Top Crypto Developments This Week: Ethereum Upgrade, Base Token Plans and More

A new weekly report shared by Wu Blockchain highlights some of the most significant moves across the crypto industry.

Ethereum developers finalized the Fusaka upgrade schedule, Base signaled it may issue a native token, and Pump Fun confirmed more than $100 million in buybacks. Other updates include MetaMask’s stablecoin launch, Wormhole’s revised tokenomics, and Mantle surpassing $2 billion in TVL, developments that together showcase how fast infrastructure, governance, and DeFi adoption are advancing as 2025 heads into its final quarter.

Ethereum Prepares Fusaka Rollout

Ethereum developers confirmed that the Fusaka upgrade is now set for December 3, 2025, following testnet activations in October. Christine Kim, former Galaxy Digital VP of Research, reported that Holesky, Sepolia, and Hoodi testnets will each implement Fusaka in staggered fashion ahead of the mainnet release.

After Fusaka goes live, blob capacity will gradually expand via two follow-up hard forks, increasing limits step by step. The change is expected to significantly improve Ethereum’s data efficiency and prepare the network for further scaling milestones.

MetaMask Token and Stablecoin Plans

Consensys CEO Joe Lubin said that a MetaMask token is coming “sooner than expected,” echoing earlier hints from co-founder Dan Finlay. The wallet also introduced MetaMask USD (mUSD) this week, a Linea-based stablecoin that integrates with MetaMask Swap and Bridge. It will also support merchant payments via the MetaMask card, signaling a deeper expansion into real-world use cases.

Base Explores Native Token

Jesse Pollak, Head of Base Ecosystem, confirmed that the Coinbase-backed network is considering launching its own token. While still in early discussion stages, a native token could reshape governance and liquidity incentives across the rapidly growing Base ecosystem.

Pump Fun’s $100M Buyback

Pump Fun announced it has repurchased over $100 million worth of PUMP tokens, totaling 2.466 billion tokens at an average of $0.00428. The platform continues to buy back $2–3 million worth daily. Notably, livestream-themed tokens dominated recent Pumpfun activity, with Bagwork recording $65 million in trading volume, outpacing even popular meme assets like Fartcoin.

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Governance and Tokenomics Shifts

• Sky Protocol proposed a penalty fee of 1% for users failing to swap MKR to SKY by the September 22 deadline.
• Wormhole unveiled its W 2.0 economy, creating a new reserve fund to stabilize W tokens, while switching to smaller, biweekly unlocks starting in October.
• Aster officially launched its ASTER token with an airdrop and trading pair against USDT, cautioning users against unofficial markets.

Scaling Networks and RWA Growth

• Mantle Network completed its migration to OP Succinct, making it the largest ZK Rollup by TVL with over $2 billion locked.
• Movement confirmed a transformation into a Move-based Layer 1, targeting over 10,000 TPS and introducing the Move 2 smart contract language.
• The value of real-world assets (RWA) on-chain is nearing $30 billion, with nearly 400,000 holders. Ethereum accounts for $9 billion of that total, while Provenance leads with a 42.3% market share.

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