Release Date: December 24, 2025
Author: BlockBeats Editorial Team

In the past 24 hours, the cryptocurrency market has unfolded synchronously across multiple dimensions. Mainstream topics focus on the re-discussion of macro policies and monetary systems, including the outlook for the Federal Reserve and the strengthening of safe-haven assets. In terms of ecological development, Solana continues to advance around developer tools and trading efficiency, Ethereum strengthens its "public goods" narrative, and the Perp DEX track accelerates differentiation under the push of projects like Hyperliquid and Lighter.

I. Mainstream Topics

All-In Podcast Interview with U.S. Treasury Secretary Scott Bessent

The All-In Podcast released a lengthy interview (about 1 hour) with U.S. Treasury Secretary Scott Bessent, discussing topics such as the economic review of 2025, policy outlook for 2026, Federal Reserve issue remediation, tariffs as a national security tool, inflation and interest rates, and the structure of U.S. debt.

In the interview, Bessent reflected on the asset bubbles of the past decade and discussed the potential role of tariffs in reshaping trade agreements, reducing deficits, and tax adjustments. The overall community feedback was positive, with some voices suggesting that his policy narrative reflects "directional leadership." There were also discussions linking it to de-globalization and strengthening domestic manufacturing, while criticizing previous administrations for fiscal expansion that exacerbated the burden on people's livelihoods.

Gold and Silver Prices Hit All-Time Highs

The spot price of gold has surpassed $4,500 per ounce for the first time, with a total market capitalization rising to approximately $31.5 trillion, about seven times the market value of Nvidia; silver's market capitalization has also surpassed Apple, making it the third-largest asset globally.

Community discussions generally interpret this as a sign of distrust in the fragility of the monetary system, inflation pressures, and the government's continued expansion of its balance sheet, rather than simply a bullish outlook on precious metals themselves. Some viewpoints emphasize gold's traditional safe-haven attributes and compare it to Bitcoin; others view silver's market capitalization surpassing Apple as a symbol of imbalance in the asset pricing system, sparking renewed discussions on the rationality of tech stock valuations.

Governance Dispute Escalates Between Aave DAO and Aave Labs

Conflicts within the Aave ecosystem regarding the allocation of front-end revenue continue to ferment. The controversy centers on approximately $10 million in annual front-end revenue being transferred to the Aave Labs wallet without DAO voting.

Aave Labs argues that the front-end does not belong to protocol revenue; the DAO asserts that the front-end relies on the DAO's brand, liquidity, and risk-bearing, and should share in the profits.

Community summaries point out that the DAO controls smart contracts and risk parameters, while Labs holds the front-end, domain names, trademarks, and social accounts. Some discussions extend to extreme scenarios—whether the DAO will attempt to seize IP, or if Labs will exit the DAO and restart a new protocol based on the v4 codebase (with potential valuations discussed to exceed $1 billion).

Broader discussions suggest that this event exposes the long-standing incentive misalignment issues in DeFi: the DAO promises value accumulation to token holders, but in actual profit-making scenarios, earnings are often captured by "equity-like structures." In the short term, AAVE's price has shown significant volatility, but some voices believe this may provide a clearer boundary sample for the mixed governance model between the DAO and the company.

Community Review of Coinbase's 2025 Strategic Expansion Path

The community has engaged in a review and debate regarding Coinbase's multi-line expansion strategy for 2025, including: exchange liquidity, Base network, prediction markets, USDC promotion, staking services, and multiple acquisitions (Liquifi, Spindl, Roam, Iron Fish, Opyn, The Clearing Co., etc.).

Critics argue that Coinbase's front is too long, the number of acquisitions is excessive, the NFT platform's performance has fallen short of expectations, and some investments (like Monad) have limited returns, while also expressing concerns about declining fees in core trading business and self-competition risks.

Supporters contend that these attempts are essentially necessary costs for finding product-market fit, that the team size has not spiraled out of control, and that the failure of NFTs has actually lowered future trial-and-error costs, with acquisitions being more efficient than internal incubation; additionally, the custody business and USDC ecosystem may still benefit from ETF and compliance dividends.

Overall, Coinbase is still viewed by some in the community as an "infrastructure beneficiary under the compliance cycle," but its pace of expansion and ability to withstand bear market pressures remain variables of ongoing concern.

II. Mainstream Ecological Dynamics

1. Solana Ecosystem

Solana Launches Next-Generation Wallet Management SDK (ConnectorKit)
The Solana Foundation has released ConnectorKit, designed to integrate wallet connection and account management features into Solana applications, seen as a successor to Wallet Adapter.

This SDK supports web3js and kit, providing headless components and developer-friendly hooks (such as useConnector, useBalance), covering common scenarios like account viewing, balance management, tokens, and transaction history, and supports mobile wallet adapters. The official announcement also revealed plans to integrate capabilities like Kora and native Passkeys in the future.

Community feedback has been generally positive, with developers widely believing it significantly simplifies the wallet access process and emphasizing its backward compatibility and component-based extensibility; related posts include example code and npm package links, lowering the entry barrier.

Humidifi Achieves Lower Spread than CEX in SOL-USD Trading

Humidifi's DEX quotes on Solana show that its SOL-USD trading spread is lower than that of centralized exchanges in most scales:

• Spread for orders under $10,000 is about 0.1bp
• Even at a scale of $500,000, the spread remains below 1bp
• In comparison, some CEXs (like Binance) have spreads around 1bp.

Community discussions suggest that this marks a point where DEX execution efficiency has surpassed that of CEX in specific scenarios, linking it to liquidity aggregation and better matching paths. Related posts indicate that Humidifi achieves optimal execution and lower slippage by aggregating multiple DEXs like Phoenix and Orca, raising expectations for its expansion into larger markets like BTC and ETH.

DoubleZero Releases 2025 Annual Review

DoubleZero protocol reviews its progress in 2025, including:

• Mainnet Beta launch, supporting about 40% of Solana's mainnet staking
• Addition of 3.4 Tbps dedicated bandwidth, contributed by 15 independent organizations
• Received a no-action letter from the SEC regarding $2Z
• Completed a $28 million token round financing and $6.5 million validator token sale
• Launched a delegation program involving about 13 million SOL, becoming the second-largest staking pool on Solana

Community discussions emphasize its importance as high-performance network infrastructure and view it as a key supplement to Solana in terms of bandwidth and reliability, with some perspectives looking forward to its expansion into more foundational network infrastructure in 2026.

Running AI Models On-Chain Using SolanaPython
A developer has deployed and run a 65-byte neural network model on-chain using SolanaPython to predict the short-term price direction of SOL/USDT. The model was trained on about 9,000 one-minute candlesticks, achieving an accuracy of approximately 59% on unseen samples.

The community generally views this as a proof of concept (PoC), emphasizing its significance of being "fully on-chain and verifiable," and the new possibilities unlocked for Solana development by the Python ecosystem, while also noting that it still has a considerable distance to practical-level AI.

2. Ethereum Ecosystem

Release of "The Internet's Blueprint for Ethereum" Public Goods Valuation Framework
This research report positions Ethereum as a global public good similar to the internet, GPS, and TCP/IP, emphasizing its non-competitiveness, non-exclusivity, and systemic empowerment attributes.

The report proposes a three-layer framework to assess Ethereum's true value based on "value capture (financial layer) - liquid value (economic activity) - trust surplus (consumer surplus)," focusing not on TPS or transaction fees, but on settlement efficiency, long-term trust minimization, and institutional adoption.

Community discussions recognize its perspective of viewing Ethereum as a "value protocol" rather than merely an execution layer, emphasizing its long-term role in global coordination and settlement.

3. Perp DEX and Trading Infrastructure

Bitget Wallet Integrates Hyperliquid Perpetual Contracts

Bitget Wallet has announced support for USDC perpetual contract trading powered by Hyperliquid, with rates lower than Bitget CEX's VIP0 level.

Community feedback suggests this lowers the entry barrier for using on-chain perpetual contracts and strengthens the combination path of "non-custodial wallets + high-performance matching."

Hyperliquid and Lighter Discussed as a Duopoly Structure in Perp DEX
Some community viewpoints suggest that Hyperliquid and Lighter may become the two dominant players in the future Perp DEX space:

Hyperliquid focuses on high-performance infrastructure, maintaining neutrality and allowing third parties to build derivative modules; Lighter adopts a more vertically integrated model, attracting retail users and organic market makers through a dual-fee structure.

Discussions generally draw parallels to the evolutionary path of exchanges as "two dominant platforms + several edge innovators."

Kinetiq's HIP-3 DEX "Markets" Launched
Kinetiq has deployed the HIP-3 exchange Markets on the Hyperliquid mainnet, with initial trading targets including US500, EUR, and BABA, and supporting USDH as collateral.

The community views this as an important step in "bringing traditional market assets on-chain and enabling 24/7 trading."

Hyperliquid Portfolio Margin and BLP Launched
The Hyperliquid mainnet has launched Portfolio Margin and opened the BLP (Borrowing Pool) feature.

Community discussions focus on its improvements in capital efficiency and risk management, while reminding that it is still in the early stages, recommending starting with small-scale tests.

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