Author: Louis, Trendverse Lab
In life, there are always some things that inexplicably linger in our hearts: a song we've listened to countless times, a movie that accompanied a certain summer, a flavor from a particular year, or a sudden decision made by someone. These things are as light as air, yet at certain moments, they make us feel that their value runs deeper than we can accurately articulate.
Strangely, the things that can touch people the most have not belonged to us for a long time. The future of music belongs to record companies, the success of movies belongs to capital, the vintages of wine belong to wineries, and a person's most private and vulnerable future choices belong only to them. We fill our lives with them, yet we have never truly owned even a little bit of their value.
Until certain stories occur, the flow of value begins to quietly change. In those corners forgotten by time, the first seam of value being redistributed is hidden.

Author: jk
The on-chain data platform Nansen's newly launched 7-day protocol revenue tracking feature shows that among the many public chains claiming to be the "next generation", only 10 have exceeded $100,000 in protocol revenue over the past week. Moreover, apart from the recently launched Monad, other high-funded public chain projects like Movement, Berachain, and Somnia, which have gone live since the end of last year, now earn less than four digits in daily revenue.
Let's take a look at the detailed data.
The head concentration effect is obvious.
According to the new public chain dashboard launched by the Nansen platform, the protocol revenue ranking over the past 7 days shows an extreme concentration of top performers. Tron leads with a weekly fee income of 6.56 million dollars, despite its fee growth rate being only 0.4%, maintaining a firm position at the top. It can be seen that Tron is stable in the stablecoin transfer.

Author: J.A.E, PANews
With its unique Delta neutral hedging strategy, USDe has become a censorship-resistant, scalable synthetic dollar that can capture perpetual contract funding rate yields, driving the issuer Ethena to rapid rise, with the TVL (Total Value Locked) once approaching the $15 billion mark, being regarded by the industry as a key force challenging the duopoly of traditional centralized stablecoins USDT and USDC.
However, entering October 2025, Ethena's situation took a sharp turn for the worse, facing severe structural challenges. In just two months, the protocol suffered a series of blows, including a halving of USDe TVL and the unexpected termination of incubated ecological projects. These events prompted the market to begin reflecting: Is Ethena's core mechanism vulnerable to external environmental influences? Is the high-growth model of the protocol in its early days sustainable? And where is its second growth curve?

Author: Lauris
Compiled by: ShenChao TechFlow
Welcome to the era of "Post-Crypto Twitter"
The "Crypto Twitter" (CT) mentioned here refers to the Crypto Twitter as a market discovery and capital allocation engine, rather than the entire crypto community on Twitter.
"Post-Crypto Twitter" does not mean the disappearance of discussions, but rather that Crypto Twitter, as a "mechanism for coordination through discourse," is gradually losing its ability to repeatedly generate significant market events.
A single culture cannot continue to attract the next wave of new participants if it can no longer produce enough significant winners.
The "significant market event" mentioned here does not refer to a situation where "the price of a certain token has tripled," but rather to the case where most liquidity market participants' attention is focused on the same thing.

Today's news highlights:
The six major banks have stopped offering 5-year large-denomination time deposits, and the duration of large-denomination time deposits has obviously become "short-term".
Coinbase executives and director Marc Andreessen are being sued by shareholders for alleged insider trading of $4.2 billion.
The probability of the Federal Reserve lowering interest rates by 25 basis points in December is 87.6%.
Grayscale: Bitcoin may hit a new high in 2026, questioning the four-year cycle theory
F2Pool Data: With the network difficulty running at a high level, most older Bitcoin mining machines have fallen below the shutdown price.
Strategy Update on FY2025 Profit Expectations: If BTC is between $85,000 and $110,000 by the end of the year, revenue could reach $7 billion to $9.5 billion.
Kalshi is bringing thousands of prediction markets on-chain to Solana.
macroeconomic
The six major banks have stopped issuing 5-year large denomination time deposits, and the duration of large denomination time deposits has clearly become "short-term."
According to the Financial Times, multiple Chinese

Conclusion first: The next three years will be a major bull run led by institutions, representing the official full entry of crypto and Blockchain technology into Wall Street's balance sheets, with mass adoption ultimately achieved through a top-down revolution.
The mass adoption of crypto will not be the de-centralization revolution that Satoshi Nakamoto originally envisioned, but rather a top-down upgrade of global financial infrastructure.
Retail investors are the tide, institutions are the sea.
The tide may recede, but the sea will not.
Looking back at 2025: Why is this bull run the "Year of Institutions"?
The reason is mentioned first: Almost all BTC/ETH funds come from institutions, while retail investors have gone to trade meme coins and altcoins.
In 2025, all mainstream coins will hit all-time highs: btc 126k, eth 4953, bnb 1375,

Original text: Decrypt, BloombergLaw
Compiled by: Yuliya, PANews
Recently, a lawsuit initiated by Coinbase shareholders has once again placed the company's management under scrutiny. The lawsuit accuses Coinbase executives of concealing critical negative information for years while artificially inflating the stock price to cash out billions of dollars. Meanwhile, Coinbase is planning to relocate its registration from Delaware to Texas, citing the unpredictability of Delaware's legal environment.
This article provides a detailed overview of the lawsuit involving massive insider trading allegations, past compliance and security risks, as well as the latest developments in Coinbase's response to regulatory changes.
Coinbase executives sued by shareholders for alleged $4.2 billion insider trading.
The latest lawsuit filed in Delaware claims that Coinbase's leadership

In the next 3-5 years, there is an opportunity to turn "Decentralization" from a narrative into something verifiable, quantifiable, and that can directly translate into economic security and resilience against attacks. The focus will likely be on the following high-leverage directions (ranked from high to low potential):
1. Fully Decentralized ZK-based Sorter
Most high-performance L1s are using centralized orderers to exchange for performance. A chain that can truly turn the ZK proof network into "anyone can participate in block production and proof with a Raspberry Pi" will directly raise the Nakamoto Coefficient to thousands or even tens of thousands. Currently, no chain (including Ethereum) has been able to achieve "fully decentralized orderers + 100% ZK verification + less than 1 second finality" simultaneously at the mainnet level, although Ethereum is working towards that direction.
2. Client diversity based on history + Economic provability

Author: Frank, PANews
Recently, amidst the overall silence in the market, the niche project Rayls officially launched its TGE on December 1st. This project, which had almost no prior attention, received support from two major overseas exchanges known for their strict compliance and risk control, Coinbase and Kraken, at the initial phase. It also simultaneously launched on multiple exchanges including Binance Alpha, Gate, and Bitget.
This inevitably causes the market to cast curious glances at Rayls. What kind of background and resources can attract the favor of a compliant exchange? This project, which attempts to bridge the "permissioned chain" and "public chain," holding the ticket for the Brazilian Central Bank's DREX pilot program, has it opened a new era for RWA, or is it just "new wine in an old bottle"?
Brazil's central bank endorsement attracts Tether investment in Latin American resources.
Rayls

I was stunned, and upon closer inspection, this is a question worth 2,000 U. Let's answer it with some trepidation:
1) x402 is essentially a protocol standard similar to HTTP. We cannot buy coins for HTTP, but companies built on HTTP like Google, Amazon, and Facebook have created a prosperous era for the internet.
The standard itself is not valuable, but the ecosystem infrastructure and application layer built around the standard will capture value beyond our imagination. This point undoubtedly applies to the future potential value of the x402 track.
2) In the web2 era under HTTP, we all witnessed that the beneficiaries were the giants who controlled the traffic entry and data. In contrast, x402 is just the beginning. Obviously, PING has already achieved a wave of success thanks to the narrative-creating MEME effect, but the short-term effect of MEME cannot last too long.
The x402 track upstream and downstream

Michael Saylor stated in an interview with CNBC that the classic four-year cycle of Bitcoin is no longer the main driving force; rather, structural forces in the market, such as bank credit expansion and the intervention of TradFi, are the driving factors.

Author: Stephen Perrenod, Technical Analyst
Compiled by: Felix, PANews
The biggest bubbles (bull markets) in Bitcoin's history occurred in 2011, 2013, 2017, and 2021. Although many Bitcoin investors firmly believe in a four-year cycle, there was no bubble in 2025.
Why? Because everyone has been brainwashed by the narrative of "bubbles occurring linearly every four years," expecting peaks after the halving events in 2012, 2016, 2020, and 2024. This narrative has been further reinforced by the U.S. business cycle and presidential election years.
Individuals have also been deeply trapped in the assumption of a four-year linear cycle.
In the past year, individuals have increasingly focused on modeling bubbles, distinguishing between the "core power law zone" (long-term trend) and the "bubble zone" (

The assets currently traded on-chain mainly include native encryption tokens, stablecoins, and the rapidly rising real-world assets (RWA), such as bonds and stocks. The newly launched Pre-IPO Perptual Futures have the potential to break traditional market constraints and provide liquidity. Although initial market liquidity is low and regulation is ambiguous, with advancements in encryption technology, a new trading market may form in the future and reshape the derivation landscape.

Author: 0xWeilan
"Currently, as the prospects of interest rate cuts encounter new twists and risk appetite has not fully improved, cyclical selling (cyclicality) has become the main force driving BTC's trend. Without more economic and employment data support, a shift in risk appetite could drive capital back, and if long hands continue to sell, once BTC effectively breaks below the bull-bear dividing line, a 'long liquidation' scenario may occur, significantly increasing the probability of the end of the BTC cycle."
——In the end, BTC experienced the "long squeeze" we warned about in our October report, with a monthly drop of 17.51%, marking the second-largest monthly decline of this cycle. By the end of the month, the maximum drawdown from the peak reached 36.45%, the largest in this cycle.
Technically, BTC once fell below the "Trump Bottom" constructed in the range of $90,000~$110,000 and has been operating below the 360-day moving average for three consecutive weeks. From the perspective of space and time, it has already

This week, the market has generally cooled down, with the market capitalization of AI Tokens falling, and attention shifting towards zk-SNARKs and the EVM track. At the same time, multiple projects released new versions and secured financing, with Testnet volume reaching record levels, showcasing the ongoing progress and application potential in the fields of AI agents and Bots.

The article analyzes the current economic situation, emphasizing that artificial intelligence is a key factor driving GDP rise, while other areas such as the labor market are declining. Market dynamics are primarily driven by capital flow rather than fundamentals, with a liquidity wave expected in 2026. Inequality hinders economic development, and Crypto Assets have become a new investment choice for young people. The shortage of energy supply is seen as a major bottleneck for the development of artificial intelligence. Overall, the future economy will be divided into capital-driven artificial intelligence industries and traditional labor-intensive industries.

Recently, the prices of Bitcoin and Ethereum have significantly fallen, causing panic in the market. The Central Bank of China has strengthened regulations on virtual money, further undermining market confidence. Analysts point out that the current situation seems similar to the bear market of 2022, and it is expected that the recovery of Bitcoin may not happen until the first quarter of next year.

The nomination of the Fed chairman has entered the final stages, with Kevin Hassett being favored to promote an aggressive interest rate cut policy, which is beneficial for the Crypto industry. The Fed will be responsible for the regulation of stablecoins, and its stance will affect the relationship between stablecoins and the U.S. Treasury market, determining whether the Crypto industry can integrate into the TradFi system. Hassett has deep ties to Crypto and may bring positive changes to the industry.