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𝗟𝗮𝘀𝘁 𝘄𝗲𝗲𝗸 (𝟭𝟵-𝟮𝟱 𝗢𝗰𝘁) 𝗶𝗻 𝗰𝗿𝘆𝗽𝘁𝗼: 🏛️ 𝗢𝗖𝗖 𝗙𝗶𝗻𝗮𝗹𝗶𝘇𝗲𝘀 𝗙𝗶𝗿𝘀𝘁 𝗚𝗘𝗡𝗜𝗨𝗦 𝗔𝗰𝘁 𝗦𝘁𝗮𝗯𝗹𝗲𝗰𝗼𝗶𝗻 𝗥𝘂𝗹𝗲. On October 21 the OCC issued its final rule for payment stablecoin issuers and related custody, effective January 18, 2027. It keeps the ban on yield for merely holding a stablecoin but drops a proposed presumption against affiliate arrangements. ⏸️ 𝗘𝘁𝗵𝗲𝗿𝗲𝘂𝗺 𝗣𝗼𝘀𝘁𝗽𝗼𝗻𝗲𝘀 𝗚𝗹𝗮𝗺𝘀𝘁𝗲𝗿𝗱𝗮𝗺 𝗼𝗻 𝗛𝗼𝗼𝗱𝗶. On October 22 core developers postponed the Glamsterdam fork on the Hoodi testnet, set for October 26, to investigate how EIP-8037 interacts with mainnet contracts. No new date is set. 📉 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗗𝗶𝗽𝘀 𝗕𝗲𝗹𝗼𝘄 𝟴𝟬,𝟬𝟬𝟬 𝗨𝗦𝗗. On October 24 bitcoin briefly fell to about 79,280 USD as 404.15M USD of longs were liquidated in four hours. US spot bitcoin ETFs still netted a provisional 301.2M USD over October 19-23, and DeFi TVL slipped from 90.6B to 88.6B USD. 🏦 𝗝𝗣𝗠 𝗖𝗼𝗶𝗻 𝗠𝗼𝘃𝗲𝘀 𝘁𝗼 𝗘𝘁𝗵𝗲𝗿𝗲𝘂𝗺. On October 19 JPMorgan deployed its JPM Coin deposit token, which represents US dollar deposits at the bank, on Ethereum mainnet. It stays restricted to approved institutional participants and follows its November 2025 launch on Base. ⚡ 𝗦𝗼𝗹𝗮𝗻𝗮 𝗔𝗰𝘁𝗶𝘃𝗮𝘁𝗲𝘀 𝗔𝗹𝗽𝗲𝗻𝗴𝗹𝗼𝘄'𝘀 𝗙𝗶𝗿𝘀𝘁 𝗣𝗵𝗮𝘀𝗲. On October 21 Votor, the first phase of Solana's Alpenglow upgrade, went live on mainnet, targeting finality of about 150 milliseconds against about 12.8 seconds. The Rotor phase follows later. 🇭🇰 𝗛𝗦𝗕𝗖 𝗟𝗮𝘂𝗻𝗰𝗵𝗲𝘀 𝗮 𝗛𝗼𝗻𝗴 𝗞𝗼𝗻𝗴 𝗗𝗼𝗹𝗹𝗮𝗿 𝗦𝘁𝗮𝗯𝗹𝗲𝗰𝗼𝗶𝗻. On October 23 HSBC launched RedCoin (RCHKD) in its PayMe app, with stablecoin wallets rolling out to more than 3.3 million users over the coming days for transfers and merchant payments. HSBC received its issuer licence in April. 🇮🇪 𝗜𝗿𝗲𝗹𝗮𝗻𝗱 𝗙𝗶𝗻𝗲𝘀 𝗖𝗼𝗶𝗻𝗯𝗮𝘀𝗲 𝟯.𝟮𝟱𝗠 𝗘𝗨𝗥. On October 22 the Central Bank of Ireland fined Coinbase Ireland 3.25M EUR for breaching safeguarding and outsourcing rules between November 2020 and August 2025. The amount reflects a 30% settlement discount and needs High Court confirmation. 🇨🇭 𝗦𝘄𝗶𝘁𝘇𝗲𝗿𝗹𝗮𝗻𝗱 𝗔𝗽𝗽𝗿𝗼𝘃𝗲𝘀 𝗙𝗶𝗿𝘀𝘁 𝗥𝗲𝘁𝗮𝗶𝗹 𝗦𝗽𝗼𝘁 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗘𝗧𝗙. On October 20 FINMA approved the country's first spot bitcoin ETF for retail investors, waiving its diversification rules. BIT Asset Management says its Bitcoin Fund ETF (BBIT) should list on SIX in November. 🤝 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗖𝗵𝗮𝗿𝘁𝗲𝗿𝗲𝗱 𝘁𝗼 𝗕𝘂𝘆 𝗭𝗼𝗱𝗶𝗮 𝗖𝘂𝘀𝘁𝗼𝗱𝘆. On October 21 Standard Chartered signed definitive agreements to acquire all of Zodia Custody, which holds regulated entities in five jurisdictions. Terms were not disclosed; approvals are pending. 📶 FinDaS - #tokenomics. Engineered, not guessed. ⚡ Like and share this post if you found it insightful. We would like to bring visibility to important topics in #crypto.

For everyone calculating staking yield from issuance - here is a gem from our Lead Token Economist @Hristo_Piyankov linkedin.com/pulse/nears-pro…

𝗟𝗮𝘀𝘁 𝘄𝗲𝗲𝗸 (𝟭𝟮-𝟭𝟴 𝗢𝗰𝘁) 𝗶𝗻 𝗰𝗿𝘆𝗽𝘁𝗼: 🇪🇺 𝗨𝗦𝗗𝗖 𝗜𝘀 𝘁𝗵𝗲 𝗘𝗨'𝘀 𝗙𝗶𝗿𝘀𝘁 𝗦𝗶𝗴𝗻𝗶𝗳𝗶𝗰𝗮𝗻𝘁 𝗘𝗠𝗧. On October 14 the EBA classified Circle's USDC as the first significant e-money token under MiCA, out of 45 notified in the EU. From November 12 the EBA directly supervises its own funds, reserves, liquidity and redemption plans. 🇰🇷 𝗞𝗼𝗿𝗲𝗮 𝗕𝗹𝗼𝗰𝗸𝘀 𝟮𝟳 𝗢𝗳𝗳𝘀𝗵𝗼𝗿𝗲 𝗘𝘅𝗰𝗵𝗮𝗻𝗴𝗲𝘀. On October 13 the Financial Intelligence Unit said the websites of 27 unregistered exchanges, including KuCoin, MEXC and BitMart, will be blocked in Korea. A block no longer needs evidence of user harm. 📉 𝗛𝗼𝘁 𝗨𝗦 𝗜𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻, 𝗘𝗧𝗙 𝗢𝘂𝘁𝗳𝗹𝗼𝘄𝘀. September CPI rose 0.6% on the month and 3.7% on the year; producer prices rose 1.3% and 6.3%. Bitcoin briefly fell below 80,000 USD on October 15, the day of the PPI release. US crypto ETFs lost 610.7M USD over October 12-16 (Farside) and DefiLlama's DeFi TVL fell from 92.0B to 87.9B USD. ⚖️ 𝗖𝗵𝗶𝗻𝗲𝘀𝗲 𝗟𝗮𝘄 𝘁𝗼 𝗚𝗼𝘃𝗲𝗿𝗻 𝟲𝟭,𝟬𝟬𝟬 𝗕𝗧𝗖 𝗖𝗹𝗮𝗶𝗺𝘀. On October 12 the UK High Court ruled that Chinese law decides whether fraud victims have rights to over 61,000 bitcoin seized in the Zhimin Qian case. Ownership is still open; the claimants' lead firm is pursuing an appeal. 🏛️ 𝗚𝗲𝗺𝗶𝗻𝗶'𝘀 𝗖𝗙𝗧𝗖 𝗦𝗲𝘁𝘁𝗹𝗲𝗺𝗲𝗻𝘁 𝗦𝘁𝗮𝗻𝗱𝘀. On October 15 a New York federal judge denied a joint Gemini and CFTC motion to vacate their January 2025 consent order, though the CFTC now says the case should not have been brought. The 5M USD penalty and the injunction stand. 🚫 𝗡𝗶𝗻𝗲 𝗜𝘀𝘀𝘂𝗲𝗿𝘀 𝗢𝗯𝗷𝗲𝗰𝘁 𝘁𝗼 𝗢𝗞𝗫𝗜𝗖𝗘. Nine US-listed companies, including CoreWeave, Broadcom and Verizon, objected to tokenized trading of their shares on the OKX and ICE venture, per its October 15 notice. Under the SEC's exemption, an objection bars that venue. 🔐 𝗤𝘂𝗮𝗻𝘁𝘂𝗺 𝗼𝗻 𝗧𝘄𝗼 𝗙𝗿𝗼𝗻𝘁𝘀. On October 13 Coinbase set out priorities for Bitcoin's post-quantum transition, which it says can take years. On October 15 Google reported magic state cultivation on its Willow chip, cutting errors 40-fold, with larger demonstrations still needed. 💶 𝗕𝗮𝗻𝗸 𝗘𝘂𝗿𝗼 𝗦𝘁𝗮𝗯𝗹𝗲𝗰𝗼𝗶𝗻 𝗟𝗶𝗰𝗲𝗻𝘀𝗲𝗱. On October 14 Qivalis, backed by 37 European banks including BNP Paribas and ING, announced an e-money licence from the Dutch central bank. Issuance is planned within months, after its MiCA white paper. 🇦🇺 𝗔𝘂𝘀𝘁𝗿𝗮𝗹𝗶𝗮 𝗗𝗿𝗮𝗳𝘁𝘀 𝗣𝗹𝗮𝘁𝗳𝗼𝗿𝗺 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱𝘀. On October 15 ASIC opened consultation CP 392 on standards for digital asset and tokenised custody platforms, covering asset holding, settlement and financial requirements. Comments close November 27. 📶 FinDaS - #tokenomics. Engineered, not guessed. ⚡ Like and share this post if you found it insightful. We would like to bring visibility to important topics in #crypto.

In our 𝗧𝗼𝗸𝗲𝗻𝗼𝗺𝗶𝗰𝘀 𝗽𝗮𝗽𝗲𝗿 𝗱𝗲𝗲𝗽-𝗱𝗶𝘃𝗲 series, we explore in more detail interesting papers that were published last month. Our first paper for the month is... Paper: DeFi-ying the Fed? Monetary policy transmission to stablecoin deposit rates Authors: Andrea Barbon, Jean Barthélemy, Benoit Nguyen Date: 2026-09-14 Estimated Reading Time: 25-30 minutes Major stablecoin issuers pay no interest, so the yield on USDC, USDT or DAI comes from lending them in DeFi. This ECB working paper asks whether Federal Reserve policy reaches that yield, using Aave v2 and v3 on Ethereum from January 2021 to January 2026. Aave sets deposit rates from pool utilisation, with no reference to any policy rate, and the data show it. Around a median 50 bp hike, deposit rates rise by about 15 bps after one week. While the Fed raised rates by 525 bps between March 2022 and July 2023, DeFi rates fell from 2.5% to 0.5% before recovering, and between September and December 2024 a 100 bp cut coincided with a 600 bp rise. The authors model two opposing forces: liquidity providers with access to traditional finance withdraw after a hike, which pushes rates up, while leveraged crypto borrowers cut back as tightening lowers expected returns, which pushes them down. The same shock lifts the USDC deposit rate on impact and lowers the USDT rate, which takes beyond 42 weeks to converge. The arbitrage that would tie DeFi to money-market rates is done by a minority: wallets that supplied only USDC, 7.29% of liquidity providers and about 15% of USDC volume. That reaches retail users too, as trading platforms route stablecoin balances into lending protocols: an earn product built this way inherits a yield that tracks crypto leverage and can fall while the policy rate rises. The instrument is weak, with a first-stage F-statistic of 7, so the signs carry more weight than the sizes. See the full summary with linked source research paper here: findas.org/reports/paper-dee…

𝗧𝗵𝗲 𝗳𝗶𝗿𝗺 𝘁𝗵𝗮𝘁 𝗱𝗲𝘀𝗶𝗴𝗻𝘀 𝘆𝗼𝘂𝗿 𝘁𝗼𝗸𝗲𝗻𝗼𝗺𝗶𝗰𝘀 𝘀𝗵𝗼𝘂𝗹𝗱 𝗻𝗼𝘁 𝗮𝗹𝘀𝗼 𝘀𝗲𝗹𝗹 𝘆𝗼𝘂 𝘁𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁𝗶𝗻𝗴. When it does, the marketing allocation grows, and the sell pressure becomes someone else's problem. A typical token launch spans ten distinct workstreams from business plan through post-launch treasury management, and takes six to twelve months from decision to TGE. End-to-end budgets range from under 50k USD for the most stripped-down launches to well over 1 million USD once legal, marketing, product integration, and Tier 1 exchange listings are in scope. Most projects underestimate both the calendar time and the cost of the non-tokenomics work. ⬇ ⬇ ⬇ Link to the full article below findas.org/blogs/launch-a-to…

𝗧𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝗴𝗼𝘁 𝟮𝟯% 𝗰𝗵𝗲𝗮𝗽𝗲𝗿 𝗼𝗻 𝗳𝗲𝗲𝘀 𝗶𝗻 𝗳𝗶𝘃𝗲 𝘄𝗲𝗲𝗸𝘀, 𝗮𝗻𝗱 𝗽𝗿𝗶𝗰𝗲𝘀 𝗱𝗶𝗱 𝗻𝗼𝘁 𝗳𝗮𝗹𝗹. The October Crypto Fees & Multiples report covers 507 protocols: what each category trades at against the fees it collects, and where the market sits against four years of its own history. 𝗧𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝘁𝗿𝗮𝗱𝗲𝘀 𝗮𝘁 𝟭𝟳𝟲𝘅 𝗳𝗲𝗲𝘀, the 38th percentile of 208 weeks running 82x to 336x. In late August it stood at 229x. 𝗧𝗵𝗲 𝗱𝗲𝗻𝗼𝗺𝗶𝗻𝗮𝘁𝗼𝗿 𝗺𝗼𝘃𝗲𝗱. Over those five weeks the diluted value of the sixty protocols in the index rose 7%, and their annualised fees rose 40%. September's fees came in at $2.5bn against $1.9bn in August. We read the lower multiple as protocols earning more, not as the market marking them down. One strong fee month is not a trend, so that reading holds for September and no further. 𝗖𝗮𝘁𝗲𝗴𝗼𝗿𝘆 𝘀𝘁𝗶𝗹𝗹 𝗱𝗲𝗰𝗶𝗱𝗲𝘀 𝘁𝗵𝗲 𝗯𝗲𝗻𝗰𝗵𝗺𝗮𝗿𝗸. Lending sits at a median of 9.8x on 48 protocols, Dexs at 18.3x on 134, Derivatives at 42.7x on 27. Chains sit at 7,465x, with a middle half running 1,357x to 27,332x. 𝗧𝘄𝗼 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗺𝗼𝗱𝗲𝗹𝘀 𝘀𝗵𝗮𝗿𝗲 𝗼𝗻𝗲 𝗺𝗲𝘁𝗿𝗶𝗰. 133 protocols keep less than a tenth of the fees they collect, and 164 keep more than nine tenths. Price to fees and price to revenue are the same number for the second group and an order of magnitude apart for the first. ⬇ ⬇ ⬇ Link to the full report findas.org/reports/crypto-fe…

𝗢𝗶𝗹 𝗶𝘀 𝘂𝗽 𝟲𝟭% 𝘁𝗵𝗶𝘀 𝘆𝗲𝗮𝗿. 𝗢𝘃𝗲𝗿 𝘁𝗵𝗿𝗲𝗲 𝘆𝗲𝗮𝗿𝘀 𝗶𝘁 𝗶𝘀 𝗳𝗹𝗮𝘁. Bitcoin runs the other way: -6% this year, +218% over three years, the highest figure on the table. FAANG follows at +161%, gold at +123%. Bitcoin's three-year correlation with FAANG is 74%. Of the eight assets on the table, oil is the only one that moves against it, at -49%. 📶 FinDaS - #tokenomics. Engineered, not guessed. ⚡ Like and share this post if you found it insightful. We would like to bring visibility to important topics in #crypto.

𝗧𝘄𝗲𝗹𝘃𝗲 𝘆𝗲𝗮𝗿𝘀 𝗮𝗴𝗼 𝘁𝗼𝗱𝗮𝘆, 𝘁𝗵𝗲 𝗳𝗶𝗿𝘀𝘁 𝗧𝗲𝘁𝗵𝗲𝗿 𝘁𝗼𝗸𝗲𝗻𝘀 𝘄𝗲𝗿𝗲 𝗺𝗶𝗻𝘁𝗲𝗱. On October 6, 2014, a project then called Realcoin issued its first tokens on the Omni Layer, on top of the Bitcoin blockchain. It was renamed #Tether that November. Today USDT has about $184 billion in circulation, 58.6% of every dollar-pegged stablecoin in existence. It got there with none of the machinery a token design is usually judged on: no emission schedule, no vesting, no staking rewards, no burn, no treasury allocation. A token is created when someone deposits a dollar with the issuer and destroyed when someone redeems it. Supply is whatever demand says it is on the day. Holders accept a token with no upside at all because it does one job well enough: it holds its value while trades settle, capital waits between positions and dollars move across borders. For token design, that is an uncomfortable benchmark. Most supply schedules are an argument for why a token should hold value. The largest stablecoin made no such argument. It tied supply to demand and let the use case do the rest. 📶 FinDaS - #tokenomics. Engineered, not guessed. ⚡ Like and share this post if you found it insightful. We would like to bring visibility to important topics in #crypto.

𝗠𝗼𝘀𝘁 𝘁𝗼𝗸𝗲𝗻𝗼𝗺𝗶𝗰𝘀 𝘁𝗲𝗺𝗽𝗹𝗮𝘁𝗲𝘀 𝗮𝗿𝗲 𝗻𝗼𝘁 𝘄𝗿𝗼𝗻𝗴. 𝗧𝗵𝗲𝘆 𝗮𝗿𝗲 𝗳𝗶𝗻𝗶𝘀𝗵𝗲𝗱 𝘁𝗼𝗼 𝗲𝗮𝗿𝗹𝘆. A model that was never run at 30% of its launch price has not been run. A tokenomics template gives you an allocation pie and a vesting schedule. It does not model how stakeholders behave under stress, whether your utility produces a real sink, or what happens to price when the first unlock lands against shallow demand. For anything past a minimal ERC-20 launch, what templates skip is what kills the project. ⬇ ⬇ ⬇ Link to the full article below findas.org/blogs/tokenomics-…

𝗟𝗮𝘀𝘁 𝘄𝗲𝗲𝗸 (𝟮𝟴 𝗦𝗲𝗽-𝟬𝟰 𝗢𝗰𝘁) 𝗶𝗻 𝗰𝗿𝘆𝗽𝘁𝗼: 🔐 𝗦𝗘𝗖 𝗣𝗿𝗼𝗽𝗼𝘀𝗲𝘀 𝗖𝗿𝘆𝗽𝘁𝗼 𝗖𝘂𝘀𝘁𝗼𝗱𝘆 𝗥𝘂𝗹𝗲𝘀. On October 1 the SEC proposed crypto custody rules for registered investment advisers and funds. State trust companies could act as custodians, and advisers could self-custody in limited cases. Comments run 60 days from publication. 🏛️ 𝗚𝗘𝗡𝗜𝗨𝗦 𝗔𝗰𝘁 𝗦𝘁𝗮𝘁𝗲 𝗥𝗼𝘂𝘁𝗲 𝗦𝗲𝘁. On September 30 Treasury set out, in an interim final rule, how a federal committee will review state certifications under the GENIUS Act. Issuers with up to 10B USD outstanding can opt for a state regime certified as substantially similar to the federal one. Comments close November 30. 📊 𝗦𝗘𝗖 𝗖𝗹𝗲𝗮𝗿𝘀 𝟯𝘅 𝗕𝗶𝘁𝗰𝗼𝗶𝗻, 𝗘𝘁𝗵𝗲𝗿 𝗙𝘂𝗻𝗱𝘀. On October 2 the SEC approved a Cboe BZX rule change to list six VS Trust funds, including 3x bitcoin and 3x ether, each seeking three times the daily move of a futures benchmark. Trading still waits on effective registrations. 🇪🇺 𝗘𝗦𝗠𝗔 𝗪𝗮𝗻𝘁𝘀 𝗮 𝗧𝗼𝘂𝗴𝗵𝗲𝗿 𝗠𝗶𝗖𝗔. On September 30 ESMA sent its MiCA review proposals to the Commission: stricter rules on influencer marketing, disclosure for staking and lending, powers to block fraudulent websites and freeze crypto assets in suspected market abuse or terrorist financing cases, and clearer tests for when DeFi is decentralised. 🇬🇧 𝗙𝗖𝗔 𝗢𝗽𝗲𝗻𝘀 𝗖𝗿𝘆𝗽𝘁𝗼 𝗚𝗮𝘁𝗲𝘄𝗮𝘆. On September 30 the FCA opened authorisation applications for its new cryptoasset regime. The window closes February 28, 2027, and the FCA expects to decide those applications before the regime starts. ⚖️ 𝗖𝗼𝗺𝗺𝘂𝗻𝗶𝘁𝘆 𝗕𝗮𝗻𝗸𝘀 𝗦𝘂𝗲 𝘁𝗵𝗲 𝗢𝗖𝗖. On October 2 the Independent Community Bankers of America sued the OCC in federal court, arguing it exceeded its authority by granting national trust charters to crypto firms. It asks the court to find the March 2026 rule and Interpretive Letter 1176 unlawful. 🕵️ 𝗕𝗶𝘁𝗴𝗲𝘁 𝗛𝗮𝗰𝗸 𝗧𝗶𝗲𝗱 𝘁𝗼 𝗡𝗼𝗿𝘁𝗵 𝗞𝗼𝗿𝗲𝗮. Chainalysis attributed the September 24 Bitget breach to North Korea-linked actors, lifting their 2026 crypto thefts above 1B USD. About 387M USD left Bitget in 23 transfers within three hours. 🚪 𝗕𝗹𝗮𝘀𝘁 𝗦𝗵𝘂𝘁𝘀 𝗜𝘁𝘀 𝗟𝗮𝘆𝗲𝗿 𝟮. On October 2 Blast said it will close its Ethereum layer 2 because running costs exceed its revenue. Users have until October 26 to withdraw. DefiLlama put the chain's TVL at 24.4M USD on October 4, from 2.5B USD in June 2024. 🏦 𝗕𝗮𝗻𝗸 𝗦𝘁𝗮𝗯𝗹𝗲𝗰𝗼𝗶𝗻 𝗚𝗼𝗲𝘀 𝗟𝗶𝘃𝗲. On October 1 Fiserv said its digital asset platform is live. It runs Roughrider, the Bank of North Dakota's dollar stablecoin issued by VersaBank on Solana, for transfers among more than 90 banks and credit unions in the state. 📶 FinDaS - #tokenomics. Engineered, not guessed. ⚡ Like and share this post if you found it insightful. We would like to bring visibility to important topics in #crypto.

We asked the mirror who the fairest tokenomics consultants are. It said FinDaS, and then disclosed its advisory token allocation. Worth asking anyone who reviews your token the same thing: what do they hold?

#web3 #funding 𝗼𝘃𝗲𝗿𝘃𝗶𝗲𝘄 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗺𝗼𝗻𝘁𝗵 𝗼𝗳 𝗦𝗲𝗽𝘁𝗲𝗺𝗯𝗲𝗿. 𝟰𝟴 𝗿𝗼𝘂𝗻𝗱𝘀 𝗮𝗻𝗱 $𝟭.𝟬𝟱𝗯𝗻, 𝗮𝗯𝗼𝘂𝘁 𝗵𝗮𝗹𝗳 𝗮𝗻 𝗮𝘃𝗲𝗿𝗮𝗴𝗲 𝗺𝗼𝗻𝘁𝗵. September raised $1.05bn across 48 rounds, against a twelve-month average of $2.01bn and 66.8 rounds. Of the eight Septembers on record it ranks 4th by capital raised. 𝗦𝘁𝗮𝗯𝗹𝗲𝗰𝗼𝗶𝗻 𝗶𝗻𝗳𝗿𝗮𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲 𝗿𝗮𝗻 𝗮𝘁 𝗳𝗼𝘂𝗿 𝘁𝗶𝗺𝗲𝘀 𝗶𝘁𝘀 𝗼𝘄𝗻 𝗽𝗮𝗰𝗲. 7 rounds and $224m, against 1.6 rounds in an average month. Payments added 6 rounds and $383.5m, including the two largest of the month, Felix Pago ($200m) and Jeeves ($110m), both described by the source as settling on stablecoins. Together the two sectors are 13 of the 48 rounds and 58% of the capital (our calculation from the same dataset, not a figure on the page). 𝗗𝗲𝗙𝗶 𝗯𝗼𝗼𝗸𝗲𝗱 𝟯 𝗿𝗼𝘂𝗻𝗱𝘀 𝗮𝗴𝗮𝗶𝗻𝘀𝘁 𝟭𝟯.𝟮. It ran at under a quarter of its own average month. 𝗧𝗵𝗲 𝗺𝗲𝗱𝗶𝗮𝗻 𝗿𝗼𝘂𝗻𝗱 𝗿𝗼𝘀𝗲 𝘁𝗼 $𝟭𝟬𝗺, 𝗳𝗿𝗼𝗺 $𝟳.𝟬𝗺 𝗼𝘃𝗲𝗿 𝘁𝗵𝗲 𝗽𝗿𝗲𝗰𝗲𝗱𝗶𝗻𝗴 𝘆𝗲𝗮𝗿. A median moves when the population changes, not only when prices do, so read it beside the lower round count. 𝗥𝗲𝗮𝗱 𝘁𝗵𝗲 𝗺𝗼𝗻𝘁𝗵 𝗮𝘀 𝗽𝗿𝗼𝘃𝗶𝘀𝗶𝗼𝗻𝗮𝗹. The latest round in the source is dated 29 Sep. Rounds are listed some days after they are announced and the largest arrive last, so these figures are more likely to rise than fall. The August report was rebuilt on the same data pull and is unchanged at 66 rounds and $675m. ⬇ ⬇ ⬇ Link to the full report findas.org/reports/web3-inve…

𝗕𝗶𝘁𝗰𝗼𝗶𝗻'𝘀 𝘀𝗵𝗮𝗿𝗲 𝗼𝗳 𝘁𝗵𝗲 𝗰𝗿𝘆𝗽𝘁𝗼 𝗺𝗮𝗿𝗸𝗲𝘁 𝗵𝗮𝘀 𝗺𝗼𝘃𝗲𝗱 𝗹𝗲𝘀𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗽𝗮𝘀𝘁 𝘁𝘄𝗲𝗹𝘃𝗲 𝗺𝗼𝗻𝘁𝗵𝘀 𝘁𝗵𝗮𝗻 𝗶𝗻 𝗮𝗻𝘆 𝘁𝘄𝗲𝗹𝘃𝗲-𝗺𝗼𝗻𝘁𝗵 𝘀𝘁𝗿𝗲𝘁𝗰𝗵 𝗼𝗻 𝗿𝗲𝗰𝗼𝗿𝗱. Since September 2025, #Bitcoin dominance has stayed between 57.33% and 60.57%, a 3.24-point range. No trailing twelve-month window since 2014 has been narrower. It stands at 58.54% today, against 58.33% when we last looked in March. For scale: the all-time low was 32.44% in January 2018, and dominance last closed below 50% in January 2024. Over the past two weeks a Fed rate hike, a failed Senate vote on market structure and a 387.5M USD exchange breach moved it less than one point, between 58.52% and 59.27%. What breaks the range first: an altcoin cycle, or bitcoin pulling further ahead? 📶 FinDaS - #tokenomics. Engineered, not guessed. ⚡ Like and share this post if you found it insightful. We would like to bring visibility to important topics in #crypto.