The first batch of participants in the UK's digital securities sandbox have received preliminary approval

[Alliance DAO Co-Founder: Fee/Revenue Ratio is a Key Metric for Evaluating L1 Moats] Alliance DAO co-founder QwQiao posted on the X platform, stating that the fee/revenue ratio is an objective metric for evaluating the moat of Layer 1 (L1) blockchains, while other metrics are relatively less objective. He believes that if a project has a strong competitive advantage and operates in a growing market, its revenue should increase over time. Conversely, projects lacking a moat may lose market share or maintain their share through price wars, leading to fees remaining stagnant or declining over the long term. He also pointed out that a lack of a moat does not equate to being valueless, as such projects may transfer value to customers rather than retaining it for themselves. Previously, QwQiao mentioned that the L1 sector lacks moats, making it difficult to capture long-term value, and that betting on the application layer might be a more certain direction. He noted that his current holdings are all assets with long-term competitive advantages and are in fields experiencing exponential growth.

[Nasdaq Head of Crypto Business Says Proposal to Accelerate Stock Tokenization Will Be Advanced] The head of Nasdaq's crypto business stated that the U.S. Nasdaq Stock Exchange has prioritized the proposal to provide tokenized versions of listed stocks, which has been approved by the U.S. Securities and Exchange Commission (SEC). Matt Savarese, Nasdaq's Head of Digital Asset Strategy, said in an interview on Thursday that the related process will be advanced as soon as possible. He noted that public feedback must first be evaluated, and questions raised by the SEC will be addressed one by one, while expressing hope to collaborate with the SEC promptly.

[dYdX Community Passes Proposal for Liquidation Rebate Pilot Program] On November 30, the dYdX community passed a new proposal for the 'Liquidation Rebate Pilot Program,' scheduled to launch on December 1, 2025, and run for one month. The program will provide points and rebates to traders who experience liquidation events, with total rewards capped at $1 million.

[Ancient Whale Transfers 40,000 ETH to New Address, Return Rate Nearly 9,700x] Monitoring data shows that an ancient whale has transferred 40,000 ETH, purchased during the Ethereum ICO at $0.31 each, to a new address starting with 0x260. This marks the whale's first ETH transfer in ten years. Currently, the price of ETH is approximately $3,007, with a return rate of 9,699x. These ETH have not yet been sold.

[Arthur Hayes: 99% Bearish on Monad, Calls It a High-Risk VC Coin] Arthur Hayes stated that the Monad token model is characterized by 'high FDV, low liquidity,' essentially a high-risk structure dominated by VCs and early investors. This model often sees a brief surge in the early stages due to hype and low liquidity, but as token unlocks occur, selling pressure may increase sharply. He mentioned that he had made a small investment in MON but is now '99% bearish,' bluntly saying, 'Send this dogshit to ZERO!' Additionally, he believes that apart from foundational chains like Bitcoin, Ethereum, Solana, and Zcash, most emerging L1 projects, including Monad, are unlikely to survive.