Tokenization for Everything: Where Did We Actually Get?
Tokenization was supposed to disrupt global capital markets, but it ended in an unexpected compromise: permissionless rails carrying permissioned finance. A deep dive into SEC equity rules, European wholesale settlement, and why crypto’s plumbing is being absorbed to reinforce legacy finance.
Read on Observers.com

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Friday the 13th in the crypto world:

A user on CoW Swap mistakenly accepts a $50M USDT → AAVE trade at a rate that results in a loss of more than $45M.

An MEV bot detects the transaction and pays a $35M bribe to Ethereum block builder Titan Builder to front-run the trade, earning about $10M for its developer.

Titan Builder then pays a $1.2M bribe to an Ethereum validator to include the block, pockets the remaining $34M and transfers it to Coinbase.

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Just a beautiful number today: the 20 millionth Bitcoin has been mined. Only 1 million remain.

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Reputation Is Not Static. In Can Be Shorted On Ethos
Ethos turns credibility into an on-chain market. By blending XP-based participation, capital-backed vouching, and invite-bonded trust graphs, it attempts to price reputation itself. One year in, the experiment reveals both the promise—and the fragility—of financializing trust in crypto
Read on Observers.com

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Field Notes..👀

• Uniswap Foundation outlines seven AI agent “skills” describing how autonomous agents could operate on the Uniswap trading platform.

• BGD Labs, a major contributor to Aave, leaves.

• Tether discontinues its offshore yuan-pegged stablecoin CNH₮.

Which topic should we explore in depth? Vote in the comments.

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Field Notes..👀

• Aptos tokenomics cuts: staking APR from 5.19% to 2.6%, increases gas fees 10×

• Ethereum outlines its 2026 upgrade priorities.

• Polymarket acquires Dome, a startup building a unified API for prediction markets.

Which topic should we explore in depth? Vote in the comments.

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How US Equity Is Being Woven Into the Blockchain Mesh
After years of legal uncertainty, U.S. regulators have opened the door for on-chain shareholder records. From Galaxy and Securitize to DTC’s pilot, equity is moving into the blockchain mesh—reshaping settlement, trading, and the future architecture of capital markets.
Read on Observers.com

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Andre Cronje’s Flying Tulip launches public token sale today. Will it have more luck than his Yearn Finance token? Observing. NFA

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In case you need a new profile picture...

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Field Notes..👀

• Tomasz K. Stańczak steps down as co-executive director of the Ethereum Foundation.

• Swedish H100 acquires Adam Back–backed Swiss Bitcoin treasury firm Future Holdings AG.

• Buterin shares on X his thoughts on prediction markets.

• BlackRock brings its Treasury-backed BUIDL token to Uniswap.

Which topic should we explore in depth? Vote in the comments.

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