JPMorgan increased its December 2026 price target for IREN to $28 from $24, citing the company's $9.7 billion Microsoft contract as validation of its pivot from bitcoin mining to AI infrastructure. Analysts project IREN will need to deploy approximately 120,000 GPUs and 320 megawatts of capacity within 13 months. The buildout is expected to require more than $9 billion in capital expenditure despite Microsoft's upfront payment.

Leading decentralized applications are generating more fee revenue than their underlying blockchains. PumpFun accumulated $724 million in fees over the past year, while Hyperliquid earned $667 million, both exceeding Solana's $632 million in fees, data show. The trend highlights a fundamental shift in value capture within blockchain ecosystems.

Binance will delist COIN-M perpetual contracts for Decentraland (MANA) and MultiversX (EGLD) on November 13 at 9:00 a.m. UTC. All positions will be closed and automatically settled before delisting. The exchange advises traders to close positions before the deadline to avoid automatic settlement.

A Columbia University study identified wash trading in approximately 25% of Polymarket's transaction volume across three years. The research, published on SSRN, analyzed blockchain data from Polygon and found artificial trading activity peaked at 60% of total volume in December and stood at around 20% in early October. Polymarket is preparing to re-enter the U.S. market through its acquisition of QCX.

Kazakhstan plans to establish a national cryptocurrency reserve fund valued between $500 million and $1 billion using seized overseas assets. The fund will prioritize investments in crypto ETFs and equities of digital currency companies rather than direct cryptocurrency holdings, according to Central Bank Governor Timur Suleimenov. The initiative targets operational readiness by late 2025 or January 2026.

Stream Finance's xUSD stablecoin collapsed to zero following a $93 million loss, sparking $1 billion in outflows across DeFi platforms. The incident marks the largest stablecoin withdrawal event since the UST collapse in 2022. Protocols including Coinshift, Elixir, and Euler experienced significant total value locked declines, with Euler recording $137 million in bad debt.

Compound Finance suspended its Ethereum-based USDC, USDS, and USDT lending markets on November 6 following a liquidity crisis involving Elixir's deUSD and sdeUSD stablecoins. Stream Finance reported a $93 million loss linked to the exposure, according to risk management firm Gauntlet. Withdrawals for USDC and USDS markets resumed the same day as Compound governance works to restore full operations.

A Columbia University study found that approximately 25% of Polymarket's trading volume over three years was artificially inflated through wash trading, according to blockchain analysis. Researchers identified that 14% of the platform's 1.26 million wallets exhibited coordinated self-dealing patterns. Artificial volume peaked at 60% in December 2023 before declining to 5% by May, with subsequent increases linked to speculation about a potential token launch.