On Thursday, Romero shared on X that Merkle Manufactory plans to refund all investor capital:

“As for Merkle, we plan to return the full $180 million raised back to investors. Over the last five years, we’ve tried to be good stewards of investor capital.”

Romero highlighted that the protocol had 250,000 monthly active users and more than 100,000 funded wallets as of December. He also noted that Neynar intends to shift the project in a more developer-focused direction:

“Farcaster is not shutting down. The protocol works and will continue to work.”

Former Coinbase executive and early Farcaster supporter Balaji Srinivasan also confirmed the refund plan:

“The technology is real and works. The transfer to Neynar could help Farcaster achieve its long-term goal of deeper decentralization.”

Founded in 2020 by Dan Romero and Varun Srinivasan, Merkle Manufactory is backed by major investors including a16z Crypto and Paradigm. Following a $150 million Series A round in 2024, Farcaster was reportedly valued at $1 billion.

Farcaster’s $180 million refund plan has been confirmed by supporting venture capital funds and strategic partners. This step reinforces Farcaster’s long-term mission to advance decentralized social media.

What is Farcaster?

Farcaster stands out in the decentralized social media ecosystem by giving users control over their data and audience. Built by Coinbase alumni in 2020, the protocol runs on Optimism, managing accounts, usernames, signers, and messages on-chain while social interactions leverage off-chain storage. Applications like Warpcast offer a Twitter-like experience—censorship-resistant, interoperable, and user-first. Its hybrid architecture ensures identity data is on-chain while social activity remains off-chain, so users maintain ownership of their content and followers even when switching apps. As of 2025, Frames enables on-chain and off-chain actions—including NFT minting, gaming, and commerce—directly within the feed.

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Monday: Early Crypto Movements

• Zama will kick off the week with its auction-style token sale.

• Investors will closely watch the $QTUM hard fork.

• Moreover, Optimism founders will host a Space to discuss $OP buyback programs.

• Meanwhile, Trump’s call for a 10% credit card rate cap may trigger early market reactions.

Tuesday: US Data and Investor Meetings

• The US will release December CPI data at 16:30 (expected 2.7%, previous 2.7%).

• Nasdaq-listed Rezolve AI will host an investor briefing following its Subsquid ($SQD) acquisition.

• In addition, Florida will discuss its Bitcoin Reserve Plan, potentially marking the state’s first institutional crypto initiative.

• Consequently, Rezolve AI’s briefing may also influence the AI sector.

Wednesday: Fed and Key Legal Decisions

• At 16:30, the US will publish November PPI data.

• Then, the FED will release the Beige Book at 22:00.

• Additionally, the US Supreme Court will rule on Trump’s tariff case, which could cause sudden market swings.

• Meanwhile, FED will complete its $40B treasury bond purchase, affecting liquidity and rate expectations.

• BNB Chain will implement the Fermi Hard Fork, enhancing transaction efficiency and network capacity.

Thursday: Corporate Earnings and Regulatory Moves

• BlackRock will announce its earnings report.

• Bitmine (BMNR), which holds large ETH reserves, will host an investor meeting, closely followed by the market.

• Furthermore, the US Senate will vote on the CLARITY Act, aiming to eliminate fake volumes and shadow reserves.

• As a result, this process may boost market transparency and investor confidence.

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The post Crypto Finance Markets: Key Events This Week appeared first on Coin Engineer.

Dhanda and Jain’s Statements

Jupiter COO Kash Dhanda admitted that social media posts claiming “zero risk” were inaccurate.

Dhanda said, “We said there was zero risk on social media, which wasn’t entirely correct. We deleted the post, but we should have issued a correction immediately.”

He also explained that the vaults are managed with their own rules, and a portion of the investments can be used in other operations. Fluid co-founder Samyak Jain confirmed that user funds are not completely separate but noted that each vault has its own limits, collateral ratios, and penalty rules. This ensures some level of protection but invalidates full isolation claims.

Rival Criticism and Community Concerns

Kamino co-founder Marius Ciubotariu criticized Jupiter Lend’s structure. On X, he wrote, “If you deposit SOL and borrow USDC, your SOL gets used in other positions. All the risk falls on you. There’s no isolation; risk spreads across investments.”

Ciubotariu also emphasized that “using the term ‘isolated’ this way is misleading,” noting that rehypothecation nullifies any isolation claims. Kamino blocked certain Jupiter tools to prevent misleading users and requested the migration tool to be fully two-way.

(Rehypothecation means deposited collateral or assets can be reused by the platform in other operations.)

An industry insider anonymously commented, “Claiming isolation while using funds elsewhere is a breach of trust.” This view reflects growing community concerns.

Key Takeaways:

• Some funds are reused in other operations

• Risk can spread to other investments

• Users may not fully understand the exposure

• Deleting previous posts reduced trust

• Rival and industry warnings highlight potential violations

Performance, TVL, and Future Plans

Jupiter Lend’s total value locked exceeds $1 billion. The protocol reported zero losses during the major market crash in October. Dhanda stated that each vault operates under its own rules and limits, generating yields through these mechanisms.

Ciubotariu countered, “The platform was only live for one month with few positions. It requires years of testing to call it ‘safe.’” Jupiter Lend offers loan-to-value ratios up to 90% and uses a “custom liquidation engine” to manage risk.

Jupiter plans to release additional documentation and an explanatory video after the Solana Breakpoint conference, aiming to increase user confidence and enhance security across the Solana ecosystem.

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CoinShares Analysis

James Butterfill, head of research at CoinShares, highlighted in a market note dated December 5 that Tether’s assets exceed its liabilities. According to the latest attestation, the stablecoin maintains around $181 billion in reserves against $174.45 billion in liabilities, creating an excess of approximately $6.55 billion. Butterfill emphasized that these figures indicate no systemic vulnerability for USDT at present.

• Reserves: $181 billion

• Liabilities: $174.45 billion

• Excess reserve: $6.55 billion

The report also noted Tether’s strong profitability, exceeding $10 billion since the beginning of the year, and a diversified reserve structure that further reduces liquidity and solvency risks.

Market Reaction and Hayes’ Warning

Hayes’ claims quickly spread across crypto news outlets and social media, raising questions about the impact of potential declines in Tether’s Bitcoin and gold holdings. CoinShares acknowledged these risks but reassured that Tether’s large reserve buffer and year-to-date profits significantly mitigate any immediate threat to USDT’s solvency.

Tether’s Current Position and CEO Statement

Tether continues to lead the stablecoin market with a circulating supply of $185.5 billion and roughly 59% market share. CEO Paolo Ardoino referred to the latest attestation, highlighting approximately $7 billion in excess equity and nearly $30 billion in total Tether Group equity. He also mentioned that U.S. Treasury holdings generate about $500 million in monthly base profits, further strengthening USDT’s payment capability. Ardoino stated, “Forever trusting who we are. No, nothing else matters,” reinforcing confidence in Tether’s financial robustness.

Tether’s diversified reserves, strong earnings, and excess equity collectively enhance the stablecoin’s resilience against market volatility. While CoinShares advises investors to remain cautious, the data confirm that USDT’s solvency is currently secure.

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Google Searches Are Not Following the Bull

Crypto prediction platform Kalshi highlighted via X (formerly Twitter) that “buy Bitcoin” searches are significantly lower than during the 2017 and 2021 bull runs.

Google Trends data for October 2025 shows the US search interest at 11, far below the December 2017 peak of 100 and February 2021 high of 45.

“We are still in the early stages.” — The Kobeissi Letter

Google clarifies that Trends data is based on a sample and excludes low-volume queries. Therefore, it may not fully capture actual user interest, especially as search behaviors evolve.

Market Growth vs. Retail Silence

Financial analysis newsletter The Kobeissi Letter describes this as a “crypto paradox”:

“The crypto market surpassed $4 trillion, yet 75% of investors have not invested in crypto at all.”

Data from The Block and CryptoPotato shows that the market expansion is largely driven by institutional investment, ETFs, and stablecoin volumes, while retail search interest lags behind. Some analysts interpret this as an early-stage institutional bull market.

A user on X commented:

“Even if only 0.05% of ChatGPT’s 2.5 billion daily messages are crypto-related, that equals 1.25 million Bitcoin queries. Google may now underreport actual interest.”

Changing Behavior: From Search to Engagement

Experts note that crypto investors increasingly seek information directly on platforms, via:

• Exchange dashboards and analysis pages

• AI tools like ChatGPT

• Social media communities (Telegram, Discord, Reddit)

Thus, terms like “buy Bitcoin” may no longer reflect true investment interest. More relevant searches include “BTC staking,” “ETH ETF,” or “stablecoin yield.”

What This Paradox Suggests

Even as the crypto market tops $4 trillion, low search interest indicates a market driven more by institutional capital and algorithmic strategies than retail hype.
The key question remains:

“Could this quiet be the early stage of a new bull run?”

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Meanwhile, ICO investors sold tokens after achieving significant short-term gains, increasing spot selling volume. Analyst Alex Kruger noted that high spot sales contributed to the decline and it was not caused by short squeeze activity. 

Spot Selling and Market Reaction 

• ICO profit-taking pressured the price 
• FUD rumors triggered panic selling 
• High spot selling increased supply in the market 
• Abnormal funding rates accelerated the decline 

These factors indicate that XPL drop is more related to market psychology and short-term movements rather than fundamental changes. 

Analyst Opinions 

Charts show XPL bullish structure was disrupted, but analysts expect recovery if FUD subsides and ICO selling pressure eases. Our analysis highlighted $0.8877 as a strong support level, with a ~20% rebound already observed. Recent stablecoin applications also continue to attract institutional investor interest. 

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The post Plasma (XPL) Drops 46%: Causes, Analysis, and Market Response appeared first on Coin Engineer.

A Revolutionary Move from MetaMask 

MetaMask is integrating a Perp DEX feature into its wallet through a partnership with Hyperliquid. This allows users to trade perpetual futures with up to 100x leverage. The feature stands out for reducing gas fees, making decentralized finance (DeFi) more accessible. With Hyperliquid’s monthly trading volume of $383 billion, the potential of this integration is clear. Over 100 million MetaMask users will be able to benefit. 

Users Earn with the Points Rewards Program 

MetaMask aims to boost user loyalty with its new points rewards program. Users will earn points based on trading volume and referral activity. These points can be redeemed for airdrop rewards or discounts. Similar systems, like Paradex’s XP program, have gained massive traction in DeFi, giving MetaMask a competitive edge. 

Ways to Earn Points: 

• Accumulating points via trading volume 
• Inviting new users (referral system) 
• Daily in-app activities 
• Special campaigns after Token2049 

Official Launch Expected at Token2049 

The Token2049 event in Singapore will be the stage for MetaMask’s announcement of these features. Meanwhile, leaked code snippets on Reddit confirm that preparations are complete. These updates could transform MetaMask into a “super exchange.” However, regulatory risks and market volatility remain key factors investors should watch. Early adopters may gain significant advantages, but caution is advised. 

What Is MetaMask and How to Use It?

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Details & On-Chain Evidence 

The incident occurred on HyperEVM, Hyperliquid’s Layer-1 blockchain, seconds after the NFTs dropped.  

Attacker’s Movement: Transaction records show extraordinary activity on the suspected attacker wallet 0x72785D42…e1a5238df. Multiple Hypurr NFTs (#2394, #4419, #4084, #4250) were transferred in from different wallets between 50 and 23 minutes ago.  

Immediate Sale: NFTs were quickly sold on NFT marketplaces (likely Match Advance), showing the attacker used market liquidity for instant profit.  

Hypurr NFT Value & Official Warning 

The stolen collection is highly valuable:  

• Given to Genesis Event participants in Nov 2024.  
• Total supply capped at 4,600 NFTs.  
• Users warned no new minting needed and to beware of scams.  

The warning suggests NFTs were stolen from wallets compromised earlier via phishing or suspicious contract approvals, not during the airdrop itself.  

Urgent Security Measures for Users  

• Revoke Permissions: Use revoke.cash to cancel any old or suspicious smart contract approvals.  
• Asset Transfer: Move remaining crypto and NFTs to a new secure wallet if keys may be compromised.  
• The $HYPE team and security units are expected to release full details and attack mechanisms soon.  

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The block contained 593 transactions worth a total of $52.6 million. The average transaction size was 0.7987 BTC, and the miner’s reward included the standard block reward of 3.125 BTC plus 0.0042 BTC in transaction fees. 

The miner used Solo CKPool to mine the block. This platform allows individual miners to compete against industrial mining giants. While Solo CKPool enables smaller operations to participate, success in solo mining remains extremely rare, as participants must compete with miners operating large-scale ASIC devices. 

Bitcoin Mining Challenges 

Bitcoin mining difficulty adjusts every 2,016 blocks to maintain an average block time of approximately 10 minutes. This adjustment increases mining difficulty, making solo mining increasingly rare. For example, a miner operating at 1 petahash per second has roughly a 1 in 4.26 million chance of finding a block. 

Currently, Bitcoin mining difficulty stands at 136.04 trillion, near all-time highs, making it extremely difficult for individual miners to find a block. 

Peter Chung, Head of Research at Presto Labs, commented: 

“Among all blockchain networks, none compare to Bitcoin in terms of decentralization. Events like these contribute to that narrative.” 

“A single miner finding a block is as rare as winning a lottery. Large miners and mining pools split tasks among themselves, gaining efficiency and stability. For most participants, joining pools is more practical, providing regular payouts. To make Bitcoin more decentralized, what’s needed are more diverse mining pools.” 

What is Solo CKPool? 

Solo CKPool allows individual miners to mine blocks using their own hardware. In this system, miners who find a block receive the full reward, while those who don’t find one earn nothing. This makes solo mining riskier but offers potentially large rewards when successful. 

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This Week’s Top Crypto News 

Rumors about Trump’s death spread on August 30 via X channel. Edited The Simpsons videos and statements by Vice President JD Vance supported these claims. The market panicked quickly, recalling Trump’s crypto-friendly stance, negatively affecting both Bitcoin and altcoin prices. 

The SEC again postponed crypto ETF evaluations until October. WisdomTree’s XRP ETF and other applications were delayed until the year-end. Bloomberg analysts predict that despite the delay, XRP, SOL, and some applications have a 95% approval chance. 

Gemini launched an XRP credit card offering up to 4% rewards. The card is exempt from annual and overseas transaction fees and operates in connection with the RLUSD stablecoin. This move draws attention as a Ripple-backed product in US spot markets. 

Rumors of a Cristiano Ronaldo meme coin and fake tokens misled investors. Ronaldo and his team confirmed no token launch, so caution is advised. 

Bitcoin experienced significant volatility this week. Dutch firm Amdax created a $23M Bitcoin treasury, yet BTC fell below $109K. Spot Bitcoin ETFs recorded $126.6M outflows. 

Corporate and Regulatory Developments 

El Salvador moved a total of 6,274 BTC into 14 new wallets, enhancing security against quantum computer attacks. A new general control panel also increased transparency. 

Elon Musk’s lawyer, Alex Spiro, proposed a $200M DOGE treasury offer with Dogecoin Assembly approval. Dogecoin prices recovered following this news, with experts predicting upward momentum. 

The CFTC granted American investors legal access to offshore crypto exchanges, expanding market access and investment opportunities. Disputes between Donald Trump and Fed Chair Lisa Cook regarding mortgage fraud drew investor attention. Polymarket data indicates Cook has a 73% chance of voting in the September FOMC meeting. 

The US Department of Commerce released GDP data via Bitcoin, Ethereum, and Solana blockchains. Chainlink and Pyth Network played key roles in this process. PYTH price surged 100%, supporting the ecosystem. 

This week’s developments led to high volatility in Bitcoin and altcoin markets. Investors are closely monitoring potential interest rate cuts and regulatory updates in September. 

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