• Web3 on Fire
  • Posts
  • šŸ”„ The $300 TRILLION mint that blew the lid off stables

šŸ”„ The $300 TRILLION mint that blew the lid off stables

+ Ambire BUYS BACK 10.7% of supply 🤯

GM, frens! ā˜•ļø 

Crypto always looks like it’s reinventing itself - new metas, trends new narratives, new hyped coins every other week. But if you’ve been here long enough, you start to notice the pattern beneath all this.

The chaos is the constant. This is what stability looks like šŸ§™ 

Here’s what we’ve been watching this week:

  • šŸ’°The 300 trillion dollar mint that blew the lid off stables

  • šŸ’Ž Ambire buys back 10.7% of supply

  • šŸ“† Uptober RESUMED? The market that refuses to stay downšŸ› ļø Ethereum keeps cooking: 16 000 new builders joined in a single year

The W3oF Degen Portfolio reflected that perfectly - quiet on the surface, steady underneath.

Come hang in the Discord - the metas are temporary, but frens are forever šŸ’Ÿ

The 300 trillion dollar mint that blew the lid off stables

Stablecoins live permanently under suspicion. Every other time there’s another ā€œaudit leakā€, a shadowy wallet, a rumor about missing collateral - but by now, everyone learned to ignore it🄸 

The FUD has lost its bite. Tether keeps printing, USDC keeps lobbying, and many other giants slowly join the rotation, promising to be the ā€œresponsibleā€ face of onchain dollars.

This week though, Paxos went full goblin mode šŸ‘‡ļø 

For a brief window in blockchain history, 300 trillion on chain dollars existed. That’s merely double the GDP of the whole humble Planet Earth, created by a regulated entity in partnership with one of the largest payment firms šŸ¤¦ā€ā™‚ļø 

  • It took 22 minutes for the mistake to be noticed and burned, but the number stuck around long enough to remind everyone how fragile ā€œtrustā€ really is in digital money šŸ’µ 

  • The response was clinical: technical error, internal transfer, no breach, funds safe. The usual phrasing that says everything and explains nothing.

  • But no one seemed bothered - not traders, not DeFi protocols, not even the regulators watching from their dashboards. The market barely blinked.
    It’s as if collective disbelief has given way to something worse: numb acceptance 🤪 

PYUSD’s architecture uses six decimal places instead of eighteen, a tiny detail that turns a misplaced integer into a planetary event. Code executed as written, humans erred as usual, and the blockchain recorded it faithfully for eternity.

When Paxos claimed it had ā€œaddressed the root causeā€ the line landed with the same gravity as an intern’s apology for spilling coffee on the server rack ā˜•ļø 

DeFi protocols like Aave reacted faster than any regulator, freezing PYUSD just in case.
That detail alone should’ve been the headline: decentralized systems stepping in to protect centralized money 🫠 

If not for that, liquidations would’ve possibly followed, collateral would’ve vaporized, and the dominoes could’ve reached far beyond PYUSD itself.

By the time the fat finger memes stopped, analysts were already connecting the dots. This wasn’t the first time: Binance has accidentally minted wrapped ETH, Tether has mis-issued billions, and Circle has brushed up against its own decimal ghosts.

Every time, the error gets patched, the statement is issued, and everyone moves on.

It’s not that the market doesn’t care, it’s that it’s learned to live with the absurdity šŸ¤·ā€ā™‚ļø 

Ambire buys back 10.7% of supply

In a market where most tokens depend on promises, Ambire is using math.
The project confirmed that swap fees have already funded the buyback of 78 million $WALLET, equal to 10.7% of total supply šŸ˜² 

Live revenue cycling back to holders instead of endless reshuffling of treasuries.

  • All of it comes from actual use. Every swap on Ambire’s smart wallet contributes to the pool that’s been steadily pulling $WALLET off the market.

  • Basically, an old school approach in a space that rarely rewards patience - growth through activity instead of empty marketing 🧠 

The mechanism is simple but effective: all fees flow into buybacks, tracked openly through buybacks.ambire.eth, a watch only on-chain account anyone can verify šŸ”ļø 

Many were asking themselves: can a wallet actually have a viable token? The answer is.. yes, yes it can 🧐 

Uptober RESUMED? The market that refuses to stay down

For a market that’s supposedly on the edge of collapse every six weeks, crypto’s got remarkable stamina šŸ¤” 

The first half of October tried its best to kill the mood.

Billions in leveraged positions vanished in a single moment last weekend, which also became the largest liquidation event in crypto’s history šŸ’ø 

Every other cycle, that would’ve triggered years of fear cycles. This time, it barely lasted a couple of days.

  • By mid week, total market cap was back near $4 trillion. Bitcoin reclaimed $108K, then settled just below $111K. Altcoins stopped bleeding. Analysts, traders, even the permaskeptics agreed on one thing: this was just maintenance šŸ”§ 

Too much leverage, too fast, degens got too greedy. A mechanical clean up. The kind of flush that forces everyone to step back, repricing what’s possible and what’s stupid. The very popular current meta of perp DEX and leverage trading didn’t help too 🫄 

  • But unlike the old crashes - the ones that carried names like FTX, 3AC, or Luna - this one didn’t come with a huge death spiral. The market stabilized. Funding rates normalized. Open interest cooled. New capital started dripping back in almost immediately šŸ’°ļø šŸ’°ļø 

Volatility is the point

Near term volatility? It’s staying for the foreseeable future. šŸ“ˆ 

But bearish conviction is surprisingly thin. Even after the wipeout, most analysts expect a positive end to the month šŸ‚ 

And through it all - the political noise.

  • Every cycle, new headlines pretend to matter. Trade wars, rate cuts, new sanctions, elections, endless ā€œsummitsā€. Each one shakes the market for a few hours before fading into irrelevance. This month it’s tariffs again, with U.S. and Chinese officials reportedly scheduling a meeting to ease tensions. Next month it’ll be something else šŸ¤¦ā€ā™‚ļø 

  • The world keeps arguing, and crypto keeps absorbing it - turning global instability into a kind of background radiation that fuels the next leg up.

That’s been true for years. We panic, we fight, we derisk, and after the dust settles the chart ALWAYS points north 🟢 

The pattern that keep repeating

Every bear phase teaches the same lesson: nothing ends it - not regulation, not politics, not liquidations. The market just pauses, cleans up, and moves again.

The so-called ā€œblack swansā€ are starting to look like routine weather. FTX collapsed, crypto survived. China banned mining, miners relocated. Leverage imploded, Uptober resumed ā±ļø 

Year after year, it’s the same story dressed in new headlines: the market corrects, everyone screams apocalypse, and six months later we’re higher than before.

So here we are again: the market flushed. Uptober’s back on schedule 🫔 

Ethereum keeps cooking: 16 000 new builders joined in a single year

There was a time when every few months someone claimed they’d built the next big chain. New logos, new hype, new ā€œEthereum alternativesā€. That BS doesn’t exist anymore - the devs stopped arguing and got back to work, most of them on the same chain they started from 🫔 

The data just made it official šŸ‘‡ļø 

Over 16,000 new developers joined Ethereum’s ecosystem in 2025, pushing the total above 31,800 active builders šŸ› ļø 

This month’s Fusaka testnet on Sepolia is part of that story šŸ‘€ 

  • The update expands Ethereum’s capacity and introduces a new way for nodes to share data called PeerDAS. It means faster validation, lower costs, and more room for apps to scale without losing the network’s reliability šŸŒŽļø 

  • It’s one more technical piece in a line that started years ago - The Merge, Dencun, now Fusaka - each one pushing the network further.

That’s what Ethereum has become: the steady part of a volatile industry.

The momentum shows up everywhere. Rollups like Arbitrum, Base, and Optimism hold more than $52 billion combined.

Most new projects plug directly into Ethereum’s infrastructure because it’s easier, safer, and proven šŸ”Ø 

Developers build there because that’s where the liquidity is, where the audits have history, where things actually survive the cycle. And there’s more to come.

Other worthy reads

Thoughts on current state of affairs on CT, by Otto Suwen:

ā€œHow to find all of an insider’s wallet addresses from their traces on Polymarket?ā€ by Marko

ā€œThe Binance Liquidity Collapse: What Really Happened Between 21:18 and 21:20 UTCā€ by Benson Sun:

MEMES

That's all for now, frens.

We'll meet in a week! And remember, the market conditions are temporary, but our commitment to building a better Web3 is here to stay. Thanks for joining us, and we look forward to seeing you back next week. Cheers!

Yours, The šŸ”„ Team

Brought to you by Ambire: The Only Web3 Wallet That You’ll Need!