Binance CFO Announces Departure, Solana Labs Launches Trading App Leap, Weekly Progress Report on Major Projects | November 2-8

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What happened that could affect the fundamentals.

This article summarizes in minimal text the important developments of the top projects by market capitalization in the crypto market over the past week, covering new products, abnormal data on existing businesses, core management changes, financing, and unconventional burns, with projects sorted by market capitalization.

Binance

[Security] Disclosed investigation into the theft case, stating that attackers implanted malware through fake recruitment interviews and used internal AI tools to expand the intrusion.

[Team] CFO Kaiser Ng stepped down, succeeded by former Airwallex VP of Finance Justin Yek; co-CEO He Yi said the transition had been in preparation for about 6 months.

Circle

[Business Data] Announced Q3 results, with total revenue and reserve income of $865 million (YoY +17%), including reserve income of $658 million (YoY -8%) and other income of $207 million (including $182 million from ARC presale); net profit from continuing operations of $226 million (YoY +5%).

[Team/Business] Simultaneously announced layoffs of approximately 5%, with restructuring charges of $9.145 million.

[Financing & M&A] The quarterly report disclosed that a definitive agreement has been signed to acquire Tazapay (a Singapore-based cross-border payment company), expected to close in 2027.

Solana

[New Product] Solana Labs' Leap launched a mobile trading app beta (iOS), enabling trading of tokenized stocks, ETFs, commodities, forex, and crypto assets; plans to use a portion of fees to buy back and burn SOL once charging begins.

Zcash

[Token Economics] NU7 activated, with fees changed to 40% to miners and 60% to the reserve, to be used for future block rewards starting around 2031; simultaneously, the Sprout privacy pool was deprecated, leaving approximately 12,224 ZEC temporarily unusable.

NEAR

[Token Economics] House of Stake passed HSP-029, proposing to reduce the annual issuance cap from 2.5% to 1.6% over 24 months; still requires Security Council review, a 90-day grace period, and validator upgrades before taking effect.

Uniswap

[New Product] The first Permissioned Pools Hook goes live, with GromaCorp real estate tokens integrated into Uniswap AMM.

Aave

[Institutional Holdings] A fund affiliated with Payward, the parent company of Kraken, and its clients purchased an undisclosed amount of AAVE on the secondary market.

[Financing & M&A] Aave Labs has acquired the team and technology of Avon (a project focused on on-chain fixed-rate lending and order books), with plans to build fixed-rate lending.

Algorand

[Governance] xGov is suspended indefinitely (effective from 12-06), the official forum is shut down, the Ecosystem Advisory Committee is dissolved, and sponsorship of the Technical Committee is discontinued.

Note: xGov is a community grant program launched by the Algorand Foundation. Community members submit project applications, and registered xGov voters decide whether to fund them with ALGO allocated by the Foundation. With this suspension, the channel for community-voted funding will cease.

[Tokenomics] Project King Safety is shelved; removing the ALGO supply cap, introducing and capturing MEV, and raising the minimum transaction fee are no longer under consideration.

Jupiter

[New Product] Jupiter Predict launches Combos, allowing multiple sports or esports predictions to be combined into a single on-chain transaction.

Stacks

[Partnership] BitGo is offering Bitcoin staking via Stacks to eligible institutional clients of its federally chartered trust bank; BTC remains on the Bitcoin network and in qualified custody, with rewards paid in BTC.

Pyth

[Business Data] October annualized recurring revenue (ARR) was $13.67 million, up 18.9% month-over-month (September: $11.49 million).

Sei

[Technical Roadmap] SIP-6 has passed voting; consensus will be upgraded to Autobahn; approximately 2.36 billion SEI voted in favor, with zero against and zero abstentions, and a turnout of approximately 57.86%.

Note: Proposers are validators responsible for packaging transactions and proposing new blocks. Currently, most chains have only one proposer per slot; Autobahn allows multiple validators to package and propose in parallel simultaneously, followed by unified ordering and confirmation. Following this vote, mainnet activation still requires a public testnet and security audits.

Gnosis

[Technical Roadmap] Announced the goal of migrating Gnosis Chain from an independent L1 to Ethereum settlement via a hard fork in spring 2027, with existing contracts, balances, and addresses preserved.

[Security] Disclosed that the legacy system used by Gnosis Pay's white-label cards suffered unauthorized access on 11-03, leaking customer card numbers, CVVs, addresses, and linked wallets; funds were unaffected.

Kamino

[Tokenomics] The foundation committed to investing at least $20 million over the next 24 months in product and growth. The CEO stated that most of his personal KMNO will unlock based on staged FDV targets of $1 billion to $10 billion, and the team will adopt the same approach going forward.

Akash

[Technical Roadmap] Proposal #346 passed, approving migration from its own Cosmos chain to Solana.

Note: The proposal entered voting last week. This passage only approves the migration to Solana and authorizes the issuance of 1:1 SPL AKT after audits are completed and the opening of a 2-year one-way migration portal; no compute market switch date is set, and market migration requires a separate proposal.

Jito

[New Product] JTX launched stock token trading, integrating direct quote requests with issuers Backpack and Ondo, covering over 1,650 stock tokens.

MEXC

[Trading Platform] The U.S. Treasury's FinCEN issued an order prohibiting U.S. financial institutions from transacting funds with MEXC, alleging it facilitated at least $16 billion in transactions related to sanctions evasion by Iran, North Korea, and Russia.

Vision

[Team/Business] Florian left Bitpanda, with responsibilities distributed among multiple people; Vicky serves as the new ecosystem lead; Vision Chain still plans to launch within the year but no longer commits to a specific date.

Note: Vision is the Web3 project of European exchange Bitpanda. VSN was formed from the merger of Bitpanda's existing BEST and Pantos tokens and is used for staking, governance, and gas on Vision Chain (an OP Stack-based Layer 2 network). Florian previously oversaw Vision's product, business, and external communications, and announced on 10-19 that he would leave at the end of October.