The article analyzes the role of the OI/TVL ratio in risk assessment of trading platforms, pointing out that a higher ratio indicates greater platform risk. The average ratio for CEX is 0.5, mature Perp DEX should be below 1, while some rapidly growing Perp DEX have ratios exceeding 3.

The article points out that the Central Bank has included stablecoins in the regulation of virtual money, emphasizing their different legal status from fiat currency to prevent "currency substitution" and cross-border arbitrage. This measure aims to maintain the authority of the national currency and ensure the stability of the financial system.

Messari researcher AJC pointed out that the lighter TVL is mainly due to USDC, which has limited monetary impact on ETH. The daily on-chain cost is low, and although it provides L1 security guarantees, the actual activities do not significantly benefit ETH. The Abstract team believes that the Blob fees need to be adjusted, while AJC suggests that Ethereum should charge more fees for L2, otherwise it may lose to other DA providers.

According to Wu, as reported by Tokenomist, in the next 7 days, there will be single large unlocks (amount exceeding 5 million USD) for ENA EIGEN, among others; in the next 7 days, there will be linear large unlocks (daily unlock amount exceeding 1 million USD) for SOL TRUMP WLD DOGE ASTER AVAX, with a total unlock value exceeding 218 million USD.

Wu analyzed this week's macroeconomic indicators, pointing out that the Fed's Beige Book shows that the U.S. economy is basically unchanged, with a decline in labor demand and a slight rise in prices. He also follows the upcoming release of the September PCE and ADP employment data.

Tether CEO Paolo Ardoino emphasized that the company's audit in Q3 2025 shows it has billions of dollars in excess reserves and close to 30 billion in group equity, pointing out the misunderstanding from the outside about its financial condition.

Author: Justin Alick
Compiled by: Shenchao TechFlow
Link:

Declaration: This article is a reprint, and readers can obtain more information through the original link. If the author has any objections to the form of reprint, please contact us, and we will modify it according to the author's request. Reprinting is for information sharing only and does not constitute any investment advice, nor does it represent Wu's views and positions.

Has the era of easily earning cryptocurrency yields officially come to an end? A year ago, depositing cash into stablecoins felt like finding a cheat code. Generous interest, ( said to be ) zero risk. Today, this beautiful dream has turned to ashes.
The yield opportunities of stablecoins in the entire cryptocurrency sector have collapsed, leaving DeFi lenders and yield farmers stranded in a near-zero return wasteland. What happened to that "risk-free" annual yield (APY) golden goose (money tree)? And who is to blame for the yields?

Author: David, Deep Tide TechFlow
Link: Statement: This article is a reprinted content, and readers can obtain more information through the original link. If the author has any objections to the form of reprinting, please contact us, and we will modify it according to the author's request. Reprinting is for information sharing only and does not constitute any investment advice, nor does it represent Wu's views and positions.
The most direct way to support something you truly believe in is to give it money.
On November 26, Vitalik Buterin donated 128 ETH each to two privacy messaging apps, Session and SimpleX, with a total value of approximately $760,000.
He wrote in a tweet: Encrypted communication is essential for protecting digital privacy, and the next critical step is to achieve permissionless account creation and metadata privacy.
760,000 US dollars is not a small amount, but what is even more intriguing is these two payments.