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• Chainlink (LINK) price dips 3.3% amid ETF delays and weak crypto sentiment.
• Bitwise’s Chainlink ETF appears on DTCC, signalling launch progress.
• Chainlink expands with Injective EVM integration for real-time data.

Bitwise’s proposed Chainlink ETF has appeared on the Depository Trust and Clearing Corporation (DTCC) registry, a move often seen as a key step toward an eventual launch.

The listing signals that the fund’s debut could be approaching, marking another milestone in the growing intersection between traditional finance and blockchain assets.

Despite this progress, Chainlink’s (LINK) price has edged lower, weighed down by a broader market pullback and persistent regulatory uncertainty.

Investors remain cautiously optimistic, viewing the ETF’s advancement as a potential long-term catalyst even as near-term sentiment stays subdued.

Bitwise Chainlink ETF nears launch

Bitwise’s Chainlink ETF has appeared on the DTCC’s eligibility list under the ticker CLNK, placing it in both the “active” and “pre-launch” categories.

Such a listing is typically one of the final steps before a new exchange-traded fund can officially begin trading on the market.

The listing reflects backend preparations for clearing and settlement, but it does not guarantee that the US Securities and Exchange Commission (SEC) will approve the fund.

The ETF aims to track the price of Chainlink (LINK), the token that powers the decentralised oracle network connecting smart contracts to real-world data.

Bitwise first filed its Form S-1 registration with the SEC in August and is still expected to submit Form 8-A, the last major document required before a security can be listed on an exchange.

The listing on DTCC suggests that this step may be imminent once the US government reopens after a prolonged government shutdown.

The 42-day US government shutdown has stalled SEC activity, creating a bottleneck for dozens of crypto-based ETFs, including Bitwise’s Chainlink product.

However, optimism has returned after the Senate passed a funding bill that could soon restore full SEC operations, clearing the backlog of pending applications.

Historically, ETFs that reach DTCC listing status tend to move toward approval once regulatory conditions normalise.

Analysts such as Bloomberg’s Eric Balchunas have noted that most funds that reach the DTCC stage eventually debut, underscoring growing confidence that a Chainlink ETF could soon join the expanding roster of crypto investment vehicles.

In addition, Coinbase Custody Trust Company has been named as custodian of the Bitwise Chainlink ETF, and the fund will allow in-kind creation and redemption, meaning investors can exchange shares directly for LINK tokens.

Analysts view this feature as a potential liquidity driver that could deepen institutional exposure to Chainlink’s network.

Meanwhile, other asset managers like Grayscale are also pursuing Chainlink-based products, though their proposals include staking components that could complicate approval.

Chainlink (LINK) price outlook

Despite the promising ETF progress, the Chainlink price has dropped by about 3.3% over the past 24 hours, diverging from its 7-day gain of roughly 5.5%.

The pullback reflects a combination of market-wide weakness and profit-taking after weeks of ETF-driven speculation.

Amid the pullback, the open interest in LINK derivatives has dropped 8%, suggesting that traders are scaling back exposure amid short-term uncertainty.

The broader crypto market has also slipped by about 1.7% in the same period, showing that sentiment remains fragile even as structural developments advance.

From a technical analysis standpoint, LINK has slipped below its 7-day simple moving average at $15.61 and now faces resistance near the 30-day SMA of $1693.

The relative strength index (RSI) has also weakened to around 43, indicating waning momentum.

If the token closes below the $15.22 support level, analysts warn of a potential retest of the October low near $13.87.

Nevertheless, the long-term fundamentals appear stronger.

Chainlink continues to expand its role in decentralised finance infrastructure, most recently through the integration of Chainlink Data Streams and DataLink into the Injective EVM Mainnet.

The integration, unveiled on November 11, enables real-time, low-latency price feeds that support next-generation DeFi applications.

This integration reinforces Chainlink’s dominance in the oracle sector and enhances its value proposition beyond speculative trading.

At the time of writing, Chainlink (LINK) is trading around $15.50 with a market capitalisation exceeding $10.8 billion.

While the Chainlink (LINK) price outlook remains mixed in the short term, institutional demand could provide a meaningful tailwind if the Chainlink ETF is granted approval to the ETF.

• SBI Crypto was breached, losing $21 million in assets via a suspected laundering operation.
• A phishing scam targeting GMGN tricked 107 users into approving fake transactions.
• Honeypot token scams rose 600% month-on-month, with over 2,100 tokens detected.

Web3 has entered a new phase of cyber threats, with attackers now leveraging artificial intelligence, automation tools, and complex social engineering to exploit users across decentralised networks.

According to GoPlus Security, over $45.84 million was lost in October alone from a surge of scams, phishing attacks, token exploits, and wallet hacks.

The data reveals how scammers are evolving their methods, creating high-impact exploits that have affected thousands of users and platforms across Ethereum, Binance Smart Chain, and Base.

Hackers use AI and automation to boost phishing campaigns

GoPlus observed a sharp increase in phishing attacks that led to more than $3.5 million in losses.

A growing number of these scams are powered by “Phishing-as-a-Service” platforms, where threat actors use AI tools to rapidly generate fake websites and deploy large-scale campaigns with lower operational costs.

One of the largest phishing cases involved the trading platform GMGN.

In this incident, 107 users were misled by a fake third-party website into authorising harmful transactions. Losses totalled more than $700,000.

The phishing scam replicated legitimate wallet interactions, tricking victims into signing approval requests that gave attackers control over their funds.

In another case, a trader approved a malicious “increaseAllowance” command, resulting in a $325,000 loss in Coinbase Wrapped Bitcoin.

Separately, another user was hit with a $440,000 loss after signing a fraudulent “permit” transaction.

Both exploits highlight the rise in fake contract approvals, often enabled by deceptive interfaces mimicking trusted apps.

Sophisticated exploits linked to state-style laundering tactics

The single largest exploit came from SBI Crypto, which suffered a breach that drained $21 million worth of digital assets. The losses included Bitcoin, Ethereum, Litecoin, Dogecoin, and Bitcoin Cash.

Although SBI Crypto did not officially confirm the source of the breach, a joint investigation by ZachXBT and Cyvers suggested patterns similar to those used by North Korean hacker groups.

The attackers allegedly funnelled funds through Tornado Cash, a known crypto mixer previously sanctioned for its role in laundering state-sponsored thefts.

This laundering method closely mirrors activity linked to the Lazarus Group, though the report stressed that the connection remains unverified.

Web3 platforms under attack from honeypot tokens

Alongside phishing and exploits, the report found a dramatic spike in honeypot tokens.

These are malicious smart contracts that allow users to buy tokens but prevent them from selling or withdrawing funds.

Honeypot tokens surged 600% last month, reaching 2,189 identified tokens—though still far fewer than the 40,000 recorded in June 2025.

The Binance Smart Chain accounted for the bulk of these tokens at 1,780, followed by 216 on Ethereum and 131 on Base.

These tokens are embedded with hidden restrictions that block transactions, stranding investor funds in illiquid assets.

Their increase underscores a shift toward embedded contract-level fraud, which can bypass basic security tools.

Tokens and socials compromised in wider exploits

The wider ecosystem also saw losses from social media and platform-based breaches.

Astra Nova’s official social account was hijacked, triggering a large-scale sell-off of its native token RVV and causing losses of approximately $10.3 million.

In a separate exploit, decentralised finance platform Garden Finance was hit with a vulnerability that cost users around $10.8 million, according to ZachXBT.

These incidents reflect a widening surface of attack across both user-facing interfaces and backend contract code.

• Coinbase Business launches in Singapore for startups and SMEs.
• The platform allows USDC payments, enabling instant settlement with lower transaction costs.
• Coinbase Business was launched in partnership with Standard Chartered, supporting SGD transfers and APIs.

Coinbase has officially launched Coinbase Business in Singapore, marking the first international expansion of its new business-focused platform.

Coinbase Business has officially landed in Singapore! 🇸🇬

We’re thrilled to launch the first international expansion of our all-in-one financial platform right here in Asia’s digital hub.

More details ↓ pic.twitter.com/reIvCMRmOM

— Coinbase Singapore 🛡️ (@CoinbaseSG) November 12, 2025

The move positions the major US crypto exchange to bring its stablecoin-powered payment solutions to startups and small and medium-sized enterprises (SMEs) in the region.

With a focus on digital innovation, the platform will simplify crypto payments, reduce transaction costs, and support business growth in a regulated environment.

Coinbase Business targets startups and SMEs

Coinbase Business offers an all-in-one crypto operating platform that enables companies to send and receive payments in USDC, Coinbase’s dollar-backed stablecoin.

The platform also allows businesses to manage digital assets, automate financial workflows, and reconcile transactions seamlessly with their accounting and enterprise systems.

By leveraging the speed and stability of USD Coin (USDC), businesses can settle payments instantly, avoid chargebacks, and significantly reduce cross-border transaction costs, making it particularly attractive for startups and SMEs operating in international markets.

The Singapore launch reflects Coinbase’s strategy to expand its services beyond the United States while focusing on the unique needs of smaller businesses that often face friction in adopting cryptocurrency solutions.

Early access applications are currently being accepted from eligible Singapore-based firms, signalling Coinbase’s intent to foster a strong initial user base.

Collaboration with Standard Chartered

The launch in Singapore is supported by a strategic partnership with Standard Chartered, which facilitates real-time transfers in Singapore dollars (SGD).

This collaboration allows Coinbase Business users to conduct seamless local and cross-border transactions while integrating stablecoin payments into existing financial operations.

Businesses can also leverage the platform’s APIs to link invoicing and enterprise resource planning systems, enabling automated reconciliation and smoother accounting processes.

With Standard Chartered’s banking support, Coinbase Business provides tools for crypto trading, global payouts, and payment links with a nominal transaction fee.

This combination of banking infrastructure and digital currency capabilities creates a hybrid model that blends traditional finance with innovative crypto solutions.

Regulated expansion and MAS collaboration

Coinbase’s Singapore expansion builds upon its regulatory engagement with the Monetary Authority of Singapore (MAS).

In October 2023, Coinbase Singapore Pte. Ltd. received a Major Payment Institution (MPI) license for Digital Payment Token and Cross-border Money Transfer services.

While the license does not currently cover domestic money transfers or merchant acquisition services, it enables Coinbase to offer instant stablecoin settlement and cross-border payments to businesses that fall within the permitted scope.

Further strengthening its local footprint, Coinbase recently joined the MAS BLOOM initiative, which focuses on expanding financial settlement capabilities using tokenised bank liabilities and regulated stablecoins.

The program demonstrates how Coinbase is actively working to develop compliant infrastructure that supports the next generation of business payments, combining regulatory oversight with innovative financial technology.

As more businesses in Singapore explore digital asset adoption, Coinbase Business could play a pivotal role in reshaping how companies transact locally and globally.

The combination of fast settlements, low fees, and API-enabled automation addresses longstanding challenges in cross-border payments, while reinforcing Coinbase’s vision of a regulated, inclusive, and innovative financial ecosystem for enterprises of all sizes.

When Uniswap’s administrators filed their “UNIfication” proposal on Nov. 10, it read less like a protocol update and more like a corporate overhaul.

The plan would activate dormant protocol fees, channel them through a new on-chain treasury engine, and utilize the proceeds to purchase and burn UNI tokens. This is a model that mirrors share-repurchase programs in traditional finance.

A day later, Lido introduced a comparable mechanism. Its DAO proposed an automated buyback system that redirects excess staking revenue toward repurchasing its governance token, LDO, when Ethereum’s price exceeds $3,000 and the annualized revenue exceeds $40 million.

The approach is deliberately anti-cyclical as it is more aggressive in bullish markets and conservative when conditions tighten.

Together, these initiatives mark a significant transition for decentralized finance.

After years dominated by meme tokens and incentive-driven liquidity campaigns, major DeFi protocols are repositioning around the significant market fundamentals of revenue, fee capture, and capital efficiency.

Yet this shift is forcing the sector to confront uncomfortable questions about control, sustainability, and whether decentralization is giving way to corporate logic.

DeFi’s new financial logic

For most of 2024, DeFi growth leaned on cultural momentum, incentive programs, and liquidity mining. The recent reactivation of fees and the embrace of buyback frameworks indicate an effort to tie token value more directly to business performance.

In Uniswap’s case, the plan to retire up to 100 million UNI reframes the token from a pure governance asset into something closer to a claim on protocol economics. This is even if it lacks the legal protections or cash-flow rights associated with equity.

The scale of these programs is material. MegaETH Labs researcher BREAD estimates Uniswap could generate roughly $38 million in monthly buyback capacity under current fee assumptions.

That amount would exceed the repurchase velocity of Pump.fun and trail Hyperliquid’s estimated $95 million.

Lido’s modeled structure could support about $10 million in annual repurchases, with acquired LDO paired with wstETH and deployed into liquidity pools to improve trading depth.

Elsewhere, similar initiatives are accelerating. Jupiter is channeling 50% of operational revenue into JUP repurchases. dYdX allocates a quarter of network fees to buybacks and validator incentives. Aave is also making concrete plans to commit up to $50 million annually to treasury-driven repurchases.

Keyrock data suggests revenue-linked tokenholder payouts have climbed more than fivefold since 2024. In July alone, protocols distributed or spent about $800 million on buybacks and incentives.

As a result, roughly 64% of revenue across major protocols now flows back to tokenholders, which is a stark reversal from earlier cycles that prioritized reinvestment over distribution.

The momentum reflects an emerging belief that scarcity and recurring revenue are becoming central to DeFi’s value narrative.

The institutionalization of token economics

The buyback wave reflects DeFi’s increasing alignment with institutional finance.

DeFi Protocols are adopting familiar metrics, such as price-to-sales ratios, yield thresholds, and net distribution rates, to communicate value to investors who assess them in a similar manner to growth-stage companies.

This convergence provides fund managers with a common analytical language, but it also imposes expectations for discipline and disclosure that DeFi was not designed to meet.

Notably, Keyrock’s analysis already pointed out that many programs heavily rely on existing treasury reserves rather than durable, recurring cash flows.

This approach may generate short-term price support but raises questions about long-term sustainability, particularly in markets where fee revenue is cyclical and often correlated with rising token prices.

Moreover, analysts such as Marc Ajoon of Blockworks argue that discretionary repurchases often have muted market effects and can expose protocols to unrealized losses when token prices decline.

Considering this, Ajoon advocates for data-driven systems that adjust automatically: deploy capital when valuations are low, reinvest when growth metrics weaken, and ensure that buybacks reflect genuine operating performance rather than speculative pressure.

He stated:

“In their current form, buybacks aren’t a silver bullet…Because of the “buyback narrative”, they are blindly prioritized over other routes that may offer higher ROI.”

Arca CIO Jeff Dorman takes a more comprehensive view.

According to him, while corporate buybacks reduce outstanding shares, tokens exist within networks where supply cannot be offset by traditional restructuring or M&A activity.

So, burning tokens can drive a protocol toward a fully distributed system, but holding them provides optionality for future issuance if demand or growth strategies require it. That duality makes capital allocation decisions more consequential than in equity markets, not less.

New risks emerge

While the financial logic of buybacks is straightforward, their governance impact is not.

For context, Uniswap’s UNIfication proposal would shift operational control from its community foundation to Uniswap Labs, a private entity. That centralization has raised alarms among analysts who argue it risks replicating the very hierarchies decentralized governance was designed to avoid.

Considering this, DeFi researcher Ignas pointed out that:

“The OG vision of crypto decentralization is struggling.”

Ignas highlighted how these dynamics have emerged over the past years and are evidenced in how DeFi protocols respond to security issues through emergency shutdowns or accelerated decisions by core teams.

According to him, the concern is that concentrated authority, even when economically justified, undermines transparency and user participation.

However, supporters counter that this consolidation can be functional rather than ideological.

Eddy Lazzarin, Chief Technology Officer at A16z, describes UNIfication as a “closed-loop” model in which revenue from decentralized infrastructure flows directly to token holders.

He adds that the DAO would still retain authority to issue new tokens for future development, balancing flexibility with fiscal discipline.

This tension between distributed governance and executive execution is hardly new, but its financial consequences have grown.

Leading protocols now manage treasuries worth hundreds of millions of dollars, and their strategic decisions influence entire liquidity ecosystems. So, as the economics of DeFi mature, governance debates are shifting from philosophy to balance-sheet impact.

DeFi’s maturity test

The accelerating wave of token buybacks shows that decentralized finance is evolving into a more structured, metrics-driven industry. Cash-flow visibility, performance accountability, and investor alignment are replacing the free-form experimentation that once defined the space.

Yet, with that maturity comes a new set of risks: governance may tilt toward central control, regulators could treat buybacks as de facto dividends, and teams might divert attention from innovation to financial engineering.

The durability of this transition will hinge on execution. Programmatic models can hard-code transparency and preserve decentralization through on-chain automation. Discretionary buyback frameworks, while faster to implement, risk eroding credibility and legal clarity.

Meanwhile, Hybrid systems that link repurchases to measurable, verifiable network metrics may offer a middle ground, though few have proven resilient in live markets.

However, what is clear is that DeFi’s engagement with traditional finance has moved beyond mimicry. The sector is incorporating corporate disciplines such as treasury management, capital allocation, and balance-sheet prudence without abandoning its open-source foundation.

Token buybacks crystallize this convergence as they merge market behavior with economic logic, transforming protocols into self-funded, revenue-driven organizations accountable to their communities and measured by execution, not ideology.

Coinbase Business, a new business platform by major US crypto exchange Coinbase, has officially launched in Singapore, marking the company’s first international expansion.

After introducing Coinbase Business in June, Coinbase has rolled out the platform in Singapore as its first international market outside of the US, the company announced on Wednesday.

Targeting startups and small businesses, Coinbase Business provides an “all-in-one crypto operating platform” that allows users to send and receive payments in Coinbase-backed stablecoin USDC (USDC), manage crypto assets and automate financial workflows.

“By leveraging the speed and stability of digital dollars like USDC, we offer businesses a platform that enables seamless and secure trading, with instant settlement, minimal fees, and zero chargebacks,” the company said.

Strategic cooperation with Standard Chartered

Coinbase is rolling out the service in cooperation with Standard Chartered, its local banking partner, to enable Singapore dollar transfers for both retail and business clients.

With Standard Chartered’s support, Coinbase Business provides Singapore businesses with a suite of tools, including crypto trading, global payouts, payment links with a 1% transaction fee and asset management with rewards on USDC holdings.

Coinbase Business’s launch in Singapore builds on Coinbase’s long-standing collaboration with the Monetary Authority of Singapore (MAS), the country’s financial regulator.

In October 2023, MAS granted Coinbase a Major Payment Institution (MPI) license, allowing the exchange to expand its digital payment token services to both individual and institutional clients in Singapore.

Related: Coinbase debuts token sale platform with Monad launch

Last month, Coinbase announced participation in the MAS BLOOM (Borderless, Liquid, Open, Online, Multi-currency) program, which aims to expand financial settlement capabilities by enabling the use of tokenized bank liabilities and regulated stablecoins.

“This collaboration with the MAS demonstrates how we are actively working to build the regulated, compliant infrastructure that underpins the next era of finance,” Coinbase noted.