1. Analyst: Variational's $1.5 billion FDV valuation is overly optimistic; under conservative scenarios, it could be only $167 million;

2. SlowMist's Cosine questions THORChain: Decentralization is not just a slogan, and "no right to interfere" should not be the response to industry security incidents;

3. Bitwise: 15 institutions did not reduce their holdings during a market decline of nearly 50%, with some even increasing their positions;

4. Analyst: THORChain processed Bybit stolen funds last year and earned nearly $10 million in fees over 10 days;

5. Variational: The next development focus is the trading API;

6. Trading volume reached $20.9 billion in the past 30 days, with Uniswap handling over 60% of tokenized stock DEX trading;

7. An address has accumulated 9,158 ETH over the past three weeks, worth approximately $24.34 million.

According to Odaily, THORChain generated approximately $381,700 in revenue on September 25, marking a new high since April 25. Its swap volume reached $211 million, the second-highest level since April 23, surpassed only by the approximately $280 million in swap volume recorded on September 10.

Odaily reports that a three-judge panel of the U.S. Court of Appeals for the Sixth Circuit unanimously ruled that Ohio and Tennessee may regulate Kalshi's sports event contracts under state gambling laws, and found that Kalshi failed to prove the contracts in question qualify as "swaps" under the jurisdiction of the U.S. Commodity Futures Trading Commission. The ruling is consistent with the Ninth Circuit's conclusion last month, but the Third Circuit ruled in April that Kalshi could operate in New Jersey during litigation, creating a circuit split. Several state legislators have submitted amicus curiae briefs to the U.S. Supreme Court, asking it to determine the jurisdictional boundaries between state governments and federal agencies over prediction markets.

Odaily reports that over the past 30 days, tokenized stocks on DEXs reached $20.9 billion in trading volume. Among them, Uniswap V4 ranked first with a 40.7% market share, followed by Uniswap V3 with a 19.4% market share; combined, they accounted for 60.1% of the market, corresponding to approximately $12.6 billion in trading volume.

Odaily News: Solana co-founder Anatoly Yakovenko stated that the industry is "not ready" for Alpenglow, the blockchain's next major upgrade. Previously, Anza engineers had migrated the Solana developer network to the Alpenglow consensus protocol. This upgrade will change how blocks are processed, with the goal of reducing transaction finality time from approximately 12.8 seconds to 100–150 milliseconds.

Odaily reports: A survey of 15 large institutions conducted by crypto asset management firm Bitwise shows that none of the surveyed institutions reduced their allocations during the approximately 50% decline in the crypto market from October 2025 to April 2026, with some increasing their positions.

Some respondents who have not yet allocated to crypto assets have entered the stage of in-depth due diligence, and several sovereign wealth funds are evaluating large-scale allocations. One sovereign investor stated that establishing the legal and regulatory infrastructure needed for allocation could take more than a year.

The crypto asset allocations of the surveyed institutions range from 0.5% to 13% of investable assets, with most falling between 1% and 2%. All institutions that have already established positions hold Bitcoin, which is typically their first, largest, and longest-held crypto asset position. (Bitcoin.com News)

Odaily reports that Payward Services has opened non-binding subscription interest registration for the anticipated Ōura IPO through the xStocks ecosystem. Eligible Kraken users and clients of xStocks alliance partners can register their interest before Ōura lists on Nasdaq, covering more than 110 countries. Payward stated that on the day Ōura goes public, exposure is expected to be available through the tokenized product ŌURAx.

Odaily News: According to on-chain analyst Yu Jin, over 90% of the funds swapped cross-chain through THORChain are illicit or grey-market funds. Yu Jin stated that most of the funds stolen from Bybit last year were transferred through THORChain, which collected nearly $10 million in fees within 10 days. Recently, some of the funds stolen from Bitget have also been transferred through THORChain, generating $1 million in fee revenue.

Odaily reports that RLUSD has a circulating supply of approximately 2.49 billion tokens, with a market cap approaching $2.5 billion, an increase of about $490 million from the $2 billion milestone Ripple announced in August. The total value of stablecoins on the XRP Ledger is approximately $1.19 billion, with a seven-day growth of about 6% and a thirty-day growth of about 11%; of that, RLUSD accounts for approximately $1.1 billion, representing over 92%.

According to on-chain analyst Ai Yi, a certain address has accumulated 9,158.25 ETH over the past three weeks, worth $24.34 million, with an average withdrawal price of $2,658.12. The address appears to have been adding to its position in batches as ETH declined, and is currently profiting $363,000.

Odaily News: Blockworks analyst Shaunda Devens posted on X that Polymarket's current FDV valuation of approximately $1.5 billion for Variational is somewhat overly optimistic. This pricing directly applies Hyperliquid and Lighter-level valuation-to-revenue multiples to a platform that still relies on points subsidies. By comparison, the median first-day "FDV / annualized revenue" ratio for recently launched Perp DEX tokens is only 6.3x (Variational is currently around 57x), and within the first month after TGE, trading volume typically drops sharply by a median of 54%.

Shaunda added that if conservative assumptions based on historical precedents are adopted (using the median first-day "FDV/annualized revenue" ratio of 6.3x), Variational's fair valuation would be only $167 million, corresponding to a points price of $4.8–$5.4. Even using the highest recent ratio precedent (Lighter's approximately 21.1x), its valuation would still only be about $558 million, corresponding to a points price of $16–$18.

However, Shaunda also explained: "To be clear, given that current market risk appetite is clearly in a Risk-on state, we do not believe Variational's valuation at TGE will fall to the extremely conservative range mentioned above. These historical multiples are listed to illustrate that current pre-market OTC pricing may be overly optimistic."

Odaily reports: Quant has announced it will provide technical support for The Clearing House's on-chain money initiative, taking charge of the network's interoperability, orchestration, and transaction management layers, and connecting to existing fiat payment systems such as RTP and CHIPS.

The network will provide financial institutions with clearing and settlement capabilities for tokenized deposit transactions, supporting instant settlement and automatic transaction triggering upon satisfaction of preset conditions. It is expected to open to participating institutions in the first half of 2027. The Clearing House operates one of the largest payment networks in the United States, processing over $2 trillion in clearing and settlement volume daily.

According to monitoring by on-chain analyst Yu Jin, a whale opened a long position on 550,000 SOL at $80.8 in early August, and after holding for a month and a half, the position now shows an unrealized profit of $22.43 million. Over the same period, the SOL price rose from the $70s to the $120s.

Odaily News: According to market data, THORChain (RUNE) surged over 20% in the past 24 hours, reaching a high of 0.824 USDT and is currently trading at 0.801 USDT.

Previously, discussions arose regarding some of the stolen Bitget funds being transferred through THORChain. THORChain posted on X platform stating, "We have noticed the recent Bitget hack and are deeply saddened by it. We can imagine this is a difficult time for everyone in the industry. (However,) THORChain is decentralized and permissionless like Bitcoin, Ethereum, and BNB Chain. When dealing with known stolen funds, what responsibility should Bitcoin, Ethereum, and BNB Chain bear?" Subsequently, it called out OKX CEO Star and Bitget CEO Gracy.

Odaily reports that Perp DEX protocol Variational posted on X: "With the Swap feature now officially live (and more trading markets continuing to roll out), our next major initiative is the Omni trading API. Previously, all trading could only be done through the frontend interface. Soon, traders will be able to programmatically trade across the 550+ traditional finance and crypto markets already available on Omni."

Odaily Report: Tether has expanded its Wallet Development Kit (WDK) with a new command-line wallet and MCP interface designed for AI agents. The same local wallet daemon can be operated by users via the terminal or controlled by AI-compatible software through the Model Context Protocol. The tool is currently in beta, and Tether recommends using it with caution.