MANTRA DAO Initiates Survey Vote to Solicit Feedback on Team Token Burn Execution

NFT whale Pranksy took to X to claim "BAYC ruined NFT", arguing that the core technology of NFT has been overshadowed by avatar projects like BAYC, leading the public to equate NFT solely with ape-themed projects and spawning a wave of copycat projects in the market over the years. In response, BAYC co-founder Greg Solano hit back, stating that Pranksy once sold BAYC assets that could have been worth $500 million for just millions, while continuing to promote numerous copycat projects. Solano added that Pranksy had founded multiple NFT-related companies, all of which have since been removed from his personal profile. The BAYC co-founder retorted: "Either be the change you want to see, or enjoy the wealth BAYC brings."

Yilihua, founder of Liquid Capital, published an article discussing the current state of the crypto primary market. He cited four main reasons for the crypto primary market’s decline: First, the narrative has collapsed—from whitepapers to institutional endorsements to inflated total value locked (TVL), the market has largely stopped buying into these. Second, supply imbalance: Tens of thousands of projects now exist, making it extremely difficult for high-quality projects to stand out. Third, the "1+3" token unlock mechanism, which essentially targets venture capital firms (VCs), allowing projects, market makers (MMs), and exchanges to exit first. Fourth, listing costs: Why do primary projects require high valuations and large financing rounds? The core reason is that listing on leading centralized exchanges (CEXs) costs an average of millions of U.S. dollars. Yilihua argues that the industry’s leading players should focus on genuine building. For example, Binance should improve its token listing screening process—under the current model, even Vitalik Buterin’s Ethereum (ETH) would not have been listed on Binance. Second, the "1+3" unlock mechanism should be completely abolished. VCs bear the most risk and should not be burdened with the worst unlock terms; project success or failure is not determined by VCs at all. Finally, crypto projects need to return to genuine revenue generation and buybacks. The sustained prosperity of the U.S. stock market over the years hinges on earnings growth and rewarding shareholder returns, which is what industry leaders should do, so that secondary market investors can truly identify high-quality projects.

According to Arkham's monitoring, a wallet suspected to belong to venture capital firm IOSG Ventures staked 75,000 LINK tokens this morning, valued at approximately $1.06 million. The address subsequently withdrew over $11,000 worth of LINK staking rewards.

Crypto KOL Ansem issued a prediction this morning that major cryptocurrencies including Bitcoin, ETH, SOL, ZEC, and HYPE will hit new highs before Christmas.

Polymarket founder and CEO Shayne Coplan posted on X early this morning that he will attend and speak at the Token 2049 event. The post also cited a comparison of revenue data and token market capitalization between Polymarket and Hyperliquid. This has led the crypto community, represented by Andy (@andyyy), host of the crypto podcast The Rollup, to speculate that Coplan may announce details related to Polymarket’s token during his speech. However, Polymarket has recently hired a string of executives from firms including Amazon, Uber, the New York Stock Exchange, Coinbase, and Robinhood, created new roles such as CFO and compliance officer, and advanced adjustments to its U.S. business and trading infrastructure. Analysts believe this series of organizational restructuring may be tied to preparations for a future initial public offering (IPO).

Binance will require Brazilian users to disclose the purpose of cross-border crypto asset transfers and identify the type of counterparty starting November 1. Corporate accounts must also specify whether the counterparty belongs to the same economic group. Withdrawals cannot be submitted until the questionnaire is completed; deposits may remain pending, and transfers may be returned in some cases if information is incomplete. The rule applies to transfers with non-residents, including users’ own overseas exchange accounts, while transfers between Brazilian residents are not affected. Binance will submit monthly reports in accordance with Central Bank Resolution No. 521/2025. For amounts not exceeding $50,000, users will use a 10-item list; for larger amounts, they must select from 96 categories. If the counterparty is not authorized to operate Brazilian foreign exchange business, the transfer cap for such cases is $100,000. For self-custody wallets, only ownership confirmation is required. This requirement is separate from the Travel Rule, which is expected to cover domestic transactions in 2027 and cross-border transfers in 2028.