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Change doesn’t always come with fireworks, most of the time it happens stealthily, stacking small changes until suddenly everything looks different.

Blink, and you realize you’ve crossed a line without noticing 🤯 

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

• 🐶 First memecoin ETF about to go live (nothing stays a joke forever)

• 🫡 SEC flips - most tokens aren’t securities & A NEW ERA incoming

• 🪞 Black Mirror crosses into Web3 with its own token

• 🌪️ DeFi’s gravity well: Ethereum apps tower at $330B

The W3oF Degen Portfolio has changed too; we’ve now got $WALLET. A lot of $WALLET. 

And if there’s one universal truth in crypto, it’s this: you can never have enough $WALLET.

Do you agree? Come talk to us about it with us in Discord 😎 

First memecoin ETF about to go live (nothing stays a joke forever)

Last week we talked about the ETF wave and how it was only a matter of time before shitcoin-inus followed Bitcoin and ETH into Wall Street’s filing cabinets.

Well, we didn’t have to wait for too long, the time is officially up. Though the dog in question is the original one: Dogecoin 🐶 

• Bloomberg’s Eric Balchunas said the first US Doge ETF was set to launch this week (at first), marking the moment when the world’s most unserious coin gets wrapped in the world’s most serious financial wrapper 💵 

He later posted an update clarifying that the launch of the Rex-Osprey Doge ETF ($DOJE) was pushed back a bit, now expected for mid week the following week, likely Thursday 👇️ 

If you think about it, memecoin ETFs were inevitable. Once institutions got comfortable with Bitcoin and ETH, the next logical step wasn’t more of the same coins, it was the coins that define crypto’s heartbeat. And that means degens 🙄 

• DOGE has always been bigger than its utility (or lack thereof). A cultural asset, a joke that outlived its punchline, a meme that accidentally became a $36B market. The fact it’s now ETF eligible isn’t an absurdity per se, more like a natural progression of how Wall Street monetizes culture 💎 

• And this won’t stop with DOGE. The actual ultradegen shitcoins aren’t far behind. Take Trump’s meme token family dinner for example and how it proved there’s demand for pure speculative wrappers 🤔 

The memecoin ETF era is going to test just how far institutions can stretch the definition of “exposure” 🥴 

• Like, what happens when a meme, by definition volatile and chaotic, becomes bound up in the machinery of institutional finance? Will DOGE’s next pump and dump cycle shock and change the ETF game forever? Will regulators start treating meme markets as systemic risks?

We’re heading into uncharted waters, where degens and pensioners might suddenly share the same bag 💰️ 

• But that’s also the beauty of it. Memecoins aren’t about fundamentals, they’re about going insane as a collective (+ a lot of raw liquidity) and those are exactly the things Wall Street has thrived on for centuries 👀 

In a way, memes aren’t really corrupting finance, they reveal what finance has always been: narratives dressed up as products, speculation turned into structure.

SEC flips - most tokens aren’t securities & a new era incoming

For years, the SEC’s stance on crypto felt like a hammer in search of nails. Every token looked like a security, every project looked guilty until proven otherwise, and every courtroom drama ended with more confusion than clarity. But this week, something cracked 👇️ 

• SEC Chair Paul Atkins stood before a room at the Organization for Economic Cooperation and Development and announced what would’ve sounded like science fiction just a year ago: “Most tokens are not securities” 🥳 

That line alone rewrites years of courtroom battles and crushed projects. But Atkins didn’t stop there.

The SEC is working in accordance to their Project Crypto that they’ve announced not that long ago, it’s a plan to ditch piecemeal enforcement and build one unified regulatory framework. Trading, lending, staking: all under a single rulebook instead of the endless guessing game 🧠 

Atkins called it “a new day at the SEC” and for once, it actually feels like it.

• Instead of endless piecemeal lawsuits, there’s now talk of one unified framework - covering trading, lending, and staking. Imagine a world where instead of dodging subpoenas, builders can ship products under a clear set of rules 🤡 It’s almost too rational for U.S. law makers and regulators, but here we are.

• And then came an interesting part: “super apps”. Platforms that integrate all of it - trading, lending, staking - under one regulatory umbrella. It’s the kind of phrasing that makes TradFi execs sweat and crypto degens smirk.

• Because you already know who’s already building “super apps”: Binance, Coinbase, even TG. The SEC isn’t just tolerating the idea anymore. It’s saying: go ahead, but do it under our watch 👁️ 

The symbolism matters. Europe has MiCA. Asia has been testing tokenized rails for years. The U.S. was playing whack-a-mole. But now, the chair of the biggest financial regulator on Earth is signaling alignment instead of resistance 🙃 

Will it hold? The SEC has a history of talking soft and swinging hard. But if Atkins’ speech is more than a headline grab, then September 2025 might be remembered as the month America finally stopped shadowboxing crypto and decided to actually regulate it like adults.

And that would change everything.

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Black Mirror crosses into Web3 with its own token

Black Mirror has always specialized in holding up a mirror to society’s obsession with technology 🪞 

Now, in what almost feels like one of its own episodes, the franchise has stepped directly into Web3 🤯 

After months of prep, official rights holder Banijay Entertainment, alongside Pixelynx and heavyweight crypto partners like Avalanche, Solana, Republic Crypto, and Animoca Brands have launched the $MIRROR token 👇️ 

It was a long prepared expansion of the Black Mirror universe, designed to merge entertainment, blockchain, and community engagement.

• More than 400,000 people registered for its airdrop ahead of launch on September 8, when $MIRROR debuted on Coinbase’s Base blockchain. The rollout was immediate: listings on Kraken, Gate.io, MEXC, and Binance Alpha put the token directly into the hands of traders and fans 🪙 

• The market reaction was predictably chaotic. $MIRROR opened around $0.045, surged to $0.084, and corrected back toward $0.060 within a day 📉 

• The token now sits at a $6 million market cap, with a fully diluted valuation of about $62.5 million, modest by crypto standards 📺️ 

• The reason it didn’t explode like you’d think it was supposed to: keep in mind the mishap that happened with another netflix show coin, the Squid Game, not that long ago (spoiler: completely rugged).

What makes it spicy is the ecosystem Banijay is trying to built around it. Apparently, holders gain access to dynamic NFTs called Black Mirror Personas, which evolve based on user activity. 7,000 of these sold out within hours at $40 each (also pretty modest).

Token utility extends to voting on creative decisions, unlocking rewards, and participating in community driven expansions 🤔 

Btw, one of the show’s most famous episodes, Nosedive, imagined a society where social credit scores dictated who thrived and who was left behind. And now.. fans can literally participate in a similar system (albeit gamefieid and onchain) turning satire into lived reality 🤨 

Early litepaper already teased more stuff.

• According to the project’s own materials months back, Iris the AI helper would monitor wallet activity and social behavior, then assign reputation scores that echo Black Mirror’s storylines 🤖 

• Posts, trades, even memes could theoretically tip your score up or down. A “social ID card” NFT was promised as a passport through the ecosystem, complete with badges and stains marking your onchain life.

For entertainment producers, stuff like this could be a template for how major media IPs expand into Web3. If it works out.

Embedding audiences inside the storyworld itself via onchain shinanigans. This just shows there’s a lot of stuff to expect when it comes to these kind of economies 💰️ 

DeFi’s gravity well: Ethereum apps tower at $330B

Ethereum was left for dead more times than anyone can count. Too expensive. Too slow. Solana was eating its lunch. Tron had the stablecoin flow 🤡 

And every few months, someone somewhere declared ETH “washed” and told us it was over for it, it’s just a settlement layer with no real juice left.

Fast forward to now: Ethereum apps are sitting on $330 billion in user deposits.

$330B locked in DeFi contracts, lending protocols, and stablecoin markets. The number puts ETH far ahead of (for example) the self-appointed-ETH-killer Tron by a… puny $250B, with Solana not even in the same league 🗿 

What’s happening is simple.

DeFi is back, and turns out Ethereum is still the only chain with the depth to handle it.

• Lending apps are leading the charge: Aave just smashed through $40B TVL, printing over $3M in daily fees.

• Solana’s equivalent Kamino managed $3B, less of a tenth of that, and still got branded an insane success. Perspective matters 🤷‍♂️ 

Ethereum’s economic activity is heating up with it 👇️ 

• App fees, TVL growth, stablecoin rails. The cycle is echoing 2021, but with less dust and more serious real yield.

• The numbers show Ethereum isn’t just locking value, it’s generating it. Over $42M in daily revenues during peak days isn’t a side hustle. That’s big Wall Street level business, onchain 💵 

Of course, there are caveats. On some days Solana still wins the fee race, riding hype driven activity. But Solana’s liquidity is shallow, one day it’s there and the second day some other meme is blowing up and it’s gone. And whales know it. Ethereum’s depth makes it the chain where serious money actually parks 🤓 

The tags write themselves here: ETH apps now hold one third of a trillion dollars.

A chain that’s losing relevance? Or the gravitational center of crypto finance?

Turns out Ethereum didn’t need to become more fast or cheap or trendier. It just needed to continue building 👷 

Other worthy reads

Great apps don't let you manage token approvals. They simply keep you safe 👀 👇️ 

“The Alt DAT Cheatsheet” - a good article on crypto digital asset treasuries by Timothée:

“Quit Just Reading About Prediction Markets” by Richie:

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 🔥 Team

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