distribution

The cryptocurrency venture capital firm Multicoin Capital's co-head of venture capital, Spencer Applebaum, pointed out that AI has greatly lowered the threshold for protocol development, leading to rapid homogenization of pure software, while the core barriers of financial services remain outside of code.Applebaum believes that the relevant barriers mainly include three aspects: first, distribution channels centered around sticky customer relationships and order flow; second, balance sheets and capital scales that AI cannot create out of thin air, such as cross-currency prime brokers with risk resistance capabilities, and reserves backed by the protocol; third, proprietary data underwriting involving offline proprietary data and non-public risk control, such as OnRe reinsurance or GPU collateralized loans.He also stated that underlying general L1 and L2 are losing their native distribution and capital monopoly advantages. The key for startup teams to break through lies in entering high-risk tolerance markets that traditional giants are unwilling to touch due to compliance or reputation concerns, and gradually building the aforementioned barriers.

According to Decrypt, Chainlink and Moody's Ratings have completed a pilot project demonstrating how to simultaneously distribute credit ratings across multiple blockchains. The test was announced on Tuesday, using Chainlink's cross-chain interoperability protocol CCIP to distribute Moody's ratings to both permissioned and permissionless chain networks.The pilot operates through Moody's Ratings Token Integration Engine TIE, which was built by the 125-year-old rating agency to disseminate credit assessments and related data in a blockchain environment. Both parties stated that the pilot proves that ratings can be transmitted across chains through a single interoperability layer while retaining Moody's existing publishing and governance processes. Moody's has rated or assessed over 70 digital issuances, including digital bonds and tokenized funds, from January 2017 to October 2026.Johann Eid, Chief Business Officer of Chainlink Labs, stated that as more financial assets go on-chain, credit intelligence must flow cross-chain and accompany every rating change. Fabian Astic, Global Head of Digital Economy at Moody's, believes that the future of tokenized finance is unlikely to exist solely on a single blockchain, platform, or market infrastructure.This pilot runs entirely on a testnet using representative test data and has not published any actual rating actions on-chain; it is a proof of concept rather than a live product. Previously, Moody's launched TIE on the institutional-grade Canton Network and subsequently expanded to Solana.

According to official news from Bitget, the Bitget ecosystem tokenized U.S. stock protocol Reality has reached a strategic cooperation with the DeFi reward infrastructure Merkl. Both parties will use Merkl's reward forwarding function to identify the actual holders of rToken deployed in supported DeFi protocols. Users can still receive dividends in stablecoin form according to the rules, even if they use rToken for lending, liquidity pools, or staking in DeFi scenarios.Pablo Veyrat, CEO and co-founder of Merkl, stated that one major challenge facing DeFi assets is how to identify the actual holders behind each position. Merkl's reward forwarding technology can penetrate multiple layers of nested smart contracts to identify the underlying asset holding relationships, ensuring that dividends are accurately distributed to eligible holders.Gracy Chen, CEO of Bitget, stated that the value of tokenized stocks should not be limited to trading. Even if users invest rToken into DeFi applications, they should still be able to continue receiving eligible dividends. This cooperation with Merkl will jointly solve this problem, allowing tokenized stocks to play a greater role in everyday financial applications.According to a report from DeFiLlama, the cumulative trading volume of rToken reached $1.16 billion from June to July 2026; in July 2026, the number of users trading both crypto assets and rToken increased by 23.54% month-over-month. This cooperation will further promote the extension of rToken from trading scenarios to the DeFi ecosystem, enriching the on-chain application scenarios of tokenized stocks.

CryptoQuant analyst Axel Adler Jr.'s latest report indicates that the rolling distribution volume of Bitcoin long-term holders (LTH) has decreased by 22% in the past week, showing that the potential selling pressure from long-term holders has eased.However, despite Bitcoin's price remaining above the average cost basis of long-term holders, their unrealized profit margin continues to narrow. Adler points out that the distribution activity of long-term holders has weakened, but the shrinking profit buffer is still worth noting.

The funding scale of the Zcash development grant program continues to expand, with the current net funding estimated at approximately 125 million USD, far exceeding current expenditure needs. Sean Bowe, co-founder of Zcash and current head of Tachyon, has proposed a draft suggesting the termination of the current 8% block reward allocated to ZCG in a future network upgrade.There are currently four proposals in the community regarding the development funding mechanism, which involve terminating ZCG grants, canceling the entire development fund grant mechanism, or gradually reducing the grant proportion to zero. Supporters believe that the current mechanism allows funds to accumulate as the price of ZEC rises, but ZCG is not directly controlled by holders; opponents worry that cutting development funds without alternative solutions may impact the subsequent development and maintenance of the protocol. All proposals are still in the discussion stage and have not yet been finalized.

Binance announces that users holding Predict Points (PP Points) can prepare to receive the PREDICT airdrop tokens. The deadline for submitting the form is November 26, 2026, at 17:00. Users can choose Plan A to receive 35% of the tokens immediately or Plan B to receive 100% of the tokens after staking for one year. The tokens will be distributed to Binance Alpha accounts or Binance wallets based on the holding path.

According to SolanaFloor, Solflare stated that its staking service provider experienced a security incident that affected the keys held for its validators, which are no longer generating staking rewards. Solflare claimed that user funds were not affected, and the delegated SOL remains in the users' own staking accounts, controlled by their keys.Solflare will guide users to migrate to new validators through an app update, and rewards will resume once staking is activated, with plans to compensate migrating users.

Cryptocurrency analyst Darkfost pointed out that the Uniswap token UNI has performed strongly since the beginning of the year, with its TVL reaching a new high for the year in September (over $4 billion), and DEX trading volume also peaking at $93.6 billion. The price has risen by as much as 370% from the low in June. However, due to the increase in the number of tokens flowing into exchanges, UNI is currently in a distribution phase. The inflow of UNI on Binance reached its highest level of the year, with the Z-score exceeding 4 multiple times in late September, and daily inflows exceeding $40 million. Although the inflow momentum seems to have weakened, the overall inflow remains quite active. If the inflow continues to decline, UNI may be expected to bottom out, ending a correction of over 30% since its recent high of $10.9.

Ledger released a report on the investigation of hardware implant attacks, stating that a highly organized criminal gang purchased genuine Ledger devices over several months, disassembled them, and implanted custom hidden components to steal users' recovery phrases when initializing the devices. They then resold the devices through Southeast Asian distributor channels.The attackers invested millions of dollars to build infrastructure for collecting recovery phrases, asset transfers, and money laundering, coordinating actions to transfer victims' assets. Ledger emphasized that this incident was not caused by vulnerabilities in the chip, operating system, or servers, but rather a localized distribution channel attack that occurred after the devices left the company's control. Currently, Ledger has requested authorized distributors and resellers in Southeast Asia and Hong Kong to suspend sales and conduct random checks on inventory and retail channel devices, finding no other tampered devices.Additionally, Ledger has requested authorized distributors not to resell any returned devices, even if the packaging is intact; they have also immediately prohibited displaying products on shelves or in display areas, requiring devices to be stored at the back of the store and delivered upon purchase. The company is working with law enforcement and the security community to track the stolen funds and will disclose more technical details in the future.

Ledger announced the progress of the investigation into the hardware wallet implantation attack. According to its disclosure, an organized crime group spent months purchasing genuine Ledger devices, disassembling them to implant custom hardware specifically designed to steal mnemonic phrases, and then reintroducing them to the market through Southeast Asian distribution channels.The group also established a supporting system for collecting mnemonic phrases, asset theft, and money laundering, with Ledger stating that the scale of their investment reached several million dollars. Ledger emphasized that this incident is a localized distribution channel attack, and its chips, operating system, and servers were not compromised.The company has requested authorized distributors and resellers in Southeast Asia and Hong Kong to suspend sales and implement new security regulations, including prohibiting the display of devices on shelves or in display areas, as well as banning the resale of returned devices.

Sui liquidity staking protocol Volo announced that the additional incentives for Volo Dowsure stable vault S1 participants are now online. Eligible S1 participants can now claim additional incentives denominated in USD through the exclusive claim page of the Dow Protocol.Volo stated that all eligible Sui wallet addresses and the corresponding deposit amounts have been provided to the Dow Protocol. Participants need to connect and bind their EVM wallet, and after completing the S1 participation verification, they can claim the aforementioned incentives on the Dow Protocol website.

On September 29, the Orca community released a token holder proposal to adjust the protocol fee distribution to 10% flowing into the xORCA pool, 10% allocated to the team's buyback account, and 80% for team operations. The proposal also plans to transfer approximately 14.2 million ORCA from the community treasury and about 70,000 SOL from the fee treasury to a team-controlled account, and to dissolve the council, shifting to pure token holder governance.The original distribution was 20% xORCA, 30% fee treasury, and 50% team, later adjusted to 40% / 10% / 50%. The team stated that they have negotiated the acquisition of a leading Solana DeFi protocol, which is expected to bring about a 50% increase in TVL. Voting requires 3 million yes votes, with a voting period of 5 days, and the council can veto with 4 votes. Risks include concentration of control and reduced xORCA yields, with the team committing to disclose buyback and strategic account deployment status every six months.

The 14-day public announcement period for the Sun Yuchen Award regarding question numbers 305, 371, 381, 526, 866, and 1001 has officially ended. The official confirmation states that there were no unresolved objections during the announcement period, and the qualifications of the relevant awardees have been finally confirmed, entering the written confirmation and prize distribution process for the first batch of awardees.According to the previous announcement information, the awardees for questions 305, 371, and 381 are formal verifiers, while the awardees for questions 866 and 1001 are problem solvers. Question 526 received rewards for both roles. Additionally, candidates for problem-solving for questions 239 and 327 have been under public announcement since September 30 and are still ongoing.The Sun Yuchen Award was established by Sun Yuchen, the founder of TRON, with a maximum single-question prize of 1 million USD. The prize pool on-chain address has already deposited 10 million USD. The confirmation of this first batch of awardees also signifies that the Sun Yuchen Award has completed its first complete public announcement loop and initiated substantial prize redemption.

Illia Polosukhin, co-founder of NEAR, stated that recently the activity of developers within the ecosystem has increased and the development threshold has further lowered, focusing on what kind of applications to build and how to establish distribution channels.In this regard, he proposed a series of potential construction directions, covering AI electronic pets that combine NEAR AI on-chain verifiable reasoning with non-fungible tokens (NFTs), a universal checkout component that supports full-chain intent payments, a decentralized encyclopedia that combines prediction markets with AI-generated content, a privacy off-chain trading (OTC) market based on NEAR Intents and management of anti-liquidation lending and perpetual contracts, a cross-chain activity registration custody tool in the form of a staking deposit, privacy code review agents, enterprise equity structure management tools, Delta neutral strategy management, privacy tracking single transactions based on view keys, end-to-end encrypted medical auxiliary diagnostic systems, privacy voice transcription desktop applications, and AI benchmarking based on private test sets.Regarding product distribution, he suggested combining NEARLegion with community channels like X, achieving multi-chain wallet compatibility through Aurora Intent Connect to lower cross-chain thresholds, and actively expanding across communities and platforms like Product Hunt.

HL HUB (Community) posted on platform X that Hyperliquid expects to receive its first AQAv2 reserve yield distribution tomorrow. Approximately $14.5 million in passive income generated from USDC reserves will flow into the Assistance Fund for the purpose of repurchasing HYPE.It is reported that the revenue sharing mechanism of AQAv2 stipulates that Hyperliquid stablecoin deployers must allocate 90% of the reserve income from the stablecoin to the Hyperliquid protocol, and these earnings will be used 100% for the repurchase and destruction of HYPE tokens.The stablecoin reserve income distribution is settled on a 30-day cycle, and the income will automatically transfer to the Assistance Fund on the 8th day after the cycle ends. The formal revenue accrual will begin on August 26, and the first income payment will occur on October 3.

David George, a general partner at a16z, stated that OpenAI understands a rare but important thing: the purpose of a business is to create customers. He believes that OpenAI will not win solely due to model, chip, cost performance, or product leadership, but because it excels at creating new types of customers and has a more sustainable distribution strategy.David George indicated that in the context where intelligent services are widely available, the key is whether new usage behaviors can be awakened and distribution won. He summarized the leverage for building cutting-edge large-scale AI businesses as creating new behaviors, reaching a large number of users, pricing to capture value, and increasing conversion costs, and he believes that the last two are difficult to form long-term advantages; competition ultimately depends on the first two.The article also mentioned that OpenAI has found seemingly simple breakthroughs in areas such as chat interfaces, reasoning, tool invocation, and Computer Use multiple times, and is building long-term distribution in a platform manner. David George stated that OpenAI has a broad user base covering consumers, professional users, and enterprises, as well as the ability to deeply understand its own technology stack, thus being better positioned to discover reusable new patterns and foundational capabilities.

Digital asset retail and institutional execution layer tread.fi announced that its native token TREAD Genesis will take place on September 16, 2026, at 13:00 UTC. TREAD is a consumption-based utility token intended for use rather than staking, with utility defined through Tread Improvement Proposals. The total supply is 100 million tokens, with a fixed supply and no inflationary mechanism.The Genesis allocation accounts for 15.2%, which will be fully unlocked based on platform usage and sent directly to the user's registered HyperCore address, with no need to claim transactions or pay gas fees, and team members are not eligible to participate. The community and ecosystem account for 35.5%, the Tread Labs treasury accounts for 23.8%, the team accounts for 18.0%, and the foundation treasury accounts for 7.5%. Tokens from the team and Tread Labs treasury will be locked for one year and then unlocked linearly over three years. There are no private investors, venture capital, CEX, presale, or SAFT allocations.TREAD will be launched as HIP-1 spot asset on Hyperliquid, with the main trading pair being TREAD/USDC. The supply is non-inflationary, does not pay yields, and has no staking emissions. tread.fi has processed over $100 billion in trading volume for more than 30,000 retail traders and institutional clients, covering over 20 centralized and decentralized exchanges.

According to the official announcement from Gate, 207 U.S. stock assets including Visa (V), Wells Fargo (WFC), Raytheon Technologies (RTX), Target (TGT), and Pfizer (PFE) have recently completed cash dividend distributions. Gate has completed the corresponding USDT settlement based on users' holdings, and the related process is handled automatically.This dividend distribution covers U.S. stock assets with dividend payment dates from August 31, 2026, to September 4, 2026, encompassing multiple industry sectors including technology and semiconductors, financial services, energy, consumer goods, healthcare, industrial manufacturing, real estate REITs, utilities, materials manufacturing, media and entertainment, telecommunications, and strategic ETFs.

According to CoinDesk, Bitget CEO Gracy Chen told CoinDesk that Bitget is in talks with several large global financial institutions, including BlackRock, to help expand the distribution of digital asset products in Asia. Gracy Chen cited BlackRock, the world's largest asset management company, as an example, stating that it hopes to expand the distribution of tokenized ETFs in Asia and mentioned, "We maintain very close communication with BlackRock regarding distribution in the Asian market."A spokesperson for BlackRock responded that the company's cryptocurrency exchange-traded products (ETPs) have been launched in Asia and confirmed that it regularly collaborates with virtual asset service providers on different projects, but did not comment on specific expansion plans in the Asian market. According to an OECD report, as of June 2025, the trading volume of blockchain cryptocurrency assets in Asia is expected to grow by 69% year-on-year, the highest growth rate among all global regions.BlackRock manages assets totaling $11.6 trillion. At the 2026 Hong Kong Consensus conference, Nicholas Peach, head of BlackRock's Asia-Pacific iShares division, stated that Asian household wealth is approximately $108 trillion, and even if only 1% is allocated to cryptocurrency assets, it could lead to nearly $2 trillion in inflows. Bitget has 125 million registered users globally, with about half located in East Asia and Southeast Asia. Company data from Q1 2026 shows that 52% of users hold both cryptocurrencies and traditional stocks.