Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

Today’s top news:

  • Crypto majors rebound after major NVDA earnings beat; BTC back to $91,800
  • Vitalik warns of quantum computing threat looming by 2028
  • BTC ETFs see net inflows for 1st time in 6 sessions; SOL ETFs spike as well
  • Kraken files for IPO after $800M raise
  • CME set to offer sports event contracts starting in December

🔗 Ethereum Wants All Its L2s To Feel Like One Chain

Ethereum is trying to fix one of its biggest problems: everything on Ethereum feels scattered.

And if they pull it off, Ethereum and its L2 may never be the same.

📌 What Happened

The Ethereum Foundation revealed its early work on something called the Ethereum Interoperability Layer, or EIL.

The idea is simple but ambitious: let any Ethereum L2 talk to any other L2 instantly, safely, and in a way that feels invisible to the user.

No more guessing what chain you’re on. No more juggling tokens or bridges. No more worrying whether your wallet is connected to the right place.

You’d sign a transaction once—and the wallet + network would handle the rest in the background.

They also made a point of tying this to Ethereum’s core values: self-custody, censorship-resistance, open-source development, and privacy.

The roadmap rolls out in phases, starting with basic standards and messaging across L2s, and eventually moving toward real-time, trust-minimized communication between chains.

🗣️ What Are They Saying

“What if all the L2s felt like a single, unified Ethereum? No bridges to think about, no chain names to recognize, no fragmented balances or assets. That’s the vision of the Ethereum Interop Layer (EIL): making Ethereum feel like one chain again - while preserving the trust-minimized, decentralized foundations we all care about.” - Ethereum Foundation researcher Yoav Weiss

🧠 Why It Matters

Today’s Ethereum stack is fragmented: dozens of L2s, each with its own UX, contracts, bridges and token flows.

Interop aims to eliminate that friction and bring users toward the future of “account abstraction.”

Sign into an app and start using it - regardless of what chain the app sits on.

If Ethereum pulls this off, it becomes:

  • Easier to use (one chain feeling)
  • Safer (no more sketchy bridges)
  • More private (data protected even as it moves across L2s)
  • More competitive (especially vs Solana and modular ecosystems)

And it also enables composability, making it easier for existing apps across L2s to work together and build on top of one another.

This all feels majorly bullish for Ethereum (and ETH).

But what about the existing L2 tokens?

Well, in an interoperable future, users won’t care what chain they’re on - and thus it will be harder to assign value to those chains.

Maybe their core valuation metrics will be preserved (TVL, usage, apps) behind the scenes. Something to think about at least.

Regardless of what happens to the L2 tokens, this is a major win for user experience on Ethereum and thus a big win for users.

Ethereum’s future just got brighter…

🌎 Macro Crypto and Memes

A few Crypto and Web3 headlines that caught my eye:

  • Crypto majors are slightly green and rebounding after a major NVDA earnings beat sent markets flying; BTC +1% at $91,800; ETH -2% at $3,020, BNB -2% at $900, SOL +2% at $142
  • ATOM (+10%), Pi (+10%), FET (+8%) and ZEC (+7%) led top movers
  • Bitcoin and Ethereum charts printed death crosses, signaling extended weakness but also a common pattern that forms local bottoms
  • U.S. interest rate-cut odds dropped to just 33% after delayed economic data and the FOMC minutes reduced confidence in a December cut
  • Vitalik warned that quantum computing could break Ethereum’s current cryptography by 2028 and urged a shift to quantum-resistant security within 4 years
  • Kraken confidentially filed for a U.S. IPO, just a day after its $800M raise
  • Coinbase teased a “new era” after code leaks revealed early work on prediction markets and stock-trading modules
  • The UAE tripled its position in BlackRock’s IBIT, now holding $518M
  • Samourai Wallet co-founder Bill Hill was sentenced to four years for operating an unlicensed Bitcoin mixing service
  • Bitcoin miner fees fell to a 12-month low, tightening profitability for public and private miners
  • Anthony Pompliano’s potential $400M payout tied to his ProCap Bitcoin DAT is being challenged by Glazer Capital ahead of the December merger vote
  • India plans to launch a stablecoin ‘ARC’ pegged 1:1 to the rubee under its CBDC framework in Q1 2026

In Corporate Treasuries / ETFs

In Memes / Onchain Movers

  • Memecoin leaders are mixed led by Fartcoin; DOGE -1%, Shiba -1%, PEPE +2%, PENGU +3%, BONK -1%, TRUMP -3%, SPX +5%, and FARTCOIN +17%
  • Jesse Pollack announced the launch of his JESSE token happening today at 11 am ET
  • EDEL jumped another 28% to $100M, now up 150% over the past 3 days
  • TNSR (+420%), ALCH (+45%), WOJAK (+45%) and 1 (+33%) led notable onchain movers on Solana

💰 Token, Airdrop & Protocol Tracker

Here’s a rundown of major token, protocol and airdrop news from the day:

🚚 What is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

  • NFT leaders were mostly green; Punks -2% at 29.9 ETH, Pudgy +6% at 5.45, BAYC even at 6.14 ETH; Hypurr’s even at 724 HYPE
  • Meridians were a notable mover, up 8% to 2.95 ETH
  • Rovers by Runtime is minting today on OpenSea at 11AM ET, featuring 5,555 digital and dynamic pieces of animated artwork
  • A sitting US Congressman, William Timmons, changed his PFP to a Pudgy Penguin yesterday

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