Ethereum developers are preparing for the network’s second upgrade of 2025 to go live on the blockchain’s mainnet on Wednesday. Fusaka — a blend of the names Fulu + Osaka — consists of two upgrades happening on Ethereum’s consensus and execution layers at the same time. The goal of the upgrade is to enable Ethereum to handle the large transaction throughput from the layer-2 chains that use the blockchain as their base layer.

Grayscale is expected to convert its chainlink LINK$12.17 trust into an exchange-traded fund on Tuesday. The conversion will create the first chainlink ETF and ends a journey that started in September. It will join ETFs that include the two largest cryptocurrencies, bitcoin BTC$86,803.17 and ether ETH$2,840.63, as well as solana SOL$127.47 and XRP$2.0556 and follows less than a week after the debut of its DOGE$0.1374 offering, the Grayscale Dogecoin Trust ETF (GDOC).

What to Watch

• Crypto
  • Dec. 1: 21Shares Core XRP Trust (TOXR) is expected to begin trading on Cboe BZX Exchange.
  • Dec. 1: Ontology (ONG) activates mainnet v3.0.0 upgrade, reducing ONG supply from 1 billion to 800 million, locking liquidity, extending emissions and optimizing network performance.
  • Dec. 1: Qtum (QTUM) is expected to undergo its second halving event, reducing mining rewards by 50% from 0.5 QTUM to 0.25 QTUM per block.
  • Dec. 1: Starknet (STRK) activates "Privacy Perps" on mainnet with layer 2 masking for private perps trading.
  • Dec. 2: Grayscale Chainlink Trust ETF (GLNK) is expected to begin trading on NYSE Arca, converting the existing Chainlink trust into a spot Chainlink ETF.
  • Dec. 2, 12 p.m.: Dec. 2: MultiversX (EGLD) "Staking V5" mainnet upgrade activates at epoch 1951.
  • Dec. 2: VeChain (VET) Hayabusa hard fork upgrade activates on mainnet at block 23,414,400.
  • Dec. 3: Ethereum's Fusaka network upgrade activates at epoch 411392 on the mainnet. Livestream link.
  • Dec. 7: Beldex (BDX) "Obscura v7.0.0" hard fork upgrade is scheduled at block height 4939540 on mainnet.
• Macro
  • Dec. 1: The Federal Reserve ends quantitative tightening (QT), ceasing balance sheet reduction from this date as it aims to stabilize financial markets amid tightening liquidity conditions.
  • Dec. 1, 8 a.m.: Brazil Nov. S&P Global Manufacturing PMI (Prev. 48.2).
  • Dec. 1, 9:30 a.m.: Canada Nov. S&P Global Manufacturing PMI (Prev. 49.6).
  • Dec. 1, 9:45 a.m.: U.S. Nov. (Final) S&P Global Manufacturing PMI Est. 51.9.
  • Dec. 1, 10 a.m.: Mexico Nov. S&P Global Manufacturing PMI (Prev. 49.5).
  • Dec. 1, 10 a.m.: U.S. ISM Nov. Manufacturing PMI Est. 48.6.
  • Dec. 1, 8 p.m.: Federal Reserve Chair Jerome H. Powell speech. Watch live.
  • Dec. 2, 10 a.m.: Federal Reserve Vice Chair for Supervision Michelle W. Bowman speech. Watch live.
  • Dec. 3, 8 a.m.: Brazil Nov. S&P Global PMI. Services (Prev. 47.7), Composite (Prev. 48.2).
  • Dec. 3, 8:15 a.m.: U.S. Nov. ADP Employment Change (Prev. 42K).
  • Dec. 3, 9:30 a.m.: Canada Nov. S&P Global PMI. Composite (Prev. 50.3), Services (Prev. 50.5).
  • Dec. 3, 9:45 a.m.: U.S. Nov. S&P Global (Final) PMI. Composite Est. 54.8, Services Est. 55.
  • Dec. 3, 10 a.m.: U.S. Nov. ISM Services PMI (Prev. 52.4).
  • Dec. 4, 7 a.m.: Brazil Q3 GDP Growth Rate. QoQ (Prev. 0.4), YoY (Prev. 2.2).
  • Dec. 4, 8:30 a.m.: U.S. Initial Jobless Claims for week ended Nov. 29 (Prev. 216K), Continuing Jobless Claims for week ended Nov. 22 (Prev. 1960K).
  • Dec. 4, 12 p.m.: Federal Reserve Vice Chair for Supervision Michelle W. Bowman speech.
  • Dec. 5, 7 a.m.: Brazil Oct. PPI. YoY (Prev. -0.4), MoM (Prev. -0.25%).
  • Dec. 5, 8:30 a.m.: Canada Nov. Unemployment Rate (Prev. 6.9%).
  • Dec. 5, 10 a.m.: U.S. Dec. (Preliminary) University of Michigan Survey. Consumer Sentiment Index (Prev. 51); Inflation Expectations (Prev. 4.5%).
  • Dec. 5, 10 a.m.: U.S. Sept. PCI Price Index. Headline YoY Est. 2.8%, MoM Est. 0.3%; Core YoY Est. 2.9%, MoM Est. 0.2%.
• Earnings (Estimates based on FactSet data)
  • Dec. 1: Cango (CANG), post-market.
  • Dec. 2: Forward Industries (FWDI), post-market.

Token Events

• Governance votes & calls
  • Lido DAO is voting to authorize the conversion of idle treasury stablecoins into yield-bearing sUSDS or tokenized money market funds (TMMFs) to generate revenue. Voting ends Dec. 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 Dec. 1.
  • Decentraland DAO is voting on a proposal to commission an independent audit of Regenesis Labs by community member "Maryana" to address concerns over fund usage and transparency. Voting ends Dec. 2.
  • Arbitrum DAO is voting to elect the final three members of the 2026 AGV Council from a pool of six candidates. Voting ends Dec. 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 Dec. 4.
  • Aavegotchi DAO is voting to elect a new Director for its Foundation Company following the resignation of the current directors. Voters can choose between two candidates or vote to appoint both to ensure legal compliance and operational continuity. Voting ends Dec. 6.
• Unlocks
  • Dec. 1: SUI$1.3814 to unlock 1.19% of its circulating supply worth $68.07 million.
  • Dec. 1: EIGEN$0.5189 to unlock 10.79% of its circulating supply worth $23.07 million.
  • Dec. 2: ENA$0.2409 to unlock 0.58% of its circulating supply worth $11.77 million.
  • Dec. 10: LINEA$0.009158 to unlock 6.76% of its circulating supply worth $14.63 million.
• Token Launches
  • Dec. 1: Giggle Academy will see 50% of all trading fees collected from GIGGLE pairs on Binance get donated to it and partially burned.
  • Dec. 4: Alpha Partners’ cross-chain bridge and decentralized exchange go live.
  • Dec. 5: REZ$0.006021 to burn 90% and distribute 10% of purchased tokens during the month to ezREZ stakers.

Conferences

• Dec. 1-7: Solana Economic Zone (Dubai, UAE)
• Dec. 2: Boston Institutional Digital Assets Forum 2025
• Dec. 2: Digital Finance Summit 2025 (Brussels)
• Dec. 2-3: Blockchain for Europe (Brussels)
• Dec. 2-3: India Blockchain Week 2025 (Bangalore)
• Dec. 2-3: FinTech Connect 2025 (London)
• Dec. 2-3: MENA FinTech and Insurtech Festival (Doha, Qatar)
• Dec. 2-3: Modern Investor Summit 2025 (Virtual)
• Dec. 2-3: TOKENIZE:LDN (London)
• Dec. 2-4: FT's Global Banking Summit (London)
• Dec. 3-4: Binance Blockchain Week 2025 (Dubai, UAE)
• Dec. 4-5: Milken Institute Middle East and Africa Summit 2025 (Abu Dhabi, UAE)
• Dec. 5-6: Midwest Blockchain Conference 2025 (Ann Arbor, Michigan)