November 18, Uniswap founder Hayden Adams announced that he has submitted the "Uniswap Governance Proposal to Enable the Fee Switch" for a temperature check vote.If this vote passes, the only remaining step is to proceed with a full on-chain vote.

November 18th. Founder of DeFiance Capital, Arthur, expressed in a post that the product design of crypto derivatives (mainly perpetual contracts) and their related market structure are still the biggest issues that the industry must address before sustainable development to the next stage. The industry cannot afford to go through wealth destruction events of this scale time and time again while pretending that everything is normal without fixing structural issues. However, there is hope to build better products by drawing from historical experiences.Founder of Wintermute, Evgeny Gaevoy, replied to this by stating that traditional finance has long solved these issues, and the real problem is not the design of perpetual contracts but rather those centralized (and semi-decentralized) exchanges that combine market-making, a centralized limit order book (CLOB), and custody in one entity.

November 18th, Yala's official statement on the anchor release of its stablecoin YU and liquidity crisis.· On September 14, 2025, Yala suffered a hack, losing $7.64 million USDC (equivalent to about 1636 ETH at the time). Although this incident caused YU to temporarily unpeg, there were no vulnerabilities in the core protocol. The team injected $5.5 million of funds to maintain stability. Subsequently, YU reanchored, and the protocol resumed normal operation.· On October 29, 2025, the Bangkok law enforcement agency arrested the hacker, and most of the affected funds were recovered from the hacker. The case is currently in the judicial review stage. However, due to some funds being converted to ETH before recovery, the subsequent price drop and the funds consumed by the attacker have led to a reduction in the actual recovery value.· A recent retail exodus from the DeFi market has triggered further panic, putting additional pressure on an already illiquid market. Euler has also been affected. The previously used positions and liquidity to stabilize YU are currently restricted.· Yala did not integrate with the Kamino lending product, and the AyCJ initial wallet is not owned by the Yala team or related members.· The team is assessing the scale of funding required for stabilization in the market and is working with law enforcement agencies and funding partners to advance financing. Given the current liquidity squeeze of multiple protocols and assets, this process will take time. The team commits to announcing a specific plan by December 15, 2025, including the fund recovery path and subsequent operational measures.

November 18th, mainstream crypto treasury (DAT) company mNAV all fell below 1, including:Strategy (MSTR) has an mNAV (Enterprise Value to Bitcoin Holdings Value ratio) currently at 0.937. Strategy's market value has fallen to $56 billion, with its current holdings of 649,870 BTC valued at $59.9 billion.Metaplanet's mNAV is currently at 0.912. Metaplanet's market value has fallen to $2.61 billion, with its current holdings of 30,823 BTC valued at $2.84 billion.Bitmine (BMNR) ranks first in Ethereum institutional holdings, currently holding about 3.51 million ETH valued at approximately $10.63 billion. Its market value has fallen to $8.81 billion, and mNAV is currently at 0.83.SharpLink (SBET) ranks second in Ethereum institutional holdings, currently holding 860,000 ETH valued at approximately $2.61 billion, with a market value of $2.02 billion. mNAV is currently at 0.84.

November 18th, according to Onchain Lens monitoring, in the past 24 hours, a whale has spent 31.16 million USDT to purchase 10,275 ETH at an average price of 3,032 USD.Since November 12th, the whale has spent a total of 41.89 million USDT to purchase 13,612 ETH at an average price of 3,077 USD.

November 18, according to HyperInsight monitoring, as the market continued to fall, the "buddy" ETH 25x leveraged long position has experienced multiple liquidations. The cumulative loss has now exceeded $19.35 million. Currently holding 368.88 ETH in a long position, valued at $1.11 million, with a liquidation price of $2963.3.

November 18th, according to The Block, Ethereum founder Vitalik showcased the privacy-enhancing encryption tool "Kohaku" at Devcon, aiming to enhance the privacy and security of the Ethereum ecosystem.Kohaku is an open-source initiative designed to enhance on-chain privacy and security. It provides a modular framework consisting of foundational components, allowing developers to build more secure, privacy-focused wallets without relying on centralized third parties. In the future, it may also incorporate additions such as a mixnet and other network-level anonymity tools, as well as a Zero-Knowledge (ZK) technology-driven browser.At the Ethereum Cypherpunk Gathering, Vitalik emphasized that Ethereum is on a "privacy upgrade path," aiming to provide "privacy and security that is truly suitable for the real world."

November 18, according to an official announcement, Coinbase will list Superfluid (SUP) spot trading on November 17 and will list Toncoin (TON) spot trading on November 18.

November 18th — Federal Reserve Governor Waller stated that he supports another rate cut at the December meeting as he is increasingly concerned about the sharp slowdown in the labor market and employment. Waller said, "I'm not worried about accelerating inflation or a significant increase in inflation expectations. My focus is on the labor market, which, after several months of weakness, is unlikely to be changed by this week's September employment report or any other data in the coming weeks. It is necessary to cut interest rates again." Waller specifically noted that he tends to cut rates by 25 basis points once again.Waller said, "I am concerned that restrictive monetary policy is putting pressure on the economy, especially its impact on low- and middle-income consumers. The December rate cut will provide additional insurance against the labor market accelerating weakening and move policy towards a more neutral direction." At the same time, he stated that price data indicates that tariffs will not have a long-term impact on inflation. Another rate cut would be a risk management practice. (FXStreet)

November 18th, in an article by the "Fed Heard" Nick Timiraos, it was pointed out that Federal Reserve officials are facing a challenge in how to resolve rate disagreements. He listed the two camps within the Federal Reserve, with one camp being more concerned about inflation, a group that has recently grown in size, including four regional Fed presidents with voting rights this year and Fed Governor Brainard.The other camp of officials is more concerned about the labor market, including all three Fed governors appointed by Trump, who fear that their colleagues may overemphasize the danger of sustained high inflation, leading to unnecessary recession risks, and they believe high inflation is still far away. Nick stated that in any case, the December meeting may have at least three dissenters, with the three Trump-appointed officials opposing keeping rates unchanged; and if the Fed cuts rates by 25 basis points, the dissenting votes will also reach at least three. (Golden Finance)