REX-Osprey’s Dogecoin ETF (DOJE) and XRP ETF (XRPR) commence trading on Sept. 18, according to information shared on Sept. 15.

Bloomberg senior ETF analyst Eric Balchunas confirmed DOJE starts trading on Sept. 18, noting that the TRUMP, BONK, and Bitcoin funds lack confirmed trading dates.

On the same day, REX Shares confirmed that the XRPR launch is scheduled for this week.

RIC structure

The REX-Osprey ETFs employ a registered investment company (RIC) framework that distinguishes them from traditional spot crypto ETFs and their own Solana ETF’s original approach.

Bloomberg ETF analyst James Seyffart explained that this structure provides operational flexibility while meeting regulatory requirements.

The RIC framework enables funds to hold spot crypto assets primarily while maintaining derivative usage capabilities and ETF investment options when market conditions demand flexibility.

This approach operates within established investment company regulations rather than corporate tax structures used by Bitcoin and Ethereum spot ETFs.

The structure offers different tax treatment, operational requirements, and regulatory oversight compared to C-corporations.

These differences affect investor return distribution methods while providing a middle path between pure spot exposure and complete structural innovation.

Solana ETF

REX-Osprey previously launched the Solana ETF (SSK) as a C-corporation before converting structures, demonstrating the team’s willingness to adapt regulatory approaches.

The Dogecoin ETF experienced delays from its original Sept. 12 expected debut, with Balchunas predicting the mid-week launch materialized.

The funds join the crypto ETF landscape as the Securities and Exchange Commission (SEC) approved five REX-Osprey ETFs despite structural differences from existing products.

Regarding standard crypto ETF applications, Seyffart noted that over 90 filings are awaiting a decision from the SEC. The first batch of approvals might happen in October, as some of the altcoin filings face their final deadline next month.

However, the SEC might delay the launch despite giving regulatory approval, as it recently did with multi-asset funds from Grayscale and Bitwise.

According to the Bloomberg analysts, the reason is that the regulator is finishing a framework to fast-track crypto ETF approvals, and wants to allow their trading after its conclusion.

Nevertheless, the REX-Osprey launches expand crypto ETF options beyond Bitcoin and Ethereum for now, offering exposure to other altcoins.

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Solana-based memecoin launchpad Pump.fun is riding a wave of renewed adoption, with its native PUMP token climbing to an all-time high.

According to CryptoSlate’s data, PUMP surged to $0.0086 on Sept. 14, setting a fresh peak before retreating by nearly 3% to trade around $0.008 at press time.

The latest move represents a sharp reversal for the asset, which had struggled for traction since its July debut and appeared to be losing ground to rival projects.

However, Pump.fun has shifted momentum, leveraging product upgrades to regain market attention.

Streaming growth

A key driver of this rebound has been the relaunch of Pump.fun’s livestreaming feature. The platform, once criticized for unsafe broadcasts including instances of self-harm, paused the function last year.

However, its reintroduction has triggered a surge in user activity, with livestreaming now contributing directly to engagement and platform revenue.

Alon Cohen, Pump.fun’s co-founder, said the platform has already overtaken Rumble in average concurrent streams. He added that Pump.fun now controls roughly 1% of Twitch’s market share and 10% of Kick’s.

Alon also signaled that the project no longer limits itself to crypto-native audiences but instead seeks a foothold in mainstream content streaming. He also outlined the several opportunities that streaming on the platform could provide users, by saying:

“When you stream on pump fun you get INSTANT Creator Fees (100x+ of what you earn elsewhere). INSTANT viewership with a community that’s incentivized to support you. Free clipping on X (other socials soon). And 24/7 support from the team.”

Despite ongoing criticism of its approach, Alon has brushed aside concerns, arguing that new entrants inevitably face scrutiny and that competitors will continue to emerge.

He stated:

“first they said that memecoin activity would never sustain then they said that no one would ever stream on pump fun now they’re saying that pump fun streaming is not sustainable I wonder what they’ll come up with next.”

Creator earnings rise

The renewed activity has translated into direct gains for creators on the Solana memecoin launchpad.

Data from Dune Analytics showed that creator earnings on Pump.fun soared to $20 million in the last seven days, which is a record weekly payout for the platform.

The data shows that the top 25 creators earned between $24,100 and $123,000 in the past 24 hours alone.

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Polkadot’s DOT token slid nearly 5% in the past 24 hours, despite the network’s community approving a landmark governance proposal that reshapes its tokenomics.

On Sept. 14, the team confirmed via X that the community had passed the “Wish for Change” proposal, which sets a hard cap of 2.1 billion DOT.

The move ends Polkadot’s open-ended issuance model, which generated roughly 120 million new tokens yearly.

Currently, around 1.6 billion tokens are in circulation, meaning more than three-quarters, or 76%, of the eventual supply has already been minted.

Polkadot said it aims to stabilize its long-term economic design by introducing scarcity and winding down inflation as a funding mechanism. The change highlights a broader effort to reduce dependence on perpetual issuance and push the ecosystem toward alternative revenue streams.

DOT’s new inflation schedule

The new framework introduces a stepped-down inflation schedule beginning March 14, 2026. Under the revised model, token issuance will taper over a two-year adjustment period.

Polkadot estimates that about 1.91 billion DOT will be in circulation by 2040, which is far below the 3.4 billion projected under the old system. The final cap is expected to be reached around the year 2160.

To manage this process, the proposal outlines three schedules for reducing inflationary pressure. One option immediately cuts emissions by more than half before easing off, while another applies sharper early reductions followed by a gradual decline through the next century.

Polkadot’s ecosystem changes

The governance overhaul arrives as Polkadot works to strengthen its position against rivals like Ethereum through initiatives such as Polkadot Capital Group, which seeks to bridge traditional finance.

It also coincides with the return of co-founder Gavin Wood as CEO of Parity Technologies, the blockchain network’s development arm.

Yet these moves have failed to halt the token’s slide.

At press time, DOT trades at roughly $4.20, according to CryptoSlate data, marking a fresh 24-hour decline of nearly 5%.

The drop compounds a broader downturn, with the asset losing about 34% of its value since the start of the year.

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Brian Armstrong, CEO of Coinbase, the third-largest crypto exchange in the world, published the exchange’s token listing process on Saturday. In an X post, Armstrong noted that the move aims to bolster transparency of Coinbase’s listing process. He wrote:

“…listings are free and merit-based. Every asset is evaluated against the same standards.”

How tokens are listed on Coinbase

According to the blog post titled ‘A Guide to the Digital Asset Listing Process at Coinbase,’ there are five key steps:

The first step involves submitting an application. Project developers have to fill an online questionnaire that asks for key information, from whitepaper and tokenomics to team background and source code.

Based on the submission, Coinbase assesses business factors, including market demand, community traction, and the technical requirements of integrating it with the exchange.

The application then goes through a thorough review process by the legal, compliance, and technical security team of Coinbase. From the legal perspective, Coinbase mainly analyses whether a token will potentially be considered a security.

The exchange also investigates the token’s on-chain activity and token distribution to ward off consumer safety risks and financial crime.

Additionally, the exchange also runs a security check for technical vulnerabilities by reviewing the contract code, design, and operational risks. In case of new blockchains, Coinbase evaluates aspects like technical design, consensus mechanism, network resilience, and governance model.

The exchange keeps the token issuers apprised of the review process via emails or phone calls. Once the token is approved by the Core review teams, it starts trading on Coinbase once the exchange completes technical integration.

The blog post notes:

“Our [listing] process is thorough because our standards are designed to protect customers, support healthy markets, and give projects the strongest possible foundation for long-term success.”

Token listing timeline and rollout

In general, Coinbase takes about a week to conduct due-diligence of a token. Once the token is approved, the exchange takes around two weeks for the technical integration to enable trading.

The post noted that in general, the exchange takes less than 30 days from review to list a token. However, the timeline can be significantly shorter or longer, based on factors such as the token’s complexity, whether its network is supported, the responsiveness of the project team, and the time it takes to complete the technical requirements for trading and custody.

Furthermore, listing priority and timeline also depends on Coinbase’s assessment of the token’s demand, traction among holders, community sentiment, and track-record of the team.

Coinbase also ensures that after a token is approved for listing, it is rolled out in a phased manner. First, Coinbase allows users to only deposit tokens to build liquidity.

Then, limit orders are collected for at least 10 minutes to determine an indicative opening price for the token. The auction concludes either with a matching trade or with an opening quote in case of no match.

This is followed by trading state, where the token can start with limit only orders or full trading.

Common hurdles and reasons for token listing delay

There are three major issues that contribute towards the delay of a token’s listing.

Firstly, the regulatory risk profile of a project increases if its public statements do not clearly state the token’s purpose, governance rights, and real-world usage. Projects that claim their token is ‘going to the moon’ without evidence to back the claim, for instance, face challenges with listing their token on Coinbase.

Secondly, from the blockchain security perspective, Coinbase evaluates the degree of centralization and single points of control to assess risk.

Lastly, projects that submit incomplete applications face delays in the review process. Failure to inform Coinbase of any major changes in the project during the review can also cause delays.

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Ethereum developers are endeavoring to ensure that the second-largest blockchain lives up to one of the foundational tenets of the crypto community: end-to-end privacy.

In a post on Friday, the Ethereum Foundation’s ‘Privacy & Scaling Explorations’ team rebranded to ‘Privacy Stewards of Ethereum’ (PSE). The team laid out a roadmap to “make privacy on Ethereum the norm rather than the exception.”

The team aims to ensure that comprehensive end-to-end privacy is embedded across Ethereum’s technical stack, from protocols and infrastructure to applications and wallets. Privacy will become a part of Ethereum’s major use cases, like finance, identity, and governance, the team stated.

At the same time, the team noted that Ethereum’s privacy features will remain compliant with global regulations.

Why privacy on Ethereum matters

According to the PSE team, ensuring privacy on Ethereum is key to protecting the users who rely on the blockchain. The PSE team stated:

“Ethereum is on the path to becoming the settlement layer for the world, but without strong privacy, it risks becoming the backbone of global surveillance rather than global freedom.”

Moreover, without privacy guardrails, users and institutions will move elsewhere, rendering the blockchain redundant.

Private reads, writes, and proving

The PSE team will focus on three core areas: private reads, private writes, and private proving.

Private reads will enable users to read from Ethereum without revealing their identities or intents. In other words, the network-level privacy will ensure there is no surveillance or metadata leakage when users query, browse, or authenticate with Ethereum apps.

Under the private reads umbrella, the team is working on privacy-preserving Remote Procedure Call (RPC) services. Usually, RPCs can leak private data, like IP addresses or which accounts the user is interested in. Therefore, the PSE team has created a private RPC working group consisting of internal researchers and engineers, and external advisors.

The PSE team will also focus on making writing to Ethereum privately feasible and affordable. This means sending private transfers, casting a vote, or interacting with apps will become easier.

For private writes, the team will continue working on PlasmaFold, an experimental Layer 2 chain that will add private transfer features.

Lastly, the team will work towards ensuring that proving any data on Ethereum is private and accessible. The roadmap also includes goals like improving data portability and private identity for private proving.

While the team will focus on these areas for the foreseeable future, it added:

“Specific priorities and initiatives within [these] tracks will vary in their investment timelines and deliverables, and will evolve with the ecosystem, but we expect these general focus areas to persist for the next few years.”

The Bitcoin hashrate crossed an important milestone this week, hitting 1 zetahash per second. That’s 1,000,000,000,000,000,000,000 hashes computed every single second. To put it simply: Bitcoin is more secure and powerful than ever.

As macro investor and long-time Bitcoin advocate, Dan Tapiero questioned:

“How do people still not get it?”

Bitcoin hashrate at an all-time high

The Bitcoin hashrate is at an all-time high. A zetahash is a trillion exahashes, or one sextillion hashes, and this figure represents the total computational muscle powering Bitcoin’s Proof-of-Work consensus system.

Miners deploy purpose-built computers to compete for new blocks, rapidly running cryptographic “nonce” guesses until one solution fits.

Hashrate is the lifeblood of Bitcoin security, and this brute-force lottery drives network trust: the higher the hashrate, the harder it is for any attacker to rewrite Bitcoin’s ledger.

The recent settling above 1 ZH/s means that every second, miners perform more calculations than grains of sand on earth, or more than the stars in our galaxy; a mind-boggling testament to decentralized security.

Miners compete to find a valid hash for the next block. Each hash is an attempt to meet network difficulty requirements, and success wins a Bitcoin reward.

At over 1 ZH/s, the difficulty rises in tandem, mandating ever-greater efficiency and innovation in mining hardware.

A higher Bitcoin hashrate means stronger protection from double-spending and 51% attacks, and as more energy and hardware secure the chain, Bitcoin becomes increasingly tamper-proof and globally trusted.

Dan Tapiero: macro investor and Bitcoin advocate

Dan Tapiero is the founder and CEO of 10T Holdings, a multi-billion-dollar asset manager focused on digital assets and web3.

He’s widely respected as a macro thinker, champion of gold, and early Bitcoin adopter, and he called the zetahash milestone one of the “Top 10 historic developments of the past 50 years,” saying that the Bitcoin network was the “most secure network in the world.”

He’s not wrong. This new era is more than a technical feat; it’s a profound testament to institutional adoption, sound money, and the resilience of a decentralized network.

What’s more, a growing hashrate often precedes major price rallies as miners, sovereigns, and corporations invest billions in new infrastructure. An all-time high Bitcoin hashrate, coupled with a near-certain rate cut on the horizon, could create the perfect storm for BTC price.

The zetahash level proves that Bitcoin’s network is, by far, the most secure computer network ever built, outpacing any centralized alternative in raw calculations and energy dedicated to truth.

For anyone still doubting Bitcoin’s staying power, the arrival of the “zetahash era” is a wake-up call. The network’s security, transparency, and resistance to censorship or manipulation are no less than historic.

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Institutional money, funds, and public companies continue to increase their BTC holdings and currently control 12.3% of all Bitcoin supply.

According to Bitcoin analytics platform Ecoinometrics, this figure has dramatically increased over the past 12 months. Institutional money added 5% to their combined holdings in the past year alone, helping propel Bitcoin’s price by over 80% in the last 12 months.

Entities such as ETFs, sovereign funds, and corporate treasuries now collectively hold billions of dollars worth of BTC, well over one million coins.

The rise of Bitcoin treasuries

The market’s structural transformation is captured by the rise in Bitcoin treasury companies like Strategy and Metaplanet. Strategy alone now holds over 638,400 BTC, more than 3% of the total circulating supply. At the same time, Japan’s Metaplanet has surpassed 20,000 BTC, rapidly climbing the ranks among corporate Bitcoin treasuries.

Their strategies revolve around aggressive accumulation of the Bitcoin supply, equity issuance policies tailored to buy more Bitcoin, and innovative balance sheet management to maximize exposure to BTC as a reserve asset.

Wall Street’s biggest names are also scrambling to accommodate the new wave. JPMorgan began accepting shares of Bitcoin ETFs as collateral for loans in June 2025 and partnered with Coinbase to let Chase credit card holders fund crypto purchases directly.

This continuing integration through lending, wealth management, and direct purchasing shows the level of normalization of Bitcoin in traditional finance, spelling deeper liquidity for the entire ecosystem.

And with $7.5 trillion parked in money market funds right now, just looking for a new home, institutional accumulation of the Bitcoin supply will likely go up and to the right.

Bitcoin supply shift from retail to institutions

Perhaps most striking, the concentration of Bitcoin supply is shifting away from early holders and retail investors toward funds and corporations.

Recent on-chain data reveals a dramatic change in address distribution and exchange outflows over the past two years, highlighting how large players are consolidating their share of the finite supply. As Strategy’s founder and chairman, Michael Saylor famously warned:

“The digital gold rush ends ~January 7, 2035. Get your Bitcoin before there is no Bitcoin left for you.”

The accelerating institutional adoption is tightening liquidity, making available Bitcoin increasingly scarce and supporting higher prices during each influx.

Innovative treasury strategies from firms like Strategy and Metaplanet are setting new standards, while banking giants like JPMorgan endorse the asset more actively than ever.

This ongoing consolidation could fundamentally change Bitcoin’s narrative, as Bitcoin supply shifts from retail hands to institutional wallets.

Institutional appetite is now among the most powerful forces shaping both short-term volatility and the long-term destiny of the world’s largest crypto coin.

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Ethereum co-founder Vitalik Buterin claims it is a “bad idea” to use artificial intelligence (AI) for governance. In an X post on Saturday, Buterin wrote:

“If you use an AI to allocate funding for contributions, people WILL put a jailbreak plus “gimme all the money” in as many places as they can.”

Why AI governance is flawed

Buterin’s post was a response to Eito Miyamura, co-founder and CEO of EdisonWatch, an AI data governance platchorm who revealed a fatal flaw in ChatGPT. In a post on Friday, Miyamura wrote that the addition of full support for MCP (Model Context Protocol) tools on ChatGPT has made the AI agent susceptible to exploitation.

The update, which came into effect on Wednesday, allows ChatGPT to connect and read data from several apps, including Gmail, Calendar, and Notion.

Miyamura noted that with just an email address, the update has made it possible to “exfiltrate all your private information.” Miscreants can gain access to your data in three simple steps, Miyamura explained:

First, the attackers send a malicious calendar invite with a jailbreak prompt to the intended victim. A jailbreak prompt refers to code that allows an attacker to remove restrictions and gain administrative access.

Miyamura noted that the victim does not have to accept the attacker’s malicious invite for the data leak to take place.

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The second step involves waiting for the intended victim to seek ChatGPT’s help to prepare for their day. Finally, once ChatGPT reads the jailbroken calendar invite, it gets compromised—the attacker can completely hijack the AI tool, make it search the victim’s private emails, and send the data to the attacker’s email.

Buterin’s alternative

Buterin suggests using the info finance approach to AI governance. The info finance approach consists of an open market where different developers can contribute their models. The market has a spot-check mechanism for such models, which can be triggered by anyone and evaluated by a human jury, Buterin wrote.

In a separate post, Buterin explained that the individual human jurors will be aided by large language models (LLMs).

According to Buterin, this type of ‘institution design’ approach is “inherently more robust.” This is because it offers model diversity in real time and creates incentives for both model developers and external speculators to police and correct for issues.

While many are excited at the prospect of having “AI as a governor,” Buterin warned:

“I think doing this is risky both for traditional AI safety reasons and for near-term “this will create a big value-destructive splat” reasons.”

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Decentralized derivatives exchange Hyperliquid has consistently outperformed traditional finance giants in terms of volume and net income.

DefiLlama data estimates Hyperliquid’s annualized net income at $1.24 billion as of Sept. 12, exceeding Nasdaq’s $1.12 billion net income for the entirety of 2024 by 11%.

The comparison positions the DeFi platform ahead of one of the world’s largest stock exchanges in net income, despite operating with just 11 team members.

Additionally, data from ASXN shows Nasdaq employed 9,162 people in 2024, producing a net income per employee ratio of $123,335.52.

Hyperliquid’s 11-person team generates approximately $113 million per employee, establishing the highest net income-to-employee ratio in global financial markets.

Volumes surpass Robinhood

The trading protocol posted $420.3 billion in total trading volume during August, extending its winning streak against Robinhood to four consecutive months.

Robinhood published August trading figures on Sept. 11, revealing $227.5 billion in total volume across all products.

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The breakdown included $199.2 billion from equity trading, $195.5 million from options contracts, $13.7 billion from crypto trading in the Robinhood App, and $14.4 billion from crypto trading on the Bitstamp exchange.

Hyperliquid processed $398 billion in perpetual contracts and $22.3 billion in spot trading during the same period, creating a $170.5 billion volume advantage over the retail trading platform. The August performance marks the platform’s strongest monthly showing since beginning its winning streak against Robinhood.

The volume comparison traces back to May, when Hyperliquid first overtook Robinhood with $256 billion versus $192 billion, according to data shared by Jon Ma from Artemis.

June volumes reached $231 billion for Hyperliquid compared to Robinhood’s $193 billion, followed by July’s $330.8 billion versus $237.8 billion performance. Its July advantage represented its largest monthly gap at 39.1% before August’s results widened the margin further to nearly 85%.

Amid these results, Hyperliquid’s HYPE token registered a new all-time high of $57.30 on Sept. 12, up roughly 760% from its launch price of $6.51 on Nov. 28, 2024.

The platform continues to demonstrate how decentralized exchanges can compete directly with established retail trading platforms while maintaining lean operational structures that generate outsized returns per employee.

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Stablecoin issuer Circle appears set to deepen its role in decentralized finance by preparing a native launch of USD Coin (USDC) on Hyperliquid’s Layer 1 chain, HyperEVM.

On Sept. 12, blockchain researcher MLM Blockchain flagged test transactions involving USDC on HyperEVM’s mainnet, suggesting that a native deployment could roll out in the coming weeks.

Adding to speculation, the same wallet connected to Circle recently acquired about $5 million worth of Hyperliquid’s HYPE token.

The purchase reinforced the view that Circle is positioning itself more deeply in the Hyperliquid ecosystem. If the launch goes live, HyperEVM would join 24 other networks that already support USDC, including Ethereum, Solana, and the XRP Ledger.

Circle’s USDC is the second-largest stablecoin in the industry, with a market capitalization of more than $72 billion. Hyperliquid, on the other hand, is the dominant decentralized perpetual exchange, controlling more than 60% of the market.

USDC situation on Hyperliquid

The potential launch follows a public statement from Circle CEO Jeremy Allaire, who wrote that the company intends to be “a major player and contributor” within the Hyperliquid ecosystem.

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According to him:

“We are coming to the HYPE ecosystem in a big way. We intend to be a major player and contributor to the ecosystem. Happy to see others purchase new USD tickers and compete Hyper fast native USDC with deep and nearly instant cross chain interoperability will be well received.”

Yet Circle’s push comes as Hyperliquid prepares to introduce its native stablecoin, USDH. That project has drawn attention from major players such as Native Market, Paxos, OpenEden, and Agora, signaling a real challenge to Circle’s position.

Over the past year, Hyperliquid has relied heavily on Circle’s stablecoin to power its markets, with around $5.773 billion in USDC supply on the platform. That concentration means Hyperliquid accounts for roughly 8% of all USDC in circulation, making it one of Circle’s most dominant chains, according to DeFiLlama data.

So, should liquidity migrate to USDH, Circle could lose as much as $200 million in annual revenue, which might impact its business.

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