Treasure proposes printing 49.8% more MAGIC: up to 173M tokens, about $14.0M at current price. The first 100M (about $8.1M) would be minted in Feb 2027. The vote runs Nov 18 to Dec 2.

We priced the new tokens from 10 earlier DAO votes on the vote day: about $1.6B in total. The biggest was Synthetix: $495M over 2 years of inflation.

A year later 7 of 10 traded lower. The median token fell 55%, the median top-100 altcoin 52%. Up: Render (+226%), Kyber (+23%) and MANTRA, before its April 2025 crash.

Ethereum was the #1 chain by DEX volume for 54 months in a row, until Solana took the crown in July 2024. Since October 2024 Solana has led 24 of 25 months. The only break came in June 2025, when BNB Chain edged ahead during the Binance Alpha rush.

The crown keeps getting lighter: the leader handled 95% of all DEX volume in December 2020 and 24% in October 2026. No chain has held a majority since January 2025, and Robinhood Chain, about four months old, ranked #2 in September.

Everything that moved crypto today, in one card.

Today's headliners: Democrats, Morgan Stanley, Hong Kong, Bhutan, Riot, Canton, Solana, BitGo, Paragon, BitMart

SEC staff called Canton Coin a digital commodity on Nov 3, and a day later the first tokenized US stock trades ran through Tradecraft. Here is who builds on Canton.

Temple did $698M in 30 days, about 85% of Canton DEX volume. Rocky Exchange leads all-time spot volume with $2.09B.

Three disclosed rounds: Cancore raised a $7.2M seed (reportedly at a $60M token valuation), Temple a $5M seed plus an SBI-led round, Ekiden a $2M seed. Ekiden's first testnet week drew 1,502 users. Beyond trading: Alpend's private money market ($2.4M TVL) and BitSafe's CBTC ($3.6M TVL).

CC trades at $0.10 ($4.1B market cap), about half its February high.

Full details: cryptodiffer.com/feed/articles/canton-ecosystem-8-projects-to-know-nov-5

Tokenized trading cards did $358.7M in volume in 30 days, up 10%. The leader has flipped: Collector Crypt now takes 57.6% of all flow ($206.5M), while Courtyard slid from 44.5% in August to 24.5%.

The fee gap is even wider. Collector Crypt runs an 8.06% take-rate and pulled $16.7M, almost 8x Courtyard's $2.2M and about three quarters of the $22.4M the whole category earned.

Riot started 2026 with 18,005 BTC and had 2,418 by Sep 30. Today it leased its whole Corsicana campus, 910 MW, to a frontier AI lab for 15 years and ~$28B. Its AI book is now $38B.

7 miners reported $4.5B+ of bitcoin sold this year, and 9 hold $155B+ in AI and HPC contracts. TeraWulf and IREN sell every coin they mine.

Not every stack is shrinking. CleanSpark grew its stack to 13,530 BTC and still signed a $6.6B lease with Meta. American Bitcoin keeps stacking (+48%). MARA sold 23,093 BTC in H1 to cut debt and has no AI lease yet. IREN already earns more from AI cloud than from mining.

Wallets and trading apps on Hyperliquid take a cut of every trade through builder codes. From Oct 5 to Nov 3 they made $11.7M, 12% more than the month before.

Four apps took 57% of it: MetaMask $2.02M, fomo $1.63M, Trust Wallet $1.52M and Phantom $1.44M. MetaMask charges 0.1% per trade, the maximum Hyperliquid allows, and still earns the most. The fastest climber is HyperDash: $697K, a 2.4x in one month at 0.015% per trade.

These apps now route 13.2% of Hyperliquid perps volume, up from 8% in summer.

This week's theme: the boring parts of finance. Loans with no collateral, a stablecoin till on your phone, a budget your AI agent cannot overspend.

9 early-stage projects, from credit backed by apartment buildings to a will for your crypto.

15 crypto companies still plan to go public, and the biggest names are in no hurry. Kraken ($20B) now looks at 2027, Grayscale's public S-1 hasn't moved since January, and Consensys and Bitpanda are on hold.

The fast lane is SPACs: tZERO ($350M), First Digital ($250M) and Abra ($750M) are all heading to US exchanges. October brought 8 US IPOs against a 10-year average of 22, and not one was crypto.

The US just held midterm elections for Congress. Crypto super PACs spent $56.6M in Ohio to keep Sherrod Brown, a known crypto critic, out of the Senate. Sherrod Brown won anyway.

His party also took the Senate: Democrats won 7 seats from Republicans, lost none and now hold 54 of 100.

What it means for crypto: Elizabeth Warren, one of the industry's toughest critics, is in line to run the Senate Banking Committee.

The CLARITY market structure bill has until January 3 to pass, or it starts over next year.