Project Progress

Lido released its 2025 annual report showing full-year revenue declined to $40.50 million, down 23% from 2024. The primary reasons were user withdrawals causing net outflows of staked funds and continuous compression of network-wide APR. Lido is implementing workforce reductions, considering token buyback programs, and expanding into institutional markets to address these challenges.

The Solana Foundation launched the Solana Developer Platform (SDP) on March 24, aimed at helping enterprises and financial institutions build financial products on blockchain. The SDP includes three major API modules for issuance, payments, and trading, lowering development barriers for enterprises and has already attracted Mastercard, Western Union, and Worldpay as early adopters. The platform offers a sandbox environment and AI coding integration, enabling institutions to conduct low-risk testing and compliant development.

TAO price continues to rise, reaching new highs at $337.84, with a 24-hour gain of 13.6%. Well-known investor Jason Calacanis expressed bullish sentiment on TAO and invested in its ecosystem projects. Bittensor subnets completed important pre-training, demonstrating their practical application capabilities.

As the market matures, cryptocurrency ETFs and ETPs will shift from passive to active management. 21Shares President Duncan Moir emphasized that active management can effectively identify opportunities, control risks, and provide adaptability to different market needs. Additionally, staking yields have become a core feature in the evolution of crypto ETFs, allowing investors to generate returns by locking up assets. The company utilizes a three-dimensional assessment framework to launch new products and has successfully introduced an ETP combining Bitcoin and gold, demonstrating the potential of active management.

Anthropic Launches New Permission Mode "Auto Mode" for Claude Code, Offering Flexible Options Between Item-by-Item Approval and Completely Bypassing Permissions Through Pre-Review of Operation Safety. Safe Operations Are Automatically Approved, While Dangerous Operations Are Blocked and Require User Confirmation. This Mode Reduces Risk but Does Not Completely Eliminate It, and It Is Recommended to Use in Isolated Environments. It Is Now Available to Selected Users.

_Tether engages a Big Four firm to conduct its first full audit covering over $184B in USDT reserves and related liabilities._ _The audit will review asset backing liquidity and internal controls to confirm USDT reserves match issued supply globally._ _USDT exceeds 550M users as Tether

21Shares President Duncan Moir stated that the cryptocurrency market will evolve toward actively managed exchange-traded products, with global actively managed ETF assets expected to reach $1.8 trillion by the end of 2025. This emerging asset class is suited for active management, and 21Shares is also expanding its investment team to respond to this trend.

21Shares President Duncan Moir stated that actively managed crypto ETPs will become a new market trend, with global assets expected to reach 1.8 trillion dollars by 2025. 21Shares emphasized combining autonomous strategy to manage risk and has launched products linked to high-yield strategies. Market demand for complex structures and staking products is growing, and Duncan Moir pointed out the need to develop new products based on internal research and market trends.

Jinse Finance reports that on March 24, Tether has hired one of the Big Four accounting firms to complete its first comprehensive audit.

Robinhood's board approved a $1.5 billion share repurchase program, expected to be executed over the next three years, while retaining flexibility to accelerate repurchases. The company continues to expand its crypto business footprint and launch innovative products to create shareholder value.

Lido Protocol released its 2025 financial data, with total revenue of $40.5 million, down 23% year-over-year. Gross revenue declined 18.2%, driven by user withdrawals and declining staking yields. Lido will evaluate its LDO buyback plan, with a goal to expand new services, particularly targeting institutional investors.

Lombard and Bitwise Asset Management announced a partnership at the New York Digital Asset Summit to launch an institutional-grade BTC collateral lending solution that combines DeFi lending with real-world assets. The initiative aims to launch in 2026 and targets coverage of $500 billion in BTC assets while mitigating multiple risk categories.

DV8, under Sora Ventures, acquires Thailand's digital asset custodian Rakkar Digital and will become Southeast Asia's first bitcoin asset management company to obtain a compliant license. The acquisition aims to leverage Rakkar Digital's compliance license to further expand the Asian market, accelerate the compliance process, and reduce cross-border operational risks, while strengthening corporate governance and market position.

Pumpfun co-founder Alon announced that the platform is updating its token fee mechanism to reduce manipulation. Under the new rules, creators can only redirect fees once, tokens with set fees will be locked, and user interests are protected.

Crypto finance is only now beginning to provide an environment that matches traditional finance: ways to earn steadier, more predictable returns — similar to bonds or savings products, according to Aave Labs founder Stani Kulechov and Ethena CEO Guy Young. “Most fixed income is like the

Gate officially integrates Polymarket, becoming the first centralized exchange platform globally to integrate it, and launches a dedicated portal in the Gate App. Users can participate in prediction trading through USDT in their spot accounts without on-chain operations, and transaction fees are waived during the public beta period. It offers both prediction and trading modes to meet different needs and supports diverse event types and trading methods. In the future, it will expand the event scope and enhance price discovery functionality.

Some traditional financial institutions have taken a cautious stance toward staking due to existing risks. Jordan Knecht mentions that a new generation of insurance-backed staking products like CESR are changing this landscape by providing more stable returns, reducing risks, and attracting institutional investment.

Author: KarenZ, Foresight News On November 3, 2025, a security incident resulting in losses exceeding $120 million largely shattered the growth illusions of DeFi legacy protocol Balancer. This was Balancer's largest security incident in history. But the deeper wound is not in those astronomical figures. Looking at the financial data attached in Balancer's latest proposal, its fundamentals have already become concerning: the protocol's annualized fees are approximately $1.65 million, with DAO's estimated annualized revenue at only $290,000, representing 17.5% of the total. The remaining funds flowed to veBAL holders, core pools, Balancer

Deloitte and Stablecorp are partnering to integrate QCAD into banking systems, enhancing digital transactions. This initiative supports Canada's Bill C-15, focusing on interbank clearing, cross-border payments, and improving payment efficiency using blockchain.