Welcome to The Protocol, CoinDesk’s weekly roundup of the most important stories in cryptocurrency technological development. I’m Margaux Nijkerk, CoinDesk reporter.
In this number:
- ZKsync proposal aims to link ZK token to network revenue
- Olas introduces Pearl v1, the first ‘AI agent app store’
- Ethereum Developers Lock in Fusaka Upgrade for December 3 with PeerDAS Launch
- The Graph Builders, Edge & Node, present an “ampersend” panel to manage payments for AI agents
Network news
PROPOSAL TO CHANGE ZKSYNC TOKENOMICS: The creator behind the Ethereum layer 2 network, ZKsync, presented a proposal to transform its ZK token from a governance instrument to a token with real economic utility. The proposal, “From Governance to Utility: ZK Token Proposal, Part I,” posted by Alex Gluchowski on the ZKsync community forum, outlines how network usage and enterprise licensing could directly return value to the token economy. The move could change the way the ZKsync ecosystem will generate and distribute value. Instead of ZK functioning purely as a governance token, the proposal would make network activity, such as interoperability and enterprise usage, directly influence its economics. The proposal argues that the growing network ecosystem, which now includes modular chains, “Prividium” private networks, and a cross-chain interoperability layer known as Elastic chain, needs a token model that evolves with it. “The ZK token started as a governance tool,” the post says. “Through governance, it can now become the heart of an incorruptible economy.” Under the plan, ZKsync would introduce two main revenue streams. The first would come from on-chain interoperability fees, which are charged when users move assets or messages between ecosystem rollups. The second would be revenue from licenses outside the enterprise toolchain, such as compliance modules or reports designed for institutions that rely on the protocol. — Margaux Nijkerk Read more.
OLAS INTRODUCES FIRST AI AGENT APP STORE: Olas introduced Pearl v1, a decentralized “AI agent app store” that allows users to own and operate autonomous AI agents, combining, it said, the ease of Web2 with the self-sovereignty of Web3. Unlike centralized AI platforms that rent access to users, Pearl provides full control and transparency: every agent action is verifiable on-chain. Users can start with familiar logins like Google or Apple, fund agents via card, and retain full custody of data. Built on principles of ownership, curation and transparency, Pearl offers a growing library of agents for financial, creative and social use cases. The introduction follows a beta success story where Modius, a decentralized finance trading broker, saw over 150% ROI in 150 days. “Centralized infrastructure has achieved global reach and performance, however this concentration means that decisions or failures can strip users of their data and their work entirely. This is why ownership is so important,” David Minarsch, founding member of Olas, said in the release. — cunning will Read more.
FUSAKA ON ETHEREUM MAINNET INKED ON: Ethereum developers officially signed off on the long-awaited Fusaka upgrade for December 3 during the network’s biweekly coordination call. The decision starts the countdown to Ethereum’s second hard fork in 2025. The headline feature of the upgrade is PeerDAS. PeerDAS, one of 12 improvements included in the release, allows validators to verify only parts of data, rather than entire “blobs,” significantly reducing bandwidth requirements and reducing costs for both validators and Layer 2 networks. This will make Ethereum faster and cheaper, both for users transacting and for developers building on the network. The decision was made during the 168th All Core Developers Consensus Layer (ACDC) call, just two days after the update was successfully deployed to Hoodi, the third and final testnet, without any issues. The upgrade will go live on the Ethereum mainnet when the blockchain reaches slot 13,164,544, which is expected to occur at 21:49 UTC on December 3. Margaux Nijkerk Read more.
EDGE AND NODE EXIT WITH AMPERSEND: Edge & Node, the team that created The Graph, launched ampersenda management platform to coordinate how autonomous AI agents operate and transact, the company said. Built on Coinbase’s x402 payment protocol and Google’s A2A communications framework, ampersend adds automation, observability, and compliance controls to what is known as the “agent economy.” As AI agents begin to handle payments, data, and communications on behalf of users and organizations, the lack of standardization has made their operations difficult to monitor. Coinbase launched x402, its agent payments protocol, earlier this year. It is an open source system that allows instant payments with stablecoins on any website. The addition of the ampersand offers a single dashboard where businesses can set spending limits, manage policies, and track activity across networks. Edge & Node developed the platform together with Coinbase, Google, and the Ethereum Foundation’s decentralized AI team. The system also integrates with emerging Ethereum standards such as ERC-8004, designed for agent discovery and reputation monitoring. – Ian Allison Read more.
In other news
- Cryptocurrency exchange Gemini (GEMI) is planning to enter the prediction market sector, Bloomberg reported. The exchange founded by Cameron and Tyler Winklevoss discussed introducing products as soon as possible, according to the report, citing people familiar with the matter. Gemini, which became a publicly traded company on the Nasdaq Global Select Market in September, is considering entering an industry that has gained considerable traction in the last year. Market leaders such as Polymarket and Kalshi rose to prominence during the 2024 US election campaign, during which more than $8 billion in bets were placed on the former’s platform. This has prompted a number of other companies in the financial, technology and media sectors to seek entries into the market. Trump Media & Technology Group (DJT), the parent company behind President Donald Trump’s Truth Social platform, said last month that it planned to roll out prediction markets in partnership with Crypto.com. — Jamie Crawley Read more.
- The US Treasury has imposed new sanctions on a group of North Korean bankers and institutions accused of laundering millions in cryptocurrencies linked to cyberattacks and illicit IT schemes that help finance Pyongyang’s weapons programs. The Office of Foreign Assets Control (OFAC) said eight individuals and two entities were designated for “laundering funds derived from cybercrime and information technology worker fraud,” including proceeds linked to ransomware and cryptocurrency thefts. “North Korean state-sponsored hackers steal and launder money to fund the regime’s nuclear weapons program,” Treasury Under Secretary for Terrorism and Financial Intelligence John K. Hurley said in a news release. — Oliver Caballero Read more.
Regulation and policy
- Former FTX CEO Sam Bankman-Fried’s chances of getting a new trial appear to be diminishing, judging by pointed questioning from an appeals court during a hearing in Manhattan. Bankman-Fried’s push for a new trial hinges largely on her long-standing argument that because most of FTX’s creditors were indemnified in the bankruptcy process (which relied heavily on the sale of illiquid assets, including real estate and venture capital investments), there was actually no actual theft. During defense attorney Alexandra Shapiro’s presentation, appellate judges repeatedly intervened to question her arguments. “There is a right to present evidence about your intent, absolutely, but I don’t understand what you’re saying about that. [being] objective corroboration, when the objective corroboration appears to be that, well, after the bankruptcy, more money was made,” said Circuit Judge Eunice Lee. When Shapiro responded by saying that it was clear at the time of the bankruptcy that there were “very valuable assets in the FTX estate that corroborated Mr. Bankman-Fried’s opinion that [FTX and Alameda Research] were solvent,” responded another judge, Circuit Judge Maria Araújo Kahn, saying: “But [Bankman-Fried’s] The misrepresentations were not about solvency, but about liquidity…part of the government’s theory of the case is that the defendant misrepresented to investors that their money was safe, that it was not being used the way the government claimed, and the jury found that it was, in fact, used. So it wasn’t a question of solvency, right? It was a question of liquidity, of whether they could get their money if they asked for it.”— Cheyenne Ligon Read more.
- President Trump reiterated his claim that he does not know who Binance founder Changpeng “CZ” Zhao is during an interview with CBS News. Trump granted Zhao a presidential pardon in October, nearly a year after the executive pleaded guilty to violating the Bank Secrecy Act and served a four-month prison sentence. Trump told CBS’s Norah O’Donnell that Zhao “was treated very poorly by the Biden administration,” and described the former Binance CEO as a “victim of government weaponization.” The president said he had been told that Zhao “was misled” and that his pardon was aimed at ensuring the United States remained competitive in the cryptocurrency sector. “I don’t know that man at all. I don’t think I’ve ever met him,” Trump said during the CBS interview. “Maybe I did. Or, you know, someone shook my hand or something. But I don’t think I ever met him. I have no idea who he is. They told me he was a victim, just like me and a lot of other people.” During the CBS interview, Trump dismissed questions about conflicts of interest, emphasizing his focus on keeping the United States “number one in crypto” and insisting that his children’s business ventures were separate from the government. — Samuel Reynolds Read more.
Calendar
- November 17-22: Devconnect, Buenos Aires
- December 11-13: Solana Breakpoint, Abu Dhabi
- February 10-12, 2026: Consensus, Hong Kong
- February 17-21, 2026: EthDenver, Denver
- From March 30 to April 30. 2, 2026: EthCC, Cannes
- April 15-16, 2026: Paris Blockchain Week, Paris
- May 5-7, 2026: Consensus, Miami
