Ethereum’s Fusaka Update and Developments in Grayscale’s Chainlink Trust Set the Tone for the Week

Freepik Ethereums Fusaka Upgrade Grayscale Chainlink Trust 41925

Ethereum is poised to roll out its second major upgrade of 2025 this Wednesday as the Fusaka upgrade activates on the mainnet. Named by combining Fulu and Osaka, Fusaka introduces synchronized improvements across Ethereum’s consensus and execution layers. The upgrade is designed to strengthen the network’s capacity as layer-2 ecosystems continue to generate rising transaction volumes that settle back onto Ethereum.

On Tuesday, Grayscale is set to convert its Chainlink Trust into a spot ETF, marking the launch of the first Chainlink exchange-traded fund. The conversion concludes a process initiated in September and adds to the firm’s expanding suite of crypto ETFs, which already includes products tied to bitcoin (BTC), ether (ETH), solana (SOL), and XRP. The move follows shortly after the debut of the Grayscale Dogecoin Trust ETF (GDOC).

Crypto Events to Watch

Dec. 1: 21Shares Core XRP Trust (TOXR) starts trading on the Cboe BZX Exchange.
Dec. 1: Ontology (ONG) releases mainnet v3.0.0, lowering its supply to 800 million and introducing liquidity locks, new emission rules, and performance upgrades.
Dec. 1: Qtum (QTUM) undergoes its second halving, cutting block rewards to 0.25 QTUM.
Dec. 1: Starknet (STRK) activates “Privacy Perps,” enabling masked perpetuals trading on layer 2.
Dec. 2: Grayscale’s Chainlink Trust ETF (GLNK) begins trading on NYSE Arca.
Dec. 2, 12 p.m.: MultiversX (EGLD) launches its “Staking V5” upgrade.
Dec. 2: VeChain (VET) activates the Hayabusa hard fork at block 23,414,400.
Dec. 3: Ethereum’s Fusaka upgrade goes live on mainnet at epoch 411392.
Dec. 7: Beldex (BDX) deploys the “Obscura v7.0.0” hard fork at block height 4,939,540.

Macro Data & Policy Outlook

Dec. 1: The Federal Reserve officially ends quantitative tightening, halting balance-sheet runoff.
Dec. 1: A slate of PMI releases from Brazil (8 a.m.), Canada (9:30 a.m.), the U.S. (9:45 a.m.), Mexico (10 a.m.), and U.S. 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 delivers remarks.
Dec. 3: Additional Brazil, U.S., and Canada PMI readings plus U.S. ADP employment data.
Dec. 4: Brazil Q3 GDP (7 a.m.), U.S. jobless claims (8:30 a.m.), and another speech from Bowman at noon.
Dec. 5: Brazil PPI (7 a.m.), Canada unemployment (8:30 a.m.), and U.S. consumer sentiment and PCE inflation data (10 a.m.).

Earnings (FactSet Estimates)

Dec. 1: Cango (CANG) — post-market.
Dec. 2: Forward Industries (FWDI) — post-market.

DAO Governance & Voting

Lido DAO is voting on moving idle stablecoins into sUSDS or tokenized money-market funds. Voting ends Dec. 1.
GMX DAO is reviewing a budget to compensate governance, listing, and security committee members for the next six months. Voting ends Dec. 1.
Decentraland DAO is voting on whether to commission an independent audit of Regenesis Labs to address transparency concerns. Voting ends Dec. 2.
Arbitrum DAO is electing the final three members of the 2026 AGV Council. Voting ends Dec. 4.
The Rootstock Collective is assessing a proposal to expand its Ghana community initiative through onboarding and developer training. Voting ends Dec. 4.
Aavegotchi DAO is choosing a new Foundation Company Director after recent resignations, with an option to appoint one or both candidates. Voting ends Dec. 6.