🔥 Top Stories

1. Crypto-backed debt hit a new all-time high in Q3 2025, driven by onchain borrowing as lending apps now dominate 80% of the market—marking a far more disciplined environment than the 2021–22 leverage boom.

Source: Galaxy

🏷️ Lending • Backed • Leverage

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2. The Ethereum Foundation proposes the Ethereum Interop Layer to reduce L2 fragmentation via ERC-4337 account abstraction

Source: blog.ethereum.org

🏷️ Account Abstraction • ETH Foundation • EF

TL;DR: Ethereum’s Account Abstraction team proposes the Ethereum Interop Layer (EIL) — a trustless, wallet-centric system that makes all L2s feel like one unified chain. Users can sign once and perform cross-chain transfers, swaps, or mints directly from their wallet with no bridges, relayers, or chain-specific steps. EIL keeps core Ethereum values (self-custody, censorship resistance, verifiability) while moving all logic onchain. The goal: one signature, one wallet, many L2s — a seamless Ethereum experience without fragmentation.
@Danicjade

3. Balancer releases its full post-mortem on the November 3 exploit

Source: 𝕏/@Marcus_Balancer

🏷️ Exploit • Balancer • Post-Mortem

TL;DR: Balancer suffered a major exploit on Nov 3, 2025, where ~$94.8M was stolen from legacy V2 Composable Stable Pools due to a rounding error in exact-out swaps amplified by low liquidity and rate providers. Most other pools and Balancer V3 were unaffected. A rapid, coordinated response from security partners, whitehats, and foundations helped protect or recover ~$45.7M. V2 stable pools are being sunset, and LPs are encouraged to migrate to V3. Recovered funds will be returned pool-by-pool through governance, and Balancer continues legal and technical efforts to recover remaining stolen assets.
@Danicjade

4. Societe Generale issues its first digital bond in the United States on blockchain, which was made using Broadridge Financial Solutions, Inc.’s tokenization capability on the Canton Network blockchain.

Source: Societegenerale

🏷️ Canton • Societe Generale • Tokenomics

Blockchain getting more use case everyday 🤩🤩
@Danicjade

5. Curve Ecosystem Grant quarterly progress report highlights core protocol developments and the strengthening of cross-chain capabilities

Source: gov.curve.finance

🏷️ cross-chain • Curve Ecosystem Grant • Quarterly Report

TL;DR (Very Short & Clear): Curve’s June–August 2025 report shows steady progress. Llamalend V2 and FXSwap advanced significantly, adding broader asset support, safer risk controls, and new FX-focused pools. Cross-chain capabilities expanded (boost delegation, voting, new crvUSD bridging tools). Backend/front-end systems became faster and more reliable. Curve deployed to new chains (TAC, Etherlink, Hyperliquid) and expanded BD partnerships. Financially, spending stayed on track and remaining grant funds should last 3–5 more months. Work remains aligned with crvUSD growth, Llamalend upgrades, and long-term protocol sustainability.
@Danicjade

🎯 Trading Signals

Crypto-Backed Debt Ripping to ATH—But This Time It's Different

The headline that should grab your attention: crypto-backed debt just smashed an all-time high in Q3 2025, and the kicker is that this isn't the degen leverage festival of 2021. This is institutional-grade borrowing infrastructure actually working.

What's really happening here is a fundamental shift in how crypto debt functions. We've gone from isolated margin trading blowups and exchange-collateralized loans to onchain lending apps dominating 80% of the market. That's not just a number—that's a structural change. These apps are transparent, auditable, and settlement-final. When someone gets liquidated, it happens on-chain and everyone can see it. The 2021-22 cycle was hidden leverage bombs waiting to detonate. Now? It's all in the open.

This matters because it signals institutional confidence in onchain infrastructure. When traditional finance players start using decentralized lending protocols to borrow against their crypto positions, it means the plumbing actually works. More importantly, it means we're hitting a scale where credit markets are functioning like real markets—not casinos with hidden debt.

The Infrastructure Play Nobody's Talking About Enough

While everyone's watching price action, three stories are quietly reshaping what Ethereum is. The Ethereum Foundation just proposed an Interop Layer to reduce L2 fragmentation via ERC-4337 account abstraction. Curve is releasing quarterly progress reports on cross-chain capabilities. And Balancer just dropped its post-mortem on the November 3 exploit.

Here's the throughline: fragmentation is becoming a feature, not a bug. The Ethereum roadmap has shifted from "one chain to rule them all" to "a unified ecosystem of interoperable rollups." ERC-4337 account abstraction means users don't need to worry about which chain they're on—the wallet layer abstracts it away. Curve strengthening cross-chain capabilities means your liquidity isn't trapped on one L2. Balancer's willingness to publicly dissect their exploit shows a maturing security culture where transparency builds confidence, not destroys it.

The real alpha here: infrastructure plays that solve cross-chain UX are about to become venture-backed obsessions. This is the narrative before the altseason narrative fully kicks off.

The Tokenization Gauntlet Begins

Societe Generale just dropped the first institutional digital bond in the US on blockchain using Broadridge's tokenization tech on the Canton Network. This is the "enterprise blockchain" play that actually matters.

This isn't hype. When a €100+ billion institution with centuries of regulatory history issues debt on-chain, it's signaling that the compliance and settlement frameworks are battle-tested enough for real capital. The Canton Network—a permissioned blockchain for financial institutions—is quietly becoming the infrastructure layer for what TradFi actually needs. This is the boring, unglamorous work that creates trillions of dollars in value.

Watch for more traditional finance institutions following. When the first one moves, the rest stop asking "should we?" and start asking "how fast can we?"

Disclaimer: Trading strategies generated by AI, which is wrong about everything, so you'd have to be a complete knucklehead to take financial advice from one!