree in Business Administration from Esade. 

Alex Hoffman is Head of Ecosystem at Superposition Finance. Superposition is revolutionizing DeFi by addressing its core challenges through robust risk management powered by Concordia’s best-in-class risk engine, omnichain functionality, and transparency.

Alexei Zamyatin is a co-founder of BOB, a first-of-its-kind hybrid Layer-2 powered by Bitcoin and Ethereum. He has been a Bitcoin and interoperability research contributor since 2015 and is most known for his work on trustless cross-chain bridges and L2s. Alexei holds a PhD in computer science from Imperial College London.


Alison Haire is the CEO and founder of Lilypad, a serverless, decentralized compute network that democratizes access to computational power by providing scalable infrastructure for AI, machine learning and other high-demand processes. Before founding Lilypad, she held roles at companies such as Filecoin, IBM and Accenture. Under her leadership, Lilypad leverages idle GPU capacity worldwide to fuel an open AI economy, providing cost-effective and scalable compute resources. Her work focuses on making high-performance computing accessible to more developers and researchers, while challenging the dominance of large centralized cloud providers​​.

With over 20 years of experience leading and designing games and tech companies, Alun is well-versed in creating innovative products that tackle experiential and developer challenges. In addition to his stewardship of LAOS Network, he is CEO and co-founder of the company building LAOS, Freeverse, which focuses on building scalable blockchain infrastructure. His history as the co-creator of ‘Barcelona World Race - THE GAME,’ a cutting-edge video game enabling virtual participation in real-world events, and his wider passion for gaming, have fed into his vision for LAOS Network as a solution for the intersection of Web3 tech with both gaming and real-world applications. Alun also led Shar3d.io, a pioneering company enabling collaborative 3D web applications, and served as CTO of Bodypal.com, a virtual garment services company. He holds a Ph.D. in Medical Physics from University College London.



Amanda Cassatt is the founder and CEO of Serotonin. Amanda previously served as Chief Marketing Officer of ConsenSys from 2016 through 2019. Joining one year after the launch of Ethereum, Amanda played a crucial role in defining, creating, and growing the narrative for ConsenSys, Ethereum, and blockchain overall.

Amanda stewarded the ConsenSys brand through its global expansion across enterprises, governments, developers, and consumers. She created and scaled the marketing team to over 50 people, serving both the ConsenSys brand and 50+ portfolio companies such as MetaMask, Infura, Truffle, and Gitcoin; managing teams in product marketing, growth, design, content, community, events, email, analytics and SEO. Amanda’s contributions to some of the most successful product launches, token sales and fundraises landed her on Forbes 30 Under 30 in 2016. Amanda is the author of the world's first web3 marketing book, Web3 Marketing: A Handbook for the Next Internet Revolution.

Amanda Keleher currently serves as Chief People Officer at Consensys, one of the largest and fastest-growing companies in the blockchain technology space. A well-rounded business leader with an over 25-year career in the technology space, Amanda is the driving force behind the human element of Consensys where she is responsible for overseeing all of the aspects of people, from building and maintaining the company culture to harnessing human capital as a key driver of business. 

Before joining ConsenSys, Amanda served as the Head of People at ThoughtWorks, a global technology consultancy company, for nearly ten years, where she led the global scale expansion by opening offices around the world and recruiting a diverse workforce at a time when the DevOps movement had just been born and a new skill set were yet to be developed. After her time at ThoughWorks, she served as the Executive Vice President, People &amp; Culture of Index Exchange, one of the world’s premier ad tech organizations; and as VP of People at Little Bits and Intent Media where she excelled in designing effective and creative strategies to attract and retain world-class talent in hyper competitive environments

Andrea Berry is a seasoned online video strategist with 15+ years of experience in transformative media partnerships. 

Her early successes include helping to launch Qello Concerts, the first direct-to-consumer live-music OTT service, later transforming it into Qello Media Services and Vimeo’s OTT channels offering across various industries as their first strategic sales director for their enterprise.

Currently, as the Head of Business Development at Theta Labs, Andrea leverages her expertise in online video and blockchain to drive strategic partnerships and growth opportunities for the company. She helps enterprises take advantage and lean into the opportunities Web3 presents. 

Andrew Redden is the CEO and CTO of Last Network, a blockchain platform focused on sustainable cash flow and reinvestment. Previously, he worked at Gitcoin and has contributed to numerous DeFi and Web3 projects. Redden's career reflects a commitment to developing technologies that prioritize long-term viability and community engagement​.

Andrew Thurman is a Data Editor based in Washington, DC. He previously wrote for CoinDesk and Cointelegraph, and worked in various roles for Chainlink and Nansen. His analysis has been quoted in The Financial Times, The Washington Post, The Wall Street Journal, Bloomberg, Forbes, Fortune, Reuters, The BBC, CNBC, and elsewhere. Contact Andrew at andrew@blockworks.co.

Andrey Sergeenkov writes educational articles as a freelancer. His works have been published in Coindesk, Cointelegraph, Entrepreneur and CoinMarketCap. He believes that transforming society towards lifelong learning, combined with decentralization in government and business, will lead to exponential social development.

Andy Bromberg is CEO of Beam and Contributor to the Eco Protocol. Eco has raised more than $90 million from an array of leading investors, including a16z Crypto, L Catterton, Activant Capital, Founders Fund, Pantera Capital, and others. Prior to Eco, Andy was Co-founder and President of CoinList. Andy is also a founding board member at FreeWorld, a non-profit seeking to end institutionalized poverty in the United States by providing access to living-wage jobs for people with criminal histories. He studied Mathematics and Computer Science at Stanford University and co-founded the Stanford Bitcoin Group.

An established and versatile Financial Executive with over two decades of experience running multiple trading businesses across top-level banks such as HSBC, Barclays, and UBS. After running the top Agency and SSA business for both UBS and Barclays, he took over Emerging Markets macro trading for Barclays. In 2018, wanting to go deeper into Emerging Markets he took a role as Head of Latam local markets trading where he was responsible for trading activities across Brazil, Mexico, Argentina, and Chile. In 2021 DeMartino moved into Crypto when he became CEO and founder of Coinbase Risk Strategies focused on DeFi and Derivatives trading. More recently he started Trident Digital Group, a crypto-native solutions firm that is focused on lending and safe yield generation and stablecoin adoption.


Anthony Scaramucci is the founder and managing partner of SkyBridge, a global alternative investment firm, and founder and chairman of SALT, a global thought leadership forum and venture studio.

Prior to founding SkyBridge in 2005, Scaramucci co-founded investment partnership Oscar Capital Management, which was sold to Neuberger Berman in 2001. Earlier, he worked in Private Wealth Management at Goldman Sachs &amp; Co.

In 2022, Scaramucci was ranked #47 in Cointelegraph’s Top 100 Influencers in Crypto and Blockchain. In 2016, he was ranked #85 in Worth Magazine’s Power 100: The 100 Most Powerful People in Global Finance. In 2011, he received Ernst &amp; Young’s New York Financial Services “Entrepreneur of the Year” Award.  Anthony is a member of the Council on Foreign Relations (CFR) and a board member of the Federal Enforcement Homeland Security Foundation. He is the author of five books.

Scaramucci served on President Donald J. Trump’s 16-person Presidential Transition Team Executive Committee, and in 2017 briefly served as Chief Strategy Officer of the Export-Import (EXIM) Bank and White House Communications Director.

Scaramucci, a native of Long Island, New York, holds a Bachelor of Arts degree in Economics from Tufts University and a Juris Doctor from Harvard Law School.

Antoni is a co-founder of Aleph Zero Foundation (Switzerland), an organization overseeing the development of the Aleph Zero blockchain, and a Managing Partner of Cardinal Cryptography (Poland), firm focused on core development of the Aleph Zero ecosystem.

Ari Juels is the Weill Family Foundation and Joan and Sanford I. Weill Professor in the Jacobs Technion-Cornell Institute at Cornell Tech and the Technion and a Computer Science faculty member at Cornell University. He is a Co-Director of the Initiative for CryptoCurrencies and Contracts (IC3). He is also Chief Scientist at Chainlink Labs. He is the author of crypto thriller novel The Oracle (Talos Press), which was released on 20 February 2024.

Austin Alexander is co-founder of LayerTwo Labs, a company focused on advancing the Bitcoin ecosystem through innovative solutions and specializing in the development of Drivechain, a specific type of blockchain sidechain designed to foster creativity and scalability within Bitcoin.

Austin Campbell is the founder and managing partner of Zero Knowledge Consulting and an adjunct professor at Columbia Business School. Previously, he has run portfolio management at Paxos for the stablecoins as well as being the chief risk officer of Paxos National Trust, has managed fixed income trading desks at JP Morgan and Citi, and has been a portfolio manager and structurer at Stone Ridge, the parent of NYDIG. He holds a BS in Mathematics from CSU Chico and a MBA from NYU Stern.

Ben Mills is the co-founder of Meso, a payments platform connecting banks and blockchains. Prior to Meso, Ben spent a decade building payments products as an early team member at Braintree (acquired by PayPal), as Head of Product at Venmo, and working on Solana Pay at Solana Labs.

Ben Rubin is the CEO and co-founder of Towns, a decentralized messaging platform dedicated to redefining online communication. Rubin has a rich background and a decade of experience in creating digital spaces that build trust and foster human connection. Prior to founding Here Not There Labs, the developer of Towns, Ben founded two venture-backed startups, Meerkat and Houseparty, both of which reimagined how people interact digitally. He scaled his communication products to hundreds of millions of users and raised over $70M in funding from Sequoia Capital and Greylock. After Houseparty was acquired by Epic Games in 2019, Ben went on to found Here Not There Labs, a venture-backed startup with over $30M in funding from a16z crypto and Benchmark Capital.

Ben Strack is a senior reporter covering macro and crypto-native funds, financial advisors, structured products, and the integration of digital assets and DeFi into traditional finance. Prior to joining Blockworks, he covered the asset management industry for Fund Intelligence and was a reporter and editor for various local newspapers on Long Island. He graduated from the University of Maryland with a degree in journalism.

Contact Ben via email at ben@blockworks.co

Bessie is a Brooklyn-based reporter covering DeFi and technology. Bessie worked as a tech journalist for The Org prior to joining Blockworks and was a management consultant for KPMG in another life. She is originally from Melbourne, Australia and holds an MA from New York University. She is also the mother of a bratty cat named Mochi. You can reach Bessie at bessie@blockworks.co

Bezalel Eithan Raviv, an ex-member of IDF Cyber Unit 8200, is a seasoned entrepreneur with deep expertise in technology and innovation. He now leads Lionsgate Network, a blockchain analysis firm specializing in professional money recovery services for digital asset investors in the +$2.5 trillion market. Prior to this role, Bezalel founded an investment banking firm supporting AI startups and developed Halleluiah, a pioneering web3 migration pattern for global music copyrights.

Billy Luedtke is the CEO and founder of Intuition, an information protocol powering a more trustful internet. Billy previously served as senior technology advisor at EY, a leading global professional services organization providing assurance, tax, audit, strategy and transactions. At EY, Billy created the company’s blockchain consulting practice, leading the technical development of blockchain-enabled distributed systems. Billy later became a senior token engineer at Consensys, a leading Ethereum developer (MetaMask, Infura, Linea). Billy continues to serve as an advisor at Consensys and MetaMask.

Billy Sebell is the Executive Director of the XDC Foundation and an early contributor to the XDC Network. Since early 2018, Billy has worked to develop the XDC community, focused on ecosystem and network growth and implementing use cases in trade finance. Billy previously spent more than 25 years in manufacturing and consumer products, dealing with the challenges businesses face in capital markets and international trade.

Bob Bodily is the Provo, Utah-based CEO and Co-Founder of Bioniq, a BTC Ordinals wallet and marketplace. He has a bachelor’s degree in neuroscience and a Ph.D. in educational/instructional technology from Brigham Young University, with 25 articles and 1K citations. He is a data engineer with 100K+ lines of production Python code, and he has two previous software startups, including an EdTech SaaS that sold in 2021.


Senior Research Analyst at Blockworks Research

Bogdan is the Co-Founder and CTO of Tenderly, the full-stack infrastructure solutions provider powering Web3 developer teams with the essential tools and services throughout their development journeys. 

Prior to co-founding Tenderly, Bogdan worked as a software engineer for major software platforms such as MVP Workshop and Go Daddy where he was responsible for constructing and managing the development of distributed cloud systems before realizing the lack of infrastructural support for Web3 developers. With his vast experience in constructing, expanding, and overseeing extensive distributed cloud systems, he is well-versed in the intricacies of blockchain technologies and their practical applications. 

Brandon Truong is lead product contributor for ZetaChain. He previously co-founded social platform Yada (which was acquired in 2020) and spent time building products for BuzzFeed and Udacity. 


 Brian Pak is CEO &amp; Co-Founder of ChainLight, an award-winning blockchain security firm that specializes in smart contract audits and on-chain monitoring. He is also a co-founder of Theori, an established US-based offensive cybersecurity company, since 2016, which he still leads today, having now amassed trusted partners including Microsoft, Google and Samsung. Brian’s early career started when he co-founded and developed Kaprica Security, inventing and patenting the Skorpion Charger, an Android mobile charger that can detect malicious software with no user action required. He has worked on research and development projects with the Defense Advanced Research Projects Agency (DARPA) of the US. Brian is also a founder of the team PPP (Plaid Parliament of Pwning) which won DEF CON CTF, one of the most prestigious hacker competitions held in Las Vegas, in 2013, 2014, 2016, 2017, 2019, 2022 and 2023. Brian graduated with a Masters Degree in Software Security Research from Carnegie Mellon University.

Three years ago, his act of burning a physical Banksy ignited global discourse on NFTs and Web3, exposing the industry's flaws. Now, through XION, founder Burnt Banksy leads a mission to democratize Web3 to the masses, making ownership accessible to all by removing unnecessary barriers and complications through chain abstraction. To date: XION has raised over $36M in funding with the goal of "making crypto disappear." Ultimately, Burnt Banksy wants to provide the benefits of crypto to people without requiring them to know anything about crypto.

Byron Donalds grew up in Brooklyn, New York, and he is also the proud son of a hardworking and loving single mother. His mother dedicated her time instilling in him that greatness requires sacrifice, which drives him as a devoted family man and United States Congressman.  

Byron is a graduate of Florida State University and received a Bachelor of Arts degree in finance and marketing. Byron's career led him to Southwest Florida, where he worked in the banking, finance, and insurance industries. Elected to the Florida House of Representatives in 2016, Byron represented Hendry County and east Collier County in the State Capitol. During his tenure in the Florida House, Byron served as the PreK-12 Quality Subcommittee Chair during the 2018-2019 Legislative Session and served as the Insurance &amp; Banking Subcommittee's Chairman 2019-2020 Legislative Session. While serving in the Florida House, primarily focused on elder affairs, criminal justice reform, and ensuring that each child has access to a world-class education. 

Byron is committed to serving and giving back to the community that gave him so much. He has served Southwest Florida in many ways, including previously serving on the Board of Trustees for Florida Southwestern State College after being appointed by then-Governor Rick Scott. Byron continues to volunteer in his church as a youth leader and a mentor. He also enjoys volunteering as a coach in youth football and basketball leagues.

Congressman Byron Donalds lives in Naples, Florida, with his wife, Erika, and their three sons: Damon, Darin, and Mason. Byron has spent his entire adult life serving others, whether it be through volunteering, business, or leadership. He is committed to representing Florida's 19th Congressional District's conservative values in Washington DC to ensure a stronger Florida and a stronger nation.

Byron Gilliam writes The Breakdown newsletter, in which he tries to explain crypto markets to traditional investors and traditional markets to crypto investors (while trying to explain both to himself). Before joining Blockworks, Byron spent 25 years trading international equities for banks and brokers in Frankfurt, London, Paris and New York. He holds a bachelor's degree in History from Binghamton University. Contact Byron at byron@blockworks.co.

Cameron B. Pick is a partner and patent attorney at the Chicago-based intellectual property boutique law firm Marshall, Gerstein &amp; Borun. He prosecutes patents for emerging technologies, including blockchain and crypto, among other innovative areas. He may be reached at cpick@marshallip.com. 

Candace Kelly is the Chief Legal and Policy Officer for the Stellar Development Foundation (SDF), a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world's financial infrastructure. She leads the team responsible for SDF’s legal affairs and the policy team that is focused on bridging the gap between the public and private sectors. Previously, Candace worked for Uber Technologies, Inc., where she helped navigate the company’s response to regulatory investigations and advised on safety, security, privacy, consumer protection, and law enforcement response. Prior to that she served for 17 years at the United States Department of Justice.

Carlos is a Research Analyst based in Guatemala covering Solana and DeFi applications. Carlos previously held a research role at 21Shares. Contact Carlos at carlos.campos@blockworks.co.

Carlos Mercado is a data scientist at Flipside Crypto, specializing in the convergence of data science, cryptocurrency, economics, and open-source research. His expertise spans the Ethereum ecosystem and over 20 other blockchains, where he leverages SQL, R, Python, and Solidity to develop innovative data models and analytics tools. Carlos's notable contributions include the creation of the True Freeze DeFi primitive and leading the production of the 2023 Crypto Users Report, generating significant industry impact. Prior to Flipside, he applied his skills in AI strategy and product development at Guidehouse and offered data science consulting services.


Casey Wagner is a senior reporter on the scoops and investigations team, based in New York. Casey covers crypto regulation, markets and central banks. Prior to joining Blockworks, she reported on macroeconomics at Bloomberg News. She graduated from the University of Virginia with a degree in Media Studies. Contact Casey or send her tips via email at casey@blockworks.co


Charles Hoskinson is a Colorado-based technology entrepreneur and mathematician. He attended Metropolitan State University of Denver and University of Colorado Boulder to study analytic number theory before moving into cryptography through industry exposure.

His professional experience includes founding three cryptocurrency-related start-ups – Invictus Innovations, Ethereum and IOHK – and he has held a variety of posts in both the public and private sectors. He was the founding chairman of the Bitcoin Foundation’s education committee and established the Cryptocurrency Research Group in 2013.

His current projects focus on educating people about cryptocurrency, being an evangelist for decentralization and making cryptographic tools easier to use for the mainstream. This includes leading the research, design and development of Cardano, a third-generation cryptocurrency that launched in September 2017.

Chris Barrett serves as the Director of Communications at Chainlink Labs and has been involved with Chainlink since 2017. Chainlink is the only on-chain data and cross-chain platform that enables financial institutions to develop customized, flexible, compliant, and future-proof blockchain applications and tokenized assets. Before this role, he founded a leading PR agency for technology startups, where he worked with over 1,000 innovative companies. Chris is also an avid runner, having maintained a streak of running for over five consecutive years. 

Chris Brooks founded CryptoAssetRecovery.com in 2017 to help digital asset owners recover lost assets. Chris was a programmer at Fidelity Investments, VP of Technology at venture-backed Carescout (which sold to GenWorth, a spinoff of General Electric) and has founded and sold three bootstrapped internet companies. 

Chris Swenor is a seasoned entrepreneur and blockchain pioneer with a 20-year career that kicked off as a self-taught programmer at age 13. He swiftly moved from corporate roles into startups, leading several to successful acquisitions. Chris started venturing into blockchain and cryptocurrency in 2013, founding Reach in 2019, a platform that has since attracted over $13M in funding and onboarded more than 8,000 developers.

In recent years, Chris founded Humble, a decentralized exchange on Algorand, and Alloy, a blockchain gaming platform acquired in 2023. He is currently working on Voi Network, a layer 1 blockchain empowering its community with user-centric governance and economics. 

Christopher Perkins is President of CoinFund, a web3 focused Registered Investment Advisor.  He is also a member of the CFTC’s Global Markets Advisory Committee and its Digital Asset Markets Subcommittee.

Ciarán Murray is a seasoned veteran of the blockchain industry. Aside from advising on numerous blockchain projects over the years, and releasing a synthetics assets proof-of-concept last year, Ciarán previously worked in the media industry for British Sky Broadcasting. He is not only well placed to understand the issues facing the media industry but also how to apply blockchain and other distributed technologies to remedy them.

Da Hongfei is the founder of Neo, an open-source, community-driven blockchain platform designed to welcome developers into the Smart Economy. Hongfei operates as CEO of Neo Global Development (NGD), the executive arm of the Neo Foundation that is committed to developing the Neo protocol and its supporting ecosystem. He is seen as a luminary in the Web3 space and as a blockchain pioneer in Asia. Hongfei received his education at the South China University of Technology, receiving degrees in technology and English.

Damian Alvarez is a communications professional helping Web3 clients get their stories heard. He is currently the Head of Communications at Aori, an omni-chain logic layer that leverages off-chain data storage to enable high-frequency on-chain trading. He has worked at agencies such as Edelman and YAP Global to assist a variety of emerging and established clients to engage in industry-wide narratives surrounding technology. He may be contacted at damian@aori.io.

Dan Keeler is Editor-in-Chief at Blockworks. Prior to joining Blockworks, he was Frontier Markets Editor at the Wall Street Journal where he managed the Journal’s coverage of smaller emerging markets as well as created a number of high-profile events and a highly regarded newsletter. Before joining the WSJ, he was the Editor of Global Finance magazine. He is also the founder of New York’s FM Network, a group that hosts gatherings of finance professionals focused on smaller emerging markets.

Contact Dan via email at dan@blockworks.co

Dan Smith is a Senior Research Analyst based in the United States covering Curve, Convex, Aave, and Compound. Daniel previously worked in tax and valuation at EY and Bennett Thrasher. He is focused on using data visualization tools to better understand the health and profitability of various DeFi protocols. Contact Dan at daniel@blockworks.co

Daniel Batten is a ClimateTech investor, Bitcoin environmental impact analyst, CEO advisor and author. He is most widely known for his data-driven approach to Bitcoin mining research.


Daniel Cawrey has been involved full-time in the crypto space since 2013, including as an editor at CoinDesk. He is author of 2020’s “Mastering Blockchain” and 2023’s “Understanding Crypto” books, both available on Amazon.

Daranee Ganesh is Blockworks' editorial operations manager based in New Mexico. Prior to Blockworks, Daranee worked on several legal and non-profit projects aimed at integrating decentralized solutions in the social justice framework, specifically within immigration and environmental law. Contact Daranee at daranee@blockworks.co.

Darren Kleine is an Alberta-based reporter covering podcast content at Blockworks. Previously reporting for Cointelegraph, he wrote feature content and a weekly series focused on the personal stories of influential figures in the Web3 space. He has been an active participant in the NFT art scene since 2020, creating works on curated platforms including SuperRare and KnownOrigin and hosting an NFT art-focused podcast called NFP with DKleine. Contact Darren Kleine at darren@blockworks.co.

David is an Editor based in the Netherlands focused on data-driven journalism. Previously, he wrote for TheNextWeb's crypto vertical before launching Protos in 2021. He's a reformed hardline Bitcoiner passionate about permissionless and decentralized networks. Contact David at david@blockworks.co

David Schwed serves as the Chief Operating Officer at Halborn, an elite blockchain security firm. Prior to Halborn, he was the Global Head of Digital Assets Technology at BNY Mellon, the world's biggest custodian bank, where he integrated the IT strategy for the company's digital asset services. David was also CISO for Galaxy Digital, where he led the development of information security and IT infrastructure, and served as a risk committee advisor, evaluating emerging threats in financial services. He also founded the Cybersecurity Master's Program at Yeshiva University’s Katz School of Science and Health, sharing his expertise as a practitioner-in-residence.


Delphine Forma is the policy lead for Europe &amp; UK at Solidus Labs, a leading market compliance and market integrity firm in digital assets. With a career spanning roles in major banks and blockchain ventures, she brings extensive experience in compliance and legal across sectors. She is the founder of the crypto compliance and legal TG group with 1,400 members. A Sciences Po Lyon alumna, Delphine also holds advanced degrees in European Criminal Business Law and anti-money laundering.

Denelle Dixon is the CEO and Executive Director of the Stellar Development Foundation (SDF), a non-profit organization focused on working with and supporting changemakers to create equitable access to the global financial system through blockchain technology. She leads the teams that help maintain Stellar's codebase, support the communities around Stellar, and advocate on behalf of the network with international stakeholders. Before joining Stellar, Dixon served as COO of Mozilla, one of the most successful mission-driven open-source organizations.. During her tenure at Mozilla, she led the organization’s business, revenue and policy teams including the ongoing fight for net neutrality and the global effort to ensure that people can control their personal data.

Dermot O’Riordan serves as a Director at the POKT Network Foundation where he helps steer product development and strategy. From Ireland to Silicon Valley, Dermot’s career ranged from advising tech companies and VC firms to leading marquee industry events. His interest in Web3 was sparked in 2016 with the rise of DAOs, leading him to dive deeper into the blockchain space, where he served as an advisor to projects like Radix and Dusk, and later, spearheading growth at Eden Block.

Donovan is a reporter based in Singapore and the author of the Lightspeed newsletter. He previously worked in editorial at Bankless and is a huge fan of spaghetti Westerns and the Wu-Tang Clan. Contact Donovan at donovan@blockworks.co.

Elena leads product marketing at Hiro Systems, a developer tooling company bringing smart contracts to Bitcoin. She has spent the past six years working in blockchain and cryptocurrency startups. Elena co-founded Blockchain Latinx, an online community that explores what blockchain means for Latinos and for Latin America. She has an MBA from NYU Stern School of Business.

Eli Cohen is a corporate lawyer with 25+ years of experience in commercial transactions, financial services and regulatory matters and has worked in Asia, Europe and the United States. He is the General Counsel for Centrifuge, a real-world asset (RWA) tokenization and securitization platform and Chief Compliance Officer for Anemoy Capital SPC Limited a British Virgin Islands fund company issuer of the tokenized Anemoy Liquid Treasury Fund 1. He is a graduate of the Georgetown University Law Center, has a Masters in International Relations from the University of Pennsylvania and a Bachelor of Arts from the University of Michigan, Ann Arbor.

Eli Zeger writes about democracy and its relationship with technology. His work has been published in the Boston Review, Noema Magazine, Strange Matters, Zora Zine, among numerous other publications.

Elliot is the Head of Climate Strategy at Sustainable Bitcoin Protocol, where he is helping unlock Bitcoin's clean energy potential by bridging sustainable miners and climate-conscious investors. In his role at Sustainable Bitcoin Protocol, Elliot educates policymakers and NGOs on Bitcoin’s relationship with the energy system. He is a climatetech operator focused on alleviating energy poverty, bridging the digital divide, and promoting financial inclusion through technologies such as Bitcoin. Elliot was previously a Schwarzman Scholar and has served in the military, US Department of Energy, Clinton Foundation, and more. 

Evan Thomas is General Counsel for Alluvial, a software development company supporting the Liquid Collective liquid staking protocol. He was previously at Wealthsimple, Canada’s largest consumer fintech, where he was Head of Legal for Wealthsimple’s crypto trading platform. While at Wealthsimple, Evan helped launch Canada’s first regulated staking product. Before Wealthsimple, Evan was a litigator at Osler, Hoskin &amp; Harcourt LLP for nearly 15 years. Among other notable cases, Evan was hearing counsel to 3iQ Corp. in its appeal securing regulatory approval for Canada’s first publicly traded bitcoin fund in 2019.

Felix Jauvin is the host of the On the Margin podcast. Based in British Columbia, Canada, he lives and breathes where crypto and macroeconomics intersect.

Felix Xu, crypto geek, early adopter, and NFT collector. Felix graduated from NYU Stern and founded two crypto projects, ARPA and Bella Protocol, among the global top 500 by market cap. Felix previously worked at Fosun Investment, Sackler family office, and Vertical Research in New York and Beijing. Felix loves sailing, kitesurfing and was featured in the Wall Street Journal and The New York Times for his NFT collection.

Frank has a diverse career that spans creative writing, day trading, and a 12-year stint in financial planning. After experimenting with blockchain and being an early adapter to the Solana ecosystem, Mathis co-founded GenesysGo in 2021 to create a faster, more reliable and more secure decentralized data storage protocol. Their flagship product, shdwDrive is built on Solana and aims to bridge the gap between blockchain technology and traditional business infrastructure. GenesysGo is powered by a new type of decentralized data storage consensus mechanism, built from the ground up by the GenesysGo team.

Fraser is co-founder &amp; CTO of Cubist and an Assistant Professor at Carnegie Mellon University. She is an expert in software correctness: her research focuses on systems security, automated bug finding, and formal verification, from verifying (parts of) production systems like browser JITs, to finding exploitable bugs in real codebases. Her tools have found many zero-day bountied bugs and CVEs in the Chrome and Firefox browsers and multiple operating systems. Fraser received her BA in English and her MS and PhD in Computer Science from Stanford.


Garrett Harper is the producer for the Empire podcast. Garrett worked in private equity and product management before jumping into crypto full-time in 2021. His favorite thing about crypto? It conflates art, gaming, finance, software, and psychology into one hyper-growth industry.

Gijs op de Weegh is the CEO and Founder of StablR, where he leads the strategy, business operations, and investor relations. He founded StablR out of his passion for implementing blockchain technology in the financial industry and exploring its possibilities. Before founding StablR, Gijs co-founded Payvision, an e-commerce payment service provider, in 2002. Under his leadership, Payvision grew to over 300 employees and achieved a turnover exceeding €4 billion.

Gísli Kristjánsson is co-founder and CTO of Monerium, the first company to issue fiat onchain. He fell in love with programming at the age of 13. After working as a bonds broker, Gísli saw the inefficiencies of securities settlements firsthand and recognized the potential of Bitcoin. Prior to co-founding Monerium in 2015, Gísli founded and sold a platform to give users access to geo-blocked content. Fun fact: Gísli’s Ethereum address is among the 1% of the oldest addresses.

Haden Patrick is Director of Business Operations of Cordial Systems, a provider of institutional-grade self custody software using a Zero Trust security model.  Haden has executive experience in team leadership, engineering and education originating from his 24 year career as a Naval Officer. After co-founding SoloKeys, the first open-source security key company, he went on to manage projects connecting web3 to traditional finance at a cryptocurrency trading firm before joining Cordial Systems.

Hadley Stern, Advisor to MPCH, has extensive experience in leadership roles within TradFi and digital asset industries. As Global Head of Custody at the Bank of New York Mellon (BNYM) from 2021 to 2023, Hadley spearheaded the creation of the industry’s first bank-grade crypto-custody platform. Hadley also previously served as Chief Operating Officer at Bloq where he was responsible for the P&amp;L, product roadmap, and general operations. Hadley was Founding President of Fidelity Digital Asset Services where he led Fidelity's Blockchain Incubator and Digital Currency group and was pivotal in early product launches, including activating Bitcoin donations to Fidelity Charitable and building and running Fidelity first Bitcoin mining Operation.



Hannah Finnerty is Blockworks' head of media ops and is based in the US. Hannah previously worked in podcast production for The National in Abu Dhabi. She graduated from Bowling Green State University with a degree in multiplatform journalism and Middle Eastern politics. Contact Hannah at hannah@blockworks.co.

Hatu Sheikh is the co-founder and CMO of DAO Maker, the largest on-chain funding platform with 1.5M+ users. The platform's contracts have distributed over $600M, with a cumulative return of around 10x. Hatu has a strong background in marketing and strategy and has played a pivotal role in driving the success of various blockchain-based projects and tokens, crafting effective marketing strategies, and forging powerful synergies within the industry.

Harry Duckworth, a law graduate, embarked on a unique journey that led him to become the youngest trader at global commodities giant Trafigura. He then went on to set up desks for several hedge funds worldwide, accumulating over a decade of experience in trading, hedge funds, and emergent technologies. 

Through his work, he became fascinated by the revolutionary power of blockchain tech soon after the inception of Bitcoin. Years later he founded AgriDex International, to provide digital marketplaces and supply chain information for all participants in the global food chain. 

Hind Kurhan is a Co-Founder of Thesis Defense, a decentralized technology security auditing company whose mission is the facilitation of broad adoption of decentralized technology by improving security and audit consistency throughout the blockchain sphere.


Ian Rogers is the Chief Experience Officer at Ledger, leading the consumer-facing business delivering the world’s #1 way to buy and secure cryptocurrency.  Prior, Ian was the Chief Digital Officer at LVMH for five transformative years, working with a portfolio of nearly one hundred brands across luxury including Louis Vuitton, Dior, Sephora, and Hennessy.  Ian also sits on the boards of Dr Marten’s and Lyst.

Ian spent twenty years bringing digital music to the mainstream, first with Winamp then Yahoo!, Beats, and Apple.  Ian contributed to the 2015 launch of Apple Music including Beats 1, their digital streaming channel. Ian graduated with a Bachelor of Arts in Computer Science (with honors, Phi Beta Kappa) from Indiana University in 1994.  Ian built some of the earliest music-related Web sites in the early 90s and has been working with Beastie Boys since 1993.

Igor Telyatnikov is the CEO and co-founder of the blockchain and financial services technology company AlphaPoint. Headquartered in New York, AlphaPoint supports over 10 million users, powering marketplaces and wallets in over 35 countries. With 15 years of experience in tech and innovation, Igor has empowered over 150 clients, including CME Group and Scotiabank. In 2022, he partnered with the Government of El Salvador to upgrade its Chivo Wallet into a national Bitcoin and dollar wallet, creating the first nationalized crypto ecosystem. Igor previously held roles at Cvetlo, LiftDNA, and Ingersoll Rand/Allegion, and has a Bachelor’s degree in Business Marketing from Penn State University. He is a frequent speaker at industry events.

Ishan is a University of Texas McCombs School of Business graduate with a BBA in Finance &amp; Marketing. He founded and managed a Private Equity Fund that reached an eight-figure Assets Under Management (AUM) and has also gained experience with many top 200 projects of crypto market cap. In 2022, he helped found SCRIB3, a Web3 Marketing and PR venture. He was notably among the first to raise an alert about potential deceptive and unethical business practices by FTX. Ishan contributes as a DeFi analyst, an active angel investor, and an advisor in projects like Polygon Technologies.

Jack Kubinec is a New York-based reporter and podcast host. He focuses on scoops and investigations at the intersection of money and power in crypto. In 2024, he was awarded Best Impact by a New Journalist by the Association of Cryptocurrency Journalists and Researchers. Jack can be reached for tips (not pitches) at jackkubinec.23 on Signal and jackkubinec@proton.me.













Jag is the CEO and co-founder of re.al, an L2 build to facilitate deep onchain liquidity for tokenized RWAs. re.al seeks to redefine how RWAs are integrated into DeFi, using yield-generating real-world assets as novel building blocks in existing DeFi primitives.

James Cirrone is a breaking news reporter based in New York. Prior to joining Blockworks, James was a reporter and newsletter writer at Bloomberg News. He graduated from the University of Maryland with a degree in journalism. He also played trumpet in the university’s marching band. Contact James via email at james.cirrone@blockworks.co.

Jason Allegrante is the Chief Legal and Compliance Officer at Fireblocks. He is an experienced Counsel with a demonstrated history of working in the financial services industry with both large, traditional financial institutions as well as early stage fintech startups.



Jason Dehni is the co-founder and group CEO of Credbull, a leading DeFi platform offering structured high fixed yield solutions in SME private credit. Jason has over 25 years of senior management experience in asset management, private banking, SME lending, insurance, risk management, and crypto across North America, Latin America, Asia, and the Middle East. His background includes serving as group COO &amp; MENA CEO of a publicly traded crypto asset management company, co-founder &amp; CEO of an SME trade finance platform, and senior leadership roles in asset management, wealth management,  insurance, and management consulting. Jason holds an MBA from Harvard Business School and an Honours BA in Economics &amp; Political Science from the University of Toronto. 

Jean-Marie Mognetti is Chief Executive Officer of CoinShares, a publicly listed investment firm that manages over five billion in digital assets on behalf of a global investor base, and an experienced commodities trader with a background in quantitative strategies. A veteran of the Global Advisors group of companies since 2011, Jean-Marie has served in various leadership roles throughout his tenure, most recently as CEO of Global Advisors (Jersey) Limited and director of GABI, the world’s first regulated Bitcoin fund. In addition to his management responsibilities as CEO, Jean-Marie oversees the firm’s proprietary trading arm, capital markets portfolio, and risk management practices – areas in which he has developed unique expertise over his career. Prior to joining Global Advisors, Jean-Marie was a quantitative strategist with Hermes Commodities Fund Managers, and an Energy Trader Assistant at Lehman Brothers. He holds Master of Science degrees in Mathematical Trading and Finance from Sir John Cass Business School in London, and Bank-Finance-Insurance from Université Paris Dauphine in Paris, in addition to a Bachelor of Science degree in Economics and Finance from Université Paris Dauphine.

Jeff is an editor at Blockworks, based in the United States. He has been a part of the blockchain space for nearly 15 years. His areas of focus include empowering artists and creators through technology, using proof-of-participation methods to reward self-improvement, reducing the effectiveness of Sybil attacks, seeking transparent equity for disadvantaged communities and exploring fairer models of world governance. Contact Jeff at Jeffrey@blockworks.co.


Jesper Johansen is the founder and CEO of NORTHSTAKE, a regulated custodial staking company specialized in building regulatory compliant crypto staking products for institutional investors and financial institutions. The team holds backgrounds from financial institutions, pension funds, large investment companies to consulting, technology and audit firms, such as Accenture, Deloitte, PwC as well as blockchain and crypto projects e.g. DAI Foundation (MakerDao), Ethereum and L1/L2s. 

Prior to NORTHSTAKE, Jesper held leadership positions with Accenture Strategy and Deloitte Consulting advising clients in heavily regulated industries to implement new technologies and drive business transformation. He holds a MBA from Copenhagen Business School and a B.Sc. in International Business. 

Jess is the CEO of Reown, the onchain UX platform and builders of the WalletConnect Network. Previously she led Crypto at Checkout.com, a global fintech company. Jess was also a member of the Bank of England CBDC Engagement Forum and a member of UK Finance New Digital Money Steering Group, Innovate Finance Fintech Strategy Group and Department for International Trade Fintech Group.

Jess Sun is an independent writer and content strategist. She loves bringing good ideas to light, helping the people behind them shine, and bridging gaps in understanding. Follow her on Twitter or LinkedIn. Go to her website to learn about working with her.

Jesse Knutson is the head of operations at Bitfinex Securities, where he is responsible for expanding the platform’s issuance pipeline, overseeing distribution and building its user base while ensuring compliance with regulatory standards. Prior to this role, Knutson served as vice president of financial products at Blockstream, and held roles at prominent investment banks including Macquarie Group and Barclays.

Jim Myers is an engineer, early-stage investor, and the CTO &amp; Co-Founder of Flipside Crypto, a leading blockchain data analytics and business intelligence platform. Prior to co-founding Flipside, Jim developed the core technology that took products from 0 to 1 at companies such as Mylestone, Pluralsight, and Smarterer. Jim’s journey into the crypto industry began in 2015, eventually co-founding Flipside Crypto in 2017 to help empower crypto communities to create and share data-driven insights on the projects they care most about. Jim's passion for building extends to the broader startup community via his developer event series, Stack Dive, and as an angel investor to several local Boston-area startups, including AdHawk and LinkSquares. In a previous life, Jim developed advanced models to quantify risk and abnormal returns in the market for Financial Transmission Rights, a type of energy derivative.

JJ is an advisor, mentor and co-founder working across Bitcoin, mining and web3. He currently mentors for Outlier Ventures new Bitcoin Base Camp program and has co-founded a new protocol operating in stealth mode.

The perpetuals race has a new entrant in open beta. Lighter has <a href="https://x.com/Lighter_xyz/status/1973508660061180363">opened</a> its public mainnet after roughly eight months in private testing, positioning itself as an Ethereum-settled alternative to the current leaders.



Under the hood, Lighter is a <a href="https://blockworks.co/tag/zero-knowledge-rollup">zk-rollup</a> purpose-built for <a href="https://blockworks.co/tag/perpetuals">perps</a>. A centralized sequencer batches orders, but state transitions — price-time-priority matching, liquidations, funding and risk checks — are verified by custom zero-knowledge circuits. <a href="https://blockworks.co/tag/ethereum">Ethereum</a> smart contracts custody user funds, track the canonical state root, and advance state only after a proof verifies on L1. If the sequencer stalls or censors, users can submit priority operations on-chain or exit via an emergency “Desert Mode” that relies on Ethereum data.



That security posture contrasts with <a href="https://blockworks.co/tag/hyperliquid">Hyperliquid</a>, which runs its own layer-1 secured by its validator set, and with <a href="https://blockworks.co/news/perps-competition">Aster</a>, which currently operates on BNB Chain as a smart-contract. Lighter’s pitch: centralized-style performance, with settlement and finality anchored to Ethereum and fairness enforced by zk proofs.



Lighter is also diverging on fees. Retail traders using the front end pay no trading fees, while API and high-frequency flow is charged. The team says it has enabled automated rules to deter wash-trading and Sybil activity, an attempt to keep points farming from dominating behavior.



By the team’s <a href="https://x.com/Lighter_xyz/status/1973508673982046513">count</a>, private beta usage reached ~188,000 unique accounts and ~50,000 daily activities. With the public launch, Lighter is starting Season 2 of its points program, which it says is planned to run through the end of 2025. Market watchers naturally read that as a prelude to a token, although the project has not announced any token details.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Along with their public launch, <a href="https://twitter.com/Lighter_xyz?ref_src=twsrc%5Etfw">@Lighter_xyz</a> just quietly flexed their stacked list of investors:<a href="https://twitter.com/foundersfund?ref_src=twsrc%5Etfw">@foundersfund</a> <a href="https://twitter.com/dragonfly_xyz?ref_src=twsrc%5Etfw">@dragonfly_xyz</a> <a href="https://twitter.com/HaunVentures?ref_src=twsrc%5Etfw">@HaunVentures</a> <a href="https://twitter.com/robotventures?ref_src=twsrc%5Etfw">@robotventures</a> <a href="https://twitter.com/a16z?ref_src=twsrc%5Etfw">@a16z</a> <a href="https://twitter.com/lightspeedvp?ref_src=twsrc%5Etfw">@lightspeedvp</a> <a href="https://twitter.com/A_StarVC?ref_src=twsrc%5Etfw">@A_StarVC</a> <a href="https://twitter.com/coatuemgmt?ref_src=twsrc%5Etfw">@coatuemgmt</a> <a href="https://twitter.com/CRV?ref_src=twsrc%5Etfw">@CRV</a> <a href="https://twitter.com/AbstractVC?ref_src=twsrc%5Etfw">@AbstractVC</a> <a href="https://twitter.com/svangel?ref_src=twsrc%5Etfw">@svangel</a> <a href="https://twitter.com/8vc?ref_src=twsrc%5Etfw">@8vc</a> <a href="https://t.co/xfnzcxkKtF">pic.twitter.com/xfnzcxkKtF</a>&mdash; matt (@mattbcapital) <a href="https://twitter.com/mattbcapital/status/1973516338024030282?ref_src=twsrc%5Etfw">October 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The launch was heralded by several prominent founders building on Ethereum, including Eigenlayer’s <a href="https://x.com/sreeramkannan/status/1973563675349782604">Sreeram Kannan</a> and LayerZero’s <a href="https://x.com/PrimordialAA/status/1973566826857767275">Bryan Pellegrino</a>.



The near-term test is whether Lighter can convert flavor-of-the-moment attention into durable open interest and fee revenue — areas where Hyperliquid still leads — while its Ethereum-anchored architecture becomes a deciding factor for capital that prioritizes provable fairness and exit guarantees.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Ethereum

Lighter opens public mainnet with Ethereum-settled zk perps

CME Group, the leading US derivatives exchange, announced it will begin offering 24/7 trading for cryptocurrency futures and options in early 2026, pending a regulatory review.



Under the <a href="https://www.prnewswire.com/news-releases/cme-group-to-offer-around-the-clock-trading-for-cryptocurrency-futures-and-options-302573425.html">plan</a>, CME’s cryptocurrency products will trade continuously on the CME Globex platform with only a two-hour weekend maintenance period. Transactions executed during holidays or over weekends will carry the following business day’s trade date, with clearing and settlement also processed on that timeline.



“While not all markets lend themselves to operating 24/7, client demand for around-the-clock cryptocurrency trading has grown as market participants need to manage their risk every day of the week,” said Tim McCourt, Global Head of Equities, FX and Alternative Products at CME Group. “Ensuring that our regulated cryptocurrency markets are always on will enable clients to trade with confidence at any time.”



The potential expansion comes on the heels of record volumes in CME’s crypto segment. In its latest market statistics, also <a href="https://www.cmegroup.com/media-room/press-releases/2025/10/02/cme_group_reportssecond-highestq3andseptemberadv.html">published</a> today, CME reported a record average daily volume of 340,000 cryptocurrency contracts in Q3 2025, representing about $14.1 billion in notional value. Ether futures reached a quarterly record of 236,000 contracts, while Micro Ether futures set a record of 209,000 contracts.



In September alone, cryptocurrency ADV hit 309,000 contracts, with Micro Ether futures surging 472% year over year. These gains underscore the deepening role of digital assets within CME’s broader portfolio, which also saw strong growth in US Treasury, equity index, and metals trading.



If implemented as planned, the shift will reduce traders’ reliance on offshore venues for weekend and overnight risk management. It also signals CME’s intent to capture a greater share of institutional crypto derivatives activity within regulated US markets, though the change will require infrastructure adjustments in clearing, margin, and settlement to handle continuous operations.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

CME Group

CME Group eyes 24/7 crypto derivatives trading expansion

DoubleZero announced the launch of its mainnet-beta on October 2, marking a transition from controlled testing to full-scale production and coinciding with the public debut of the 2Z token.



<a href="https://doublezero.xyz/journal/mainnet-beta-is-live-high-performance-networking-at-global-scale">According</a> to the announcement, the network now runs on more than 70 high-performance fiber links across over 25 global locations, contributed by independent providers such as Jump, RockawayX, Distributed Global, Galaxy, Jito and Cumberland/DRW. These links form a dedicated backbone engineered for low-latency, deterministic routing to support high-throughput distributed systems.



The launch follows a staged rollout. Early testnet phases deliberately stress-tested redundancy and failover, while the September 15 mainnet-alpha allowed validators to validate performance at scale. Data from epoch 24 showed that 77% of active links and 82% of measured city-pair routes outperformed the public internet, underscoring the gains of a dedicated transport layer.



At the core of the system is the 2Z token, a Solana Program Library (SPL) asset used for payments, staking and contributor rewards. Genesis supply is capped at 10 billion tokens, with modest inflation to reward network contributions and partial burns to discourage artificial traffic.&nbsp;



This news follows recent guidance from the SEC’s Division of Corporation Finance, where staff issued a no-action letter confirming that 2Z does not need to be registered as a security and that programmatic flows on the DoubleZero network are not considered securities transactions.



This marks a departure from the Commission’s historically cautious stance on token classification, which previously left infrastructure-linked assets in a gray area. Indications suggest the agency is growing ever more open to distinguishing utility-driven distribution models from speculative instruments — a shift that could shape how future DePIN projects approach regulatory compliance.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

DoubleZero launches mainnet-beta and 2Z token

Avalanche Treasury Co. (AVAT), a digital asset treasury firm aligned with the Avalanche Foundation will merge with Mountain Lake Acquisition Corp. (Nasdaq: MLAC) in a business combination valued at more than $675 million.



The deal, which <a href="https://www.businesswire.com/news/home/20251002739600/en/Avalanche-Treasury-Co.-Announces-%24675-Million-Business-Combination-with-Mountain-Lake-Acquisition-Corp.-with-Goal-to-Build-%241-Billion-Ecosystem-Treasury">includes</a> about $460 million in treasury assets, is expected to close in the first quarter of 2026 pending regulatory and shareholder approvals, with the combined company slated to list on Nasdaq.



The transaction gives institutional investors a new pathway to gain AVAX exposure through a public vehicle. AVAT’s launch strategy includes discounted token purchases and priority rights on Avalanche Foundation sales to US treasury companies, offering an entry point at 0.77x multiple of net asset value.



The firm aims to expand its holdings to more than $1 billion in AVAX, positioning itself as a key partner in Avalanche’s growing ecosystem, according to the company’s press release.



Advisors and board members include Avalanche founder Emin Gün Sirer, Ava Labs executive John Nahas, and representatives from Dragonfly Capital, Galaxy Digital and Aave.&nbsp;



CEO Bart Smith, formerly of Susquehanna International Group and AllianceBernstein, said the company intends to deploy capital actively across ecosystem initiatives, including real-world asset tokenization, stablecoin infrastructure and validator operations.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Avalanche

Avalanche Treasury Co to merge with MLAC in $675M deal

Polygon has become the launch venue for a new tokenized money market fund (MMF) developed by AlloyX, with Standard Chartered Bank taking on the roles of custodian and registrar.



<a href="https://x.com/sandeepnailwal/status/1973746496668680691">Announced</a> Thursday, the partnership is designed to offer institutional investors a bridge between traditional regulated fund products and blockchain-based financial infrastructure.



At the center of the rollout is the AlloyX Real Yield Token (RYT), which represents exposure to the China Asset Management Select USD Money Market Fund. Unlike conventional shares, these tokens are issued and transacted on Polygon’s blockchain, while Standard Chartered ensures off-chain asset custody and recordkeeping.



AlloyX has integrated Chainlink’s Proof of Reserve and NAVLink to provide real-time transparency into the assets backing the token, aiming to address a common institutional concern about on-chain financial products.



AlloyX was acquired earlier this year by Hong Kong’s Solowin Holdings for $350 million, a move that reinforced its positioning as a stablecoin and tokenization provider for the Asia-Pacific market. With RYT, the company is adding an additional layer of decentralized finance mechanics, such as looping strategies on Polygon, to enhance liquidity and yield.



The project reflects a broader push toward real-world asset (RWA) tokenization, which has attracted both startups and established asset managers. Franklin Templeton and Ondo Finance, among others, have previously launched tokenized MMF structures.



AlloyX’s decision to work with Standard Chartered signals an effort to reassure institutional clients on issues of custody, compliance, and oversight, while Polygon’s low-cost settlement network provides scalability for fund transactions.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Polygon

Polygon partners with AlloyX and Standard Chartered on tokenized fund

FG Nexus said Thursday it will partner with Securitize to tokenize its Nasdaq-listed shares on Ethereum, extending blockchain-based ownership rights to both common and preferred stock.



The initiative, <a href="https://www.globenewswire.com/news-release/2025/10/02/3160323/0/en/FG-Nexus-and-Securitize-Enter-into-Agreement-to-Natively-Tokenize-FG-Nexus-Public-Shares-on-Ethereum.html">announced</a> October 2, will let investors choose to convert traditional shares into digital tokens, enabling onchain transfers with real-time settlement and automated compliance.



Alongside the tokenization effort, FG Nexus continues to build its Ethereum-focused treasury. The company recently raised about $200 million in a private placement and now holds roughly 47,000 ETH, valued at around $208 million. Securitize will provide the regulated infrastructure for the project, drawing on its licenses as an SEC-registered broker-dealer, transfer agent, and operator of an Alternative Trading System (ATS). This framework ensures the tokenized equity retains the same legal protections as traditional stock.



“Public markets are entering the programmable age,” said Carlos Domingo, Securitize’s CEO, highlighting the move as a path for US investors to hold real stock onchain.



“FG Nexus’ agreement with Securitize positions the Company at the forefront of financial innovation and demonstrates our commitment to leveraging cutting-edge solutions that benefit our investor community,” said Kyle Cerminara, co-founder, chairman and CEO of FG Nexus.&nbsp;



“Tokenization is rapidly changing financial markets through increased efficiency and enhanced investor access,” added Maja Vujinovic, CEO of Digital Assets at FG Nexus.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

FG Nexus brings tokenized stock trading to Ethereum

Today, <a href="https://taiko.xyz/?utm_source=blockworks">Taiko</a>, the first-ever based rollup scaling Ethereum, activated binding on-chain governance, giving its community certain controls over protocol decisions, marking the beginning of a new direction that gives its community direct control over protocol decisions. The move comes with three major Board Diretor appointments: Harvard Business School&#8217;s Felix Oberholzer-Gee, former Binance regulatory chief Joy Lam, and IEEE Fellow Wen Yonggang.



The move addresses growing concerns about centralized control in Layer 2 networks, where most protocols retain override powers that can change user funds and protocol rules without community input. Unlike most L2s that use centralized multisigs, Taiko&#8217;s governance runs entirely on-chain at <a href="http://dao.taiko.xyz">dao.taiko.xyz</a>. Token holders can veto any protocol change during review periods. The Security Council can initiate proposals, but can&#8217;t override community decisions.



&#8220;We&#8217;re flipping the script on L2 governance. Most scaling solutions keep backdoor controls through multisigs or upgrade keys that can override community decisions. We&#8217;re giving real power to token holders; they can actually veto any protocol change they don&#8217;t like,&#8221; said <a href="https://www.crunchbase.com/person/daniel-wang-4/?utm_source=blockworks">Daniel Wang</a>, CEO of Taiko Labs.



The Board of Directors comprises:



<a href="https://www.linkedin.com/in/joy-lam-0a852992/?utm_source=blockworks">Joy Lam</a> brings extensive experience in navigating complex legal and regulatory matters. As former Head of Global Regulatory at Binance, she guided the company through challenging regulatory landscapes worldwide. Lam pioneered Asia&#8217;s first tokenized funds and led the first tokenization of prime London real estate.&nbsp;


<div class="wp-block-image">
<figure class="alignright size-thumbnail is-resized"><img loading="lazy" decoding="async" width="800" height="800" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/IMG_4170.jpg?w=150&amp;h=150" alt="" class="wp-image-108608" style="width:275px;height:auto" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/IMG_4170.jpg?w=800 800w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/IMG_4170.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/IMG_4170.jpg?w=150 150w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/IMG_4170.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/IMG_4170.jpg?w=257 257w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/IMG_4170.jpg?w=261 261w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/IMG_4170.jpg?w=219 219w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/IMG_4170.jpg?w=80 80w" sizes="auto, (max-width: 800px) 100vw, 800px" /></figure></div>


<a href="https://www.linkedin.com/in/felix-oberholzer-gee/?utm_source=blockworks">Felix Oberholzer-Gee</a>, Andreas Andresen Professor at Harvard Business School, brings world-class strategic thinking to Taiko&#8217;s governance. His research on competitive strategy and digital technology&#8217;s impact on corporate performance is regularly featured in the Financial Times, the New York Times, and the Wall Street Journal.


<div class="wp-block-image">
<figure class="alignright size-thumbnail is-resized"><img loading="lazy" decoding="async" width="815" height="817" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Image-from-iOS.jpg?w=150&amp;h=150" alt="" class="wp-image-108607" style="width:269px;height:auto" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Image-from-iOS.jpg?w=815 815w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Image-from-iOS.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Image-from-iOS.jpg?w=150 150w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Image-from-iOS.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Image-from-iOS.jpg?w=256 256w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Image-from-iOS.jpg?w=260 260w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Image-from-iOS.jpg?w=218 218w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Image-from-iOS.jpg?w=80 80w" sizes="auto, (max-width: 815px) 100vw, 815px" /></figure></div>


Professor <a href="https://www.linkedin.com/in/ygwen/?utm_source=blockworks">Wen Yonggang</a> is an IEEE Fellow and President&#8217;s Chair in Computer Science and Engineering at Nanyang Technological University. He founded and directs NTU&#8217;s Centre of Computational Technologies in Finance, leading blockchain research, education, and community development across the university.


<div class="wp-block-image">
<figure class="alignright size-thumbnail is-resized"><img loading="lazy" decoding="async" width="639" height="639" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/IMG_4169.jpg?w=150&amp;h=150" alt="" class="wp-image-108609" style="width:268px;height:auto" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/IMG_4169.jpg?w=639 639w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/IMG_4169.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/IMG_4169.jpg?w=150 150w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/IMG_4169.jpg?w=257 257w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/IMG_4169.jpg?w=261 261w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/IMG_4169.jpg?w=219 219w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/IMG_4169.jpg?w=80 80w" sizes="auto, (max-width: 639px) 100vw, 639px" /></figure></div>


Taiko also appointed <a href="https://www.linkedin.com/in/renjang/?originalSubdomain=kr?utm_source=blockworks">Ren Jang</a> as a new advisor. Jang is the Head of Strategy at Flipster, a high-performance Centralized Exchange engineered by traders, optimized for trading. Ren is a licensed CPA in Korea. He initially worked as a corporate valuation expert at Ernst &amp; Young before joining the Crypto industry, driven by a belief in blockchain’s potential to transform finance.&nbsp;


<div class="wp-block-image">
<figure class="alignright size-thumbnail is-resized"><img loading="lazy" decoding="async" width="799" height="800" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/IMG_4171.jpg?w=150&amp;h=150" alt="" class="wp-image-108610" style="width:265px;height:auto" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/IMG_4171.jpg?w=799 799w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/IMG_4171.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/IMG_4171.jpg?w=150 150w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/IMG_4171.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/IMG_4171.jpg?w=257 257w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/IMG_4171.jpg?w=261 261w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/IMG_4171.jpg?w=219 219w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/IMG_4171.jpg?w=80 80w" sizes="auto, (max-width: 799px) 100vw, 799px" /></figure></div>


“True decentralization means ceding control. Taiko’s governance empowers tokenholders with binding veto power over protocol changes, putting ownership in the community where it belongs. Taiko is raising the bar in L2 governance by embedding transparency and accountability into on-chain decision-making, principles I have seen through years of navigating global regulatory frameworks to be the foundations of systems that last,” said Joy Lam.



The first binding votes are already live. Token holders can delegate voting power or vote directly on protocol changes. Every technical decision happens transparently on-chain.



For governance participation: <a href="https://dao.taiko.xyz/?utm_source=blockworks">dao.taiko.xyz</a>&nbsp;



More information <a href="https://taiko.mirror.xyz/IL5RRPbR86dXJV5mjIHnPiXMFgArX6XeZDg0dVdDN5U">HERE</a>.



This content is sponsored and does not serve as an endorsement by Blockworks. The veracity of this content has not been verified and should not serve as financial advice. We encourage readers to conduct their own research before making financial decisions.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Taiko activates community governance, names heavyweight board of directors

Ben Strack

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forward-guidance">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



After bitcoin just logged its third straight September in the green, we’ll see if the asset can pull off positive returns for a seventh consecutive October.



While bitcoin’s month-over-month October strength is usually supported by September weakness, BTC’s <a href="https://www.coinglass.com/today">5% rise</a> last month changes the set-up a bit.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="966" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-5.png?w=1024&amp;h=1024" alt="" class="wp-image-108584" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-5.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-5.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-5.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-5.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-5.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-5.png?w=426 426w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-5.png?w=432 432w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-5.png?w=363 363w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-5.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Still, the chance of the “Uptober” narrative playing out again appears solid for several reasons, according to 21Shares crypto research strategist Matt Mena.



A Wednesday report by ADP showed that private employers shed 32,000 jobs in September — “a downside surprise” that boosts expectations for another Fed rate cut, Mena said. The probability of a 25bps cut on Oct. 29 stands at 99%, according to the CME FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>.&nbsp;



“As liquidity expectations rise, BTC tends to outperform — benefiting both as a digital gold hedge in times of fiscal uncertainty and as a high-beta risk asset when liquidity returns,” Mena told me.



Recent market action underscores this resilience, with bitcoin rising from $108,000 to ~$118,000 by mid-day Wednesday — even after $2 billion in leveraged long liquidations last week. The asset is up 26% year to date.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1422" height="866" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-4.png?w=1024&amp;h=1024" alt="" class="wp-image-108583" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-4.png?w=1422 1422w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-4.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-4.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-4.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-4.png?w=422 422w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-4.png?w=429 429w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-4.png?w=360 360w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-4.png?w=80 80w" sizes="auto, (max-width: 1422px) 100vw, 1422px" /></figure>



As for other economic data, the latest government shutdown means the Bureau of Labor Statistics may not be able to deliver the jobs report it was set to publish Friday.&nbsp; “[Expect] near-term choppiness from a data blackout and policy uncertainty, but if the Fed stays on track for an October cut and the dollar softens, the backdrop tilts risk-on — historically supportive for bitcoin,” Mena added.



Beyond just October, the fourth quarter is bitcoin’s strongest. This trend was helped by the lead-up to bitcoin ETF approval in 2023 and Trump’s election victory last November.&nbsp;&nbsp;



Grayscale research head Zach Pandl said he expects BTC, ETH and SOL to make new highs in Q4 so long as the Senate makes progress on market structure legislation and macro conditions hold up.&nbsp;



Ether, which dipped to ~$3,800 last week, climbed above $4,300 today (12% off its all-time high). Though the asset has grown 30% so far in 2025, ETH has not, on average, seen the gains BTC has in October (+4.7% vs. BTC’s +20.4%).



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1114" height="678" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Screenshot-2025-10-01-at-16.32.36.png?w=1024&amp;h=1024" alt="" class="wp-image-108604" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Screenshot-2025-10-01-at-16.32.36.png?w=1114 1114w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Screenshot-2025-10-01-at-16.32.36.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Screenshot-2025-10-01-at-16.32.36.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Screenshot-2025-10-01-at-16.32.36.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Screenshot-2025-10-01-at-16.32.36.png?w=422 422w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Screenshot-2025-10-01-at-16.32.36.png?w=429 429w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Screenshot-2025-10-01-at-16.32.36.png?w=360 360w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Screenshot-2025-10-01-at-16.32.36.png?w=80 80w" sizes="auto, (max-width: 1114px) 100vw, 1114px" /></figure>



“The biggest risk to both crypto and traditional markets is a hawkish pivot from the Fed,” Pandl told me. “As long as rates are heading lower and the economy holds up reasonably well, asset valuations should remain supported.”



As for where bitcoin lands at the end of 2025, Ledn CIO John Glover last week noted the difference in opinion among technical analysts. While he believes BTC could go up to $145,000 by year-end, another camp thinks the bull market ended when bitcoin nearly reached their $125,000 target.



“I remain steadfast in my view that there are higher prices yet to come, and that any dip down to $100,000 or slightly below is a buying opportunity,” Glover added at the time. “However, one view that we all share is that once this bull cycle is complete…the bear market will begin very soon.&#8221;



As conditions fluctuate, investors will soon have more tools to navigate this asset class.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

bitcoin etf

The factors set to spur another ‘Uptober’ for BTC

Macauley Peterson

Ethereum ETFs recorded a dramatic slowdown in September, with monthly inflows collapsing from $3.9 billion in August to just $285 million, according to Blockworks Research data.&nbsp;



The sharp drawdown marks one of the steepest reversals since ETH ETFs launched earlier this year.



The month-over-month change reflects what Blockworks Research <a href="https://blockworks.com/news/prop-amms-solana-rev">analysts call</a> a “flows-driven market.” Last week was the most negative week in aggregate since the March selloff, with bitcoin ETFs posting $900 million in outflows and Ethereum ETFs losing $800 million. Both asset classes have seen ETF flows mirror underlying spot prices, reinforcing the thesis that secondary market activity in the funds is dictating near-term price action.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="889" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-1.png?w=1024&amp;h=1024" alt="" class="wp-image-108577" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-1.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-1.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-1.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-1.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-1.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-1.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-1.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-1.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-1.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: <a href="https://blockworks.com/analytics/crypto-etfs/crypto-etfs/crypto-etfs-etf-flows">Blockworks Research</a></figcaption></figure>



Part of the most recent outflows may be the result of the monthly trends, according to James Butterfill, CoinShares Head of Research, who notes that options expirations at the end of the month beget outflows while early month inflows typically follow.



“The evolving ETF landscape has supported the growth of a much more active options market,” Butterfill told Blockworks.



For ether, the reversal was particularly acute. ETH saw a peak-to-trough price drawdown of nearly −20% in September, before rallying into month-end with a 4% surge on September 30 that left the token down just −3.5% for the month overall. While ETFs are expected to dampen volatility by anchoring institutional demand, September’s flows notwithstanding.



“When [the ETFs] were launched at the beginning of 2024, Bitcoin’s 30-day average volatility was around 40%; today it has fallen to just 25%,” Butterfill said.



A closer look at issuer-level flows shows the divergence within ETH funds. ETHA posted $315 million of net inflows, while smaller products like FETH (−$51.6M), ETHW (−$38.8M), and ETHE (−$28.7M) dragged the category lower.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="889" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-3.png?w=1024&amp;h=1024" alt="" class="wp-image-108579" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-3.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-3.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-3.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-3.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-3.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-3.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-3.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-3.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-3.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: <a href="https://app.blockworksresearch.com/analytics/team/charts/2650">Blockworks Research</a></figcaption></figure>



Bitcoin ETFs, meanwhile, continued to draw heavier absolute flows and with more resilience relative to ether. The BTC ETFs rebounded to $3.5 billion net inflows in September. Despite a weak final week, creations earlier in the month more than offset redemptions.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="889" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-2.png?w=1024&amp;h=1024" alt="" class="wp-image-108578" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-2.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-2.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-2.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-2.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-2.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-2.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-2.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-2.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-2.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: <a href="https://blockworks.com/analytics/crypto-etfs/crypto-etfs/crypto-etfs-etf-flows">Blockworks Research</a></figcaption></figure>



Butterfill cites fiscal uncertainty as a tailwind. “With recent macro data coming in weaker than expected, raising expectations for two rate cuts this year instead of one, the US$1.1bn of inflows into Bitcoin appear to be closely tied to this shift,” he said.



The split has widened the performance gap between the majors. Bitcoin ETFs remain the preferred institutional vehicle, while Ethereum ETFs have proven more vulnerable to swings in sentiment. Some investors are opting into alternative proxy plays — like corporate treasuries holding ETH directly — but for now, the ETF lens remains the cleanest gauge of where large pools of capital are rotating.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

ETFs

Ethereum ETF momentum collapses after record August

Lava, a bitcoin-focused financial services startup, announced on Wednesday that it has raised $17.5 million in new funding while also launching a lending product offering yields on US dollars.



In a <a href="https://x.com/lava_xyz/status/1973419826669559964">post</a> on X, the company said its platform allows users to fund overcollateralized loans secured entirely by bitcoin (BTC), with lenders earning up to 7.5% on their deposits.&nbsp;



The funding follows Lava’s earlier $10 million Series A round led by Founders Fund and Khosla Ventures. New backers in this extension include Peter Jurdjevic, Bijan Tehrani of Stake, Charlie Spears, Jacob Brown, Lee Linden, and Zach White. The firm said the additional capital will be used to expand its infrastructure for bitcoin-denominated financial products.



Lava’s service is available globally, offering access to dollar liquidity without selling bitcoin, alongside zero-fee bitcoin trading and yield-bearing USD accounts. The model resembles earlier crypto lending products, such as BlockFi’s interest accounts, which drew scrutiny from the US Securities and Exchange Commission (SEC) and resulted in enforcement actions in 2022.



Lava’s raise comes amid a surge of late-stage and strategic crypto financing activity in September, according to Blockworks Research. Total crypto fundraising reached its highest monthly levels since early 2022, with infrastructure, finance, and blockchain Layer 1 projects leading deal volume.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Lava raises $17.5M and launches bitcoin-backed lending platform

The Ethereum Foundation announced the appointment of new leadership for its Privacy Research Cluster, a move designed to better coordinate ongoing work on cryptography, private computation, and secure scaling solutions.



The cluster will oversee projects ranging from zero-knowledge proofs (ZKPs) to multiparty computation, tools that help preserve user privacy while maintaining verifiability on Ethereum’s public blockchain, <a href="https://blog.ethereum.org/2025/10/01/privacy-cluster-leads">according</a> to a post on the Ethereum Foundation blog.



The Privacy Cluster is part of the foundation’s broader research and development framework, which also includes scaling, security, and protocol sustainability. The new leads will focus on creating standards and shared infrastructure for privacy-preserving technologies.



Privacy has long been a contested area in Ethereum’s roadmap. While zero-knowledge research has already produced mainstream tools such as zkEVM rollups, their implementation raises regulatory and security questions.



US regulators have warned that privacy-preserving protocols may fall under enhanced scrutiny if they facilitate money laundering or obscure financial records. Ethereum’s foundation, however, has emphasized that advancing privacy is critical to user autonomy and censorship resistance.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Ethereum Foundation names leaders for privacy research cluster

Boccaccio

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/0xresearch" target="_blank" rel="noreferrer noopener">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Over the past month, we’ve seen increasing popularity in perpetual DEXs: both in their tokens (ASTER and APEX) as well as a variety of platforms, which have seen increased volumes due to farming activity (Lighter, Pacifica etc). With the Hyperliquid airdrop worth billions of dollars, most participants are focused on being early to the “next Hyperliquid,” akin to how the L1 trade played out last cycle, where participants wanted to have the chance to be early again.



One key critique that has come up against Hyperliquid is that it is now losing its lead. On first glance, this appears to be true. While Hyperliquid maintained strong positioning with $9.19 billion in average daily volume, Aster&#8217;s explosive entry caused Hyperliquid&#8217;s market share to compress from 56.1% to 13.7% among leading perpetuals DEXs.



However, volume metrics can be easily gamed. Open interest is much more expensive to fake and provides a more reliable indicator of genuine platform usage. By this measure, Hyperliquid remains the dominant platform for perpetual trading with over $13.1 billion in open interest, displaying a notably healthy OI/volume ratio of 1.61.&nbsp;



OI on competitors is much lower. Lighter has $5.39 billion average daily volume over the past month, $1.37 billion in OI as of today, with a OI/volume ratio of 0.181. Aster has an OI/volume ratio of just 0.02.



One key differentiator for Hyperliquid will be how it responds to impeding competitors. In the early days, Ethereum dismissed Solana as a competitor, claiming it was ephemeral activity. That wasn’t the case. Dismissing Lighter and Aster as doing well only because they are being farmed heavily would be a mistake; the tide can shift quickly. Lighter has a strong working product (albeit without the listing velocity and UI of Hyperliquid) and Aster has Binance and CZ’s backing.&nbsp;



Another interesting potential implication here is if we see fee compression for perpetual DEXs. Lighter has 0 fees for both makers and takers. We saw a shift toward zero fees on traditional brokerages and exchanges, as brokerages needed to compete with those offering zero fees. It will be interesting to see if Hyperliquid will have to offer zero fees as well.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

0xResearch Newsletter

Perps competition heats up

Now’s as good a time as any to talk crypto ETFs as more US launches are imminent (even with the latest <a href="https://blockworks.co/news/etf-sec-govt-shutdown">government shutdown</a>).&nbsp;



The anticipated boom of both single-asset and index offerings is set to expand the investor base entering the crypto asset class, industry watchers say.&nbsp;



How do we know we’re set to see more crypto ETFs flood the US market? For one, the SEC finalized its generic listing standards. Those, as you might recall, are set to streamline approvals as long as an ETF proposal meets various <a href="https://blockworks.co/news/crypto-etf-swell">spelled-out requirements</a>.&nbsp;



There are roughly a dozen crypto assets the agency appears ready to allow in the ETF wrapper, per the guidelines — litecoin and solana among them.&nbsp;



A person familiar with the filings told me earlier this month that solana ETF amendments were due Sept. 26. They weren’t kidding.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">NEW: Bunch of updated filings for the Solana ETF prospectuses. Signs of movement from issuers and the SEC. <a href="https://t.co/2XXaXct6w7">pic.twitter.com/2XXaXct6w7</a>&mdash; James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1971689757525868812?ref_src=twsrc%5Etfw">September 26, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



It’d be fair to say the SEC is most focused on the solana ETF proposals right now, another person close to the filings told me Tuesday.



Perhaps we’ll see some more amendments, though the S-1s look pretty close to ready. And <a href="https://x.com/EleanorTerrett/status/1972666249315303665">reports</a> of various 19b-4s soon being withdrawn make sense given exchanges wouldn’t need a rule change to list ETFs holding assets fitting the new standards.&nbsp;



It’s worth noting that 19b-4s could still be filed for proposed ETPs holding assets that fall outside the generic listing standards.&nbsp;



And it’s possible too for the standards to evolve over time. Perhaps, some believe, to not necessarily require an asset to have a regulated futures market — and/or to include prerequisites based on token-specific data.



Whether we are weeks away (or mere days) from the solana ETFs launching remains to be seen. Several issuers are essentially ready to launch, but hesitant to speculate on exactly when the SEC will sign off. Bitwise CIO Matt Hougan told Blockworks’ own Katherine Ross we could see <a href="https://blockworks.co/news/crypto-etf-market-outlook">multiple new crypto ETFs by Halloween</a>.



But beyond timing, what should we expect from investor demand?&nbsp;&nbsp;



Well, US bitcoin ETF inflows stand at $57.3 billion. Ether ETFs have so far attracted $13.7 billion. That inflow difference more or less corresponds to the market caps for BTC (~$2.2 trillion) and ETH (~$500 billion).



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="1000" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image.png?w=1024&amp;h=1024" alt="" class="wp-image-108560" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image.png?w=411 411w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image.png?w=418 418w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image.png?w=350 350w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



As far as the demand for any new US crypto ETFs that launch, ETF.com analyst Sumit Roy said assuming the flows will be proportional to market cap is a good starting point.



“But the new coins may actually underperform compared to that,” he added. “That&#8217;s because BTC, and to a lesser extent, ETH, are benefiting from asset allocation flows from certain investors [who say], ‘I&#8217;ll put 2% of my portfolio in bitcoin as a diversifier/hedge.’”



While coins (excluding ETH) won&#8217;t see those flows initially, Roy argued, they may eventually benefit if crypto index funds take off in a bigger way. “Right now, index funds are small relative to funds that hold single assets like BTC,” he said. “If that ever changes, then the flows could be more widely distributed.”



<h2 class="wp-block-heading">A new phase of crypto investing</h2>



Hashdex CIO Samir Kerbage indeed expects that to change. His firm recently got the regulatory go-ahead to add assets to its Nasdaq Crypto Index US ETF (NCIQ). Holding only BTC and ETH when it launched in February, NCIQ now also holds XRP, solana, stellar and cardano.&nbsp;



The index NCIQ tracks is designed to evolve in order to best represent the broad crypto market.&nbsp;



“There’s a chance that in five to 10 years from now, this index could have 20, 50, 100 or 200 assets,” Kerbage told me.



Hashdex’s broader goal is helping financial advisers make sense of the crypto ecosystem (beyond just BTC and ETH) by addressing historical pain points related to allocating to the space.



“There are going to be multiple single-asset ETPs, but most importantly, we’re going to start to see passive, index, benchmark and active strategies,” Kerbage explained. “So a lot of variations on top of this asset class, and this is how an asset class evolves.”



Hashdex’s thinking goes that advisers and pension funds don’t want to try to pick individual winners.&nbsp;



“They don’t do this for equities and they’re not going to do this for crypto,” Kerbage said. “They’re going to pick a benchmark.”&nbsp;



All’s to say, we’re about to enter an entirely new phase of crypto exposure optionality. Investors hungry for them will just have to wait a teensy bit longer.



A modified version of this article appeared in yesterday&#8217;s edition of the <a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance newsletter</a>. 



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Upcoming ETFs, evolving indexes to mark new chapter for crypto investing  

CoinShares International Limited announced Wednesday that it will acquire Bastion Asset Management, a London-based alternative investment manager focused on digital assets.



The transaction, subject to approval by the UK Financial Conduct Authority, will <a href="https://coinshares.com/us/news/coinshares-set-to-acquire-bastion-asset-management/?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=News_Corporate_0925&amp;utm_content=coinshares-set-to-acquire-bastion-asset-management">integrate</a> Bastion’s strategies, team, and expertise into CoinShares’ broader asset management platform.&nbsp;



CoinShares, headquartered in Jersey with roughly $10 billion in assets under management, said the move enhances its actively managed offerings as it continues to position itself as a comprehensive provider of digital asset investment solutions.



The acquisition aligns with CoinShares’ strategy of combining its established passive products, such as exchange-traded products (ETPs), with more sophisticated actively managed strategies aimed at institutional investors. Bastion brings a market-neutral, quantitative alpha approach that has been deployed over the past three years across a growing client base.



Following the acquisition, Bastion co-founders Philip Scott and Fred Desobry will join CoinShares.



CoinShares’ announcement highlighted that the deal supports its US growth strategy. With the firm already holding registered Investment Advisor status under the Investment Company Act of 1940, the integration of Bastion’s expertise will allow the creation of institutional-grade actively managed funds tailored to US investors.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

CoinShares

CoinShares to acquire Bastion in push for active crypto funds

Roman Storm, co-founder of the cryptocurrency tumbling protocol Tornado Cash, filed a motion for judgment of acquittal in the Southern District of New York on Sept 30.



A federal jury convicted Storm earlier this year of operating an unlicensed money-transmitting business, while jurors deadlocked on money laundering charges and acquitted him on sanctions violations. His legal team now seeks to overturn the conviction entirely, with oral argument scheduled for Dec 18.



In a 103-page memorandum, reviewed by Blockworks, Storm’s defense counsel argued that Tornado Cash is permissionless, immutable software that Storm did not control once deployed. They said the Department of Justice improperly relied on a negligence theory, claiming Storm failed to stop criminals from using the tool, despite lacking both legal duty and technical ability.



The filing contends that labeling software publication as a financial “business” violates constitutional free speech protections, invoking both the First Amendment and the Berman Amendment, which shields the distribution of informational materials from sanctions enforcement.



Storm’s lawyers also challenged the venue, saying alleged New York connections — such as Infura payments, email communications, and Telegram messages — were legally insufficient.&nbsp;



On the substantive charges, they argued that Tornado Cash did not transmit funds, Storm did not enter into a money laundering agreement, and open-source code cannot be equated to providing a sanctions-barred service.



The government has until Oct 31 to file its response to Storm’s motion, per the court documents. Both parties also agreed to pause any potential retrial motions — which the government could pursue on the hung money laundering count — until the acquittal motion is resolved.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Roman Storm

Roman Storm seeks acquittal in Tornado Cash trial

Jack Kubinec

Behind the scenes, issuers are preparing for the SEC’s green light to potentially come for SOL ETFs within days, sources tell Blockworks.



Following the SEC approving generic listing standards for crypto ETPs and a flurry of amended Solana fund forms being submitted, many are speculating that a wave of new crypto ETFs is about to crest.&nbsp;



People familiar with the filings at three separate ETF issuers told Blockworks that next week could be a realistic timeline for Solana ETF approval.&nbsp;



Read more: <a href="https://blockworks.co/news/crypto-etf-swell">Crypto ETF swell approaching after Grayscale’s latest launch</a>



However, a looming US government shutdown could throw a wrench in things, two of the people noted. One said a potential shutdown at midnight would put everything on pause.



Another source said they had “high conviction” that Solana ETFs&#8217; S-1s would go into effect in the first half of October.&nbsp;



It was not immediately clear if issuers expect approved spot SOL ETFs to include staking, but the most recent round of S-1 amendments did <a href="https://www.theblock.co/post/372640/analysts-say-solana-etfs-could-be-weeks-away-following-flurry-of-amended-filings">address</a> staking.



The biggest hurdle to the optimistic approval timeline is a US government shutdown, which looks increasingly likely. Listing approvals are “very unlikely to happen during a shutdown,” <a href="https://blockworks.co/news/etf-sec-govt-shutdown">Blockworks reported today</a>.



Issuers first filed for spot solana funds in the summer of 2024, and the SEC began actively engaging with S-1 forms in June, <a href="https://blockworks.co/news/solana-etf-sec-forms">Blockworks first reported</a>.



Solana could become the third crypto asset to achieve a spot ETF, following bitcoin and ether. Solana’s market capitalization of $113 billion makes it one of the handful of largest tokens, albeit significantly smaller than bitcoin and ether, which have market values of $2.2 trillion and $503 billion, respectively.&nbsp;



Other tokens, such as ripple and litecoin, could <a href="https://blockworks.co/news/crypto-etf-market-outlook">see fast approvals</a> as well, especially after the SEC passed generic listing standards for digital assets. These standards would allow crypto ETFs to gain the SEC’s approval without rule-changing 19b-4 forms. The SEC has asked filers for a raft of crypto ETFs, including Solana, to withdraw their 19b-4s in light of the generic listing standards, crypto journalist Eleanor Terrett <a href="https://x.com/EleanorTerrett/status/1972666249315303665">reported</a>.&nbsp;



Despite the possible shutdown, the conversation surrounding new crypto ETF approvals is now centered on “when,” not “if.”&nbsp;



“Honestly, the odds [of new crypto ETF approvals] are really 100% now. Generic listing standards make the 19b-4s and their ‘clock’ meaningless,” Bloomberg senior ETF analyst Eric Balchunas wrote on X, later adding: “The baby could come any day. Be ready.”



The SEC didn’t respond to a request for comment. 



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>