Vitalik claims that ETH will adjust its gas strategy and Naver will acquire Upbit's parent company.

Headline

▌Vitalik proposes that Ethereum will implement targeted gas adjustment strategies in the future

Ethereum co-founder Vitalik Buterin stated on social media that Ethereum will continue to grow in the future but will adopt a more targeted scaling strategy. He proposed potential solutions including increasing the block gas limit by 5 times while increasing the gas cost for lower efficiency operations by 5 times. The potential adjustment targets include the SSTORE operation when creating new storage, precompiles (excluding those related to elliptic curves), calling large contracts, complex arithmetic operations, and slight adjustments to calldata costs. Vitalik pointed out that the Ethereum block gas limit has doubled in the past year to 60M, and this is just the beginning of future improvements. The related gas re-pricing EIP is being developed for the upcoming “Glamsterdam” or “H*” upgrade.

▌Naver agrees to acquire Upbit's parent company Dunamu for approximately $10.3 billion

South Korea's largest portal site Naver Corporation has agreed to acquire Dunamu, the operator of Upbit, South Korea's largest cryptocurrency exchange, through an all-stock transaction valued at approximately $10.3 billion. According to the transaction plan disclosed through regulatory filings on Wednesday, Naver's fintech subsidiary Naver Financial Corp. will complete the acquisition by issuing 2.54 new shares of Naver for every 1 share of Dunamu held.

Market

As of the time of writing, according to data from CoinGecko:

The price of BTC is $90,379.13, with a 24-hour change of +3.4%;

The price of ETH is $3,020.53, with a 24-hour change of +1.9%;

The price of BNB is $890.73, with a 24-hour change of +3.1%;

The price of SOL is $142.68, with a 24-hour change of +2.5%;

The price of DOGE is $0.1545, with a 24-hour change of +0.5%;

The price of XRP is $2.22, with a 24-hour change of +1.0%;

The price of TRX is $0.2763, with a 24-hour change of +0.8%;

The price of WLFI is $0.1656, with a 24-hour change of +0.4%;

The HYPE price is $35.77, with a 24-hour change of +5.7%.

Policy

▌The revised 2025 plan by the SEC outlines clearer and simplified cryptocurrency regulatory rules

The revised 2025 plan of the U.S. Securities and Exchange Commission (SEC) proposes clearer rules, safer market practices, and stronger regulation, intending to build a more flexible and structured framework to accommodate the development of digital assets. The success of the plan depends on coordination among various agencies and international cooperation between regulators. The plan may include the introduction of exemption clauses, safe harbors, exclusive transfer agent regulations for distributed ledger technology, and amendments to the cryptocurrency market structure, laying the institutional foundation for the integration of digital assets into traditional markets.

▌Bolivia plans to incorporate stablecoins into its financial system

According to Solid Intel, the Minister of Economy of Bolivia announced plans to integrate stablecoins into the country's formal financial system.

Blockchain Applications

▌Securitize Obtains EU Approval to Launch Tokenized Trading and Settlement System

Securitize received regulatory approval for the EU DLT pilot on Wednesday, allowing it to operate a regulated tokenized trading and settlement system, becoming the only tokenization infrastructure company with licenses in both the U.S. and EU. The Spanish National Securities Market Commission (CNMV) has approved its operation within the EU and allowed it to connect to existing U.S. infrastructure. Securitize plans to deploy its European trading and settlement system on the Avalanche network, leveraging its near-instant settlement and customizable architecture, with the first issuance expected to take place in early 2026.

▌Vitalik Responds to “Is There a Planned Economy”: Gas Usage Still Determined by the Market

Vitalik responded to X platform user nikete, stating that while the Ethereum network plans to raise the Gas limit and the costs of inefficient operations, the actual selection of transactions in the block is still entirely determined by market mechanisms, “not like what Bitcoin does.” He emphasized that the total Gas amount in a block is set by validators' votes, and many validators will refer to core developers' suggestions, but ultimately, the choice of transactions is still determined by the free market.

▌Binance Wallet Launches On-Chain Stock Trading Feature

According to the official announcement, the Binance wallet now supports on-chain stock trading functionality. Users can access the wallet through the Binance App, click on “Market,” and select “On-chain Stocks” to trade, with a minimum fee of 0%.

▌Robinhood and Susquehanna acquire majority stake in LedgerX to enter the prediction market

Robinhood Markets Inc. and Susquehanna International Group are acquiring a majority stake in LedgerX. LedgerX is a derivatives exchange based in the United States that was formerly owned by FTX and is now operated by Miami International Holdings Inc. This acquisition will provide Robinhood and Susquehanna with a strong new foothold in the rapidly growing prediction markets space, as both companies are ramping up their arms race in prediction markets.

▌World has been ordered to delete over 1.2 million iris scan data collected in Thailand

According to DLNews, Thailand's data regulatory agency has ordered the deletion of over 1.2 million records collected in Thailand by the iris scanning project World, driven by Sam Altman. Thailand's Minister of Digital Economy and Society, Chaichanok Chidchob, stated that the Personal Data Protection Committee (PDPC) also ordered the company to suspend all its operations in Thailand on Monday. In Thailand, an expert group commissioned to investigate whether World violated the country's data protection laws concluded that collecting biometric data in exchange for cryptocurrency is illegal. World has stopped its iris scanning business in Thailand.

Cryptocurrency

▌JPMorgan: Cryptocurrencies are becoming a tradable macro asset class

On November 26, according to a report circulated in the community from JPMorgan, JPMorgan stated that cryptocurrencies are gradually breaking away from the venture capital-style ecosystem and shifting towards a typical tradable macro asset class supported by institutional liquidity rather than retail speculation. In the early stages, cryptocurrency projects received multiple rounds of large-scale private financing, but few projects were built to trade in a liquid and scalable manner, with retail investors often buying at high prices only after valuations had significantly increased. The participation of retail investors has declined, and the field now relies more on institutional investors to stabilize capital flows, reduce volatility, and anchor long-term prices. There are still investment opportunities in cryptocurrencies, as they, while relatively liquid, remain structurally inefficient and have uneven liquidity distribution, leading to significant price fluctuations. The prices of cryptocurrencies are now increasingly influenced by broader macroeconomic trends, rather than just being driven by the predictable four-year halving cycle of cryptocurrencies themselves—the process in which Bitcoin's new supply is cut in half, subsequently triggering a bull market. One speaker pointed out that it has the potential to reach $240,000 in the long term, indicating it is a multi-year growth opportunity.

▌In the past 24 hours, $965.9 million has flowed into stablecoins on the Ethereum network

According to Artemis data, the Ethereum network experienced the largest influx of stablecoin supply in the past 24 hours, with an addition of $965.9 million.

▌Matrixport: The divergence between gold and Bitcoin trends may continue

Matrixport released a chart stating that “according to the implied pricing of federal funds futures, the market expects the probability of the Federal Reserve lowering interest rates on December 10 to have risen to 84%, while the probability of maintaining interest rates in January next year has also increased to 65%. Under such expectations for the interest rate path, even if there is a rate cut in December, the overall easing of monetary policy remains limited. Compared to Bitcoin, gold has a higher correlation with the US fiscal deficit and the pace of Treasury bond issuance, making it more direct in hedging against fiscal expansion and interest rate cut expectations. Bitcoin, on the other hand, relies more on substantial incremental funds entering the market, and the current incremental liquidity has not yet been significantly released. In this environment, the divergence in the trends between gold and Bitcoin is likely to continue in the short term.”

▌$14 billion worth of Bitcoin options will expire this Friday

According to market news: Bitcoin options worth $14 billion will expire this Friday.

▌Bitwise Advisor: The four-year cycle of Bitcoin has ended, and a new “two-year cycle” will begin

According to market news: Bitwise advisor Jeff Park believes that Bitcoin's previous four-year halving cycle has ended and has now been replaced by a two-year cycle, driven by the economic behavior of institutional fund managers and the flow of ETF funds.

▌JPMorgan applies to the U.S. SEC for a structured note product linked to Bitcoin

JPMorgan has applied to the U.S. Securities and Exchange Commission (SEC) to launch a leveraged structured note product that allows investors to bet on the future price of Bitcoin through the BlackRock iShares Bitcoin Trust exchange-traded fund. According to the prospectus, the product has a special mechanism: if the price of the Bitcoin ETF is equal to or higher than the set price on December 21, 2026, JPMorgan will redeem the notes, paying at least $160 for each note (with a face value of $1,000). If the price falls below this standard, the notes will continue to be held until 2028. In the latter case, investors can gain returns of 1.5 times the increase in Bitcoin, and JPMorgan claims the potential return is “unlimited.” However, the product carries a high risk, as investors will lose most of their initial investment if the price of Bitcoin drops by 40% or more.

▌Grayscale files S-3 application for Zcash ETF with the SEC

According to official documents, Grayscale Zcash Trust (ZEC) submitted an S-3 registration statement to the U.S. Securities and Exchange Commission (SEC) on November 26, 2025, with document number 333-291800. The trust company is headquartered in Stamford, Connecticut, primarily engaged in commodity contract brokerage and trading (SIC code: 6221).

▌Franklin Templeton has submitted Form 8-A to the SEC for Solana ETF

According to market news, Franklin Templeton has submitted Form 8-A for the Franklin Solana ETF to the U.S. Securities and Exchange Commission (SEC), a step that is usually a key part of the process before the product is officially launched. Typically, trading will begin the day after such documents are submitted.

▌Tether CEO Responds to S&P Rating: S&P's Traditional Model Is No Longer Effective, Tether Is Well-Capitalized

Tether CEO Paolo Ardoino responded to the S&P rating given to Tether, stating that the agency's traditional models have “harmed investors for decades,” and asserted that Tether is well-capitalized with “no toxic reserves.” He added, “We take pride in your disdain.”

▌Jefferies: Tether has held a total of 116 tons of gold for clients over the past two quarters

According to Jefferies' data, as of September 30, during the two quarters, the stablecoin issuer Tether has held a total of 116 tons of gold for its clients, equivalent to approximately $14 billion at current prices, surpassing the official amount of gold purchases reported by any central bank.

▌USDC Treasury issued an additional 500 million USDC on the Solana chain

According to Whale Alert monitoring, around 22:21 Beijing time yesterday, USDC Treasury issued a total of 250 million USDC in two transactions on the Solana chain, amounting to a total issuance of 500 million USDC.

Important Economic Dynamics

▌Strategist: The next Federal Reserve Chair is dovish, and the market is optimistic about the trend of interest rate decline

Paul Nolte, market strategist at Murphy & Sylvest, stated: “At the last Federal Reserve meeting, Powell basically said that due to a lack of economic data, the Fed would remain on hold at the next meeting. Then several Fed officials spoke, and our stance shifted from 'no action in December' to 'we need to cut rates in December because we see serious weakness in the labor market.'” “We already know who the next Fed Chair might be, and he leans dovish,” Nolte added: “So I think the market feels very good about the downward trend in interest rates for all of 2026.”

▌Federal Reserve Beige Book: Economic activity has remained basically unchanged in recent weeks, with increasing polarization among consumers

The Federal Reserve's Beige Book shows that U.S. economic activity has remained largely unchanged in recent weeks, with overall consumer spending declining further, except for the high-end consumer group. The Beige Book points out that the U.S. labor market has weakened slightly, and price levels continue to rise moderately. The Federal Reserve stated in the report: “The overall economic outlook remains stable, although some surveyed businesses warn of the risk of economic slowdown in the coming months, while the manufacturing sector shows a cautiously optimistic sentiment.” Due to the longest government shutdown in U.S. history, which lasted until November 12, the collection of key economic data was interrupted, making recent field research reflecting the actual conditions of businesses and consumers particularly noteworthy. Federal Reserve officials will not be able to access complete labor market and inflation data for October and November before the December policy meeting.

▌J.P. Morgan expects the Federal Reserve to cut interest rates in December, overturning its prediction from a week ago

Golden Finance reports that JPMorgan economists have changed their predictions, believing that the Federal Reserve will start cutting rates in December, reversing the bank's judgment a week ago that policymakers would postpone rate cuts until January next year. Led by the bank's Chief U.S. Economist Michael Feroli, the research team stated on Wednesday that the statements supporting recent rate cuts from several heavyweight Federal Reserve officials (especially New York Fed President Williams) prompted them to reassess the situation. After the delayed release of the September employment report last week, JPMorgan had originally predicted that the December rate would remain unchanged. JPMorgan now expects the Federal Reserve to make two 25 basis point rate cuts in December and January next year. “We have reestablished the timing for the final rate cut in January next year,” Feroli wrote in a report to clients, “Although the outcome of the next FOMC meeting remains uncertain, we believe the latest round of statements from Federal Reserve officials has tipped the balance toward a rate cut in December.”

▌The probability of the Federal Reserve cutting interest rates by 25 basis points in December remains at 84.9%

According to CME's “FedWatch”: The probability of the Federal Reserve lowering interest rates by 25 basis points in December is 84.9%, while the probability of maintaining the current rate is 15.1%. The cumulative probability of the Federal Reserve lowering rates by 25 basis points by January next year is 66.4%, with a probability of 11.1% for maintaining the current rate, and a cumulative probability of 22.6% for a 50 basis point cut.

Golden Encyclopedia

▌Can general artificial intelligence really think like humans?

When the boundaries between humans and machines become blurred, we see the emergence of Artificial General Intelligence (AGI). Unlike Narrow Artificial Intelligence (ANI) (which uses AI to solve single problems), AGI refers to artificial intelligence that can understand, learn, and apply knowledge in ways that are indistinguishable from human cognition. AGI is still in the theoretical stage, but the prospect of AI fully replacing human input and judgment has naturally attracted widespread attention, with researchers, tech experts, and scholars working hard to turn the concept of AGI into reality. Although AGI remains theoretical, its immense potential makes it a sci-fi version of artificial intelligence. While existing models (such as ChatGPT) are continually evolving and improving, the journey to turn AGI into reality still needs to overcome significant technical challenges.

Can general artificial intelligence think like humans? This question delves into the core of human cognition. The characteristics of human thinking are consciousness, emotional depth, creativity, and subjectivity. While general artificial intelligence can simulate certain aspects of human thought, replicating the full range of human cognition is a daunting challenge. The litmus test for general artificial intelligence lies in its ability to comprehensively replicate human experience. Once achieved, its potential benefits will be enormous and will benefit various industries, affecting all aspects of daily life. Despite the limitations of general artificial intelligence, it is increasingly seen as a positive force across different sectors.

General Artificial Intelligence (AGI) can create computers that are as intelligent as humans, fundamentally changing fields such as cryptocurrency trading or market analysis. However, AGI requires trust and fairness to benefit everyone. The technology behind Bitcoin and Ethereum—blockchain—provides a secure and transparent way to achieve this. However, persistent challenges such as slow blockchain speeds, delays in encrypted transactions, and limited storage capacity may make it difficult for General Artificial Intelligence (AGI) to process data quickly or handle large datasets. To prepare blockchain for General Artificial Intelligence (AGI), researchers are exploring: off-chain storage, sharding and danksharding, and data pruning.

General Artificial Intelligence represents the pinnacle of AI development, with the potential to achieve capabilities comparable to human intelligence. Although General Artificial Intelligence (AGI) can simulate certain aspects of human thought, achieving truly human-like cognition remains a distant goal. Consciousness, emotional depth, and creativity are intrinsic attributes of the human experience that pose significant challenges for General Artificial Intelligence. Nevertheless, the pursuit of General Artificial Intelligence continues to drive innovation and reshape our understanding of intelligence.