Ethereum developers are preparing for the second network upgrade of 2025 that will launch on the blockchain mainnet on Wednesday. Fusaka, a combination of the names Fulu + Osaka, consists of two updates that occur on Ethereum’s consensus and execution layers at the same time. The goal of the upgrade is to allow Ethereum to handle the high transaction throughput of Layer 2 chains that use the blockchain as a base layer.
Grayscale is expected to convert its chain link trust in an exchange-traded fund on Tuesday. The conversion will create the first on-chain ETF and conclude a journey that began in September. It will join ETFs that include the two largest cryptocurrencies, bitcoin and ether as well as solana and and follows less than a week after the debut of his offering, the Grayscale Dogecoin Trust ETF (GDOC).
What to watch
- Crypto
- December 1: 21Shares Core XRP Trust (TOXR) is expected to begin trading on the Cboe BZX Exchange.
- December 1: Ontology (ONG) activates mainnet update v3.0.0, reducing ONG supply from 1 billion to 800 million, locking liquidity, extending issuances, and optimizing network performance.
- December 1: Qtum (QTUM) is expected to experience its second halving event, reducing mining rewards by 50% from 0.5 QTUM to 0.25 QTUM per block.
- December 1 – Starknet (STRK) activates “Privacy Offenders” on the mainnet with Layer 2 masking for private criminal trading.
- December 2: The Grayscale Chainlink Trust ETF (GLNK) is expected to begin trading on NYSE Arca, converting the existing Chainlink trust into a spot Chainlink ETF.
- December 2, 12 pm: December 2: MultiversX (EGLD) “Stake V5” mainnet upgrade goes live in 1951.
- December 2: The VeChain (VET) Hayabusa hard fork upgrade goes live on the mainnet at block 23,414,400.
- December 3 – Ethereum’s Fusaka network upgrade goes live at epoch 411392 on the mainnet. Live streaming link.
- December 7: The Beldex (BDX) “Obscura v7.0.0” hard fork update is scheduled at block height 4939540 on the mainnet.
- Macro
- December 1: The Federal Reserve ends quantitative tightening (QT), ceasing balance sheet reduction as of this date, as it aims to stabilize financial markets amid increasingly tight liquidity conditions.
- December 1, 8 am: November S&P Global Manufacturing PMI in Brazil (previous 48.2).
- December 1, 9:30 am: November S&P Global Manufacturing PMI in Canada (was 49.6).
- December 1, 9:45 am: US November (final) S&P Global Manufacturing PMI Est. 51.9.
- December 1, 10 am: November S&P Global Manufacturing PMI in Mexico (previous 49.5).
- December 1, 10 am: US ISM Estimated November Manufacturing PMI. 48.6.
- December 1, 8 pm: Speech by Federal Reserve Chairman Jerome H. Powell. Watch live.
- December 2, 10 am: Speech by Federal Reserve Vice Chair for Supervision Michelle W. Bowman. Watch live.
- December 3, 8 am: Brazil, November, S&P Global PMI. Services (Previous 47.7), Composite (Previous 48.2).
- December 3, 8:15 am: US November ADP Job Change (Previous 42K).
- December 3, 9:30 am: Canada, November, S&P Global PMI. Composite (Previous 50.3), Services (Previous 50.5).
- December 3, 9:45 am: US November S&P Global PMI (final) Est. Composite. 54.8, Est. Services 55.
- Dec 3, 10am: US November ISM Services PMI (previous 52.4).
- December 4, 7 am: Brazil’s third quarter GDP growth rate. QoQ (previous 0.4), YoY (previous 2.2).
- December 4, 8:30 am: US Initial Jobless Claims for the week ending November 29 (previously 216,000), continuing unemployment claims for the week ending November 22 (previously 1960,000).
- December 4, 12 pm: Speech by Federal Reserve Vice Chair for Supervision Michelle W. Bowman.
- December 5, 7 am: Brazil October IPP. Year-on-year (previous -0.4), month-on-month (previous -0.25%).
- December 5, 8:30 am: Canada’s November unemployment rate (previously 6.9%).
- Dec. 5, 10 a.m.: University of Michigan December US Consumer Sentiment Index Survey (Preliminary) (previous 51st); Inflation expectations (previously 4.5%).
- December 5, 10 am: US September PCI Price Index Headline Est. YoY 2.8%, Est. intermonthly. 0.3%; Main year-on-year est. 2.9%, est. intermonthly. 0.2%.
- Earnings (estimates based on FactSet data)
- December 1: Cango (CANG), post-market.
- December 2: Forward Industries (FWDI), post-market.
symbolic events
- Governance votes and calls
- Lido DAO is voting to authorize the conversion of dormant treasury stablecoins into yield-bearing sUSDS or tokenized money market funds (TMMF) to generate income. Voting ends December 1.
- GMX DAO is voting to approve a budget to compensate members of its newly elected governance, listing and security committees for their work over the next six months. Voting ends December 1.
- Decentraland DAO is voting on a proposal to commission an independent audit of Regenesis Labs from community member “Maryana” to address concerns about the use of funds and transparency. Voting ends December 2.
- Arbitrum DAO is voting to elect the final three AGV Council 2026 members from a pool of six candidates. Voting ends on December 4.
- The Rootstock Collective is voting to establish and expand the Rootstock (RSK) community in Ghana. This initiative focuses on driving adoption of the Bitcoin sidechain by onboarding new users and training local developers. Voting ends on December 4.
- Aavegotchi DAO will vote to elect a new director for its founding company following the resignation of current directors. Voters can choose between two candidates or vote to appoint both to ensure legal compliance and operational continuity. Voting ends December 6.
- Unlock
- December 1: to unlock 1.19% of its circulating supply worth $68.07 million.
- December 1: to unlock 10.79% of its circulating supply worth $23.07 million.
- December 2: to unlock 0.58% of its circulating supply worth $11.77 million.
- December 10: to unlock 6.76% of its circulating supply worth $14.63 million.
- Token releases
- December 1: Giggle Academy will see 50% of all trading fees collected from GIGGLE pairs on Binance donated and partially burned.
- December 4: Alpha Partners cross-chain bridge and decentralized exchange goes live.
- December 5: burn 90% and distribute 10% of tokens purchased during the month to ezREZ stakers.
Conferences
