Release Date: December 17, 2025
Author: BlockBeats Editorial Team

In the past 24 hours, the crypto market has advanced on multiple fronts simultaneously. Mainstream topics focus on the re-negotiation of core DeFi protocols regarding regulation, governance, and token rights, as well as intense discussions between founders and the community about control and incentive alignment. In terms of ecological development, Solana is exploring issuance systems and fairness mechanisms, Ethereum and Base are continuously advancing payment infrastructure iterations, and the PerpDEX track is accelerating its expansion into institutional finance and commoditization.

I. Mainstream Topics

1. Aave Founder Looks Ahead to Protocol's Future

Aave founder Stani Kulechov stated that after four years of communication and response, the U.S. Securities and Exchange Commission (SEC) has officially concluded its investigation into the Aave protocol. Stani mentioned in a public statement that this process consumed a lot of resources from the team, and he was deeply involved in it, aiming to protect the Aave ecosystem and the broader DeFi industry from being mischaracterized under regulatory uncertainty.

With the investigation coming to a close, Stani described this milestone as a "stage where developers can refocus on building the financial future," summarizing with "DeFi will win." This news received highly positive feedback within the community, with industry figures such as Solana co-founder Anatoly Yakovenko and crypto lawyer Gabriel Shapiro expressing their congratulations, viewing it as an important milestone for DeFi's move towards mainstream compliance.

Some discussions also linked this development to Stani's recent increase in AAVE token holdings, suggesting that the lifting of regulatory pressure combined with the founder's shift in attitude could provide a short-term boost to the $AAVE price; meanwhile, there were cautious voices questioning whether the "governance narrative" had been overly dramatized. Overall, the end of the SEC investigation is expected to enhance Aave's credibility in institutional and compliance aspects, but the market remains attentive to whether new variables will emerge in the subsequent regulatory environment.

2. Aave V4 Roadmap Sparks New Round of Technical and Governance Discussions

Against the backdrop of temporarily dissipating regulatory clouds, discussions within the Aave community regarding the V4 roadmap have noticeably heated up. The focus of the discussions centers on the proposed Unified Liquidity Layer design in V4 and its potential for expansion in cross-chain and risk isolation.

Stani emphasized in related discussions that the goal of V4 is to further enhance capital efficiency and strengthen risk isolation capabilities at the architectural level. Some developers and analysts believe that this design could reshape the operational paradigm of DeFi lending protocols and create synergies with existing L2 solutions.

Community feedback shows a divided sentiment: supporters view V4 as a key milestone for Aave to regain its technological leadership, emphasizing its long-standing engineering-driven culture; critics, however, worry that the lengthy development cycle of V4, combined with the team's dispersed focus and incentives, may impact short-term execution efficiency. The conclusion of the SEC investigation and the discussions around V4 have further boosted community sentiment and may accelerate related proposals into more substantive governance processes, but there is a need to balance innovation advancement with the potential risks brought by the migration of V3 users.

3. "$AAVE Token Alignment" Proposal Sparks Intense Governance Debate

Aave contributor Ernesto proposed a governance proposal titled "$AAVE Alignment Phase 1: Ownership," advocating for the DAO to explicitly control core rights such as protocol IP, branding, equity, and revenue. Aave service provider representative Marc Zeller and others publicly endorsed the proposal, calling it "one of the most influential proposals in Aave's governance history."

The proposal directly addresses the incentive misalignment issue between Aave Labs and the DAO, calling for token holders to participate more actively in governance to prevent the protocol's value from being "captured" by the core team. Community discussions quickly intensified, with supporters arguing that the DAO must "step up" at critical junctures, or it will remain in a passive position for the long term; some voices suggested introducing legal and governance structures like BORG to strengthen the practical execution of on-chain governance.

Opposing views also exist. Some participants worry that an overly aggressive governance stance could lead to the loss of core contributors, citing historical examples from projects like Compound as cautionary tales. Investor Haseeb and others pointed out from a market perspective that the price-to-sales ratio (P/S) of $AAVE has rebounded to about 25 times, reflecting that the market is pricing in expectations for "governance alignment."

This proposal once again highlights the long-standing binary tension between tokens and equity in DeFi projects, seen by some community members as a key case that could influence the entire DeFi governance paradigm, but its advancement path still needs to be handled cautiously to mitigate division risks.

4. $KLED Project Founder's Infighting Exposed, Labeled a Typical "Rug Case"

The $KLED project, previously launched on the Solana ecosystem's "ICM" concept platform Believe, has recently become the focus of public opinion due to infighting among its founding team.

Project founder Avi Patel accused former partner Ben Pasternak of violating established commitments by continuously selling millions of $KLED tokens during critical updates and low liquidity windows, reducing his holding from about 6% to nearly 2%.

Avi detailed in a public statement the multiple attempts to coordinate a reduction through OTC that failed, accusing the other party of long-term communication failures and labeling their behavior as "unacceptable," even calling on other industry projects to avoid collaborating with him. Community feedback was overwhelmingly negative, with several opinion leaders stating that $KLED exhibited "almost all the typical characteristics of grift" in this cycle, describing it as "the simplest IQ test" and advising holders to exit as soon as possible.

Some comments were also sarcastic, pointing out that the project's price had historically "withstood FUD" multiple times, but the incident itself further amplified the trust crisis regarding team transparency, lock-up commitments, and governance structures in meme-type and small projects. This turmoil may push the community to demand higher standards for team behavior and information disclosure, while also exposing the structural vulnerabilities of small projects in a weak cyclical environment.

II. Mainstream Ecological Dynamics

1. Solana Ecosystem: Institutional Exploration and Fairness Controversies Running Parallel

①Colosseum Launches STAMP Investment Contract, Exploring New Paths for Tokenized Ownership

The Solana ecosystem is accelerating towards a more institutionalized financing and issuance framework. The accelerator Colosseum has launched a new investment contract called STAMP (Solana Tokenized Asset Management Protocol), attempting to provide crypto founders with a clear path from private fundraising to public token issuance through MetaDAO, while offering investors and token holders more binding ownership and market protection.

STAMP aims to simplify the legal and operational processes between private and public issuance, allowing public investors to participate at a more mature stage of the project with more comprehensive information. Community feedback has been largely positive, with several developers and investors calling it "a forward-looking infrastructure innovation," believing it will help strengthen Solana's leading position in tokenized equity and fair issuance mechanisms. Meanwhile, some discussions pointed out that its actual effectiveness still depends on the governance and execution performance of MetaDAO.

②pump.fun and Solana Foundation Lawsuit Sees New Developments

On the other hand, the legal disputes surrounding the meme coin launch platform pump.fun continue to evolve. Recent developments in the related lawsuit have allowed the plaintiff to amend the complaint, accusing pump.fun of structurally favoring privileged users who control Solana infrastructure and Jito transaction ordering tools under the guise of an automated mechanism, thereby systematically extracting value from ordinary users.

The updated complaint emphasizes that beneath the facade of "permissionless" and "fair launch," there exist hidden mechanisms detrimental to ordinary participants. Community discussions quickly heated up: some voices see this as a sign that the systemic risks of meme launch platforms are being unveiled, potentially driving stricter transparency and disclosure requirements; others believe this case will directly test Solana's decentralization narrative and ecological governance capabilities.

In the short term, the lawsuit may increase legal uncertainty and affect retail user confidence; however, it may also compel the ecosystem to develop fairer and verifiable launch and trading tools.

2. Base Ecosystem: Continuous Iteration of Payment Standards

The Base ecosystem has welcomed updates at the payment infrastructure level. The internet-native payment standard x402 on the Base chain has released its V2 version, incorporating extensive community feedback, adding multi-chain and fiat payment support, extension mechanisms, automatic API discovery, dynamic routing, more modern HTTP header designs, and a modular SDK.

The V2 version maintains backward compatibility with V1 while decoupling specifications, SDKs, and facilitators to accommodate more networks and transmission scenarios. Community reactions have been generally positive, with many developers believing that this upgrade significantly simplifies practical use cases such as proxy payments and multi-tenant APIs, helping to promote mainstream adoption of Base in the payment sector.

Structurally, the ongoing iteration of x402 is reinforcing Base's positioning as an Ethereum L2 payment hub, but its long-term effects still depend on the actual deployment progress of facilitators and ecological adoption.

3. Prediction Market: Accelerating Toolization Trend

The prediction market platform Polymarket has launched a supporting tool called PolymarketScan, providing traders with more intuitive market analysis and monitoring capabilities, helping users quickly filter and track event contracts.

Community feedback has been largely positive, with many traders believing that this tool significantly reduces information collection costs and improves "market surfing" efficiency during hot events. Meanwhile, some discussions pointed out that the popularity of this tool indirectly reflects the inadequacies of Polymarket's native search and analysis functions, which may prompt the platform's officials to accelerate the development of similar features.

4. Perp DEX Track: From Exchanges to Infrastructure

①Lighter: Product Advancement and Execution Pressure Coexist

In the perpetual contract track, Lighter revealed during an AMA in Japan that its TGE date may be postponed to 2026 (with "Christmas" referring to the broader holiday season), and the token economics are expected to be announced in a few weeks. The platform is advancing a universal cross-margin mechanism and a new spot market, while the launch of meme coin issuance will depend on community sentiment. Founder Vlad did not provide a clear timeline but hinted that potential acquisition logic still exists.

Community reactions are mixed: some users expressed disappointment over the token issuance delay but acknowledged the "product first" strategy; the market is focused on the upcoming public discussion with Dragonfly partners, hoping for a clearer roadmap.

Meanwhile, some Lighter whales reported execution delay issues during high volatility periods: although the median latency is about 325ms, tail latencies can reach several seconds or even 10 seconds, and there are also lags in WebSocket. The team responded that multiple optimizations have been made, but there is still room for improvement. The community generally views this as a constructive discussion, believing that if resolved quickly, it will help enhance attractiveness to high-frequency and professional traders.

②Hyperliquid Ecosystem: Intensive Product Advancement

The Hyperliquid ecosystem has been very active recently. The Felix protocol has launched silver and natural gas perpetual contracts under HIP-3 (gold was previously launched), further expanding the range of commodity trading, and the community has begun discussing whether to introduce uranium and other assets next.

At the same time, well-known HYPE holder NMTD publicly criticized Binance's ongoing selling pressure, calling it an "industry parasite." This statement resonated widely within the community, further reinforcing discussions about the transparency advantages of decentralized trading venues, while also exposing the real influence of CEX on price discovery.

On the governance front, the Hyper Foundation proposed a vote by validators to confirm the permanent destruction of HYPE from the aid fund (this portion of tokens is no longer retrievable). The voting is scheduled to take place from December 21 to 24, and the community generally views it as a deflationary benefit, likely to enhance expectations of HYPE's scarcity.

Additionally, Trove has launched a Season 1 points program, based on a snapshot from December 5, allowing users of Trove, Hyperliquid, Unit, Kinetiq, Hyperlend, Felix, and Hypurr holders to claim points. These points may be linked to $TROVE in the future, driving activity in the RWA and collectibles trading ecosystem.

Variational confirmed that it will launch a points mechanism in Q4, with current competition still relatively low (the silver tier only requires $5 million in monthly trading volume). Community farming enthusiasm has noticeably increased, seen by some users as a potential new opportunity following Lighter.

At the same time, HypurrFi announced a partnership with Euler Finance to deploy a complete Euler lending stack (covering Euler Lending, Swap, and Earn) on HyperEVM. The community humorously dubbed it "Mewler," believing that this combination significantly enhances capital efficiency for traders and may reshape the lending landscape on HyperEVM.

5. Others: MegaETH Ecosystem Projects

In the MegaETH ecosystem, the project BRIX has launched a sovereign yield product aimed at emerging markets, starting with the stablecoin iTRY, which is pegged to the Turkish lira. It claims to achieve approximately 40% real yield through tokenized money market funds and plans to expand into the foreign exchange market in the future.

The project emphasizes its combinability and global accessibility, and the community is optimistic about bringing real yields from TradFi into the DeFi system, forming a potential compounding yield cycle. However, this model still faces regulatory uncertainty and exchange rate risks. BRIX plans to open usage to qualified investors after the official launch on MegaETH.

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