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<div style="display: none; max-height: 0px; overflow: hidden;">Hardware wallet maker Ledger is preparing for a New York IPO or private fundraising round next year as the company posts triple-digit millions </div>
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Finvest.radintel.ai%2F%3Fo=454%26cp=5008%26a=3514%26cid=2173%26m=56%26p=f%26s1=Crypto%26s3=Primary%26utm_source=tldr%26utm_medium=Primary%26utm_campaign=Crypto%26utm_content=ROAS%2BKing%26utm_custom=cp-5008/1/0100019a73058e0c-3016d2b6-7be2-47f5-a437-7a0b9633b305-000000/KXAMR0KVtZyAyMRtbmKXIfXuhi0i_Uys1DHHuE6dSe8=431"><img src="https://images.tldr.tech/radintel.png" valign="middle" style="vertical-align: middle !important; height: 100%;" alt="Rad AI"></a></td></tr></tbody></table>
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<h1><strong>TLDR Crypto <span id="date">2025-11-11</span></strong></h1>
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<strong>$1K Could've Made $2.5M — Meet the ROAS King of AI Marketing (Sponsor)</strong>
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A $1K investment in Nvidia in 1999 would be worth $2.5M today. Now another early AI startup is emerging —<strong> </strong><a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Finvest.radintel.ai%2F%3Fo=454%26cp=5008%26a=3514%26cid=2173%26m=56%26p=f%26s1=Crypto%26s3=Primary%26utm_source=tldr%26utm_medium=Primary%26utm_campaign=Crypto%26utm_content=ROAS%2BKing%26utm_custom=cp-5008/3/0100019a73058e0c-3016d2b6-7be2-47f5-a437-7a0b9633b305-000000/8o4unJgJfifGBBdji6keqyI2BEo16ckoBs45bWTvkpk=431" rel="noopener noreferrer nofollow" target="_blank"><span>RAD Intel, the <em>ROAS King</em></span></a>, which helps Fortune 1000 brands predict performance before they spend.
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<p>With recurring seven-figure partnerships and <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Finvest.radintel.ai%2F%3Fo=454%26cp=5008%26a=3514%26cid=2173%26m=56%26p=f%26s1=Crypto%26s3=Primary%26utm_source=tldr%26utm_medium=Primary%26utm_campaign=Crypto%26utm_content=ROAS%2BKing%26utm_custom=cp-5008/4/0100019a73058e0c-3016d2b6-7be2-47f5-a437-7a0b9633b305-000000/v2BQpTnA3hDTxAPfEImpsVknYY1-vu2eawJfbRMtFLY=431" rel="noopener noreferrer nofollow" target="_blank"><span>valuation up 4,900%*</span></a>, this is the layer powering tomorrow's marketing giants, and the $RADI NASDAQ ticker is already reserved</p>
<p>Backed by <strong>Adobe</strong> and <strong>Fidelity Ventures</strong>, Rad Intel has over 10,000 investors, including insiders from Google, Meta, and Amazon. </p>
<p><strong>👉</strong><a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Finvest.radintel.ai%2F%3Fo=454%26cp=5008%26a=3514%26cid=2173%26m=56%26p=f%26s1=Crypto%26s3=Primary%26utm_source=tldr%26utm_medium=Primary%26utm_campaign=Crypto%26utm_content=ROAS%2BKing%26utm_custom=cp-5008/5/0100019a73058e0c-3016d2b6-7be2-47f5-a437-7a0b9633b305-000000/diQxFO9gmKse2vk_1Fn3g1mNc66Q8c9OJanPlfobLi8=431" rel="noopener noreferrer nofollow" target="_blank"><span>Lock in $0.81/share before Nov 20</span></a>
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.coindesk.com%2Fpolicy%2F2025%2F11%2F07%2Fu-s-regulator-that-may-rule-over-digital-assets-pushing-toward-crypto-spot-trading%3Futm_source=tldrcrypto/1/0100019a73058e0c-3016d2b6-7be2-47f5-a437-7a0b9633b305-000000/XIg5b4Z-xS661KNpK28UsgjtWrSNbEunxj_oC81Wxow=431">
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<strong>CFTC Pushing Toward Leveraged Spot Crypto Adoption (8 minute read)</strong>
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CFTC Acting Chair Caroline Pham is personally meeting with regulated exchanges to launch leveraged spot crypto trading products by year-end without waiting for congressional authorization, claiming existing agency authority suffices to oversee Bitcoin and Ethereum trades on designated contract markets. She's simultaneously restructuring the enforcement division with a dedicated trial unit of 8-9 lawyers and pushing toward a stablecoin collateral pilot program expected in Q2 2026 that she calls a "killer app" for the sector. Rumors indicate Pham plans to join MoonPay as chief legal officer and chief administrative officer after Mike Selig's confirmation as permanent CFTC chairman, positioning the agency to claim jurisdiction over the vast majority of digital assets that fall outside SEC oversight.
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<strong>Ledger considering IPO or fundraise (5 minute read)</strong>
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Hardware wallet maker Ledger is preparing for a New York IPO or private fundraising round next year as the company posts triple-digit millions in revenue during its strongest year on record, with CEO Pascal Gauthier expanding the firm's Manhattan presence where crypto capital is concentrated. The Paris-based company secures roughly $100 billion in bitcoin for customers and was last valued at $1.5 billion in 2023. Demand for secure crypto storage has surged as criminals stole $2.17 billion in the first half of 2025 alone, and physical attacks on crypto holders escalated, including the January kidnapping of Ledger co-founder David Balland, who had a finger severed before a suspected orchestrator was arrested in Morocco.
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<h1><strong>Innovation & Launches</strong></h1>
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<strong>The Evolution of Staking: From Consensus to Tokenomics (4 minute read)</strong>
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Staking began as a Proof-of-Stake consensus tool, rewarding validators for securing networks, but has evolved into a core tokenomics mechanism that aligns incentives, accrues value, and empowers governance. With the rise of liquid staking, users gained capital efficiency while networks like Ethereum and Solana expanded staking's utility beyond security, now serving as a foundation for DeFi primitives and long-term holder alignment. On Solana, Jito and Kyros are driving this next phase with customizable infrastructure for liquid and restaking across SPL tokens, enabling projects like Nomu to create “realStaking” models that tie rewards directly to protocol activity instead of emissions.
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<strong>Republic Secures $100M Zero-Interest Deal to Buy ETH and Scale Staking (1 minute read)</strong>
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Vancouver-based Republic Technologies (DOCT) secured a $100 million zero-coupon convertible note from a major institutional investor to expand its Ethereum validator and staking operations, with over 90% of proceeds allocated to purchasing ETH. The financing structure, which has no interest or collateral requirements, positions Republic among a growing group of public firms treating ETH as both a treasury asset and yield generator. CEO Daniel Liu called Ethereum “digital fuel” for financial systems, reflecting the firm's validator-driven treasury model and rising institutional interest in Ethereum-based income strategies similar to those employed by SharpLink and BitMine.
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<strong>Stablecoin Affinity Cards (15 minute read)</strong>
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Co-branded cards generate billions for airlines and hotels but remain inaccessible to most brands due to bank balance sheet requirements, underwriting black boxes, and reputation risks. Stablecoin-linked cards eliminate traditional underwriting by letting users pre-fund wallets and spend from collateralized balances, offering two paths: low-risk debit cards monetizing yield on float plus interchange, or collateralized credit where users borrow against yield-bearing assets at higher risk. An emerging provider ecosystem handles custody, key management, vault infrastructure, and regulatory compliance, giving brands unprecedented control over economics and customer experience while breaking free from bank constraints that limited co-branding to Fortune 500 companies.
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<strong>Why most airdrops suck (4 minute read)</strong>
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Most project airdrops fail because teams reward Discord activity and testnet farming instead of users deploying real capital and generating revenue. Teams should build products first to attract genuine TVL, then reward actual usage based on multiple metrics rather than launching tokens on day one as pure speculation. Marketing teams perpetuate ineffective airdrop strategies due to a lack of expertise or a fear of losing jobs by abandoning vanity metrics, resulting in reputation damage that can take years to recover as real users migrate to projects that properly identify and reward them.
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<div style="text-align: center;"><strong><h1>Miscellaneous</h1></strong></div>
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<strong>Fluid Q3 Report (15 minute read)</strong>
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Fluid's unified Liquidity Layer protocol doubled its lending business to $3.4B TVL and $1.6B in active loans while DEX volume surged 150% to $69.2B, making it the largest DEX for pegged and correlated pairs across major EVM chains. The protocol generated $20.5M in fees and $3.5M in revenue as monthly active users doubled to 102K, with its Solana deployment, Jupiter Lend, reaching $1B TVL in eight days post-launch. The team projects a 5-10x fee and revenue growth plus 5x volume increases in Q4 with the launch of DEX v2, which will introduce permissionless pool creation and volatile pair trading.
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Crypto should move away from gambling-style projects that exploit user asymmetries and instead refocus on building systems that replace legacy finance, not replicate its predatory mechanics. Five key sectors shaping that future are Tokenized assets, led by firms like Securitize and Ondo, which bring real-world financial products onchain; Onchain capital formation, which enables global token-first fundraising; Stablecoins and crypto neobanks, powered by projects like EtherFi and KeetaPay; Agentic finance, where AI-driven agents execute intent-based transactions; and Bitcoin financial products, which unlock yield and utility for BTC holders.
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Base is starting a new podcast called BaseLayer, with the first guest being Alexander Cutler, founder of Aerodrome.
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<strong>Aave Hits All-Time Highs in Deposits and Revenue Despite Token Lag (3 minute read)</strong>
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Aave is breaking records across all key metrics ($56B in total deposits, $3M+ in weekly revenue, and rising loan activity) even as its $AAVE token remains 66% below its 2021 ATH and 39% down year-over-year.
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<strong>Ethereum's Fusaka Upgrade to Gradually Double Blob Capacity (2 minute read)</strong>
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The Fusaka upgrade, launching December 3, introduces “BPO forks”.
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<strong>Kalshi Captures Sports; Polymarket Captures Internet Narratives (2 minute read)</strong>
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New data shows that 90% of Kalshi's trading volume comes from sports markets, with football leading the charge, effectively positioning it as the sports prediction platform of choice.
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