Ethereum mainnet activated Fusaka upgrade; Polymarket launches US version of app.

Headline

▌Ethereum Mainnet Activates Fusaka Upgrade, Officially Entering a Two-Hard-Forks-a-Year Rhythm

Ethereum's 17th major upgrade, "Fusaka," was officially activated on the mainnet at epoch 411392 (approximately 5:50 AM Beijing time on Thursday), only about 7 months after the Pectra upgrade in May. This upgrade not only brings several UX and scaling improvements but also marks Ethereum's official entry into an accelerated development rhythm of "two hard forks per year." Consensys stated that Ethereum researchers will aim for two upgrades per year in the future. Since the Merge in 2022, Ethereum has typically only undergone one major update per year, namely Shapella (2023), Dencun (2024), and Pectra (2025).

▌SEC Chairman: SEC Needs to Continue Pushing Forward with Tokenization

According to DEGEN NEWS, U.S. Securities and Exchange Commission Chairman Paul Atkins stated that the agency needs to continue pushing forward with tokenization.

▌US SEC Suspends Approval of Highly Leveraged ETFs, Concerned About Exceeding Risk Limits

The U.S. Securities and Exchange Commission (SEC) has issued a series of warning letters to some of the country's most prolific providers of highly leveraged exchange-traded funds (ETFs), effectively halting the launch of products designed to offer two or three times the daily returns on stocks and commodities. In nine nearly identical letters released Tuesday, the SEC informed companies including Direxion, ProShares, and Tidal that it would not proceed with reviews of proposed offerings until key issues were resolved. The regulator's core concern is that these funds' risk exposure may exceed the SEC's limits on the risks a fund can take relative to its assets.

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Blockchain Applications

▌Near Protocol Launches NEAR AI Cloud Service and Private Chat Function

Near Protocol announced the launch of two new products—NEAR AI Cloud service and Private Chat function. In NEAR AI Cloud service, each request runs within Intel TDX and NVIDIA confidential computing hardware, data is processed in a sealed and isolated environment, and each inference generates encrypted proof to verify that the model ran the expected code.

BlackRock: US Debt Growth Will Drive Cryptocurrency Rise

BlackRock released its 2026 outlook. Leaving aside its pessimistic assessment of US bonds and the world's largest economy, the report essentially outlines an optimistic roadmap for accelerated institutional adoption of cryptocurrencies. The report points out that US federal debt will surpass $38 trillion, market fragility will increase, and traditional hedging tools will gradually become ineffective. In this environment, Wall Street giants will turn to digital assets as alternative investments more quickly. Samara Cohen, BlackRock's Global Head of Markets Development, stated that stablecoins have "moved out of the niche" and are becoming a key bridge between traditional finance and digital liquidity.

▌ETHZilla Acquires 20% Fully Diluted Stake in Karus for $10 Million

Nasdaq-listed Ethereum treasury company ETHZilla Corporation announced the acquisition of a 20% fully diluted stake in Karus, an AI platform for auto finance decision-making and portfolio analysis. The counterparty paid $3 million in cash and $7 million worth of ETHZilla common stock. Following the transaction, ETHZilla may explore businesses such as tokenized auto loans.

▌Circle Minted 500 Million USDC on the Solana Chain Yesterday

According to SolanaFloor monitoring, Circle minted 500 million USDC on the Solana chain yesterday.

**Important Economic Developments** **▌US November ADP Employment Change: -32,000, Expected 10,000** **On December 3rd, US November ADP employment change showed a decrease of 32,000, compared to an expected 10,000 and a previous value of 42,000.** **▌Bessant: US President Trump Has Normalized 15% to 20% Tariffs** **According to market news:** US Treasury Secretary Bessant stated that US President Trump has normalized 15% to 20% tariffs. Trade Representative Greer has done an excellent job in eliminating non-tariff barriers. Trump's view on tariffs is correct; he has a higher risk tolerance.

▌Treasury Secretary Bessant May Concurrently Serve Hassett's Current Position

According to sources, Trump's aides and allies are discussing a personnel arrangement: if Trump appoints Hassett as the next Federal Reserve Chairman, current Treasury Secretary Bessant may also serve as Director of the White House National Economic Council. This move would allow Bessant to oversee the Trump administration's economic policies comprehensively, integrating the Treasury Department's and the White House's oversight authority over economic affairs. The arrangement has not yet been finalized. A White House official stated that any changes in personnel are speculative until the president officially announces them. A Treasury Department representative did not respond to requests for comment.

▌89% Probability of a 25 Basis Point Rate Cut by the Federal Reserve in December

According to CME's "FedWatch": the probability of the Federal Reserve cutting interest rates by 25 basis points in December is 89%, while the probability of keeping rates unchanged is 11%.

The probability of the Federal Reserve cutting interest rates by a cumulative 25 basis points by January next year is 64.8%, the probability of keeping rates unchanged is 7.6%, and the probability of a cumulative 50 basis point cut is 27.6%. Central bank officials from various EU countries have pointed out that dollar-backed stablecoins may pose a threat to their monetary policy-making capabilities. The stablecoin market has experienced explosive growth over the past year, largely thanks to the legal certainty in the United States. The total market capitalization of stablecoins has hit record highs every month, but European Central Bank policymakers are concerned that increased adoption of these dollar assets during crises could trigger a series of problems. Issuers of euro- and pound-backed stablecoins also acknowledge these risks, but they believe that proposed solutions such as a digital euro cannot quickly provide viable alternatives, and question whether central bank digital currencies are the right choice. Conversely, issuers believe that the key to solving the problem of Eurodollarization lies in building a thriving European stablecoin ecosystem. Monetary policymakers are already advancing the Eurozone's digital currency project. According to the European Central Bank, the project aims to reduce the Eurozone's dependence on non-European providers, help integrate the fragmented payments sector, and support innovation and competition. Significant uncertainties remain: it is unclear whether the digital euro will operate on blockchain or other proprietary systems; the proposed holding limits will offset many of the inherent advantages of private stablecoins, such as scalability and decentralized access. Whether it's a private stablecoin or a digital euro closely overseen by the European Central Bank, the sovereignty of European monetary policy depends on the development of digital currencies.