Latest in Blockchain | November 25, 2025

Welcome to the Meridian Update. Yesterday was Monad Monday. Let’s dive in.

Another blockchain network steps onto the scene

A new blockchain network called, Monad, launched:

“Monad Mainnet is now live!

Check it out here: http://app.monad.xyz”

A question you might ask is, “And what does this blockchain network do?” Another is, “Do we need another blockchain network?” These are questions we cannot answer.

Blockchain networks launch all the time. Normally, it’s nothing particularly special. But this launch, the Monad network launch, dominated Crypto Twitter’s attention yesterday. That makes it special. That makes it worthy of mentioning in the Meridian Update.

The Meridian Update mentions the Solana network, another blockchain network, almost every day. This is because the Solana network has reached the point where it has real usage, primarily focused on decentralized finance and financial markets more broadly.

Monad offers an interesting alternative to the Solana network. It advertises the ability to handle 10,000 transactions per second. It also advertises Ethereum virtual machine (EVM) compatibility. It addresses one large complaint about the Ethereum network and one large complaint about the Solana network. It is fast, unlike the Ethereum network, which can handle just 10s of transactions per second. This means it can It is built on EVM, unlike the Solana network, which has its own Solana virtual machine (SVM).

I asked industry insiders whether they expect Monad to rapidly replace either, or both, the Ethereum network or the Solana network. The answers were a resounding no. There is a chicken and egg problem with blockchain networks. All the technology in the world does not replace real usage. Network effects, and not the technical ones, matter. But could Monad pick up steam over the next couple years the way the Solana network did? Can it find its niche? Sure.

Anyway:

“Sunrise is now live. MON has arrived on Solana.

You can now trade MON against USDC, SOL, and other native Solana assets.

If you hold MON on Monad, you can now move it to Solana — and back — through Sunrise.”

The dominant Crypto Twitter narrative on Monad’s launch day was actually about…a decentralized finance platform bringing token launches to the Solana network. As with all new blockchain networks, Monad brought a new blockchain network native token. This token is called MON. And for the first time, the token was available to trade, on day one, on the Solana network. This happened thanks to Sunrise, a new platform that promises to make major assets available to trade on Solana from their inception. It will do this by creating wrapped versions of those assets on Solana. We described wrapped assets back in October. Sunrise actually launched on Sunday, but Crypto Twitter was ecstatic throughout Monday’s Monad launch.

So it was Monad Monday, but that turned into a huge day for the Solana network. Maybe that’s telling about the road Monad has to travel. In any case, the MON token had a good first 24 hours of trading.

Time to SEC what’s happening in regulatory

We told you about the Securities and Exchange Commission’s (SEC) Division of Corporation Finance’s no-action letter regarding the 2Z token, from the DoubleZero network, back on October 3.

The Division of Corporation Finance is back with another no-action letter that caught Crypto Twitter’s attention. This one is with regard to the Fuse Network’s ENERGY token. The Division of Corporation Finance’s no-action letter gives clarity that the token, as it currently exists, will not be subject to security registration requirements. The token has not yet started trading.

Here’s how Fuse Energy’s counsel described it in their letter to the SEC requesting a no-action letter:

“Fuse is a vertically integrated energy technology group focused on accelerating the decentralization of electricity grids, optimizing energy delivery, and empowering consumers to lower their electricity related costs. Through its operations in the United States, United Kingdom (the “UK”), and Europe, Fuse endeavors to deliver tools that enable households and businesses to actively participate in the energy system—improving grid resilience, reducing congestion, and unlocking new forms of distributed value for consumers…”

Fuse Energy is building a network that try to better match supply and demand for electricity, in part by creating reward systems using its forthcoming ENERGY token. Seems like something to keep an eye on in the decentralized physical infrastructure (DePIN) world. 

In any case, this is more regulatory clarity for the on-chain world and another signal of willingness to provide that regulatory clarity from the SEC. This fits into the regulatory clarity theme of 2025, and very much with the SEC Chair’s token taxonomy.

That’s a wrap

Monad entered the picture and an SEC no-action letter caught attention. We’ll see you tomorrow morning.

Think we missed something today? Send us a note: email@meridianupdate.com.