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Flash

first_img Veil founder Apex: The protocol will be shut down, and deposits will be stopped from today

On November 9, Apex, the founder of Veil, announced that the team has decided to shut down Veil. Deposits will cease immediately, while the front end and relay will continue to operate until December 21, 2026. After that, withdrawals can still be completed through command line tools. Apex stated that after two years of development, the privacy solution they hoped to achieve has not been scaled. The protocol experienced a strong usage phase but was unable to sustain it. The privacy strength of Veil relies on usage, and a decline in usage will weaken privacy. In recent months, the protocol has not consistently delivered its core value as set. Public information shows that Veil is a zero-knowledge privacy protocol supported by Coinbase Ventures.Apex stated that despite not resolving the initial issues, they still view privacy as the most challenging problem in the cryptocurrency industry to date and thanked Base, the Coinbase team, and all parties who held, used, or supported Veil for their assistance over the past two years. The shutdown also means that support for the VEIL token will stop on the same day, including staking rewards and liquidity provider incentives, and the tokens held by the treasury will be destroyed. Apex mentioned that they will not leave the industry and remain optimistic about cryptocurrencies, Ethereum, and Base, but the specific direction for the next phase of development has not yet been determined. They indicated that Veil had previously occupied all their energy, and future projects would need to achieve the same level of conviction before proceeding.

Circle's adjusted EBITDA soared 85%, mining companies Hut 8 and Riot released their Q3 financial reports

According to BBX data, yesterday global cryptocurrency asset service providers and leading Bitcoin mining companies intensively released their financial reports for the third quarter of 2026, with core financial data as follows:Circle (NYSE: $CRCL) Q3 net profit reached 226 million USD, adjusted EBITDA surged by 85%: Stablecoin issuer Circle released its financial report for the third quarter of 2026, showing strong performance. The total revenue and reserve income for the quarter reached 865 million USD, a year-on-year increase of 17%; net profit from continuing operations reached 226 million USD, a year-on-year increase of 5% (diluted earnings per share of 0.84 USD). Thanks to increased interest income and the adoption rate of USDC, its adjusted EBITDA reached 317 million USD, achieving a significant year-on-year growth of 85%.Hut 8 (NASDAQ: $HUT) Q3 net profit reached 131 million USD, recorded 414 million USD in digital asset unrealized gains: Bitcoin mining and energy infrastructure company Hut 8 announced its Q3 financial report. Despite the impact of selling its power generation assets in Ontario and a decrease in custody income, total revenue for the quarter decreased by 14.9% year-on-year to 71.07 million USD, but net profit attributable to the company surged to 131 million USD (compared to 50.11 million USD in the same period last year, diluted earnings per share of 0.98 USD). The significant improvement in profit was mainly due to 414 million USD in non-cash gains from digital assets (during the quarter, Bitcoin prices soared from about 59,847 USD to about 83,415 USD). Adjusted EBITDA was 33.03 million USD, with a cash balance of 157 million USD as of September 30.Riot Platforms (NASDAQ: $RIOT) Q3 revenue increased to 181 million USD, data center business offset mining decline: Bitcoin mining and data center developer Riot Platforms disclosed its Q3 performance, with total revenue reaching 181 million USD, a slight increase of 1%. The financial report indicated that strong growth in data center and engineering operations successfully offset the decline in Bitcoin mining revenue following the halving. The net profit for the quarter was 4.03 million USD (compared to 104 million USD in the same period last year), and adjusted EBITDA remained at a healthy level of 191 million USD.

first_img Prediction Market Revenue Protocol Robin Markets announced the shutdown of V1

The prediction market revenue protocol Robin Markets announced the shutdown of V1. The team stated that the initial version of the revenue product did not achieve the expected adoption and will be gradually phased out to allow for the re-launch of an improved version. The points program, revenue guarantees, and matching rewards will cease along with V1; these mechanisms were originally intended to incentivize liquidity but did not perform as expected. Existing products will continue to operate until the new version is launched by the end of this year.The team outlined two main issues. The first is position matching: V1 needs to match opposing YES and NO positions within each market's liquidity pool to combine funds into USDC for use, and the efficiency of funds depends on whether the distribution on both sides is relatively balanced. This creates a first-mover disadvantage, as tokens deposited early often remain idle before a counterparty appears, resulting in thin liquidity pools, and early users frequently cannot earn returns. The second issue is changes in the revenue environment: at the project's launch, the yield on USDC.e on Polygon was still considerable, and there was a partnership with Yearn; after October 10, more yield channels on Polygon shrank or lost competitiveness, weakening the original sources of revenue and placing greater pressure on subsidy guarantees. The team stated that insufficient matching and weakening revenue mutually influence each other, hindering the product's actual operation.Robin Markets positions itself as the capital efficiency layer of the prediction market, allowing users to stake Polymarket outcome tokens on Polygon while earning returns without losing their original market exposure. Public information shows that the project previously completed a $475,000 angel round of financing, with investors including Fabric VC, Animoca Brands, ATKA Incubator, John Lilic, Stefan D. George, and angel investors from Hilbert Capital, LayerZero, and others. The team stated that the next version will directly address the issues of matching mechanisms and revenue sources.

The liquidity staking protocol Diva announced its shutdown and will not launch the mainnet

The decentralized liquidity staking protocol Diva Staking announced on social media that it will shut down the project and will not launch the mainnet. The official statement said that this decision was made after thorough discussion and apologized to the early stakers who had pre-deposited in the vault, stating that related deposits can be withdrawn through Enzyme without further waiting.The official statement mentioned that the team has been operating for about two and a half years without income or salary since the funds were exhausted in mid-2024, with three members pushing the project forward. Diva went live on the Hoodi testnet earlier this summer and has been running stably for about four months without any issues, but failed to gain support from large institutions for the mainnet launch. The three-member team also could not bear the costs of a new round of audits and mainnet operations, thus choosing to wind down rather than risk launching.The announcement also stated that the demand structure for LST has changed after the Shanghai upgrade. As of the end of June this year, BitMine, Coinbase, and Binance together accounted for about 30% of the total staked ETH, with approximately 11.5%, 10.9%, and 7.9% respectively, which is comparable to the concentration when the market was concerned about Lido's share being close to one-third. The official also congratulated Lido for advancing Simple DVT and opening up to independent stakers.

first_img The messaging protocol XMTP will transition to a self-hosted open-source stack, and the Labs network will shut down in early 2027

The messaging protocol XMTP founder Shane Mac stated that XMTP will evolve into a self-operating open-source messaging stack, providing private conversations between people and agents, with infrastructure controlled by users, without requiring tokens or wallets. The network hosted by XMTP Labs will shut down in early 2027.Shane Mac mentioned that he founded XMTP five years ago because he believed that private messaging should not be owned by a single company. He recalled that the team envisioned using wallets as cross-application identities, allowing messages to follow identities, and using tokens to pay infrastructure operators, but this path was not realized. XMTP has never issued tokens and will not issue them now. He admitted that it was a wrong decision to persist with a single shared network for a long time, as developers have consistently requested the ability to self-host XMTP. Therefore, it has shifted to self-hosting, allowing developers to use, inspect, modify, and maintain the entire software suite without relying on Labs. Former employees will assist in maintaining the protocol, and Shane Mac himself will continue to be involved.The article introduces that self-hosted XMTP offers quantum-resistant end-to-end encryption, private one-on-one and group chats, encrypted identities, and message authenticity, as well as SDKs for mobile, web, server, and agents. Chief Technology Officer Nick Molnar has simplified the backend to a single Rust binary and integrated attachments, push notifications, handles, and signed webhooks for new messages. Each self-hosted network does not automatically interconnect by default, and agents from different tools must connect to the same backend to share conversations.
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