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Hey all. After a strong run to start Q4, markets finally took a breather this week. With the government shutdown dragging on and earnings season around the corner, a little volatility is back on the menu. Amid all the action, we’ve included some weekend reads on global stablecoin flows, OpenAI’s big platform push and how humanoid robots might power the next wave of the onchain economy. So kick back, catch up and let the markets do their thing.
At DAS London, 0xResearch will be live on Tuesday October 15th starting at 1pm BST/ 8am ET/ 8pm SGT! Make sure to catch the livestream to watch:
Guy from Ethena
Paul from Plasma
Sidney from Maple Finance
talk all about stablecoins, onchain credit and dominating DeFi. Make sure to watch us on Twitter as well as on YouTube.
Markets pulled back across the board yesterday, with BTC (-1.3%), Gold (-0.67%), Nasdaq (-0.17%), and the S&P 500 (-0.29%) all finishing in the red. After all four benchmarks touched all-time highs in recent days, some profit-taking was inevitable.
Attention now turns to Washington, where the government shutdown enters its 10th day. Investors are watching closely for any signs of economic fallout. With Q3 earnings season set to ramp up next week, volatility could pick up again in the near term.
In crypto, markets mirrored the broader risk-off tone, with every sector closing lower. Interestingly, some of the weaker sectors in recent weeks, namely gaming (-2.1%) and DePIN (-2.4%), held up relatively well. That resilience may stem from these sectors already being oversold, leaving less room for profit-taking after muted gains.
At the other end, L2s were the hardest hit, plunging -10.4% on the day, led by MNT (-15%). The sharp drop came just a day after the highly anticipated Mantle UR launch, marking a classic “sell-the-news” reaction following a strong pre-event run-up. Before the recent selloff, MNT was up 48% over the last seven days.
The Launchpad sector was the next weakest, falling 4.8%. Pump, which makes up 58% of the index, slipped -1.4% on the day and is now down -23% over the past week, as liquidity and meme activity rotated from Solana to BNB.
— Kunal
On this week’s 0xResearch livestream, we covered:
Bitcoin’s ATHs amid AI-fueled macro tailwinds: Bitcoin’s strength mirrors renewed optimism across equities as AI and tech stocks rally. The hosts note that BTC’s momentum feels cyclical and narrative-driven, with altcoin breadth lagging. They flagged Zcash and MetaDAO as key outperformers in an otherwise selective market.
MetaDAO’s treasury-controlled ICO design: MetaDAO’s ICO surged ~300% post-launch, drawing attention for its “anti-rug” model where funds are custodied in a DAO treasury with controlled unlocks. Members stated that this structure realigns founder incentives and sets a new ICO standard.
ICOs returning but smarter: The crew debated whether MetaDAO signals an ICO revival or a brief speculative loop. They see upside in mechanisms that add transparency (treasury control, token holder rights), but reminded listeners that quality trumps fundraising innovation. The Umbra ICO and MetaDAO’s AMM plans were cited as potential catalysts.
Solana ETFs and institutional flows: Institutional capital was the dominant theme.The hosts view institutional flows as stabilizing, though they cautioned against overestimating their permanence. ETF approval delays and US macro uncertainty (e.g., government funding risks) could inject volatility.
Narrative cyclicality in full swing: From Bitcoin strength to ICO revivals, the market’s rotation shows that narratives, not fundamentals, still dominate short-term price action. The team discussed how new stories like MetaDAO’s design or “privacy coin” momentum often echo past cycles, rewarding early entrants but punishing late chasers
Look for the full podcast on YouTube, Spotify, Apple Podcasts and X.
This summary was generated with assistance from AI tooling.
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Electric Capital released a report analyzing three months of stablecoin transactions across Ethereum, Base, BSC, Tron, and Solana, which together processed $13.6 trillion in volume from July to September 2025. The report found that stablecoin usage is global but uneven, with the Americas generating disproportionate activity relative to population size. BSC and Tron remain concentrated in Asia, the Middle East and Africa, while Ethereum and Solana show broader international reach. Base is emerging as a bridge across regions. The analysis highlights how stablecoins are becoming a global financial layer with distinct geographic and user patterns. Read more
Stratechery wrote an article about OpenAI’s ambitious push to become the “Windows of AI.” Through partnerships with Nvidia, AMD, Oracle, Samsung, and SK Hynix, OpenAI is securing chips, data centers and infrastructure while integrating apps directly into ChatGPT. This strategy positions OpenAI as the central OS for AI, capturing users first, then developers. By controlling the consumer experience and ecosystem, OpenAI aims to dominate AI adoption, influence the value chain and become the linchpin of the rapidly expanding AI market. Read more
Lotus wrote an article analyzing Collector Crypt’s ($CARDS) business model, focusing on its relationship with eBay, its response to declining arbitrage opportunities and the key warning signs and bull signals for monitoring growth. The article explains how CC leverages a gacha-driven revenue model, sourcing cards below market price and generating value through buybacks, while maintaining positive expected value for users. Lotus concludes that while CC is innovative, it is not an eBay killer; its growth depends on sustaining arbitrage, expanding marketplace volumes and competing effectively with emerging rivals like Phygitals. Read more
Hyeon published a report about how humanoid robots are evolving into autonomous economic agents. Figure 03’s breakthroughs in haptics and precision mark a leap toward human-level dexterity, expanding robots’ roles beyond factories to homes and services. The bigger shift lies in the OM1 and FABRIC stack. OM1 standardizes robot intelligence and collaboration, while FABRIC enables trusted, onchain payments. Together, they signal a future where robots transact, earn and operate independently within a blockchain-based robotics economy. Read more
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