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<div style="display: none; max-height: 0px; overflow: hidden;">Coinbase’s Base team has posted a new opening for a “token & governance research specialist,” signaling active work on a potential token launch </div>
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<h1><strong>TLDR Crypto <span id="date">2025-10-09</span></strong></h1>
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<strong>Earn more in October with Kraken's deposit match. (Sponsor)</strong>
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<p>There's no cap on your deposit. No fee to participate. And no limit on the reward you can earn.</p>
<p>Not investment advice. Crypto trading involves risk of loss.
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<strong>Coinbase's Base Begins Formal Token and Governance Planning (4 minute read)</strong>
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Coinbase's Base team has posted a new opening for a “token & governance research specialist,” signaling active work on a potential token launch and decentralization roadmap. The role will design token goals, draft a “Base constitution,” and define governance processes balancing community participation with long-term network growth. This follows comments from Jesse Pollak and Brian Armstrong that Base is “exploring” a native token to accelerate decentralization, marking a shift from earlier plans to rely solely on ETH as gas.
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<strong>Bitwise Sets Ultra-Low 0.20% Fee for Solana Staking ETF (3 minute read)</strong>
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Bitwise has priced its upcoming Solana Staking ETF at a 0.20% annual fee, lower than analysts expected and matching the fee range of approved Bitcoin and Ethereum ETFs. The filing comes as the SEC's review of new crypto ETFs stalls amid a US government shutdown, while competitors like 21Shares are adding staking features and fee waivers to attract investors.
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<h1><strong>Innovation & Launches</strong></h1>
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<strong>Introducing Klyra: The Future of Trading (10 minute read)</strong>
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Klyra is a meta-layer trading platform routing orders across multiple exchanges for best execution rather than operating its own exchange, solving the problem where traders using single exchanges suffer worse execution, higher fees, and limited asset selection, like OKX lacking ENA perpetuals despite otherwise strong performance. The platform enables instant cross-exchange trading through internal transfers processing sub-second versus 15-60 minute deposits, using custodian-agnostic working capital deployment to aggregate liquidity across venues, including Hyperliquid, without requiring custom integrations. Advanced Conditional Orders allow traders to set arbitrary verifiable conditions like rate cuts, ETF announcements, or inflation data to automatically open trades, while Klyra Data aggregates cross-exchange order books, economic data, news, and asset-specific information, including tokenomics and unlock schedules in one interface. The platform plans integration with Patagon for private market access to companies like OpenAI and SpaceX, enabling traders to borrow against secondary positions and hedge correlated exposures, while positioning for the convergence of crypto and traditional markets as the US moves toward legalizing perpetual futures and specialized exchanges fragment across asset classes requiring unified margin account solutions.
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<strong>Unicorn: The Next Launch Model for Virtuals (10 minute read)</strong>
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Virtuals is launching Unicorn to replace its Genesis model that became dominated by point farming rather than genuine conviction, creating a system where founders pay 100 $VIRTUAL to create launches that start at low valuations with 24-hour evaluation windows and anti-sniper taxes declining from 99% to 1% to prevent bot manipulation. The new model reserves 50% of supply for founding teams with performance-tied fundraising where 25% distributes linearly only after reaching 2M FDV through automatic limit-sells up to 160M FDV, ensuring founders receive proceeds based on market traction rather than promises, while the remaining 25% unlocks after one year with six-month vesting or upon reaching 160M FDV. Every Unicorn launch allocates 5% to ecosystem participants through weekly airdrops, with 2% going to $VIRTUAL stakers and 3% to active ecosystem users, transitioning away from the old points system that enabled farming behavior toward rewarding genuine long-term conviction and co-ownership of AI agents.
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<strong>Earn more in October with Kraken's deposit match. (Sponsor)</strong>
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Get more from your deposits. This October <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.kraken.com%2Fodm%3Futm_source=tldr%26utm_medium=newsletter%26utm_campaign=2025_q%5B%25E2%2580%25A6%5Daken_us_odm_acq_per_id:x%26utm_content=x_oct-incentive_id:x/5/01000199c8dca44c-b16df9e8-f363-4c7f-bd7d-529958ebf59a-000000/4mKPP3csxHTqJlkQLjHQdC2YLYOe64F-8GZOes_pl5U=426" rel="noopener noreferrer nofollow" target="_blank"><span>Kraken is rewarding new deposits with up to 2% back</span></a> — and there's no cap on how much you can deposit.Opt in and deposit $1,000 or more during October to qualify. The more you deposit, the more you can earn.
<p></p>
<p>Not investment advice. Crypto trading involves risk of loss.
</p>
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<strong>The Liquidity Problem in Prediction Markets (18 minute read)</strong>
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<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Prediction markets suffer from adverse selection, where informed traders with perfect information can gap prices 30+ cents instantly, leaving market makers holding worthless inventory with no hedging options, unlike traditional markets, where defensive strategies exist. The problem stems from toxic counterparties having sufficient capital to clear entire order books across multiple platforms simultaneously, creating scenarios where market makers face unlimited losses against insiders who essentially "see their hand" in poker terms, making liquidity provision unprofitable and driving providers away. Unlike crypto spot markets, where market makers can hedge on alternative venues or Indian index options, where massive retail flow compensates for occasional toxic losses, prediction markets lack sufficient retail volume to offset gap losses while offering no effective hedging mechanisms when informed traders move prices to 100% certainty. The current binary, instant-liquidity primitive exemplified by Polymarket creates unsolvable adverse selection where market makers must either widen spreads dramatically or stop providing liquidity entirely during high-risk periods, leading to the liquidity death spiral that constrains prediction market growth despite their theoretical advantages over traditional sportsbooks.
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<strong>Fusaka Bandwidth Estimation (12 minute read)</strong>
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Ethereum's upcoming Fusaka fork introduces PeerDAS, splitting blobs into 128 columns so nodes custody data proportional to stake, creating three roles (supernodes, validators, and full nodes) and enabling an 8x theoretical scaling limit with erasure coding. Devnet tests suggest the BPO schedule to 10 and 14 target blobs keeps validating nodes within EIP-7870 limits at roughly 17–25 Mb/s, while supernodes absorb heavier peaks and features like distributed blob building, MEV relays, and a max-blobs flag mitigate proposer bandwidth.
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<div style="text-align: center;"><strong><h1>Miscellaneous</h1></strong></div>
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<strong>Stablecoins Cross $200B: The End of Banking Monopoly (4 minute read)</strong>
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Stablecoins crossing $200 billion represents the separation of dollar hegemony from American banking distribution, enabling 8 billion humans to custody dollars without permission, bank accounts, or touching the US banking system in what constitutes the most important geopolitical money shift since Bretton Woods. Three second-order effects emerge: capital controls becoming ineffective as governments cannot trap what they cannot custody or sanction seed phrases, the $150 billion annual remittance extraction flipping to near-zero cost and staying in emerging economies, and central banks forced to compete for citizens who can exit bad monetary policy in 30 seconds, making inflation a customer retention problem. The shift eliminates rent-seeking infrastructure, including correspondent banking's 47-intermediary fee maze and T+2 settlement delays that were always artificial complexity for float extraction, with traditional players like Stripe, PayPal, Visa, and BlackRock now building rather than resisting as the debate ends and deployment begins.
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<strong>The Real Alt Season is in Crypto Equities (5 minute read)</strong>
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Bitcoin dominance sits at 58% in a steady uptrend since November 2022 without the historical pattern where Bitcoin appreciation precedes altcoin outperformance, suggesting alt season is occurring in crypto equities rather than crypto assets as institutions deploy fresh capital into familiar accessible formats. Crypto equities show dramatic outperformance with Coinbase up 53% YTD, Robinhood up 299%, Galaxy up 100%, and Circle up 368% since its June IPO, compared to Bitcoin's 31%, Ethereum's 35%, and Solana's 21% gains over the same period. Institutional capital flows into equities rather than crypto assets because institutions already have operational infrastructure for custody, compliance, and dealer relationships, while purchasing crypto tokens requires new capabilities that may fall outside their mandates entirely. The crypto equities alt season shares characteristics with historical crypto alt seasons including asset concentration with only a handful of attractive equities similar to under 100 tokens in past cycles, access to leverage through traditional equity lending desks unlike collapsed crypto-native lending infrastructure, and likely rotation between different equity metas from stablecoin stocks to exchanges to digital asset treasuries as traders take profits from expensive assets and redeploy capital.
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.coindesk.com%2Fbusiness%2F2025%2F10%2F06%2Fbitmine-immersion-added-usd821m-in-ether-bringing-cash-and-crypto-holdings-to-usd13-4b%3Futm_source=tldrcrypto/1/01000199c8dca44c-b16df9e8-f363-4c7f-bd7d-529958ebf59a-000000/BJ85kbMVozNkhZb3Z8hFnuZL_XSP5MKZ1m5Tte8nY5I=426">
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<strong>BitMine Immersion Added $821M in Ether (2 minute read)</strong>
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BitMine Immersion Technologies added 179,251 ether worth approximately $820 million to its balance sheet last week, bringing total ETH holdings to over 2.83 million tokens representing more than 2% of Ethereum's supply and extending its lead as the largest listed ether treasury firm.
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<strong>Coinbase Earn Reaches $200M (1 minute read)</strong>
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In two weeks since launch, Coinbase's Earn product, powered by Morpho vaults, has reached over $200 million in deposits.
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<strong>Alipay Quietly Launches Euro Stablecoin with Major Banks (2 minute read)</strong>
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Alipay is launching a Euro-denominated stablecoin (BREUR) under ESMA's new framework, becoming only the second entity to be approved by the EU regulator.
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<strong>Lighter Becomes #1 Appchain L2 on Ethereum (2 minute read)</strong>
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Lighter, a ZK rollup-based perps exchange, has increased to $1.15B TVL and ranks as the #6 overall L2 and top appchain L2 on Ethereum.
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