OVERVIEW

Don't Freak Out: It's Just A Name Change 🧠

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total market and altcoin market cap charts:

🚨 DON’T FREAK OUT 🚨 
The Litepaper Is Now Cryptotwits 👍️

You’re safe. Breathe. Big feelings are normal when names change. 🫂 

But the person smashing the keyboard is still me, Jon Morgan, the same guy who tells you why things go up, down, and things you should avoid so you don’t end up like a cat stuck in a room full of rocking chairs.

The old name felt like last year’s shoes. Toes were squished, and they were an off-brand anyway. So we got better shoes. Like the PF Flyers worn by Benny ‘The Jet’ Rodriguez, shoes guaranteed to make a kid run faster and jump higher.

All the goodies stay: Charts, takes, occasional “don’t do that” energy.

So yes, different name. Same voice. Same brain cell that refuses to nap. Hold my juice box. I’m pressing publish. 🍪

P.S. To ensure you receive our emails, whitelist [email protected] and [email protected]. Not sure how? Use this guide, which has instructions for each inbox. And check your spam folder if you don’t receive the newsletter at its regularly expected time. 📬️ 

CARDANO
Cardano Has It’s Own Wall Street Treasury Now 🤯

Reliance Global Group $RLI ( ▼ 0.14% ) just added $ADA.X ( ▼ 0.02% ) to its Digital Asset Treasury, after picking up ETH earlier this month. 🪙

How Much ADA Did They Buy?

They didn’t say. No ADA quantity, no dollar figure in the Sept 22 release. Same silence in the Sept 17 ETH note. What we do have is a previously announced plan to purchase up to $120M in crypto in two phases - $60M, then another $60M if conditions cooperate.

What They Actually Said

Reliance framed ADA as a long-term balance sheet asset with strong fundamentals, not a swing trade. The Crypto Advisory Board handles governance, custody, and compliance. Management wants a measured build-out over time - quality over quantity.

This announcement definitely isn’t as exciting as the billions getting thrown at BTC, ETH, XRP, and SOL - but it’s cool seeing ADA in the DAT club now. 😎 

STOCKTWITS
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ETHEREUM
ETH: More Backed Up Than A Potluck That Served Seven Potato Salads And Nothing Else 🥔 

Ethereum staking is starting to feel like a hotel check-out line at 11am when everyone suddenly remembers they were supposed to leave hours ago. 🤼 

The exit queue wait time jumped from 18 days on September 10 to 46 days by September 11, then slid back to 40 days as of September 23.

Validators clearly rushed for the door: exits ballooned from 1.05M to 2.65M in one day before easing to 2.33M. That’s still a line of validators long enough to make a DMV clerk sweat.

Flow balance is erratic, with sharp negative plunges, meaning more ETH went out than in on several days. Traders are pulling chips off the table, not piling them on exchanges to dump.

Network realized PnL tells us traders booked huge profits in mid-September, then cooled fast. The $2B spike looks like a capitulation top - a collective “take the money and run” before calmer hands stepped back in.

Meanwhile, staking APR has drifted lower and lower and lower. Stakers now get 2.86%, down from 3.43% a year ago and miles below the June 2023 high of 5.2%.

That’s the trade-off when staking demand explodes: more validators split the pie, and the yield gets diet-sized.

TL;DR Version

• Ethereum looks healthy under the hood, but the staking dynamics are a bottleneck.

• Long wait times scream congestion, not collapse.

• Exchange behavior leans bullish, as does the fact that realized profits are cooling off after a blow-off.

• The APR compression is the only real drag - yield tourists are less excited when 3% is the prize.

• If ETH supply keeps sliding off exchanges while validators choke the exit door, price pressure tilts up, not down. 💹 

NEWS IN THREE SENTENCES
Real World Asset Tokenization (RWA) News 🪙

💾 AWS Storage Shootout: EFS vs. The World

Picking an AWS storage option is like choosing between overpriced bottled water and a garden hose - both deliver, but at wildly different costs. Benchmarks show Object Mount + S3 dominates for cheap, fast reads, while EBS io2 wins the “I need to write millions of tiny files” crown. Moral: EFS isn’t always the golden child; sometimes S3 in disguise eats its lunch. Storj.

🌑 Plume Deploys Nightfall: Privacy for Institutional RWAs

Plume just added EY-backed Nightfall as a Layer-3, bundling ZK-proofs into RWA transactions. Institutions now get private transfers, KYC-gating, and sequencer-level AML baked in. Banks can tokenize assets without flashing their every move on-chain, which is exactly the compliance-friendly privacy Wall Street was waiting for. Plume Network.

🏠 RedSwan Brings Tokenized Real Estate to Stellar

Commercial real estate, a $379T global market usually reserved for whales, is now hitting Stellar via RedSwan. Fractional ownership, low entry minimums, and MoneyGram’s fiat ramps mean retail investors can finally buy a slice of a tower instead of just staring at it. Stellar just turned “location, location, location” into “liquidity, liquidity, liquidity.” Stellar.

NEWS IN THREE SENTENCES
Metaverse, NFT, & Gaming News 🎮️

🃏 Peer3: From Polkadot Academy to Web3 Poker Tables

Peer3, born from Polkadot’s builder bootcamp, is rolling out decentralized poker as its flagship. The idea: match Web2-level smooth UX with Polkadot’s security, letting players rake pots without handing custody to a house. If poker works, their SDK for real-time smart contracts could power the next wave of Polkadot dApps. Polkadot.

NEWS IN THREE SENTENCES
DeFi, DEX, & Lending News 🏦

🍿 sBTC Cap Removed: Stacks Uncorks Bitcoin Liquidity

Stacks is turning BTC from a rock in cold storage into programmable money with a pulse. Bitcoin can now move freely in and out of Stacks, no arbitrary cap in the way. Yields are already popping - Zest at 3.5%, Bitflow pools at 12%, Hermetica’s stablecoin sitting at 7% APY. Stacks.

💧 mXRP Launches: Yield Strategies For Dormant XRP

Midas and Axelar unveiled mXRP, letting holders deposit XRP and mint a yield-bearing token for DeFi. Strategies managed by risk curators target up to 10% APY, with custody and compliance handled by Midas. After years of XRP sitting idle, it finally gets a seat at the on-chain yield table. Axelar.

📉 Synthetix Builds Private Perps To End Stop-Hunting

Public perp markets let predators see liquidation points and hunt whales - just ask James Wynn, who lost $100M in a week. Synthetix’s new design matches orders offchain while settling custody on Ethereum Mainnet. Traders get gasless privacy, composability, and deep liquidity - the best parts of CEX speed without CEX custody. Synthetix.

NEWS IN THREE SENTENCES
Protocol News 🏦

🎭 Deepfakes Join the Crypto Scam Playbook

Pro tip from 1inch: if Elon suddenly tells you to send crypto on YouTube, assume it’s CGI bait, not your ticket to free coins. Scammers are now running Musk deepfake livestreams promising “double your BTC” with QR codes slapped on screen. Ripple’s Brad Garlinghouse has been cloned, even museums are getting hijacked to host fake giveaways. 1inch.

🚨 Shibarium Bridge Hacked, Team Goes Into Containment Mode

A validator key compromise let attackers push malicious exits through Shibarium’s PoS bridge. Some assets were sold, but containment measures froze BONE and locked attacker stakes. The team admits decentralization and custody policies were flawed, and fixes are in motion - though community trust may take longer to patch than the code. Shiba Inu.

LINKS
Links That Don’t Suck 🔗

📰 The degenerate economy - you can't escape it... even in Venice

🤖 Robot AI: blockchain’s breakout AI use case?

🤗 Morgan Stanley partners with Zerohash to offer crypto trading to E*Trade clients

⚾️ MLB robot umpires get the green light: What to know about ABS challenge system that starts in 2026

😱 Rebranded Aster perps DEX squares up against Hyperliquid following CZ endorsement

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Author Disclosure: The author of this newsletter holds positions in ADA, IMX, COPI, MIN, AGIX, ALGO, ZEC, XLM, and NEAR. 📋