Polymarket says it makes $1.8B a year. Public data points to about $1.1B after trader rebates, level with or above Hyperliquid's $839M as crypto's top earner outside stablecoin issuers.

Polymarket is raising at $21B, about 19x revenue. Hyperliquid trades at 82x on FDV, Pump.fun under 5x. Kalshi, valued at $40B, says its non-sports markets alone make over $1B a year.

Privy, the embedded wallet and login provider acquired by Stripe in 2025, powers sign-in and wallet creation for many crypto apps. Its status page shows an active incident titled "Authentication failures" on November 11.

The incident started as a partial outage at 14:38 UTC and was upgraded to a major outage at 14:47 UTC. Affected components are Privy's APIs, dashboard and cookies, while the team says it is still investigating.

Apps that rely on Privy for user login may leave users unable to sign in or reach their embedded wallets until the issue is resolved.

Three weeks after becoming an approved distributor of Nasdaq Basic, Pyth has added NYSE BQT to the Pyth Data Marketplace. NYSE BQT is the exchange's real-time Level 1 product for US equities and ETFs.

The feed carries best bid and offer from NYSE, NYSE American, NYSE Arca, NYSE National and NYSE Texas, plus last sale, primary market closing prices, consolidated volume and status messages such as trading halts and short sale restrictions. Coverage includes securities listed outside NYSE Group.

Applications building on Pyth can now reach real-time data from both Nasdaq and NYSE through a single channel.

Venues listing equity perps and tokenized stocks on Pyth Pro can show the home exchange quote next to the instrument and react to halts as they happen. Clients license NYSE BQT directly with NYSE and receive it through Pyth.

Saudi small business lending is moving onchain: ZIG Finance has launched the zEMS Vault on BNB Chain, with Laser Digital, the digital asset arm of Nomura, acting as risk framework and tokenization advisor.

The vault targets a $100 million raise and gives eligible institutional investors exposure to a diversified pool of Saudi SME loans originated through Beehive.

Investors subscribe and redeem in stablecoins, with KYC checks at both entry and exit. KAIO handles tokenization and administration over the vault's lifecycle, while Zamanat structures the investment and provides Sharia advisory.

zEMS is the first product of the ZIG Finance and Laser Digital partnership, and the two plan to reuse the structure for other emerging markets and credit strategies. The vault does not remove credit risk: investors still carry the default risk of the underlying SME loans.

The joint venture of OKX and NYSE parent Intercontinental Exchange has set a November 23 go-live for its tokenized securities venue, one of the first to run under the SEC's five-year innovation exemption introduced in September.

The exemption lets on-chain venues trade tokenized US stocks around the clock without registering as a traditional exchange. Access is limited to US customers with an OKX CeDeFi Wallet who have completed onboarding.

OKXICE has confirmed 70 assets from issuers including Coinbase, Circle and Robinhood, alongside 59 exchange-traded funds.

The launch comes as dozens of companies have used their right to opt out: 67 issuers had objected to tokenized trading of their shares by the Nov 5 filing, among them Tesla, Netflix, Home Depot and Costco. Nasdaq has also said it plans to opt its own stock out of such venues.

Attackers hijacked the Across domain on Nov 10 and served a drainer on the real across.to for a while. Only the site was hit, the contracts and API were not touched.

It is one of six different ways wallets got hit in the last 72 hours. Each one has a single fix, and it is on the card.

Hijacked domain, iPhone 0-day with no Apple fix yet, poisoned Swarm update, LNbits hot wallet bug, fake "free TradingView Premium" and a malicious pull request aimed at Zcash wallet devs.

Save it and send it to anyone who keeps crypto on their phone.

Nine early-stage projects that hit our radar, real products rather than memecoins. The theme: the fine print. Most of crypto sells you the upside and hides the rest. This week's names put the rest in plain view: who takes the first loss, what sits inside a yield, the most you can lose on a trade, which of thousands of stock tokens you actually hold, who owns the robot and who answers for an AI agent. Follower counts are small on purpose, you are seeing these early. With a link to each.

1/ Akashi (Tranche Vaults)

Most yield vaults pay everyone the same rate and share every loss the same way. Akashi splits one Solana USDC vault into two layers: Junior takes the first loss and earns more, Senior is paid first and earns less. Its Akashi Plus vault, live on mainnet since late October, spreads deposits across OnRe, Hastra, Huma and Kamino. At the time of writing it holds $24,920, with Senior at 8.01% and Junior at 14.09% expected, and a Junior cushion of 25.8%. It won the Superteam Poland Demo Day and was one of 10 teams out of 180 picked for the Crypto World's Fair audit grant.

2/ Kurtosis Labs (Risk Ratings)

One onchain yield can be a token, wrapped, deposited, split and lent again, and each layer adds its own risk. Kurtosis Labs rates that yield layer by layer, so a fund analyst can see what they actually own and explain why it moved. A second tool, Horizon, shows how fast you can get your cash back out. It is built for institutions and works by demo request. The team took second place and $40,000 in the General Track at Arbitrum's Founder House in Singapore, and it is backed by Superteam Singapore.

3/ Vexi (Stock Options)

Leverage on stocks usually comes with a liquidation price. Vexi sells calls and puts on stock tokens on Robinhood Chain instead: as a buyer, the most you can lose is what you paid. On the other side, holders pick the price they would sell a stock like NVDA at and earn interest while they wait. The project spells out the risk too: the pool pays winning buyers, and that can cost more than the premiums it collects. Testnet is live and the mainnet whitelist is open. It placed second and won $6,000 in the Promising Products Track at Arbitrum's Founder House.

4/ SoFinance (Stock LP)

The same stock now trades as several tokens from different issuers. SoFinance turns that mess into income: you pair two tokens of the same stock in one pool and collect a share of the swap fees, without selling the stock. It runs on Solana and Robinhood Chain, and the keys stay with you. Its own data shows the same-stock TSLA pool on Meteora did $1.30M of volume over 7 days, against $10.3K in Raydium's TSLA pool. Fees are real, so are out-of-range and impermanent loss risks.

5/ Darwin (Private Baskets)

Building a portfolio onchain usually means many trades and a wallet anyone can read. Darwin packs a whole strategy of crypto and tokenized stocks into one token: one trade buys the full basket, and you hold it privately in your own wallet on Miden, a zero-knowledge chain. On November 7 it went live inside the Bread wallet. It is in beta, and the account is still tiny.

6/ tokenizedstonks (Data & Analytics)

There is no longer one Tesla token, there are dozens. tokenizedstonks groups every tokenized version of a stock, ETF or index under the real security, across issuers, chains and venues, with the source and time of each figure. On Solana alone it tracks more than 1,700 securities across more than 2,700 tokens. It is a free tracker, not a protocol, and it earns from disclosed referral links.

7/ RoboPay (DePIN Payments)

When a robot delivers your parcel, someone still has to get paid. RoboPay locks the buyer's payment in a Solana escrow, the robot scans the box to prove it arrived, and the money goes to whoever owns that robot's machine NFT on peaq. Sell the NFT, and the next delivery pays the new owner. It won first place in the peaq track of the Crypto World's Fair hackathon. For now it runs on Solana devnet, with a working demo and a public solo founder.

8/ HestiaX (Agentic Finance)

AI agents can move money faster than any team, which is exactly the problem. HestiaX builds agent workflows for energy transition finance, where the agents do the work and humans sign the mandate they must stay inside. Its motto: AI automates, humans mandate. It also ships an XRPL consensus explorer and runs a validator. The team is public and won the Ledger Agentic Finance award at the XRPL hackathon in New York. Still early, with the product at demo stage.

9/ Entity.ID (Onchain Identity)

When an AI agent signs a deal or moves funds, the first question is who is behind it. Entity.ID keeps one public record per company, fund, DAO or AI agent: who owns it and who answers for it. It builds on ERC-8004, the Ethereum standard for agent identity, and the app is already live. The founder spent Devcon 8 in Mumbai putting that exact question to every room.

The pattern this week: the fine print is becoming the product. A vault that says who loses first, a rating that opens every layer of a yield, an option where the worst case is printed upfront, a map of thousands of stock tokens and a public record of who stands behind an AI agent. None of it promises 100x. All of it tells you what you are holding. These are early-stage projects, several still on testnet, on devnet or in beta, so higher upside comes with higher risk. Do your own research, nothing here is financial advice.

Which one are you watching?

Plume's affiliated broker-dealer Kimber Digital Securities joined FINRA and is now registered with the SEC as a broker-dealer.

The registration connects tokenized securities to core U.S. market infrastructure, including the Depository Trust Company (DTC). Investors will be able to hold eligible stocks, ETFs and bonds in self-custodial wallets while keeping the book-entry claim recorded at DTC.

Kimber Transfer Agency registered with the SEC as a transfer agent in September 2025. Plume Vaults now hold $250M in TVL.

Tokenized stocks on Binance no longer require a crypto step: Binance Convert and the Buy/Sell page now accept fiat for bStocks, with payment from a fiat balance, card, Apple Pay or Google Pay.

Up to 49 fiat currencies are supported at launch, including USD, EUR, GBP, JPY, BRL, AED and ARS, with more planned.

The flow works both ways: users can sell bStocks straight back into an eligible fiat currency without first converting into crypto. bStocks are tokenized securities issued by BTech Holdings, a Binance group affiliate, each backed 1:1 by an underlying share held at a regulated custodian.

Access remains restricted. bStocks are offered under an approved prospectus in ADGM, only to eligible users in permitted jurisdictions, and they give an interest in the underlying shares rather than direct ownership.

Payward's tokenized equities framework has moved beyond US listings for the first time: xStocks deployed its first batch of UK and European stocks, covering 200+ of the most actively traded companies in the region. More listings will follow on a rolling basis.

Each token is backed 1:1 by the underlying share, held at a regulated custodian through Payward's partnership with GTN, which handles execution and custody. The new assets trade on Kraken and xStocks Alliance platforms from day one and plug into DeFi on Solana, Ethereum, TON, Ink, X Layer and other chains.

xStocks now spans 1,500+ tokenized assets, holds over $1.1B in AUM and has processed more than $45B in total volume across 550,000+ holders.

The move delivers on plans to tokenize the top 100 London-listed equities after Payward's partnership with the London Stock Exchange, which intends to list xStocks on LSE 24 in 2027, subject to regulatory approval. Hong Kong-listed equities are next. The tokens remain unavailable in the US and the UK.