The 10-year Treasury yield poked above 5% today and the 2-year jumped 17 basis points to 4.74%. Meanwhile your feed is $NVDA ( ▼ 5.47% ) down nearly 6%, the S&P off 0.6% and whatever crude did in the last ten minutes. 🛢

So what lit the fuse? October CPI came in hot, headline and core. Traders now put 85% odds on a quarter-point Fed hike in December, and the “they’ll sit this one out” crowd shrank from 21% to 3%. A few economists are muttering about fifty.

Then Treasury sold $42 billion of 10-year notes at 5.02%. Right at the high of the day.

It’s the first act of Jurassic Park. Everybody’s staring at the paddock waiting for the goat to get eaten while the water in the cup keeps rippling. A chip stock dropping 6% is loud. The discount rate on every asset on the planet going up is what’s shaking the cup.

Bond market’s closed tomorrow. Thirty-year auction Thursday. 👀

The attacker behind the Binance exploit kicked off November with a contender for worst trade of the year, and I’m having a hard time working up any sympathy. 🎻

Lookonchain caught the wallet dumping 908,793 PROM, worth roughly $5 million, into a Uniswap V2 pool that had been drained down to almost nothing. Market-selling into an empty pool goes about how you’d expect. The hacker got back 0.0316 ETH. About $71.

So what did that work out to per token? Less than a hundredth of a cent each, for a coin that had been trading around $5.50. He kept about 0.0014% of the haul. That’s a nice dinner for two, as long as nobody orders dessert.

The Ferengi put one Rule of Acquisition above all the others: once you have their money, you never give it back. This guy had $5 million of it and traded it to a Uniswap pool for gas money. 👏

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The Solana Foundation isn’t pausing its delegation program cuts, no matter how nicely Layer33 asked. 🙏

Layer33, a group of independent validators, wanted the removals and the new 12-month limit put on ice. Their argument was that the changes hurt decentralization. Jacob Creech, the Foundation’s tech VP, said no. His take is that the Solana Foundation Delegation Program (SFDP) has done its job.

So who’s getting cut? 337 validators were leaning on SFDP, close to half of the 693 active on the network. The new cap is 100. The other 237 get trimmed in weekly batches.

Survivors get 12 months, max. 🤷

$GPUS ( ▼ 1.16% ) is out of the BTC treasury business. Its last 211.56 BTC were sold by November 8 for about $16 million, a little under $76,000 a coin. 💸

That wraps up a selling program that started in late July. All in, the company has unloaded roughly 1,113 BTC for $74.4 million.

The cash goes toward paying down debt and building an AI data center in Michigan. The first 10 megawatts of IT capacity there are supposed to come online in December. Management calls it the quickest path to profitability. At least cooling a server farm through a Michigan winter shouldn’t cost much. I should know, I live there.

From here on, any BTC on the books will mostly come from its Montana mine. ⛏

The Marshall Islands has a bond that lives on-chain, and now it can be pledged as collateral through Membrane Labs, which says it’s handled over $13 billion in institutional loans and transactions. 🤝

It’s called USDM1, and it’s backed 1:1 by short-term U.S. Treasuries held at a U.S. trust company. A T-bill with a beach house.

It has some miles on it. Virtu and Tradeweb used it in what’s billed as the first fully onchain repo. Ascend ran 72 hourly repo rolls with it, nights and weekends included. Better attendance than most gym members manage.

With the 10-year poking above 5%, Treasury collateral that settles at 3 a.m. on a Sunday is a handy thing for a repo desk to have around. One catch: it isn’t offered to U.S. persons. 🚫

$SECZ ( ▲ 22.38% ) put out its first earnings report as a public company last night and showed up today dressed to impress. The stock gapped up 27% at the open and tagged $9.89 in the first hour, up 42%. Then it spent the afternoon taking the jacket off. Late Tuesday it’s sitting around $8.34, up about 20%, on almost four times its usual volume. 🕺

Stocktwits sentiment is pinned at Extremely Bullish and chatter is running Extremely High. The stock’s still under half its late-September high of $17.01, though. 🪞

Zodl, the Zcash wallet formerly known as Zashi, now runs its own wallet servers and routes requests through Oblivious HTTP. Cloudflare or Fastly sees your IP address but not what you asked for, while Zodl sees the request but not who sent it, which is the same dead-drop setup every spy movie uses. Zodl.

Kimber Digital Securities, Plume’s in-house broker-dealer, picked up FINRA membership and SEC registration, so it can hold and move real tokenized U.S. securities with the shareholder rights still attached. Add the transfer agent it registered last year and Plume’s regulatory closet is starting to look a lot like Securitize’s, minus the selfie. Plume’s vaults were holding about $250 million at the end of September, so there’s already something to put on the shelves. Plume.

Moody’s Ratings and Chainlink finished a pilot that used CCIP to push credit ratings to several permissioned and permissionless blockchains at the same time. It ran on a testnet with test data, so nobody’s bond got downgraded in public by accident. Moody’s has rated more than 70 digital issuances since 2017, and it wants its letter grades to follow those bonds to whatever chain they wander off to. Chainlink.

Ondo made the Fidelity Center for Applied Technology a required verifier on the Ondo Bridge, so every Ondo Stocks transfer needs a thumbs-up from Fidelity’s verifier network along with the rest of the quorum. That covers 35 stocks headed to HyperEVM and all 450-plus Ondo Stocks on other chains. Ondo Finance.

Uniswap laid out how independent operators can run SEC-exempt Tokenized Securities Venues on the protocol, with v4 hooks handling things like access controls and trading halts. Uniswap won’t run one itself. Over $20 billion in stock tokens have already traded on Uniswap. Uniswap Labs.

Kinetiq’s Elysium, an Arbitrum Orbit L2 that settles to HyperEVM and uses HYPE for gas, went live on mainnet, and 0x’s Swap API was routing trades from the first blocks. Teams already plugged into 0x just add chain ID 99901. Elysium targets 100-millisecond blocks, which is faster than most people can say “Arbitrum Orbit L2 that settles to HyperEVM.” 0x.

HIP-1341 brought the execution-layer parts of Ethereum’s Pectra upgrade to Hedera’s smart contracts with Release 77, including the BLS12-381 precompiles that bridges and zk proof verifiers lean on. Ethereum shipped Pectra in May 2025, so this came in about 16 months late, but the teacher’s still giving credit. Hedera.

Algorand’s latest blog post makes the case for crypto-agility, where a chain can swap out its signature scheme with a policy change instead of a rewrite, because estimates for quantum code-breaking keep shrinking. Algorand has used NIST-picked Falcon signatures in its State Proofs since 2022 and added native Falcon accounts this year, so it’s at least practicing what it preaches. Algorand.

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