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Former Multicoin co-founder Kyle Samani predicts that in the next 18 months, advancements in the microstructure of the Solana on-chain market will surpass any other period in cryptocurrency history. Notable expectations include:Alpenglow: A major upcoming consensus mechanism upgrade for Solana, representing one of the largest protocol-level changes in Solana's history.ACE (Application Controlled Execution): Application controlled execution is a key innovation in Solana's core roadmap.MCL (Multi-Concurrent Block Production): Future upgrades for Solana will allow multiple leaders to propose blocks simultaneously, significantly increasing throughput and reducing latency, while improving transaction inclusion times and censorship resistance.PropAMMs (Proprietary Automated Market Makers): Deployed privately by professional market makers/institutions, using real-time price oracles to update quotes and actively manage liquidity, typically not accepting permissionless deposits.Aggregators: Aggregators like Jupiter and Dflow aggregate liquidity from multiple DEXs, AMMs, PropAMMs, etc., to find the optimal execution path for users, providing the lowest slippage and best prices.Conditional liquidity: Prevents market makers from being front-run, allowing them to offer tighter spreads, ultimately resulting in better trade prices and deeper liquidity.Overall improvements to SVM and the scheduler: Including optimizations for compute units, asynchronous program execution (APE), scheduling algorithm upgrades, etc., making programs run faster, more resource-efficient, and supporting higher concurrency.

Co-founder of MegaETH, Namik Muduroglu, stated that 53% of the total supply of MEGA tokens will be released upon the protocol achieving significant milestones, rather than being released according to a time-based unlocking schedule.These goals include MegaETH TVL, L2 decentralization, protocol performance, and external milestones reached by the Ethereum community. This move aims to address long-standing concerns about low liquidity/high FDV token economic models.

According to market news, the oracle service provider RedStone has acquired the digital asset data platform Security Token Market (STM.co) and its flagship conference TokenizeThis, to accelerate the adoption of tokenization of real-world assets and expand its influence in the U.S. and institutional markets.Founded in 2018, STM operates the world's largest tokenized RWA database, tracking over 800 on-chain equities, real estate, debt instruments, and funds, with a total market capitalization exceeding $60 billion. Its annual conference TokenizeThis brings together banks, asset management institutions, regulators, issuers, and blockchain leaders to discuss asset tokenization in traditional finance and decentralized finance.

The Cardano Foundation announced on the X platform that it has completed the first milestone of its governance roadmap, delegating approximately 220 million ADA to 11 community representatives (DReps) (about 20 million each). This delegation focuses on two main areas: ecological adoption and operations, increasing the total amount currently delegated to community DReps to 360 million ADA.At the same time, the foundation will self-delegate the remaining approximately 171 million ADA to ensure that all assets participate in governance.

According to Jin Ten, Peter Cardillo, chief market economist at Spartan Capital Securities, stated that the 25 basis point rate cut aligns with market expectations, as the rate cut has long been anticipated, and the economic forecast remains optimistic. He believes this statement reflects a dovish yet cautious stance, noting that the Federal Reserve is maintaining a cautious approach and is still waiting for more economic data to emerge, especially observing the evolution of the labor market, while inflation levels remain high.

According to Jinshi reports, Trump stated that interest rate cuts are the touchstone for the Federal Reserve Chairman.

According to The Defiant, the decentralized oracle network RedStone reports that the RWA market is expected to grow from the current $35 billion to between $50 billion and $60 billion by 2026. This market has rapidly expanded from $5 billion at the end of 2023.Private credit is currently the largest category, with a size of approximately $19 billion, and is expected to account for 45% to 50% of the RWA market next year. Tokenized government bonds currently stand at $8.4 billion, including BlackRock's $2.5 billion BUIDL fund. Tokenized stocks are expected to grow the fastest, with a projected increase of 200% to 300% once U.S. regulatory rules are clarified in mid-2026.RedStone co-founder Marcin Kazmierczak emphasized that this growth relies on reliable infrastructure, including net asset value calculations, liquidity adjustments, and compliance audit tracking.The report also predicts that AI agents will become the primary users of on-chain data, with the market size exceeding $15 billion. The total value locked in decentralized finance is expected to grow from the current $124 billion to between $150 billion and $200 billion.

According to 4E observations, the latest review priorities announced by the U.S. SEC for the fiscal year 2026 do not specifically mention cryptocurrencies, which stands in stark contrast to the "strong regulation" approach of the past few years. New Chairman Paul Atkins emphasized that reviews should not become a "trap-like" process, shifting the focus to core areas such as fiduciary duties, custody, and customer protection, which the market generally interprets as a signal of a more lenient regulatory attitude.On the market side, Kraken announced the completion of an $800 million financing round, reaching a valuation of $20 billion, and received a $200 million strategic investment from Citadel Securities, providing capital and market structure support for its 2026 IPO. Recently, Kraken has expanded its derivatives business through acquisitions, maintaining growth in trading volume and revenue, with significantly enhanced institutional confidence.In terms of technological development, the Ethereum Foundation proposed the "Ethereum Interop Layer (EIL)," aimed at achieving a unified user experience across L2s, allowing all layer two networks to operate as smoothly as a single chain. Solutions built on ERC-4337 enable users to complete cross-chain operations with a single signature, eliminating the need for bridging or intermediaries, directly addressing the current fragmentation issues of L2s, and may become a key infrastructure direction for the Ethereum ecosystem in the coming years.Traditional finance is also accelerating its on-chain transformation. HSBC announced it will open tokenized deposit services to clients in the U.S. and the UAE, enabling cross-border fund settlements in seconds and 24/7 availability, providing large enterprises with more efficient liquidity management tools. Tether has strategically invested in the Bitcoin-collateralized lending platform Ledn, which is rapidly growing its loan volume in 2025, becoming a leader in the crypto lending space.4E Commentary: The regulatory side shows signs of moderation, institutions continue to increase their stakes, technological infrastructure breakthroughs accelerate alongside the on-chain transformation of traditional finance, and the crypto industry still demonstrates structural resilience amidst short-term market fluctuations. The current level of construction may solidify the underlying foundation for the next cycle.

According to Financefeeds, the UK financial company Calastone has integrated its tokenized distribution solution with the Polygon blockchain, enabling institutions to conduct large-scale issuance and settlement of tokenized fund share classes through Polygon.Calastone processes over £250 billion in transaction value each month, serving more than 4,500 financial institutions across 58 markets. The platform allows asset management companies to convert any fund on their network into tokenized share classes without changing its structure, management, or service operations.

According to The Block, the decentralized oracle network RedStone has launched a dedicated data oracle called HyperStone, which supports Hyperliquid's HIP-3 framework, enabling permissionless perpetual contract market creation.This new infrastructure aims to provide developers building derivative markets with faster and more reliable price data sources. HyperStone will serve as the data backbone for HIP-3 markets, allowing developers to launch perpetual contracts on almost any asset, from cryptocurrencies to tokenized stocks and real-world data.RedStone stated that HyperStone has been running on the testnet for over 60 days, providing more than 103 million data updates in the ETH, BTC, and TSLA test markets. This launch is part of RedStone's larger expansion within the Hyperliquid ecosystem.The company claims that it has secured approximately 99.5% of the value protected by oracles on HyperEVM and has become the official price data provider for Hyperliquid's native stablecoin USDH.

Singaporean crypto investment firm QCP Capital published an analysis stating that Bitcoin overnight fell below the key support level of $100,000, driving down global risk assets. This round of decline was mainly influenced by the strengthening of the US dollar and uncertainty in Federal Reserve policies, leading to a general setback in market risk appetite.Macroeconomic pressures quickly transmitted to the crypto market, with US spot Bitcoin ETFs experiencing a net outflow of approximately $1.3 billion over four consecutive days, turning from a significant driving force at the beginning of the year into a short-term resistance. The market is witnessing a phenomenon of weak spot demand coexisting with forced deleveraging, where long positions were liquidated for over $1 billion during the price bottoming period, followed by bargain hunting.The structure of the options market has also intensified volatility, with traders maintaining a net short gamma position near the $100,000 strike price, and their hedging behavior amplifying price fluctuations. Currently, $100,000 has become a key psychological level; if ETF fund flows stabilize, market sentiment is expected to recover quickly.On the macro level, the US government shutdown has affected the release of October's non-farm payroll data, leading the market to rely on private indicators to gauge economic trends. Data prior to the shutdown showed economic resilience: Q2 GDP was revised up to 3.8%, employment growth slowed but productivity improved, and the Q3 GDP Now forecast remained at a high of 4%. High-frequency indicators show that the economy is still experiencing moderate expansion.With unclear policy prospects, the Federal Reserve lowered interest rates by 25 basis points in October but released cautious signals, and the expectation for another rate cut in December has weakened. Currently, the market's expectation for subsequent rate cuts stands at 60-65%; if the quiet period is extended, the likelihood of pausing rate cuts will increase, further supporting the dollar and tightening credit. If Bitcoin wants to restart its upward momentum, it will need to wait for a reversal in ETF outflows and a warming of risk sentiment.

ChainCatcher news, according to official data, the world's first Chinese decentralized contract exchange Sun Wukong (@sunwukong_DEX) has once again surpassed a daily trading volume of 100 million USDT, with a total cumulative trading volume exceeding 3.1 billion USDT. Since its launch, Sun Wukong has attracted a large number of professional traders and community users with its strong product performance and excellent on-chain trading experience, solidifying its title as the "New King of On-Chain Contracts" with real trading volume and user activity.At the same time, Sun Wukong has launched the fourth phase of its welcome celebration, introducing a significant zero-cost incentive program for new users. Participants can earn up to 490 $SUN rewards through recharge, trading, and invitation tasks. The activity prize pool resets daily, encouraging more users to participate in on-chain trading and experience the efficiency and fairness of the Sun Wukong ecosystem.

ChainCatcher news, according to official information, OKX has officially released the 36th Proof of Reserves (PoR). This period's data shows that the reserve ratios of the 22 major cryptocurrencies disclosed by OKX all reach 100%, with the reserve ratios for BTC, ETH, USDT, and USDC being 105%, 102%, 106%, and 100% respectively. The total value of the reserve assets amounts to $35,373,778,763.This release marks OKX's continuous monthly disclosure of Proof of Reserves, making it the first cryptocurrency exchange in the industry to achieve a three-year milestone in PoR publication. During this time, OKX has continuously enhanced asset transparency through technological innovation—from initially introducing Merkle tree verification, to upgrading to a comprehensive Merkle tree mechanism, and then adopting zero-knowledge proof technology (zk-STARK) to optimize privacy and security, consistently leading the industry's standards for public verification. OKX stated that it will continue to drive transparency through technology, safeguard security through trust, and help the industry establish a more robust asset protection system.