Base Activity Hits All-Time High on Airdrop Speculation

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💵 Weekly Crypto Fundraises & Deals

Here are all the crypto fundraises we heard about this week, ranked by size…

1. Finary, an all-in-one wealth management platform that lets individuals track, manage, and optimize their investments across all asset classes, has raised $29.4M in a Series A funding round, led by PayPal Ventures

2. GRVT, World's first licensed DEX, redesigning finance, Building true CeDeFi, has raised $19M in a Series A funding, led by ZKsync

3. Bitlight Labs, building RGB protocol infrastructure on Bitcoin and the Lightning Network, has raised $9.6M in a Series A funding round, led by Amber Group

4. Titan,Meta DEX Aggregator on Solana, has raised $7M in a seed funding round, led by Galaxy Digital

5. Coop Records, an on-chain music label where fans, collectors, and artists share in the label’s growth through songcoins and staking, has raised $4.5M in a seed funding riund, led by 1kx

🗞️ Crypto News Recap: The Top 5 Stories

Welcome back to This Week in Crypto… everything you need to know in one scannable format. Here are the top 5 stories of the week…

1. 🪙 Base Activity Hits All-Time High on Airdrop Speculation: Coinbase’s Ethereum Layer 2 network Base recently teased a native token for the first time since its launch in 2023, and activity on the chain is soaring as users rush to become eligible for the airdrop.

2. ⚖️ US Treasury Department seeks public comment on applying GENIUS Act stablecoin rules:The U.S. Treasury Department is seeking public comment on its implementation of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, the first crypto-specific legislation passed into law in the United States this past summer.

3. 🚀 REX-Osprey launches first of its kind spot XRP ETF tracking the third-largest cryptocurrency:For the first time in the United States, an exchange-traded fund tracking the price and offering spot exposure of the third-largest cryptocurrency, has begun trading.

4. 👨‍⚖️ UK and US establish joint task force to develop crypto regulation framework:The UK and US have launched a joint regulatory task force for digital assets on Sept. 22, called the Transatlantic Taskforce for Markets of the Future.The task force will report within 180 days to both finance ministries through the UK-US Financial Regulatory Working Group with recommendations on digital asset cooperation.

5. 💰 MetaMask’s mUSD stablecoin tops $65 million supply a week after launch: Crypto wallet MetaMask's new mUSD stablecoin has reached a circulating supply of 65 million ($65 million), about a week after it went live. The mUSD stablecoin, which officially launched last Monday, saw its circulating supply rise to $65 million early Monday morning, up from around $15 million a week earlier, according to its website.

💬 Tweet of the Week

📊 Key Stats of the Week

Here are the most important and interesting stats in crypto this week...

1. Symbiotic Vaults Enable a Modular Design Paradigm that Allows Networks to Flexibly Source Security from Collateral Assets

2. Swell Gains Steam: TVL is Up, Restaking Leads, swETH Usage Rebounds, and rswETH’s Discount Narrows Toward Parity

3. Suzaku TVL Surges 17% Week-over-Week to a New All-Time High Above ~$10M, Dominated by Liquid Staked AVAX Derivatives

4. Suzaku shows strong capital stickiness, with $41M in deposits vs $31M withdrawals. sAVAX attracted $29M alone. While over 600 deposits exceed $10k, 72.5% are under $1k, showing broad adoption and trust.

5. The protocol has successfully onboarded over 2,250 unique users. User activity is strong, with 727 active users in the last 30 days, nearly one-third of its total user base. Retention is also notable, with cohorts from late 2024 still showing roughly 12 to 14% of users remaining active months later.

📝 Highlights from the Top Crypto Reports

Here are the top highlights from the best crypto research reports this week…

ON-370: Restaking 🔁

About the Author: OurNetwork, aims to help you understand crypto like never before by harnessing the power of onchain data & analytics. This is an excerpt from the full article, which you can find here.

📝 Editor’s Note:

Welcome to OurNetwork's latest issue. Below, we're covering restaking, a sector of the crypto economy focused on reusing the security of staked assets to secure other projects and protocols.

A major shoutout to Hayden Tsutsui, the Symbiotic team, Reza, and Yasmin for submitting. Let's get into it.

– ON Editorial Team

📈 Jito (Re)staking is Staking Infrastructure on Solana Upon Which Developers Can Codify Staking Mechanisms and Build Distributed Networks

TipRouter is a network on the restaking protocol, built by Jito Network. It decentralizes Jito tip and block reward distributions on Solana via a network of 12 operators and 9 vaults. Users stake JitoSOL and JTO to vaults, and vaults delegate stake to operators. There is about $200M in staked TVL. Operators calculate Jito tip and block reward distributions and vote on the outcome. For contributing to consensus, operators and their stake delegators earn a portion of the rewards.

Stakers (vaults) and operators in the network have earned about $1M in rewards since inception (February), which generates a reward rate of about 0.36% and 6% on staked JitoSOL and JTO, respectively.

Jito DAO is the primary beneficiary of TipRouter flows. Jito DAO now earns 5.7% of all Jito tips on Solana, up from 2.7% after redirecting the 3% Jito Labs fee. The current 30-day annualized DAO revenue is sitting at $21.3M. TipRouter fees represent roughly 45% of the total.

🎧 Top Crypto Podcasts of The Week

Here are the crypto podcasts that are worth listening to this week...

1. Bankless - The Fed Lowered Interest Rates: Here's What Means For Crypto

2. The Defiant - $100 Million DeFi DAT Chooses ETH | Ryan Zurrer

3. Coin Bureau - BRICS vs The West: India, China & Russia Just Changed the Game!!

4. Forward Guidance: Winners & Losers After The Fed’s Dovish Pivot | Weekly Roundup

5. Unchained: Bits + Bips: How Wall Street Could Get Rich off the Next Crypto Slump

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Join our Telegram Channel here to chat with our community, ask questions, and learn more about the future of money as we move to a decentralized internet and the creation of a new open global monetary system that works for everyone.

💬 The People We’re Following Closely on Twitter

1. Vitalik Buterin

2. Justin Drake

3. Hayden Adams

4. Hasu

5. Ryan Adams

6. Vance Spencer

7. Camila Russo

8. Ryan Selkis

9. Anthony Sassano

10. Lyn Alden

11. Gavin Wood

12. Cathy Wood

13. Beniamin Mincu

14. Barry Silbert

15. David Hoffman

16. Preston Pysh

17. Willy Woo

18. Ultra Sound Money List

19. Polkadot Ecosystem List

📚 How To Get Started With Crypto Learning

1. Crypto: Explain It Like I’m 5 (Article)

2. The Infinite Machine by Camila Russo (Book)

3. Crypto Theses for 2021 by Messari (PDF)

4. Bankless - The DeFi community (Substack + Podcast + Discord)

5. Understanding Polkadot - The Next Generation Blockchain Tech (Website)

6. The Ethereum 2.0 Report from Messari (PDF)

7. Blockgeeks Video Tutorials (Video)

8. The Coinstack Website (Website)

9. 2008 Bitcoin Whitepaper (PDF)

10. 2013 Ethereum Whitepaper (PDF)

📰 The Coinstack Newsletter:

Tracking the most important blockchain stories of the 2020s, including a decentralized internet and the creation of a new open global monetary system that works for everyone. As always, published for informational purposes only. Please do your own research. Just our opinions. Not intended as financial advice as we are not financial advisors. We may own some of the digital assets we write about as we believe strongly in the sector. Please do your own research. Published and written weekly by Ryan Allis and Mike Gavela.

Coinstack is a news and analysis newsletter for the digital asset industry. None of the information here is a recommendation to invest in any securities or other types of investments. Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All investments involve risk and may result in loss.

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