In the late autumn of 2025, the global crypto asset market experienced a sharp correction, with price panic and liquidity concerns reaching their most “extreme” levels since 2022. However, while widespread pessimism shrouded the market, most people collectively overlooked another event of greater strategic significance—the Fusaka upgrade completed by Ethereum on December 3.
In previous years, Ethereum upgrades always began to warm up at least six months in advance; this year, due to the prevailing bearish sentiment, the upgrade barely entered the public’s view. However, upon our analysis, we found that Fusaka is not a simple technical patch—it is an adjustment to Ethereum’s economic model and ecosystem performance, systematically addressing two core bottlenecks that have plagued it for years: “value capture” and “user experience.”
So, what exactly was upgraded?—Widening and making the “road” for L2 cheaper, along with adding “speed limit signs” and “guardrails.”
The strategic significance of Fusaka...

Author: Ryan Yoon, Tiger Research Analyst
Translation: Tim, PANews
Two weeks ago, I wrote that Bitcoin might not break $100,000 just yet. The price briefly touched $99,000 before pulling back. Currently, it is consolidating below $90,000.
At this point, most people are asking the same question: “Is it time to buy the dip?”
Yes, you can start buying in batches. But you must set strict stop-losses.
Bitcoin enters consolidation: A key decision point approaches
The price is holding above $87,900, which is the average cost for active buyers.
The active realized price represents the breakeven point for the entire market. After the market crash in 2022, it took a year and a half to regain this level. As the price bottomed out and rebounded, the market could finally breathe a sigh of relief.
Please pay close attention to this point and use it as your benchmark.

In the past week, after the Fusaka upgrade, I personally am bearish on third-party DA, observed changes in Aave, broke up with Sky, formed a new partnership with Maple, the Perps trend continues, and HyENA.
1. One of the significant data changes after the Fusaka upgrade is the obvious increase in blob base fee. The detailed analysis post is here 👉
It’s particularly worth mentioning the competitive landscape with third-party DA.
$ETH 1( Firstly, in terms of price competition
Compared to third-party DA, especially solutions like Celestia, Ethereum's native blob is definitely more expensive, which is determined by the underlying blockchain consensus and economic security. The core issue here is the trade-off between security and cost.
So the future ecosystem landscape will be: professional L2s, enterprise-level L2s, or projects with relatively strong financial backing and sufficient budgets will choose blobs. For small teams and proj

This article explores seven profound changes that could occur if the US financial markets were to be fully on-chain within the next two years, including market structure, the banking system, the real economy, geopolitics, risk restructuring, as well as winners and losers. At the same time, the author points out that although this transformation is irreversible, the speed of its implementation is constrained by technology, legal frameworks, and interest groups.

Author: Kev.Ξth, Crypto Researcher
Compiled by: Felix, PANews
The following 10 summaries are based on Vitalik’s interpretation of Public Goods Funding (PGF) in 2026, as well as a recent survey based on public data and user self-reported data.
Possible directions for PGF after reform:
1. Traditional funding still accounts for a considerable proportion, but innovative on-chain PGF mechanisms are beginning to take shape.
2. Verifiable mechanisms replace unverifiable concepts: On-chain PGF has shifted from a charity model to a verifiable, liquid, and dependency-driven funding model.
3. Privacy and open source first: Focus on public goods that are critical to Ethereum’s survival.
4. Provide funding for dependencies: Deep

JPMorgan CEO Jamie Dimon stated that they can handle $16 trillion in fund flows within a day and emphasized the use of technology and tokenization to improve efficiency. He believes that blockchain is becoming more efficient and that smart contracts may become practical applications.

x402 is extremely important for stablecoin payments. Some people (like Lincoln Murr) have compared it to a "Trojan horse." This is a very apt analogy. This Trojan horse is not just about using "stablecoins." Instead, it gradually influences users in three ways, thereby reshaping the financial payment network.
Previously, for stablecoin payments, users needed to: open a wallet → connect → sign the transaction → pay the gas fee → wait for confirmation. For most non-crypto-native users, this process is too complicated, since creating a crypto wallet already excludes 90% of users.
But with x402, the process (for the user) is: open a paid content (such as a paid short drama, etc.) → browser/wallet pops up "Need to pay 3 USDC," click "Allow" → payment is completed, and the content is immediately unlocked. Users don't need to know they are paying with a stablecoin (such as USD

US OCC Chief: No Reason to Treat Banks and Crypto Companies Differently
According to Cointelegraph, Jonathan Gould, head of the US Office of the Comptroller of the Currency (OCC), pointed out that cryptocurrency companies seeking a US federal banking license should receive equal treatment as other financial institutions. Speaking at a blockchain conference on Monday, he mentioned that new license applicants in the digital or fintech sectors can be seen as providing innovative services to national trust banks, and that custody and safekeeping services have been conducted electronically for many years. There is no justification for treating digital assets differently, and banks should not be limited to past technologies and business models. Gould stated that the banking system has the ability to evolve from the telegraph era to the blockchain era. So far this year, the OCC has received 14 applications for new bank establishments, some from entities engaged in innovative or digital asset businesses, a number nearly equal to similar applications in the past four years. The issuance of licenses

The Bitcoin bear market may be nearing its end, with the current price area forming an accumulation zone. From a gold-denominated perspective, analysis shows that Bitcoin's decline since December 2024 has been more pronounced. Multi-timeframe Fibonacci levels point to strong support at $80,000-$67,000, suggesting that the end of the bear market may come sooner than the market expects.

The Talus project, through the concept of "fully on-chain AI," aims to achieve truly decentralized AI decision-making and avoid the black-box issues of traditional AI projects. Despite facing the trilemma of decentralization, performance, and cost, Talus leverages the Nexus framework to find a balance among these aspects, driving the development of decentralized AI infrastructure.

I am not a gambler, nor do I understand the thrill of watching candlestick charts with a racing heartbeat. But when CNN and CNBC respectively announced that they would integrate digital odds from prediction markets into their news broadcasts, I felt as if we were being toyed with by a new kind of "truth."
Crypto bros are preaching: traditional polls will be replaced, experts are the high priests of an old era, and only odds built on real money can reflect the wisdom of the crowd and the reality of the truth. However, the trading logic fostered by prediction markets aligns perfectly with the "beauty contest" described by Keynes: you no longer care who is the most beautiful, you only care about "who others think is the most beautiful." The very concept of beauty is thereby "dissolved," much like Duchamp's urinal displayed in an art museum. Prediction markets will continue to accelerate and then stall, until more and more clear-headed people start "shorting" this frenzy—"shorting" the very narrative of prediction markets.
Exchanges and casinos are two distinctly different worlds. Farmers

Author: Nancy, PANews
“I wasted 8 years of my life in the crypto industry.”
Aevo co-founder Ken Chan published a post fiercely criticizing the crypto industry as having degenerated into a “super casino.” This “emotional outcry” quickly went viral across both domestic and international communities. Behind its millions of views, heated community debates erupted. Supporters see it as a wake-up call piercing the bubble, while critics argue it’s a case of beneficiaries biting the hand that feeds them.
Beyond the emotional venting, this debate reflects the collective anxiety and cyclical confusion currently plaguing the industry amid a liquidity crunch and a narrative vacuum.
Reduced to a super casino? What happened to the crypto ecosystem
In this lengthy article, Ken Chan frankly admits that the past eight years have been a journey from idealism to disillusionment.
As a libertarian and programmer deeply influenced by Ayn Rand’s works, he was once a devoted believer in the cypherpunk spirit, viewing Bitcoin as “belonging to the

The article discusses the recent crash in the cryptocurrency market, denying that yen carry trades are the main factor and pointing out that the yen’s value has not risen significantly and leverage risk has been reduced. The real reasons lie in mechanical factors such as institutional rebalancing in December and tax-loss harvesting. As long as Bitcoin stays in the $80,000-$82,000 range, the structure remains intact and will be influenced by macroeconomic data in the future.

Fluid is an interesting, hard-to-understand, and highly controversial DeFi protocol. As a "new" DeFi protocol launched in 2024, its peak TVL exceeded $2.6 billion, and it currently still holds $1.785 billion in TVL.
In the past 30 days, its trading volume reached $16.591 billion, accounting for 43.68% of Uniswap's trading volume on the ETH mainnet. This is quite an impressive achievement.
Fluid combines lending and DEX, accepting LPs (such as ETH/wBTC) as collateral. While being used as collateral, LPs can still earn fees. Fluid calls this Smart Collateral.
Well, it doesn't seem all that extraordinary.
Image by Nano Banana Pro - Gemini

Today's News Highlights:
Banmuxia: This week, a Fed rate cut will bring liquidity back to normal, and the market will see a broad rally this week and even this month.
Analysis: Bitcoin stabilizes in the short term, but sentiment remains cautious ahead of the FOMC meeting.
Farcaster announces strategic transformation: shifting from social-first to wallet-driven growth.
HumidiFi: New token public sale will start at 23:00 on December 8.
XRP spot ETF had a net inflow of $231 million last week, marking four consecutive weeks of net inflows.
Metaplanet has not increased its Bitcoin holdings since September 30.
Bloomberg: Median share price of DAT companies listed in the US and Canada has dropped 43% this year.
Pop Mart closed down 8.49% as market concerns grow over slowing overseas sales.
Macro
Pop Mart closed down 8.49% as market concerns grow over slowing overseas sales.
Pop Mart (09992.HK) stock price continues to decline.

The author shared their personal trading experience, emphasizing the high risks of intraday trading for retail investors and describing it as a scam. He advises against frequent trading and advocates for low-frequency swing trading to protect profits. Currently, young people underestimate the difficulty of trading and are prone to a gambling mentality, which can lead to significant losses. He reminds traders to recognize that they are engaging in risk investment rather than simply executing skills, and that the real challenge lies in holding onto profits.

Author: 0xBrooker
Amidst a liquidity crisis and the "cycle curse," BTC experienced a brief respite in December after the stormy turbulence of November.
On one hand, with the probability of a rate cut in December rising back above 80%, the Federal Reserve stopped QT and began to slightly release liquidity into the market, while the Treasury's TGA account also began to spend; on the other hand, panic selling and large-scale realized losses have come to an end. Panic selling pressure has eased, but constrained by weak buying demand, BTC price movements remain in a stalemate.
Over 34% of on-chain BTC is in a loss position, DAT leader Strategy has reduced purchases and signaled a defensive stance to the market, BTC ETF channel funds are still in a high beta asset aversion phase, with outflows exceeding inflows.
This week’s economic and employment data continue to support the “soft landing” baseline scenario, with the US economy transitioning from “overheating” to “moderate slowdown.”

Author: 1912212.eth, Foresight News
At 21:00 Beijing time on December 8, the Stable mainnet will officially launch. As a Layer 1 blockchain supported by Bitfinex and Tether, Stable focuses on stablecoin infrastructure. Its core design centers on using USDT as the native gas fee, achieving sub-second settlement and no

Written by: Felix. PANews
2025 is a milestone year for BNB Chain. Amid multi-chain competition and the diversion of users and capital, BNB Chain has become one of the fastest-growing networks in the Web3 space in 2025, thanks to its low fees, high throughput, and EVM compatibility. During the "2025 Binance Blockchain Week" event, BNB Chain further solidified its position as a multi-chain infrastructure leader through dedicated sessions, ecosystem project showcases, and partner interactions.
Looking back at the data, BNB Chain achieved several records in 2025: daily active users (DAU) peaked at over 5 million, DEX trading volume surpassed $2 trillion cumulatively, stablecoin supply soared to $14 billion, and the RWA project ecosystem began to take shape, while