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More →Zcash Co-founder Sean Bowe Proposes Ending ZCG Funding Stream, Citing $125M Treasury
Zcash (ZEC) co-founder Sean Bowe proposed on Monday to end the 8% block reward share paid to Zcash Community Grants (ZCG), saying the program already holds over $125 million. Bowe filed the change as a draft Zcash Improvement Proposal (ZIP) that would send that reward share to the Network Sustainability Mechanism (NSM) until the stream’s scheduled end. That mechanism withholds the coins from issuance and starts paying them back out as block rewards in February 2031. Under the draft, ZCG would keep its existing treasury and could still approve grants from it. “The program was never designed to handle this amount of funding,” Bowe wrote on X. It’s time to turn off the ZCG funding stream. ZCG has over $125M in funding, and will receive millions more before the spigot is turned off. The program was never designed to handle this amount of funding. — Sean Bowe (@ebfull) <a href="https://x.com/ebfull/status/2114911107718742451?ref_src=twsrc%5Etfw" rel="nofollow" target="_blank">October 27, 2026</a> Bowe’s figure comes from a dashboard linked on ZCG’s website. It listed 91,453 ZEC and $8.8 million in cash at an October 21 block. Approved grants still unpaid came to $2.4 million. Bowe valued the coins at $1,300 each to reach $125.3 million. The same dashboard counts another 110,049 ZEC due to ZCG before the stream ends on November 24, 2028. According to the draft ZIP, at the dashboard’s price of $1,241.61, those coins are worth $136.6 million, more than the program holds now; and, according to a Financial Privacy Foundation report, ZCG spent $1.53 million in the first quarter of 2026 <span>against that intake</span>. The stream adds 144 ZEC a day, which Bowe put at $68.3 million a year at the same coin price. Bowe’s draft landed alongside other proposals on the Zcash forum. For instance, Maxime Desalle’s proposal would also send ZCG’s remaining treasury to the NSM. Desalle cited a February coinholder vote in which 98.6% opposed Zcash Shielded Assets. ZCG approved another $455,000 for Shielded Assets work in June, he said. Turnout was 7.25% of circulating ZEC, per the Zcash Foundation. In June, ZCG approved $455,000 for a QEDIT test network covering Shielded Assets and other deferred features, its minutes show. Josh Swihart, founder and CEO of Zcash Open Development Lab (ZODL), said: “It’d be a mistake to kill only one part of the dev fund.” He added the 12% Coinholder-Controlled Fund, which accrues about 216 ZEC a day, should end too. Swihart’s company is the one former Electric Coin Company staff <a href="https://cryptopotato.com/zcash-governance-crisis-forces-full-exit-of-electric-coin-company-staff/" rel="nofollow" target="_blank">formed</a> after a governance dispute. Responding to Swihart’s plan, Bowe wrote that he would also personally back a separate proposal to strip ZCG’s existing treasury. Ian Miers, one of Zcash’s founding scientists, objected to the NSM as the destination, stating that the reserve ultimately pays miners and could
Brazil’s Stock Market Crashes After Lula’s Upset Victory
Brazil’s stock market lost more than $200 billion in value at the open on Monday after President Luiz Inácio Lula da Silva beat Senator Flávio Bolsonaro in Sunday’s runoff, a result that prediction markets had priced at roughly a one in five chance. The iShares MSCI Brazil ETF, ticker EWZ, a basket of Brazilian stocks that trades in New York like a single share, fell as much as 26% from Friday’s close of about $42.60, touching $31.40 before trimming the loss to about 23% at $32.84 by 10:38 a.m. ET. That is memecoin-sized volatility for a fund built around Brazil’s biggest companies, and it leaves EWZ roughly where it started 2026 after a 34% gain through Friday. The dollar rose as much as 12% against the real on Friday, while the Ibovespa, Brazil’s benchmark stock index, fell as much as 17% to about 170,000 points. For a dollar-based investor, those moves at their worst combine to a loss of about 26%, in line with the ETF’s low. B3, the São Paulo exchange, halted trading for 30 minutes after the Ibovespa fell 10% from Friday’s close, its first circuit breaker since the COVID-19 pandemic. A circuit breaker is an automatic pause meant to slow panic selling, but the index kept sliding after trading resumed. Investors had been positioning for the opposite result since Bolsonaro unexpectedly finished first in the Oct. 4 first round, with 47.03% of valid votes to Lula’s 45.16%. The Ibovespa jumped 7.85% the next day and EWZ gained more than 10% on bets that Bolsonaro would tighten public finances and open the way to lower interest rates. Monday’s drop erased that rally and, at its lows, left the Ibovespa about 11% below its Oct. 2 close. But Lula didn’t just beat Bolsonaro, he also beat prediction markets. Polymarket gave Bolsonaro an<a href="https://x.com/Polymarket/status/2114003200017575948" target="_blank" rel="nofollow external noopener" class="sc-adb616fe-0 dJryYS">> 82% chance</a> of winning the day before the vote, and Kalshi had him near 80% on Sunday morning. Both platforms are<a href="https://decrypt.co/resources/what-are-decentralized-prediction-markets-myriad-polymarket-kalshi" target="_blank" class="sc-adb616fe-0 dJryYS" rel="nofollow"> prediction markets</a>, where a contract that pays $1 if a candidate wins trades at 80 cents when traders see an 80% chance. Polling pointed to a coin flip rather than a favorite, with the latest Datafolha survey tied at 50% each among valid votes and CNT/MDA showing Bolsonaro ahead 50.5% to 49.5% in mid-October. Lula won 51.79% to 48.21%, a margin of about 4.4 million votes, according to Brazil’s Superior Electoral Court. Bolsonaro said on Sunday night that he does not recognize the result and will ask the courts to annul the election, after pledging in August to respect the outcome. He objected to Supreme Court Justice Cristiano Zanin’s decision to extend voting until 7 p.m. at the request of Lula’s campaign, which he said changed the rules midgame. His own campaign had separately asked for extr
Zcash co-founder calls to stop funding ‘over $125M’ grants program
Sean Bowe says ZCG has enough money to keep funding projects and wants its share of new ZEC redirected to a reserve for the network. Zcash co-founder Sean Bowe proposed ending the automatic funding stream to Zcash Community Grants (ZCG), saying its treasury was large enough to continue funding projects without further automatic payments. “ZCG has over $125M in funding, and will receive millions more before the spigot is turned off,” Bowe <a href="https://x.com/ebfull/status/2114911107718742451" rel="nofollow noopener" target="_blank">>said</a> Tuesday on X. “The program was never designed to handle this amount of funding.” Bowe shared a draft GitHub <a href="https://github.com/zcash/zips/blob/end-zcg-stream/zips/draft-bowe-end-zcg-stream.md" rel="nofollow noopener" target="_blank">>proposal</a> that would redirect ZCG’s 8% share of the Zcash (ZEC) block subsidy to the network’s sustainability reserve, while leaving its existing funds untouched. The allocation would flow to the Network Sustainability Mechanism until the current funding period ends in 2028. The mechanism is designed to hold ZEC out of circulation and gradually reissue it through future block rewards. In September, Haseeb Qureshi, managing partner at crypto venture capital firm Dragonfly, proposed ending the <a href="https://cointelegraph.com/news/dragonflys-qureshi-end-zcash-dev-fund-2028" target="_blank" rel="nofollow">Zcash developer fund</a> when its current funding period expires, saying that it risks being “politicized” as it approaches $100 million in value. ZCG’s dashboard <a href="https://zcashcommunitygrants.org/" rel="nofollow noopener" target="_blank">>listed</a> 91,453 ZEC and $8.8 million in cash as of Wednesday, with $2.4 million in outstanding grant commitments. The ZEC holdings alone were worth about $111 million at press time. The network’s separate development lockbox <a href="https://zecstats.org/shielded" rel="nofollow noopener" target="_blank">>held</a> 72,351 ZEC, worth roughly $89 million, according to ZecStats. <em><strong>Related: </strong></em><a href="https://cointelegraph.com/news/prediction-markets-17b-robinhood-exceed-crypto-revenue-2028-bernstein" target="_blank" rel="nofollow"><em><strong>HOOD’s prediction markets to add $1.7B to revenue, exceed crypto by 2028: Bernstein</strong></em></a>
The long-short account ratio for BTC contracts is 2.34.
CoinWorld data: The BTCUSDT 4-hour long-short account ratio is 2.34, with more net long accounts than net short accounts. Compared with the same-caliber snapshot 24 hours ago, it rose by 0.1238; compared with the same-caliber snapshot 7 days ago, it rose by 0.5328.
Deutsche Bank: The S&P 500 may be nearing its last decline of 2026.
According to CoinWorld news, Deutsche Bank's Jim Reid said the S&P 500 may be nearing its last decline of 2026, with historical seasonal factors favoring a year-end rebound. In 21 of the past 23 midterm election years, stocks rose in the three months after early October. The key point is that historical patterns suggest a bullish setup ahead of the November 3 midterm elections, although geopolitical and AI risks remain.
Ahead of Robinhood's earnings, the battle over tokenized stocks is about to begin.
CoinWorld data: Before Robinhood's earnings release, the controversy over tokenized stocks is intensifying. Recently, a full-page advertisement was published in The Wall Street Journal, warning that public company CEOs' cryptocurrencies are threatening their stocks. The advertisement listed eight risks, including pricing discrepancies, unclear ownership, hindered capital raising, cyber theft, market manipulation, and others. On October 15, nine companies had already opposed the tokenization of their stocks on the OKX-ICE platform, and by October 23, this number had increased to 22, including Wells Fargo, Cisco, Hyundai, Nvidia, and others. Robinhood launched its public mainnet on July 1, with first-quarter revenue of approximately $51 million, surpassing Ethereum's $41 million. The platform processed approximately $650 billion in decentralized trading volume, of which $13.7 billion was tokenized stocks. Robinhood's stock tokens have sparked controversy, and the CEO may respond to this in the earnings report.
Luxor Technology raises $16 million to expand AI computing business
Luxor Technology announced it has raised $16 million to expand its business in the rapidly growing AI computing market, according to CoinWorld. The funding round was led by CMT Digital, the venture capital arm of Chicago-based CMT Group, with participation from mining rig manufacturers Canaan and MicroBT, as well as Halo, Steelhead and other angel investors. Luxor said it will use the funds to expand its cloud platform, provide working capital for its AI hardware business, develop computing derivatives trading, and hire for engineering and marketing roles. Luxor CEO Nick Hansen said the computing market is converging, with the miners, energy and capital needed for digital mining now also powering AI.
Durable goods orders data came in strong, pushing U.S. Treasury yields higher.
CoinWorld news, durable goods orders data showed that U.S. durable goods orders rose 1.8% in September, slightly above market expectations, mainly driven by growth in transportation equipment orders. This strong performance pushed U.S. Treasury yields to reverse early declines and turn higher. The market is awaiting the Federal Reserve's interest rate decision tomorrow, with the Federal Open Market Committee (FOMC) expected to keep rates unchanged and resume rate hikes in December. The U.S. 10-year Treasury yield rose intraday to 4.997%, up from 4.987% on Monday, while the 2-year Treasury yield rose to 4.731%, up from 4.712% on Monday.
Justin Sun's on-chain wallet holds approximately $51.25 million in PEPE, potentially making him the largest individual holder.
According to Arkham monitoring, on-chain wallets tagged and presumed to belong to Justin Sun collectively hold approximately $51.25 million worth of PEPE, accounting for 2.82% of the token's total supply, potentially making him the largest individual holder of PEPE. Arkham tracking found that the relevant addresses received approximately $28.44 million and $20.32 million worth of PEPE from Poloniex on October 17 and 26 respectively, totaling about $48.76 million. Between October 15 and 25, Justin Sun's tagged wallets also transferred approximately $77 million in stablecoins to Poloniex. Some of the PEPE had previously circulated among Binance, HTX, and Poloniex.
Polymarket: The probability of Anthropic becoming more valuable than Bitcoin is 77%.
CoinWorld data: According to Benzinga, Polymarket traders believe there is a 77% probability that Anthropic becomes more valuable than Bitcoin ($BTC) by the end of the year. Anthropic is considering an IPO valuation of $1.5 trillion to $2 trillion, while Bitcoin's market capitalization is approximately $1.61 trillion.