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<div style="display: none; max-height: 0px; overflow: hidden;">x402, an open standard for onchain agentic commerce, will become controlled by an independent foundation called the x402 Foundation </div>
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<h1><strong>TLDR Crypto <span id="date">2025-09-24</span></strong></h1>
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<strong>Bitcoin Eyes Powell and Inflation Data After Leverage Flush (2 minute read)</strong>
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Bitcoin is consolidating below $113K as traders await Fed Chair Jerome Powell's speech and Friday's core PCE inflation data, which could shape Q4 momentum. Analysts flagged $115,200 as a key support holding above opens the door to retesting highs, while a break lower risks a slide to $105K. After last week's $1.7B leverage flush, liquidity has returned, whales are accumulating, and options demand is clustering around $120K–$125K calls, setting up Powell and PCE as critical near-term catalysts.
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<strong>White House Targets Year-End Passage for Crypto Market Structure Bill (2 minute read)</strong>
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Patrick Witt, Executive Director of the White House Council of Advisors on Digital Assets, said he expects the sweeping crypto market structure bill to pass before the end of 2025. The legislation includes the CLARITY Act and the Responsible Financial Innovation Act, which establish a comprehensive U.S. framework for digital assets, dividing oversight between the SEC and CFTC.
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<h1><strong>Innovation & Launches</strong></h1>
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<strong>Kalshi Launches Crypto Pre-Markets (2 minute read)</strong>
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Kalshi's Crypto Pre-Markets let users speculate on events tied to pre-token projects, like whether PumpFun, OpenSea, Monad, or Hyperliquid will launch tokens or conduct airdrops. This opens up tradable exposure to topics that currently lack direct markets, similar to how Pendle drove adoption via points speculation. Prediction markets are increasingly becoming a central venue for crypto-native speculation before tokens exist, giving traders a way to price in early probabilities.
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<strong>Coinbase Announces x402 Foundation with Cloudflare (5 minute read)</strong>
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x402, the open standard for onchain agentic commerce created by Coinbase, will become controlled by an independent foundation called the x402 Foundation. The foundation will be co-founded by Coinbase and Cloudflare – one of the largest internet infrastructure providers who recently announced an agentic pay-per-crawl option for websites – with more partners to be announced soon. Creating a foundation is a significant step toward making the standard truly open and neutral and achieving the same relevance and scale as HTTP or DNS.
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<strong>Findings from testing 20+ Prediction Markets (15 minute read)</strong>
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Kalshi and Polymarket dominate 99% of the prediction market landscape. Kalshi captured 63% market share in early September due to a surge in sports prediction activity. Both platforms actively court builders with different approaches, targeting crypto Twitter communities and DeFi ecosystem developers. Five product categories are emerging across the ecosystem: DeFi protocols enable lending and borrowing against prediction market positions, with projects like Gondorfi building AAVE-style infrastructure and Flipr creating leverage trading platforms; analytics and aggregator tools include Polysights for AI-enabled dashboards with insider detection, Betmor for trading terminals, and Poly Data for comprehensive market analytics; perps products allow users to long/short everything from pre-IPO companies to quantified public perception and mindshare trends, and AI applications like Sportstensor's Almanac delivering 72% ROI on MLB bets and SIRE turning football footage analysis into trading insights; and niche prediction markets feature decentralized market creation, gamified experiences, and specialized focus areas.
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<strong>EulerSwap vs Fluid DEX (10 minute read)</strong>
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Fluid DEX maintains a structural advantage in non-volatile pairs like USDC-USDT through a unique Smart Debt feature that turns normal borrowers into passive liquidity providers by allowing debt to be denominated as DEX pool shares rather than single assets, reducing borrowing costs by up to 1.15% APY and creating deeper liquidity than EulerSwap's market maker-only approach. The data supports this advantage with Fluid ranking as the #2 DEX on Ethereum with $600 million daily volume versus EulerSwap's #11 ranking with $25 million daily volume, both driven primarily by non-volatile pairs, while Fluid's unified liquidity layer pools assets across all markets compared to Euler's fragmented vault structure. Gas efficiency creates another significant barrier for EulerSwap on Ethereum mainnet, with Fluid swaps consuming around 140k gas through simple borrow/repay operations versus EulerSwap's 390k gas requirements due to oracle calls, health checks, and vault limit verification. However, EulerSwap's permissionless vault architecture positions it strongly for long-tail assets, new stablecoins, and DAO tokens where flexibility matters more than liquidity depth, with both platforms ultimately solving different problems rather than directly competing for the same markets.
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<div style="text-align: center;"><strong><h1>Miscellaneous</h1></strong></div>
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<strong>Aerodrome Redefines DEX Tokenomics (2 minute read)</strong>
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Aerodrome has distributed $1 of revenue to $veAERO voters for every $723 in trading volume, a model that would have paid out $4.3B if applied to Uniswap's $3.1T in 5-year volume. For comparison, that equals 88% of UNI's current market cap. However, Uniswap has returned nothing to token holders. In the past 30 days alone, Aerodrome distributed $35M to voters, outpacing the combined revenue of PancakeSwap, Curve, and Jupiter.
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<strong>Pendle Strategy: Short-Term Principal Tokens and Yield Maximization (2 minute read)</strong>
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Pendle users often target longer-duration principal tokens (PTs) for fixed yields, but pre-token generation event demand for yield tokens (YTs) can create attractive opportunities in shorter-term PTs. When traders buy YTs, their price rises, pushing down PT prices and boosting PT fixed yields. As shown with USDe pools nearing maturity, PTs with just two days left were offering extreme yields (15–25%), thus short-duration PTs can sometimes provide outsized returns if YT demand spikes near expiry.
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<strong>Clanker Founder Rejects Rainbow Acquisition Offer (3 minute read)</strong>
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Jack Dishman, founder of Base-based token launchpad Clanker, rejected Rainbow Wallet's offer to acquire the platform in exchange for 4% of its upcoming RNBW token supply.
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<strong>Ralph Lauren Accepts Crypto Payments (1 minute read)</strong>
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Clothing retailer Ralph Lauren now accepts crypto payments via BitPay, primarily in its Miami flagship store.
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fcryptobriefing.com%2Fsec-innovation-exemption-crypto-2025%2F%3Futm_source=tldrcrypto/1/010001997ba118a6-c5c74cb1-5318-49be-ba5e-07fd5fdb90e8-000000/zdKUfCMzA2djLS-uGcGnHZQ7kfTo94IW-KzB1fItfBI=424">
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<strong>SEC plans to introduce innovation exemption for crypto firms by EOY (3 minute read)</strong>
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The SEC will create an ‘innovation exemption' for crypto firms by the end of 2025 to encourage growth and continue to move away from the regulation-by-enforcement approach of the previous administration.
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<strong>21Shares Launches Dogecoin ETF (2 minute read)</strong>
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21Shares has launched its Dogecoin ETF (TDOG) on the Depository Trust & Clearing Corporation.
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