🚀Bitcoin Approaches $94,000

GM Defiers!

A California court ruling delivered a severe blow to decentralization. The judge overseeing a lawsuit against Lido DAO found that three VC firms are likely liable for the DAOs actions because they participated in tokenized governance.

Markets soared on Tuesday as Bitcoin ETF options went live. BTC tagged a fresh all-time high of $93,900.

Binance is going after DeFi users with the upcoming launch of a stablecoin purporting to offer annual returns exceeding 19% to holders.

DYdX shipped its Unlimited upgrade, introducing permissionless market listings and a master liquidity vault.

Also, Trump wants to buy Bakkt, Magic Eden reveals tokenomics, Ethena readies to activate fee switch, Brazil ramps up CBDC pilot, and Pump Science incentivizes drug trials with memecoins.

✍️ In today’s newsletter:

California rules DAO members have liability
Bitcoin ETF options start trading
Binance announces BFUSD
DYdX launches permissionless market deployment
Trump eyes Bakkt buy
Magic Eden airdrop will distribute 12.5% of ME supply
Ethena Risk Committee greenlights fee switch
Brazil to pilot CBDC trade financing
Pump Science targets memecoin-powered DeSci

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⚖️California Rules Governance Participants Are Liable For Lido DAO's Actions

In a major blow to decentralization, a Californian judge ruled that DAO members may be liable for the actions of decentralized organizations. The ruling came in a class-action lawsuit targeting Lido DAO, with a trader who lost money buying LDO claiming the DAO engaged in the illegal issuance of securities.

🚀Markets Rally as Bitcoin ETF Options Go Live

BTC climbed 3.5% in the past 24 hours to a fresh all-time high of $93,900. Ether was flat, while SOL rose 3%, pushing the global cryptocurrency market cap up 1% to $3.27 trillion.

🪙Binance Announces New Stablecoin Offering 19.55% Yield

Binance has raised eyebrows by announcing BFUSD, a stablecoin purporting to offer a more than 19.5% annual return to holders. However, users’ maximum exposure to the token will be limited based on their VIP level on the exchange.

♾️DYdX Launches Permissionless Listings With Unlimited Upgrade

DYdX completed its highly-anticipated Unlimited upgrade, allowing users to permissionlessly deploy new markets using the protocol. Users must supply assets to MegaVault, a master liquidity vault serving all assets on the platform.

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Honor VS Madness Unveils GrimGold: A New Era in Player-Driven Ownership

Honor VS Madness (HvM) is redefining NFT-based gaming with the launch of GrimGold (GG), its native token, now live following the Token Generation Event on November 12th. GrimGold brings actual ownership to players, allowing them to trade, stake, and influence the game's evolution through blockchain-backed assets. Dive into strategic gameplay with exclusive card packs, rare character skins, and player-owned pets that add value and customization to every move.

With deflationary burn mechanics, staking rewards, and voting rights, GrimGold is a stake in HvM's future. Join tournaments, earn unique in-game assets, and help shape the game's development. Explore how HvM is setting new standards for community-driven economies in digital gaming.

💰Trump’s Media Group Reportedly Eying Bakkt Acquisition

Trump Media and Technology Group, a company 53% owned by President-elect Donald Trump, is reportedly in talks to buy Bakkt, the digital asset trading and custody platform owned by Intercontinental Exchange.

🪂Magic Eden Unveils $ME Tokenomics

Magic Eden, the booming NFT and ordinals marketplace, revealed the tokenomics ahead of its upcoming airdrop. Roughly a quarter of the tokens are allocated to contributors and strategic partnerships each, while the airdrop accounts for 12.5% of tokens, and 37.7% is earmarked for the project’s community and ecosystem.

✅Ethena Foundation Approves Fee Switch

Ethena’s risk committee has approved plans to activate a fee switch that would distribute revenue to ENA tokenholders. The Ethena Foundation said it will now work with the committee to finalize proposal parameters by Nov. 30.

🇧🇷 Brazil Taps Chainlink For Cross-Border CBDC Trade Finance Pilot

The Central Bank of Brazil is working with Chainlink and Microsoft to ramp up its CBDC trials. The bank will soon pilot CBDC-based cross-border trading financing leveraging Chainlink’s cross-chain interoperability protocol.

💊Pump Science Combines DeSci with Memecoins

Pump Science aims to incentivize experimental drug tests through memecoins. “To fund the experiment for a particular intervention, drug devs launch a token, which represents fractional rights to the cocktail, and is sold to pay for the experiments,” the project said.

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