Fusaka Upgrade for Ethereum, New Moves in Grayscale’s Chainlink Trust Highlight the Week Ahead

Ethereum is set for its second major upgrade of 2025 as the Fusaka upgrade goes live on the mainnet this Wednesday. Fusaka — named by blending Fulu and Osaka — delivers coordinated improvements to both the consensus and execution layers. The update is aimed at boosting Ethereum’s ability to absorb growing transaction loads from the expanding ecosystem of layer-2 networks settling on its base layer.

On Tuesday, Grayscale is expected to convert its Chainlink Trust into a spot ETF, marking the debut of the first Chainlink exchange-traded fund. The conversion concludes a process that began in September and adds to Grayscale’s growing suite of crypto ETFs, which already includes bitcoin (BTC), ether (ETH), solana (SOL), and XRP. The launch follows just days after the rollout of its Dogecoin product, the Grayscale Dogecoin Trust ETF (GDOC).

Crypto Calendar

  • Dec. 1: 21Shares Core XRP Trust (TOXR) begins trading on Cboe BZX.
  • Dec. 1: Ontology (ONG) launches mainnet v3.0.0, reducing total supply to 800 million, locking liquidity, updating emissions, and enhancing network efficiency.
  • Dec. 1: Qtum (QTUM) completes its second halving, cutting miner rewards from 0.5 QTUM to 0.25 QTUM.
  • Dec. 1: Starknet (STRK) enables “Privacy Perps,” bringing masked layer-2 perpetuals trading to mainnet.
  • Dec. 2: Grayscale’s Chainlink Trust ETF (GLNK) begins trading on NYSE Arca following its conversion to a spot ETF.
  • Dec. 2, 12 p.m.: MultiversX (EGLD) activates its “Staking V5” mainnet upgrade.
  • Dec. 2: VeChain (VET) deploys the Hayabusa hard fork at block 23,414,400.
  • Dec. 3: Ethereum’s Fusaka upgrade activates on mainnet at epoch 411392.
  • Dec. 7: Beldex (BDX) schedules its “Obscura v7.0.0” hard fork for block 4,939,540.

Macro Events

  • Dec. 1: The Federal Reserve ends quantitative tightening, halting balance-sheet runoff.
  • Dec. 1: PMIs from Brazil (8 a.m.), Canada (9:30 a.m.), the U.S. (9:45 a.m.), Mexico (10 a.m.), and ISM (10 a.m.).
  • Dec. 1, 8 p.m.: Fed Chair Jerome Powell speaks.
  • Dec. 2, 10 a.m.: Fed Vice Chair for Supervision Michelle Bowman speaks.
  • Dec. 3: Key PMI releases across Brazil, the U.S., and Canada, plus U.S. ADP employment.
  • Dec. 4: Brazil Q3 GDP at 7 a.m.; U.S. jobless claims at 8:30 a.m.; Bowman remarks at noon.
  • Dec. 5: Brazil PPI at 7 a.m.; Canada unemployment at 8:30 a.m.; U.S. consumer sentiment and PCE inflation data at 10 a.m.

Earnings (FactSet Estimates)

  • Dec. 1: Cango (CANG) after the close.
  • Dec. 2: Forward Industries (FWDI) after the close.

DAO Governance & Voting

  • Lido DAO is weighing a proposal to move idle treasury stablecoins into sUSDS or tokenized money-market funds. Voting ends Dec. 1.
  • GMX DAO is assessing a six-month compensation plan for its governance, listing, and security committees. Voting ends Dec. 1.
  • Decentraland DAO is voting on an independent audit of Regenesis Labs to address transparency concerns. Voting ends Dec. 2.
  • Arbitrum DAO is selecting the final three members of the 2026 AGV Council. Voting ends Dec. 4.
  • The Rootstock Collective is considering a proposal to expand its Ghana community initiative, focused on onboarding and developer education. Voting ends Dec. 4.
  • Aavegotchi DAO is electing a new Foundation Company Director following leadership resignations. Voting ends Dec. 6.

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