Odaily星球日报讯 Dogecoin 应用层项目 DogeOS 已开放公共测试网，作为独立于 Dogecoin 主链的应用层 Rollup 网络，兼容 EVM 并基于 zkVM 运行。测试网交易费用以 DOGE 支付，水龙头每日发放 42.069 枚测试 DOGE。Superposition Finance、Derps、USDoge、Snag 及小游戏发行商 PlaysOut 等团队正基于该网络开发借贷、永续合约交易、CDP 稳定币、预测市场聚合及小游戏应用。DogeOS 尚未公布主网上线时间。（Decrypt）

Odaily News: Abracadabra has initiated a proposal vote to shut down the protocol and liquidate MIM, planning to liquidate the protocol's remaining assets, convert collateral into ETH, and distribute it proportionally to MIM holders.The team estimates that MIM has approximately $900,000 in executable backing, with bad debt amounting to $21 million. MIM is effectively backed at less than $0.04 per token, with over 95% lacking collateral support. As a CDP stablecoin, MIM constitutes protocol liability with priority over the governance token SPELL; until MIM liabilities are fully repaid, SPELL holds no accounting value.

Odaily News – Nasdaq-listed company Empery Digital has released its latest balance sheet and data center investment progress, disclosing that its Bitcoin holdings have been reduced to 1,179 BTC, alongside approximately $62 million in cash and $35 million in debt. Empery Digital also announced the completion of a $20 million preferred stock investment in Cardinal Data Power (CDP), and stated that it will continue to seek high-value opportunities through capital allocation, leveraging its balance sheet strength to expand its AI data center investment portfolio. (Businesswire)

Odaily Odaily Planet Daily News: High-yield stablecoin protocol Ebisu has announced it will be gradually winding down, with its frontend set to be deactivated three months from now, on October 30. Users are required to close their vaults, withdraw Stability Pool deposits, and remove ebUSD DEX liquidity before October 30. The minting of ebUSD has already been suspended. Ebisu was designed to provide fixed-rate credit through ebUSD, but the team was unable to scale ebUSD liquidity sufficiently to support meaningful borrowing activity. After attempting various solutions such as instant liquidations, multi-chain collateral, and structured vaults, the core bottleneck of creating enough liquidity and sustained demand for the stablecoin within a CDP protocol remains unresolved. Ebisu has confirmed that the EBISU token will not be launched, and there will be no airdrops to xEBISU or BOLD holders. xEBISU holds no monetary value and is not redeemable.

Odaily NASDAQ-listed bitcoin treasury company Empery Digital has announced the completion of a $20 million strategic investment in preferred shares of AI data center developer Cardinal Data Power (CDP), acquiring approximately 8% equity in CDP upon transaction closing. This investment is a key component of CDP’s $70 million Series A funding round, with all proceeds allocated to the development of its first AI data center campus in West Texas, USA. (Businesswire)

Odaily reported that Vitalik posted on X platform, stating that building index tracking assets based on options rather than debt is worth considering and trying, using options as the foundation of DeFi instead of CDPs and liquidation mechanisms. This design can avoid severe and systemic liquidation effects caused by extreme price volatility, allowing exposure to the index to deviate from the desired exposure in a smoother, quadratic manner. Its key advantage is that it does not require an instant oracle; it can operate based on a slow oracle, i.e., the type of oracle used by prediction markets. The obvious drawback of this design is the need for periodic rebalancing, and it remains unclear whether rebalancing can and how it can be sufficiently resistant to slippage.Vitalik added that, compared to relying on oracle mechanisms that must provide real-time answers and can be induced to give incorrect real-time answers within a timeframe without human remediation, he believes it is safer to hold algorithmic stablecoins placed within such mechanisms.

Odaily News Vitalik Buterin posted on the X platform, stating that algorithmic stablecoins belong to the true DeFi. He believes that if there is a high-quality algorithmic stablecoin with ETH as the underlying asset, even if the vast majority of liquidity is supported by CDP holders holding negative algorithmic dollars, the ability to transfer counterparty risk to market makers remains an important feature. Even if algorithmic stablecoins are backed by RWA, if sufficient collateral can be ensured through over-collateralization and diversified allocation in the event of a single RWA failure, it is also an effective improvement in risk characteristics for holders. He pointed out that the industry should move in these directions, gradually moving away from using the US dollar as the unit of account and shifting towards more general diversified indices. Furthermore, the current operation of depositing USDC into Aave does not fall into the above categories.

Odaily News, Curve founder Michael Egorov stated on platform X that the current liquidity scale between the stablecoin crvUSD and mainstream crypto assets (primarily Bitcoin) is already very large. However, this also means that when BTC fluctuates, it could exert greater pressure on crvUSD's peg. There is a need to consider how to further expand the system's capacity. This situation reminds him of the early stage when USDT became the primary trading stablecoin in the crypto market: at that time, the temporary de-pegging of the stablecoin was not a structural issue but was caused by the limited throughput capacity of bank redemption channels. In contrast, crvUSD belongs to the CDP (Collateralized Debt Position) stablecoin model, thus requiring responses to related pressures from different mechanism levels. Currently, the demand for crvUSD mainly comes from yield-based scenarios such as Yield Basis, and subsequent adjustments will also primarily focus on this side. However, as the usage of stablecoins in trading scenarios continues to increase, the adoption scale of stablecoins must expand in a gradual manner, a process that is itself inevitable.

Odaily News Ethereum co-founder Vitalik Buterin stated on platform X that the Ethereum ecosystem urgently requires a more mature decentralized stablecoin system. He pointed out three core issues: first, a value index superior to the US dollar peg should be constructed; second, a decentralized oracle design that cannot be captured by large capital is needed; third, the competitive relationship between staking yields and stablecoins, as well as CDP mechanisms, must be resolved. Simultaneously, Vitalik believes that pegging to the US dollar is acceptable in the short term, but in the long term, reliance on a single fiat currency system should be reduced to enhance system resilience.

According to an official announcement, the USDJ system officially closed on November 17, 2025 at 21:50 Singapore time. To address the remaining 448,000 unsold USDJ and 1,395,000 TRX collateralized positions, three exchange channels have been announced: Users holding USDJ before the closure can exchange it for USDT at a 1:1 ratio through official channels or via the HTX platform; users holding TRX CDPs before the closure can redeem TRX at a rate of 0.2914 USDT; and USDJ acquired after the closure can be exchanged for TRX at a fixed exchange rate of 1:1.5532 through a designated link. All unclaimed collateralized assets have been transferred to the contract address published on the JustLend Reserve page.