Welcome to the protocol, Coindesk’s weekly wrapping of the most important stories in cryptocurrency tech development. I am Margaux Nijkerk, a reporter in Coindesk.
In this number:
- BTCFI’s big problem: 77% of Bitcoin holders have not even tried it, says study
- Ethereum’s Fusaka upgrade consists of Holeky Test, moving closer to Mainnet
- Doublezero Mainnet goes live with 22% of the stacked sun on board
- Bee Maps traveling $ 32m to scale Solana-driven decentralized mapping network
Network news
Bitcoin holders are hesitant to explore BTC Defi: Bitcoin Decentralized Finance (Defi), also known as BTCFI, has been touted as the next wave of innovation for the world’s largest cryptocurrency. However, research suggests Bitcoin holders themselves are hardly engaging. About 77% of Bitcoin holders have never tried a BTCFI platform, according to a survey of more than 700 respondents over North America and Europe at BTC Mining Ecosystem Gomining. Just over 10% reported having experimented once or twice, while only 8% said they are actively using BTCFI services for dividends or lending. The study highlights a sharp interruption between the sector’s promise and its actual reach. “There is a huge appetite for these options, but the industry has built products for crypto -natives, not for everyday Bitcoin holders,” said GoMining -Managing Director Mark Zalan in a statement. This appetite emerges in the data: 73% of respondents expressed interest in earning dividends on their BTC through lending or efforts, while 42% want access to liquidity without selling. Still, hesitation dominates. More than 40% said they would allocate less than 20% of their stocks to BTCFI products, emphasizing the sector’s confidence and complexity problem. – Jamie Crawley Read more.
Ethereum Fusaka upgrade on Holeky Testnet goes live: Ethereum’s next upgrade, Fusaka, moved just closer to going live on the main block after a successful test run on Holeky Test Network last week. Fusaka Hard Fork comes just a few months after Ethereum’s largest pectra upgrade and is designed to make things cheaper for institutions using Ethereum. One of the changes it introduces is Peerdas, a feature that lets validators only control some of the necessary data instead of full chunks (“blobs”) that help reduce the cost of both LAG-2 networks and validators. Test networks such as Holeky function as practices where developers can safely test new code before it reaches the right chain. Holeky, launched in 2023, was especially important because its validator setup closely mirrors Ethereum’s mainnet. But over the past few months, Holeky has begun to show signs of age and reliability problems. Fusaka is the last upgrade that the network will see before it shuts down – two weeks after Fusaka goes live on Mainnet. The next two test networks -runs are scheduled for October 14 and 28. After they finish, Ethereum developers will lock a date of Fusaka’s full mainnet launch. – Margaux Nijkerk Read more.
Doublezero Mainnet goes live: A new project wants to give Blockchains their own “fast track” on the Internet. DoubleZero Foundation announced that its highly expected Mainnet-Beta is live. DoubleZero is a network built to speed up how blockchain validators talk to each other. Instead of relying on the public internet, which can sometimes be slow and unpredictable, Solana Validators can now connect through DoubleZero’s fiber routes that let users act faster. Simply put, DoubleZero is a private motorway system for blockchains. While normal Internet routes are designed to be cheap and wide, they are not built for the split second coordination, thousands of blockchain nodes need. Doublezero says its network reduces delay and makes it easier for validators to treat transactions and remain in synchronization, which can improve both performance and reliability of end users. The project has already seen early adoption. Currently, 22% of the stacked sun is connected to the DoubleZero network. Large industry names such as Jump Crypto, Galaxy, Rockawayx and Jito contribute with fiber connections and engineering resources, and bet that faster Internet infrastructure will pay off as a blockchain application scale. – Margaux Nijkerk Read more.
Bee Maps travel $ 32 million. In financing round: Bee Maps, the decentralized mapping project run by HIVAPS, has collected $ 32 million in fresh financing to expand its global contributor network and scale its infrastructure this week. The round was led by the Panttera Capital, LDA Capital, Borderless Capital and Ajna Capital, which marked one of the largest funding in the decentralized physical infrastructure (depin) sector this year. Bee Maps is an application on the HIVAPS ATTACH, which is one of the largest decentralized physical infrastructure network (Depin) that focuses on mapping data about Solana. HIVERS allow drivers to contribute data through AI-activated Dash Cams, which detect real-time changes on roads (such as new signs of roads, detours or construction zones), ensuring that digital maps can quickly update to remain accurate. Bee Maps utilizes this infrastructure by rewarding contributors with its original token, $ honey, for the collection of street level imagery. Raugh highlights strong investor appetite on BI Maps’ vision of real time, AI-driven cards. In recent months, Bee Maps has joined forces with larger players, including Lyft and Volkswagen’s Robotaxi program to bring his mapping data to their platforms. The fresh capital will be used to distribute multiple devices, improve the AI ​​models this process and update card functions and increase contributors incitaments tied to $ honey. – – Margaux Nijkerk Read more.
In other news
- Kaio, the tokenization company, supported by Brevan Howard and Nomura Bank’s cryptophocused laser-digital, brings its tokenized funds to the SEI network (SEI) as demand for the real world is expanded. The company, formerly known as Libre Capital, has issued over $ 200 million in assets, including token versions of feeder funds from Brevan Howard, Hamilton Lane, Laser Digital and a Blackrock Fund, planning to expand access to additional strategies. Tokens available to institutional and accredited investors allows onchain subscription, redemption and reporting. The SEI network, built for high-speed financial transactions, provides the underlying rails for execution. Kaio’s expansion follows Ark-Supported Tokenization Company Securitize Introduction of $ 112 million Apollo Diversified Credit Fund, a tokenized feeder fund in Apollo’s private credit vehicle, to SEI. The message highlights a growing trend in tokenized assets in the real world (RWAs), where traditional investments such as bonds, credit and funds are represented as digital tokens. – Kristzian Sandor Read more.
- Yuma, a subsidiary of Digital Currency Group (DCG) focusing on decentralized artificial intelligence (AI), has appointed veteran -crypto founders Greg Schvey and Jeff Schvey to his new CEO and Chief Technology Officer respectively. The employment marks a key expansion for Yuma as it scales operations across the Bittensor network, including validator, mining and subnet accelerator initiatives, preparing to launch an asset management division, the company says. Schvey Brothers is best known for founding Tradeblock, an institutional crypto data and portfolio management platform acquired by DCG, and Axoni, a blockchain infrastructure company serving traditional financial markets. Axoni’s largest business unit was acquired by the London Stock Exchange Group (LSEG) in 2024. DCG was an early investor in both ventures. – Will Canny Read more.
Legislative and politics
- Bank of England (Boe) is planning exceptions to its proposed limits on stableecoin’s holdings, Bloomberg reported earlier this week. Boe will give exceptions to some companies that need to have large quantities of tokens, such as crypto exchanges, the report says, referring to a person who is familiar with the case. Britain’s central bank will also allow companies to use stableecoins for settlement in its digital securities sandbox, the people said. Last month, it was reported that Boe officials were planning to introduce caps of 10,000-20,000 pounds ($ 13,400- $ 26,800) for individuals and £ 10 million ($ 13.4 million) on stableecoins. Digital Asset Industry numbers criticized the plans as useless. Boe Governor Andrew Bailey expressed skepticism about stableecoins in July, highlighting possible threats to economic stability and warned global investment banks against developing their own. – Jamie Crawley Read more.
- Securities and Exchange Commission is still looking to formalize an “innovation exemption” for businesses to build on digital assets and other innovative technologies in the United States, potentially as soon as the end of the quarter, agency chairman Paul Atkins said. While he acknowledged that the current government’s shutdown had “Hamstrung” SEC’s ability to make progress in regulation, Atkins said that working with this exception is still his priority for the end of the year or the first quarter of 2026, he said at a futures and derivatlov report event, hosting the law firm Cat Cat Muchin Rosenman LLP in Midtown Manhattan on Tuesday. The SEC chair opened with one of his now-public re fromins: that crypto is “job one” and the agency has become a pro-innovation organ that wants to encourage developers and entrepreneurs to build in USA- Nikhilesh they Read more.
Calendar
- 13-15 October: Digital Asset Summit, London
- 16.-17. October: European Blockchain Convention, Barcelona
- November 17-22: DevConnect, Buenos Aires
- 11-13. December: Solana Breakpoint, Abu Dhabi
- 10-12. February 2026: Consensus, Hong Kong
- 17-21 FEBRUARY 2026: ETHENVER, Denver
- 30 March-A-APR. 2: ETHCC, Cannes
- 5-7 May 2026: Consensus, Miami
