UNI Soars as Uniswap Labs and Foundation Propose Fee Switch Activation
Uniswap, has unveiled UNIfication — a joint proposal from Uniswap Labs and the Uniswap Foundation to activate protocol fee distribution to tokenholders. Plus the top news, stats, and reports.
Issue Summary: Welcome back to Coinstack, the weekly newsletter for institutional crypto investors and industry insiders. We reviewed the top news, stats, and reports in the digital asset ecosystem for our 340k weekly subscribers. This week, UNI surged after Uniswap Labs and the Uniswap Foundation proposed activating the long-awaited fee switch, Monad revealed its mainnet and token launch date following airdrop claims, and Coinbase launched UK savings accounts offering 3.75% interest with FSCS protection. Meanwhile, Ripple partnered with Mastercard and Gemini to use RLUSD for credit card settlements, and global crypto ETPs saw $1.2 billion in weekly outflows. On the fundraising front, Harmonic raised $6M, Fomo secured $17M, and Commonware raised $25M, while Future Holdings brought in $35M and Ripple Labs led the week with a $500M strategic round backed by Fortress Investment Group and Citadel Securities.
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💵 Weekly Crypto Fundraises & Deals
Here are all the crypto fundraises we heard about this week, ranked by size…
🗞️ Crypto News Recap: The Top 5 Stories
Welcome back to This Week in Crypto… everything you need to know in one scannable format. Here are the top 5 stories of the week…
🚀 UNI Soars as Uniswap Labs and Foundation Propose Fee Switch Activation: Uniswap, the leading decentralized exchange (DEX) by volume, has unveiled UNIfication — a joint proposal from Uniswap Labs and the Uniswap Foundation to activate protocol fee distribution to tokenholders, a move that has been brewing since 2022.
🥳 Monad Reveals Mainnet and Token Launch Date Following Airdrop Claim: Layer-1 blockchain Monad will launch its mainnet and MON token on November 24, the network’s foundation announced on Wednesday, with the token airdrop for early users expected to take place alongside the rollout.
📉Coinbase launches savings accounts in the UK, offering 3.75% interest and FSCS deposit protection:Coinbase is launching a UK savings account product, powered by Clearbank, starting with select users in the country from Nov.11.The Coinbase Savings Account will let eligible UK users earn 3.75% AER variable interest, paid daily, on their GBP savings balances — offering instant deposits and withdrawals, with no minimum balance and no lockup period, according to the firm.
🎉 Ripple Teams With Mastercard, Gemini to Use RLUSD to Settle Credit Card Transactions: Ripple is joining with Mastercard, WebBank, and Gemini to explore the use of its dollar-backed RLUSD stablecoin in settlement of fiat credit card transactions on the XRP Ledger, the firm announced on Wednesday.
🔻 Global crypto ETPs see $1.2 billion in weekly outflows:Global crypto investment products managed by asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares witnessed net outflows of $1.17 billion last week, according to CoinShares’ data.
💬 Tweet of the Week
📊 Key Stats of the Week
Here are the most important and interesting stats in crypto this week...
1. Within 24 hours of the prospect of Uniswap’s fee switch being turned on, UNI open interest has exploded to record highs of $800M, more than doubling overnight and up 4.5x since last November when the token traded above $10.
Everyone is betting on a governance proposal that hasn’t even gone through governance: no comments, no snapshot, no onchain voting. Big win for those in the know, leveraged FanDuel betting for the VCs on the sidelines BATTLING for a glimpse of green before we close out the year. See you in 3 weeks.
2. One of the most under-indexed aspects of the Uniswap Labs proposal is that it pivots Labs’ focus from monetizing the interface fee to eliminating it altogether: setting it to $0 and making the product even more competitive.
This shift could meaningfully accelerate growth and unlock deeper integrations across the broader DeFi stack (and beyond), ultimately improving outcomes for both LPs and end users.
At the time of the proposal, Uniswap has already generated over $137M in interface fees, including $48M in 2025 alone.
3. Open interest on ZEC has surged 10x since October, surpassing $1B for the first time and now standing at $1.2B. During the same period, the token’s price has climbed 5.5x as capital continues to flow in.
A lot of funds/”investors” are going to get taken to the woodshed here.
4. Despite massive liquidations and broader market turmoil, stablecoins settled over $1.5 trillion in real onchain volume in October: a staggering 42% month-over-month increase even after filtering out inorganic activity such as bots and intra-exchange transfers.
While CEX (+3%) and DEX (+8%) stablecoin volumes grew modestly, the majority of this growth came from lending, borrowing, and on/off-ramping, which together surged $198B (+83%) during the month.
Real adoption continues to accelerate. Stablecoins are no longer just a trading instrument. They’ve become the foundation for onchain banks, crypto cards, and programmable finance, moving seamlessly between yield, payments, and settlement.
5. Back-to-back days of $1B+ in liquidations ($1.28B, $2B) as bullish traders continue to get caught out of position. In the last 24 hours alone, $467M in $ETH longs and $362M in $BTC longs have been liquidated.
📝 Highlights from the Top Crypto Reports
Here are the top highlights from the best crypto research reports this week…
ON-377: Stablecoins 💰
About the Author: OurNetwork, aims to help you understand crypto like never before by harnessing the power of onchain data & analytics. This is an excerpt from the full article, which you can find here.
📝 Editor’s Note:
Welcome to OurNetwork’s latest.
This week, we’re back checking on the latest in stablecoins, a sector which has only seemed to get hotter this year as it nears $300B, according to our friends at RWA.xyz.
Not to say there haven’t been setbacks. Some stablecoins didn’t live up to their names this week as three stablecoins with $100M-plus market caps depegged by well over 50%.
Still, while there’s been volatility and shuffling among newer stablecoins, the top slot has remained steady with Tether’s USDT having maintained its over 40% market share since 2021.
The stablecoin story is far from over. Let’s get the latest from RWA.xyz, Surf Query, Jordan Jackson, and Alex.
– ON Editorial Team
📈 Stablecoin Market Nears $300B, Up $50B Since July 2025
Stablecoin supply surged $50B since July, reaching nearly $300B. Tether (USDT) and Circle (USDC) dominated with 86% market share, adding $26B (+17%) and $13B (+21%) respectively. Other stablecoins grew $12B (+40%). USDT and USDC’s dominance reflects deep network effects as new stablecoin and tokenized asset pairs are denominated in them, cementing their role as the preferred rails for transfers and on/off-ramps.
Outside USDT and USDC, over 70% of stablecoin growth came from Ethena’s USDe (+$3.9B), Sky’s USDS (+$2.5B), and Paypal’s PYUSD (+$1.9B). USDe fell $5.7B from its October peak after a sharp depeg exposed liquidity and collateral risks in synthetic stablecoin models.
While USDT and USDC dominate stablecoin market cap, address-adjusted data tells a different story. In November, USDtb, backed by Securitize and BlackRock’s BUIDL fund, led the metric, while USDC, USDT, and Binance-Peg USD lagged, highlighting their role as last-mile retail stablecoins.
🎧 Top Crypto Podcasts of The Week
Here are the crypto podcasts that are worth listening to this week...
Bankless - Inside BlackRock’s Crypto Strategy: Tokenization, Stablecoins & The Next Trillion
The Defiant - Oasis Vault’s Solution for Securing Your Crypto
Coin Bureau - Where Is Crypto Headed In Q4? What Institutions Think!
Forward Guidance: America’s Two-Tier Economy Is Breaking Down | Weekly Roundup
Unchained: Reasons to Be Optimistic After Bitcoin Falls Toward $100K – Bits + Bips
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Tracking the most important blockchain stories of the 2020s, including a decentralized internet and the creation of a new open global monetary system that works for everyone. As always, published for informational purposes only. Please do your own research. Just our opinions. Not intended as financial advice as we are not financial advisors. We may own some of the digital assets we write about as we believe strongly in the sector. Please do your own research. Published and written weekly by Ryan Allis and Mike Gavela.
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