When @theinformation reported on NASDAQ Rule 5635, digital asset treasury stocks dropped, including @MicroStrategy and @SharpLinkGaming. But Rule 5635 isn’t a roadblock, it’s a design consideration we understand exceptionally well. Our TradFi Labs™ Research Division explains

Huge congrats to the ETHGas team on raising $12M in a token round led by @polychain and launching what they’re calling Ethereum’s first blockspace futures market. With ~$800M in liquidity commitments from Ethereum validators, block builders, and relays, ETHGas is introducing a

Introducing the ETHGas Foundation. Dedicated solely to the governance, security and long-term vision of Realtime Ethereum. The future is instant and the governance starts here 👇 Follow: @ETHGasFNDN

https://t.co/fL8RRIlmPm

This wraps up our CEX listing insights analysis for November 2025. Tune in shortly as we post our November token launch & valuation insights analysis.

Performance varies widely between categories on various CEXs, with only ~13% of categories experiencing positive growth in November 2025. The average price performance decrease across all categories was ~31%. Note: Performance is since listing date on each particular exchange.

In November 2025, all CEXs listed tokens within the sub $500M market cap ranges, 41 in total, reflecting significant interest in the lower market valuation ranges. Only Coinbase, OKX, and ByBit listed tokens in the $2BN+ range, while OKX was the only CEX to list tokens in all 5

Of the “Big 5” (BCOBB) exchanges, there were 51 listings in November 2025. 32 of these were primary spot listings, equating to ~63% of listings being primary offerings. There were 7 tokens cross listed on 2 or more of the “Big 5,” including MON, IRYS, GAIB, MMT, KITE, ALLO and

Global crypto prices continue to influence the pace of CEX volume growth. Despite this, trading volume has declined by ~41% over the past 12 months.

Trade volumes on major CEXs decreased ~24% overall. All CEXs experienced negative growth in November 2025.

November recorded 164 total listings, a ~15% decrease compared to October. Primary listings made up ~63% of all listings in November. Among all primary listed tokens (excluding stablecoins), AAA-rated tokens decreased by ~11%, AA-rated tokens remained the same, and A-rated

Open World's November 2025 CEX listing insights are in 🧵 Key Takeaways: ****Listings declined 15% compared to October ****Primary listings composed 63%, but the quality of TGEs (AAA launches) dropped by 11% ****Trade volume posted a 24% decline, coinciding with BTC trading

3/ The endgame: Internet Capital Markets: where regulated, premium RWAs can move 24/7, globally, with software-like speed… without sacrificing security or sovereignty. We’re building for governments, regulated institutions, and enterprises that manage critical infrastructure

2/ Why this matters: these assets are enormous in value, but today they’re largely stuck in slow, opaque, institution-only structures. Tokenization can unlock: - liquidity - broader (compliant) access - faster capital formation - programmable ownership & cashflows The chain also

1/ What does “national-scale tokenization” actually mean? Not “mint a token.” It means infrastructure that can support regulated issuance, compliant fractional ownership, privacy, and policy controls, at massive throughput. The assets we’re talking about aren’t collectibles.

Big news: Open World is partnering with @AbstractChain to build the world’s first national-scale Real-World Asset (RWA) tokenization engine, designed for the most strategic assets on earth. 🧵

@VitalikButerin Blockspace Futures FTW @ETHGasOfficial

This is exactly the direction we’re excited about. Transparent, onchain BASEFEE expectations + hedging would be huge for users + apps. @ETHGasOfficial is already live with blockspace commitments/futures, and we believe they’re well-positioned to support base fee futures as well.

GAIB introduces an AI-agent coordination layer with a token designed to incentivize compute, inference, and model contributions. It aims at the intelligence tier of the stack as builders integrate on-chain and off-chain compute. The launch generated strong initial interest but

Irys provides a decentralized data availability and storage layer built on Arweave. It anchors data for applications that need trustless permanence and fast retrieval. The TGE followed a stable trajectory. Early trading held within a narrow range, with volumes distributed

Monad became the first token sale on Coinbase’s new launch platform, which uses a week-long request window and algorithmic allocation to broaden distribution. The sale began with strong initial flow, then slowed materially during the middle of the window. Participation