The Daily: 'MASK token is coming sooner than you expect,' XRP and Dogecoin ETFs' strong debuts, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Friday! Despite entering a potential "sell the news" phase after the Fed's rate cut, bitcoin is effectively consolidating before a potential push toward $150,000 if further cuts follow, Bitget CEO Gracy Chen told The Block.

In today's newsletter, Consensys CEO Joe Lubin says MetaMask's long-awaited MASK token is coming "sooner than you would expect." Plus, the new XRP and Dogecoin ETFs have one of the strongest debuts of the year, the White House eyes other candidates with crypto expertise for CFTC chair, and more.

Meanwhile, Grayscale officially launches GDLC, the first index-based spot crypto ETF.

Let's get started!

P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!

'MASK token is coming' Consensys CEO says

Ethereum co-founder and Consensys CEO Joseph Lubin said that MetaMask will be launching its much-anticipated native token in the near future.

• "The MASK token is coming — It may come sooner than you would expect right now," Lubin confirmed during an interview on The Block's Crypto Beat podcast. "And it is significantly related to the decentralization of certain aspects of the MetaMask platform."
• The launch marks a shift from years of speculation, with Lubin signaling a concrete plan compared to earlier "maybe" comments from MetaMask's co-founders.
• Lubin pointed to Consensys-incubated Layer 2 Linea's recent token launch as a template, where the firm kept just 15% and emphasized community and builder allocations.
• Meanwhile, Lubin, who also serves as Ethereum treasury company SharpLink's chairman, downplayed concerns over the firm's mNAV slipping below 1, describing it as cyclical and tied to ETH price swings.

XRP, Dogecoin ETFs among best debuts of the year with $55 million in combined volume

The first U.S. ETFs to offer spot exposure to XRP and Dogecoin debuted on Thursday, generating a combined $55 million in trading volume to mark one of the strongest ETF launches of the year.

• REX-Osprey's XRPR ETF led with $37.7 million in day-one volume, topping all 710 ETF launches in 2025, while the firms' DOJE ETF registered $17 million, placing it among the top five.
• Bloomberg Senior ETF Analyst Eric Balchunas called the performance "shockingly solid," noting XRPR's $24 million volume in its first 90 minutes alone outpaced all prior XRP futures ETF debuts.
• Rex Shares and Osprey registered the two products under the Investment Company Act of 1940, rather than the Securities Act of 1933, which was used by issuers of spot Bitcoin and Ethereum ETFs and for several pending crypto ETF applications.

White House eyes other candidates for CFTC chair as Quintenz confirmation stalls

The White House is exploring backup candidates for CFTC chair as Brian Quintenz's confirmation remains stalled, Bloomberg reported.

• Officials with crypto regulation expertise are among those being considered, highlighting the CFTC's growing role in digital asset oversight.
• The agency currently operates with only one commissioner, acting chair Caroline Pham, who plans to leave once a permanent chair is confirmed.
• Quintenz's nomination has faced pushback from Gemini founders Tyler and Cameron Winklevoss, who argued he is not aligned with President Trump's pro-crypto agenda.
• Quintenz alleged the twins lobbied against him after he refused to pursue Gemini's complaint of CFTC staff misconduct.

Ethereum Fusaka upgrade tentatively set for Dec. 3 mainnet launch

Ethereum developers tentatively set Dec. 3 as the mainnet launch date for the blockchain's Fusaka upgrade, pending successful testnet rollouts throughout October.

• Fusaka aims to advance the network's scalability while maintaining decentralization and security.
• The hard fork doubles blob capacity, raises the block gas limit fivefold, introduces peer data sampling and Verkle Trees for more efficient data handling, and boosts EVM performance for faster smart contracts.
• Earlier this week, the Ethereum Foundation launched a $2 million audit contest to catch bugs ahead of Fusaka, with the next major upgrade, Glamsterdam, planned for 2026.

ZOOZ surges after shareholder approval of $180M offering and bitcoin treasury strategy

ZOOZ Power shares spiked over 250% in pre-market trading on Friday after shareholders approved its previously announced $180 million private placement and bitcoin treasury strategy.

• The company plans to use 95% of net proceeds to buy BTC, which at current prices could rank it among the top 50 public bitcoin treasury holders.
• Backed by Pantera, FalconX, and Arrington Capital, ZOOZ expects to close the PIPE offering next week, subject to customary closing conditions.

Looking ahead to next week

• U.S. jobless claims and GDP numbers are out on Thursday. U.S. PCE data follows on Friday.
• Bank of England Governor Andrew Bailey will speak on Monday.
• Kaito, Optimism, and 1inch are among the crypto projects set for a token unlock.
• Korea Blockchain Week kicks off in Seoul. Wyoming Blockchain Stampede continues.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.