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Three Classes of Crypto šŸ›️, Dare Markets 😈, Stablecoin Credit 🪪

Three Classes of Crypto šŸ›️, Dare Markets 😈, Stablecoin Credit 🪪

There are three classes in the crypto ecosystem: commercial, casino, and cypherpunk. Commercial crypto includes RWAs. Casino crypto is speculative ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

TLDR

TLDR Crypto 2025-11-03

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Markets & Business

EU mulls SEC-like oversight for stock, crypto exchanges (5 minute read)

The European Commission is drafting a proposal to expand ESMA's jurisdiction over stock and crypto exchanges, crypto asset service providers, and trading infrastructure. This would create SEC-like central oversight to replace fragmented national regulators that raise cross-border costs and hinder EU startup development. The move addresses concerns about regulatory arbitrage under MiCA, which took effect in December 2024, allowing licenses from one EU state to "passport" across all 27 nations, prompting France, Austria, and Italy to call for ESMA supervision of major crypto firms.
Blockworks shutters its news division (4 minute read)

Blockworks shut down its news division, launched in 2021, to focus on its rapidly growing data and analytics business. The company will expand Blockworks Intelligence while maintaining newsletters, podcasts, and its Digital Asset Summit. The newsroom earned citations from Bloomberg, Reuters, and The Wall Street Journal during its four-year run.
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Innovation & Launches


Onchain Fellowship Launches to Help Builders Go Onchain (2 minute read)

The Onchain Fellowship has officially launched, opening applications to developers and creators worldwide after onboarding 40+ builders in its first week. The initiative's goal is to bring more people onchain by helping engineers and creatives build mini-apps on Base, starting with its first cohort in Pakistan. The project is already live at onchainfellowship.com. It is aiming to grow a global community of hands-on builders to shape the onchain ecosystem.
Dare market: The Most Unhinged Platform on the Internet (6 minute read)

Dare Market is a platform for proof-based challenges where users stake real money on completing public dares. The platform enforces strict anti-fraud rules, including immediate account deletion for fake proof or scams, with no tolerance for illegal activity, direct harm, hate, or content manipulation, despite encouraging chaos and boundary-pushing within those limits. The goal of the app is to enable a trustless market for attention through authentic, bold stunts that generate genuine proof and cultural moments.
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Guides & Tutorials

The Three Classes of Crypto (4 minute read)

There are three classes in the crypto ecosystem: commercial, casino, and cypherpunk. Commercial crypto includes RWAs, stablecoins, and institutional systems focused on efficiency but riddled with hidden centralization risks like freeze functions and sequencer control. Casino crypto is speculative and profit-driven, and thrives in regulatory gray zones. The rarest, cypherpunk crypto, stays true to the industry's roots and uses cryptography to build censorship-resistant systems that preserve individual freedom.
The NFT Death Spiral (9 minute read)

BAYC's floor price sits at $25,000 (down 93% from May 2022 peak) despite major brand collaborations with BMW and Amazon, while September 2024 NFT volume hit the lowest since 2021 at $300 million as whales controlling 24% of ETH volume and nearly half of Solana volume departed for liquid markets like perps and prediction markets. Strategy tokens like PunkStrategy provide limited relief by adding single synthetic whales while the market struggles with 10,000-piece collections designed for demand that can only support 500 active traders at price points far exceeding addressable market capacity. Hyperliquid's Hypurr NFTs achieved the only success story this cycle with a $65,700 floor, $300 million market cap, and 90% unique owner distribution versus a typical 50% by airdropping 4,600 NFTs for free to active network participants rather than selling promises.
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Miscellaneous

Onchain Stablecoin Credit Could Reshape Consumer Lending (6 minute read)

Stablecoins and onchain lending protocols could overhaul the $1.2T unsecured consumer credit market, currently dominated by credit cards. Unlike traditional systems reliant on slow settlement and opaque securitizations, onchain credit enables issuers to tokenize receivables, secure instant liquidity from decentralized pools, and automate repayment through smart contracts. This model replaces credit card funding via ABS markets with transparent, programmable lending pools, each tailored to borrower profiles or purchase categories. Stablecoin rails, already bridging fiat and crypto payments, could soon make borrowing and lending as fluid as transacting online, transforming unsecured credit into an open, global marketplace.
ZKsync Atlas Quietly Positions Ethereum as DeFi's Capital Hub (3 minute read)

ZKsync's Atlas upgrade may be one of the most underhyped breakthroughs in crypto, delivering 15k+ TPS, 1-second finality, near-zero fees, and real-time L1–L2 liquidity flow. Unlike other L2s that rely on centralized liquidity hubs, Atlas allows ZKsync chains to tap Ethereum's native liquidity directly, making ETH the financial backbone for institutional-grade settlement. With this architecture, ZKsync transforms Ethereum into a real-time capital hub for the onchain economy.

Quick Links

Revolut Now Accepts Direct Stablecoin Deposits (2 minute read)

Revolut has enabled users to receive stablecoins directly into their accounts, allowing instant conversion to fiat or the option to hold crypto balances natively.
ZKsync Atlas Makes Ethereum Institution-Ready (2 minute read)

ZKsync's Atlas upgrade is a major leap for Ethereum's institutional adoption, transforming ZKsync from a parallel high-speed chain into a true extension of Ethereum with zk-verified, 1-second settlement.
Coinbase Doubles Down on ETH and Bitcoin Treasury Strategy (4 minute read)

Coinbase added 11,933 ETH (~$100M) and 2,772 BTC (~$299M) in Q3, expanding its treasury to a 73% BTC / 27% ETH mix.
Base Market Overview (1 minute read)

Base has increasingly improved its infrastructure across financial primitives, including creator coins, builder rewards, and prediction markets.

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Thanks for reading,
Esham Macauley & Lincoln Murr


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