OVERVIEW

Chainlink Bags SWIFT 💰️

Before we dive in, here’s today’s crypto market heatmap:

Source: Santiment

And here’s a look at crypto’s total market and altcoin market cap charts:

Source: TradingView

CHAINLINK
Chainlink Bags SWIFT – The Rest of Crypto Just Lost the Race 💰️

SWIFT just announced it’s launching its own blockchain ledger at Sibos 2025. And guess who’s the plumbing behind it? Chainlink. ⛓️ 

That’s basically Chainlink winning the TradFi-to-blockchain relay race while the rest of crypto is still lacing their shoes.

For context, SWIFT isn’t some side-chain experiment. It’s the global air traffic controller for money. Four billion people depend on it. When countries get sanctioned, SWIFT is the one flipping the oxygen valve shut. 🛑 

How We Got Here

• 2016 Sibos: Sergey Nazarov pitched the idea of feeding real-world data into smart contracts, with Swift rails settling the trades. Everyone nodded politely like blockchain was just a phase. Spoiler: it wasn’t.

• 2019–2022: Chainlink became the oracle standard, Swift kept showing up at SmartCon, and CCIP (Cross-Chain Interoperability Protocol) started knitting legacy finance into blockchains.

• 2023–2024: Joint pilots with UBS, Euroclear, Citi, BNY Mellon, BNP Paribas, and basically every acronym that runs global markets. Tokenized funds, corporate actions, asset servicing – all tested on Chainlink + Swift rails.

• 2025 Sibos: Production-grade systems with DTCC, Euroclear, UBS, Wellington, and more. Corporate actions standardized, tokenized equities running on golden records, and Swift messages turned into onchain fuel.

$LINK.X ( ▲ 0.37% ) is just in a category of it’s own when it comes to the insane size and influence of the TradFi partners it’s working with. 🫡 

ON-CHAIN ANALYSIS
Ethereum On-Chain Checkup ❤️‍🩹 

September has been a mood swing month for Ethereum. The short-term MVRV bled red, SOPR slipped, and together they show a market running low on conviction. 📆 

30-Day MVRV

ETH 30-day MVRV Ratio – Click to enlarge.

• Started the month straddling zero, meaning short-term holders had basically no unrealized edge.

• Drifted steadily lower into mid-month, then bottomed at -0.118 on Sept 25 – the deepest cut since June. That signaled most recent buyers were underwater.

• Closed the month at -0.044, still negative but less severe. Average for September was slightly below zero, showing profit opportunities dried up fast.

SOPR

ETH SOPR – Click to enlarge.

• Early September, SOPR stayed just above 1, hinting that coins moving on-chain were still selling at thin profits.

• As the month dragged on, SOPR flirted with 1 repeatedly, suggesting sellers were often breaking even or even dipping into small losses.

• The lack of consistent >1 spikes shows profit-taking momentum has cooled, a stark contrast with the aggressive exits in July and August.

Putting It All Together

• MVRV < 0 + SOPR ≈ 1 – not full capitulation, but no greed either. Holders aren’t flush with unrealized profits, and the coins that are moving aren’t fetching big wins.

• That combo usually points to a market in reset mode – weak hands already flushed, strong hands waiting it out.

• The signal to watch: if MVRV drifts further below -0.10 while SOPR cracks under 1, that’s capitulation. If MVRV turns positive and SOPR holds >1, it confirms the next leg higher. 🧠 

POLKADOT
DOT Stablecoin? 🤔

Polkadot is debating whether to roll out its own native stablecoin, pUSD, backed entirely by $DOT.X ( ▼ 1.0% ) and built on the Honzon protocol. If that feels familiar, it should. 😐️ 

Honzon was the same engine behind $ACA.X ( ▼ 3.1% )’s aUSD, which was huge failure. Now RFC-155 is on the table, asking tokenholders to decide whether Honzon deserves another shot.

In a nutshell, the DOT community wants a native stablecoin and not the USDT or USDC that dominate the stablecoin market. Polkadot needs a native stable. RFC-155 suggests swapping that reliance for an in-house solution.

The model: overcollateralized debt positions where users lock DOT and mint pUSD. Treasury payments? Paid in pUSD instead of DOT. Staking rewards? Eventually could be denominated in pUSD. There’s even a Savings module where you can lock pUSD to earn interest. 💲 

Remember DJED?

There is at least one working playbook they could crib from. Cardano’s DJED, built by $COTI.X ( ▼ 2.8% ), took the concept of an algorithmic stablecoin and wrapped it in overcollateralization safeguards, structured reserves, and strict onchain auditing.

It isn’t perfect, but DJED has avoided the catastrophic implosions that sank earlier “algo stables” by taking the risk management piece seriously. And it’s the only solo-crypto backed algorithmic stablecoin that has proved it works.

If Polkadot wants pUSD to be more than a recycled Acala experiment, it could look to DJED’s formation as a model: more transparency, tighter collateral rules, and actual accountability for the team running it. 🧠 

NEWS IN THREE SENTENCES
AI, Stablecoins, & Privacy News 🕵️

🤖 AI-Driven Tokenomics Gets a Second Shot at Stablecoins

After Terra’s faceplant, AI-driven tokenomics are back, this time with machine learning managing supply and risk instead of blind market faith. Projects like Ampleforth and Curve already use dynamic models to rebalance and optimize fees in real time. It’s still algorithmic voodoo – just with more data and less Do ‘Con’ Kwon. Kava.

🇰🇷 Sui and t’order Bring Stablecoin Payments to Korea’s Restaurants

Sui’s teaming with t’order’s 300k point-of-sale devices to roll out KRW stablecoin payments nationwide with QR and Face Pay. The pitch: near-zero fees instead of 2.5% card tax, saving small businesses $100M-ish annually. If this sticks, kimchi jjigae might be the first meal you buy entirely on-chain. Sui.

NEWS IN THREE SENTENCES
Real World Asset Tokenization (RWA) News 🪙

📊 Injective Pushes $1.7B in On-Chain RWA Derivatives

Wall Street wanted derivatives without bank hours – Injective’s handing them the keys. Injective’s Cosmos-based chain processed $1.68B in perpetuals on equities, FX, and commodities this year, with volume up 1,400% since January. Its on-chain CLOB and programmable assets are giving institutions 24/7 access with exchange-grade execution. Cosmos.

NEWS IN THREE SENTENCES
Metaverse, NFT, & Gaming News 🎮️

🎤 Chiliz and Naver Pay Bring NFT Ticketing to K-Pop

Chiliz Chain minted NFT tickets for the “Golden Voice” concert, sold directly through Korea’s Naver Pay wallet. Fans skip scalpers, keep a digital collectible, and the event donates all proceeds to charity. It’s K-Pop meets Web3 without forcing teenagers to learn MetaMask or fight demons. Chiliz.

🧩 Holochain Asks: What Does Social Coherence Even Mean?

At the DWeb Seminar, Holochain cofounder Eric Harris-Braun argued decentralization isn’t just tech but designing “engagement spaces” that balance agency with accountability. Instead of one-size-fits-all governance, infrastructure should let communities evolve their own rules without platform landlords. Holochain.

🎶 Web3 Music Panel Says Utility Beats “Crypto Bro” Noise

At Polkadot’s Decentralized Mic, builders admitted first-wave NFT drops failed because nobody wanted JPEGs with no use case. Now projects like mufi and Beatport IO are hiding blockchain under loyalty passes, ticketing, and remix tools that fans actually want. The new rule: if users can see the crypto, you already screwed up. Polkadot.

NEWS IN THREE SENTENCES
Protocol News 🏦

🪙 Kaspa Claims It Can Be Store, Medium, and Settlement at Once

Kaspa is pitching itself as the first Layer 1 to nail all three money roles – SoV, MoE, and SoS – using a blockDAG, deflationary supply, and Proof of Work. Unlike Bitcoin’s reliance on L2 hacks, Kaspa targets instant, low-fee settlement while keeping neutrality at the base layer. Kaspa.

🌐 World Chain Taps Chainlink CCIP for Cross-Chain Muscle

Here’s some more roof that interoperability doesn’t need another hype coin, just infrastructure that actually works. World Chain just plugged in Chainlink CCIP and Data Streams, letting WLD move across Ethereum and 20+ chains while feeding developers premium market data. With 16M verified humans already onboard, the network’s flexing real adoption instead of bot-driven noise. Worldcoin.

LINKS
Links That Don’t Suck 🔗

🎮️ Electronic Arts to go private in $55 billion deal backed by Saudi PIF and Silver Lake

🤯 IBIT surpasses Deribit as largest Bitcoin options venue

⛏️ Switzerland offers gold-refining investment to ease Trump’s 39% tariff blow

💊 Nasdaq-listed Helius Medical Technologies rebrands as Solana Company

🤝 ‘The turf war is over’: CFTC Acting Chair Caroline Pham says as agencies look to work together on crypto

🤖 NVIDIA accelerates robotics research and development with new open models and simulation libraries

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