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<div style="display: none; max-height: 0px; overflow: hidden;">The Solana Foundation has sold discounted SOL to several public firms creating token-based treasuries, fueling ecosystem growth </div>
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<h1><strong>TLDR Crypto <span id="date">2025-10-13</span></strong></h1>
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<strong>Solana's Treasury Boom Raises Valuation Concerns (3 minute read)</strong>
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The Solana Foundation has sold discounted SOL to several public firms creating token-based treasuries, fueling ecosystem growth but raising questions about oversaturation. Over a dozen “Solana DATs”, including Sharps Technology, Solmate, and Forward Industries, now hold hundreds of millions in SOL. Supporters see more buyers as healthy for Solana's visibility, while critics warn that too many discounted deals could pressure valuations and weaken existing treasuries' multiples.
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<strong>Binance Pays $283M to Cover User Losses After Depeg Event (3 minute read)</strong>
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Binance has compensated users $283 million following Friday's crypto crash, which saw three Binance Earn assets, USDe, BNSOL, and WBETH, depeg sharply on the exchange. Binance said affected futures, margin, and loan users were reimbursed, and emphasized that the market crash preceded the depegs, not vice versa.
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<h1><strong>Innovation & Launches</strong></h1>
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<strong>ERC-8004: Trustless Agents v1 Spec Launches (1 minute read)</strong>
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ERC-8004 v1 is a standard that allows AI agents to discover and trust each other without central intermediaries by representing agents as NFTs that can be minted, transferred, and managed using existing ERC-721 infrastructure while pointing to registration files listing names, skills, capabilities, and endpoints for portability across any agent explorer. The standard provides logically centralized permissionless discovery with onchain reputation through scores and custom tags stored via events and optional IPFS feedback, support for MCP prompt/resource/tool discovery and review, x402 payment proof integration for value-weighted reputation signals, and a Validations Registry for TEE oracles, stake-secured inference, and zkML verification. Developer experience improvements include gasless feedback flows through ERC-7702 where clients don't need to register for sign-and-relay submissions, straightforward subgraph indexing by blending onchain data with IPFS resources, and community-built SDKs coming soon with testnet deployment next week.
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<strong>Kohaku: Ethereum's Privacy and Security Toolkit (6 minute read)</strong>
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Kohaku is an open-source SDK and reference wallet led by Nicolas Consigny and Vitalik Buterin focused on privacy and security improvements for Ethereum wallets that will enable future wallets to run "mini Ethereum" inside browsers through Helios lightclient to verify blockchain state without trusting centralized RPC servers. The toolkit targets power users with features including private sends/receives through protocols like Railgun, one unique account per dApp to prevent tracking across applications, peer-to-peer wallet-app communication instead of public servers, private state reading via oblivious servers with TEE+ORAM, post-quantum killswitch with Falcon/Dilithium verifiers, and spending policy limits to prevent phishing and overdegen mistakes. The project represents collaboration among Ethereum's leading privacy teams, including Ambire, Wonderland, Railgun, Helios, PSE, Oblivious Labs, and individual researchers like Micah Zoltu, with a first demo focusing on privacy features at Devcon and future directions exploring native Ethereum browsers for deeper security, local AI transaction scoring, privacy-preserving account abstraction, and native account abstraction implementation over 2026.
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<strong>Market Crash Breakdown (5 minute read)</strong>
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Hyperliquid alone saw open interest crash from $15 billion to $6 billion in one day during a liquidation cascade reminiscent of May 2021, where months of low volatility and steady run-up led traders to accumulate excessive risk chasing returns in a macro environment with gold at $4,000 and stocks breaking all-time highs daily. The fragility was hidden beneath liquidity abundance, where every token launch faced hot money and FOMO retail, masking risks including synthetic dollar collateral, premarket perpetuals without external funding references, and perp DEX valuations disconnected from actual liquidity depth.
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<strong>Black Friday: What Happened? (6 minute read)</strong>
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Mysterious traders opened massive short positions on Hyperliquid 30 minutes before Trump's 100% China tariff announcement on October 10, profiting $192 million as BTC crashed from $117k to $104k in 20 minutes while altcoins suffered catastrophic losses with ATOM nearly going to zero, Ethena dropping 80%, and SOL falling 40%. Open interest cratered over 50% across the board from $67 billion to $33 billion for BTC, $38 billion to $19 billion for ETH, and $43 billion to $31 billion for alts, forcing exchanges to deploy Auto-DeLeveraging that closed profitable short positions to fill liquidation holes with Lighter being the only major exchange avoiding ADL though experiencing multi-hour outages. DeFi protocols processed record liquidations, including AAVE's $180 million and Morpho's ~$100 million without bad debt, while USDe depegged to $0.62, USDT spiked to 1.006 premium, and onchain prices disconnected from reality with Rabby and DeBank stopping transactions for tens of thousands while some users received absurd fills on BNB and wETH through Cowswap at prices unavailable on CEXs.
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<div style="text-align: center;"><strong><h1>Miscellaneous</h1></strong></div>
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<strong>Debasement or Momentum? (12 minute read)</strong>
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Solana spot ETF approval looks increasingly likely as SEC's generic listing standards shorten timelines from 270 to 75 days, with Bloomberg Intelligence assigning near 100% approval odds, while improving onchain liquidity and CEX outflows support constructive positioning, though elevated leverage creates vulnerability to headline or macro disappointments. Ethereum shows mixed signals with validator queues reaching record levels from both exits and new entries driven primarily by Grayscale enabling staking in US spot ETH funds, suggesting two-way institutional routing rather than one-way de-risking, though growing institutional staking bases create systemic exit-queue risks during liquidation cascades. The debasement trade remains a long-term trend requiring new capital market assumptions rather than a short-term opportunity, with the US government shutdown entering its tenth day raising debt concerns but likely conflating momentum trades with genuine de-dollarization positioning as bearish USD consensus builds.
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<strong>The Endgame for Stablecoins (2 minute read)</strong>
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A future with 1,000 stablecoins will resemble today's banking system, where users treat dollars from different banks as interchangeable because clearing networks like ACH, Fedwire, Visa, and Mastercard reconcile private monies behind the scenes. Stablecoin fungibility won't come from regulation like the GENIUS Act, but from onchain interoperability layers that abstract issuers away. Projects like M0, Paxos, and Anchorage show intra-issuer interop, while Ubyx is testing cross-issuer clearing. Once users can transact seamlessly across stablecoins, the issuer fades into the background.
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<strong>x402scan, the ecosystem explorer for x402 (4 minute read)</strong>
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x402scan is a public good built by Merit Systems for viewing all of the transactions and analytics within the x402 ecosystem.
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<strong>Hyperliquid Whale Reopens $160M Short After $150M Profit (2 minute read)</strong>
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A Hyperliquid trader who earned $150 million shorting BTC and ETH before Friday's tariff-induced crash has opened a new $160 million short, using $16 million in collateral at 10x leverage.
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