OVERVIEW

Merry Fed Day Eve 🗓️ 

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

Source: finviz

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

Source: TradingView

NFTs
Amex Wants You Collecting Stamps Again 🌍

American Express just rolled out Amex Passport, a shiny new NFT toy for cardholders who apparently weren’t satisfied with overpriced airport lattes. 💳️ 

Every time you swipe abroad, you rack up “stamps” – not paper ones, but digital collectibles tied to where you’ve been. They’re stored as ERC-721 tokens on Base.

• Automatic stamping – Buy a coffee in Paris with your Amex, get a France stamp.

• Two-year backfill – If you’ve been globe-trotting with Amex in the last 24 months, they’ll preload your Passport with past trips.

• Blockchain receipts – Each stamp is logged on Base, showing country, date, and design – but zero personal data.

Amex even lets you *gasp* decorate your stamps with “trip highlights” and share them on social media, because nothing says “I’m cultured” like a JPEG backed by Visa’s mortal enemy.

You can’t trade them, you can’t sell them, and they’re worth exactly $0. All in all, it’s kind of cool. No fees, no upside, no tokenomics – just Amex quietly dipping a toe into web3 while pretending it’s all about wanderlust.

If you’re already carrying the card, may as well farm stamps and meme about your “on-chain vacation.”

No word on what Warren Buffet thinks. Yet. ✈️

DEFI
Nemo Protocol: From Yield Farm To IOU Farm 🧑‍🌾 

Nemo on Sui got clipped for roughly $2.6M after a public flash-loan hook and a sloppy query route let an attacker drain liquidity, bridge to Ethereum, and leave TVL in a crater. 🧨

Here’s the timeline of what happened:

• Jan 2025 – Rogue dev sneaks unaudited code into production, mixing in unchecked functions. Single-sig wallet still in play. Audit flags raised, ignored.

• Aug 2025 – Asymptotic audit drops, calls out a C-2 vuln. Team shrugs it off.

• Sep 7, 2025 – Exploit hits, public flash loan + query bug combo drains $2.6M (mostly USDC). By 430 PM, team sees yields spiking 30x.

• Sep 8, 2025 – Nemo pauses contracts, posts a vague “security incident” notice. Users in panic mode.

• Sep 11, 2025 – Post-mortem goes live. Full blame dumped on the rogue dev for bypassing audits and using single-sig deploys. Promises of audits + multisig going forward.

• Sep 15, 2025 – Compensation plan announced. Victims get NEOM debt tokens (1:1 on losses + 10% bonus) redeemable over time via AMM pools and protocol fees.

• Sep 16, 2025 – Fallout still happening.

Rushed code met easy money and lost. Stop pretending “later” is a security plan. 🧯

NEWS
Malta to Paris: Shoo 🫠

There’s some inter-State regulatory drama in the EU. 🎭️ 

France, Italy, and Austria want to hand the keys to crypto oversight over to ESMA, Brussels’ favorite acronym for “more paperwork, please.”

Malta’s regulator, the MFSA, basically told them: thanks, but no thanks.

Malta has been under the microscope this year for their own licensing process, and they’ve signaled they’re fine with ESMA helping line up standards across the bloc. But giving ESMA the kill switch? That’s where Malta draws the line.

Their spokesperson spelled it out: the EU keeps talking about competitiveness, and nothing kills that faster than dragging approvals through another office in Paris.

France’s regulator is already rattling its saber, hinting it might challenge licenses granted in other member states. That’s turf war. And Malta, which has built a reputation as one of Europe’s friendlier hubs for crypto, doesn’t exactly want a French regulator second-guessing its homework.

Given France’s budget, political and money problems, they’re probably thinking this could be a way to a big cash grab? What do you think? 🤔 

IN PARTNERSHIP WITH
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Use the crowd signal. Watch probabilities move as news breaks and use that signal to size a position, hedge, or stay patient.

*3rd Party Ad. Not an offer or recommendation by Stocktwits. See disclosure here. 

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

🤝 Membit + Phontra: Context Feeds Multi-Agent AI

Band’s Membit just integrated with AG Protocol’s Phontra on Sentient, funneling real Reddit and X chatter into AI agents in real time. Data Hunters collect posts, filters clean the noise, clusters group the topics, and APIs deliver ready-to-use intelligence. It’s the difference between your AI winging it with week-old news versus scrolling Twitter live with receipts. Band.

🏛️ The Graph To Enterprises: Stop Believing Pitches, Start Using Infrastructure

The Graph is selling decentralization not as a manifesto but as the plumbing enterprises actually need  –  no vendor lock-in, no “API rug.” Subgraphs and Substreams already crunch billions of queries for DeFi, NFTs, and even AI training sets, while institutions test them for compliance dashboards and risk analytics. It’s like Microsoft Azure, except no one can shut it off or change the pricing mid-quarter. The Graph.

📊 Flipside Opens Sui’s Books To Everyone

FlipsideAI now supports Sui, letting anyone type questions in plain English and get back structured onchain answers. It doesn’t just spit data  –  it also critiques itself, pointing out blind spots and suggesting what else you should check. Think of it like having a nerdy TA who not only gives you the homework answer but also tells you why you probably missed half the question. Sui.

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

🤖 Lazbubu: AI Pets With Onchain Memory

Metis just introduced Lazbubu, an interactive AI agent that remembers chats, grows with use, and sends back postcards from daily “adventures.” Each companion is minted onchain with rarity tiers and persistent history, so its progress is portable and provable. It’s basically a Tamagotchi for Web3  –  except this one can’t “die,” it just keeps stacking lore you actually own. Metis.

NEWS IN THREE SENTENCES
DeFi, DEX, & Lending News 🏦

🥞 PancakeSwap Infinity Launches Hooks, DeFi Goes Modular

Hooks are smart-contract plug-ins that add features to liquidity pools  –  dynamic fees, VIP discounts, and token-holder rewards are live from day one. LPs earn more when volatility spikes, whales get their own discount tier, and CAKE holders shave fees just by hodling. Imagine your DEX as a smartphone and Hooks as the app store  –  now traders can pick the add-ons they actually want. PancakeSwap.

NEWS IN THREE SENTENCES
Protocol News 🏦

💸 Aragon’s Capital Distributor Automates Token Handouts

Set it once, step back, and let emissions run without ops teams playing Excel roulette. Forget clunky Merkle airdrops  –  Aragon’s new Capital Distributor makes incentive programs automatic and modular. Strategies decide claim amounts, encoders dictate what happens after (stake, delegate, fee), and Boundless is already using it for its airdrop. Aragon.

🌐 Pocket’s Shannon Upgrade Makes APIs Permissionless

Pocket Network’s Shannon overhaul flips the model: permissionless gateways, USD-pegged compute units, on-chain burns, and modular governance. Now anyone can stake POKT, spin up a gateway, or route AI inference through the same rails used for blockchain RPCs. It’s like if AWS suddenly open-sourced itself and let anyone resell compute  –  except burns make the token deflationary. Pocket Network.

LINKS
Links That Don’t Suck 🔗

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Pantera founder says Solana is firm’s biggest crypto bet with $1.1 billion position

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Email me (Jonathan Morgan) your feedback; I’d love to hear from you. 📧

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Author Disclosure: The author of this newsletter holds positions in ADA, IMX, COPI, MIN, AGIX, ALGO, ZEC, XLM, and NEAR. 📋