Release Date: January 29, 2025
Author: BlockBeats Editorial Team

In the past 24 hours, the cryptocurrency market has shown significant divergence across multiple dimensions. The mainstream topics focus on the risk appetite warming expectations triggered by the rapid rise of $HYPE, as well as the ongoing trust crisis surrounding CZ and Binance. In terms of ecological development, Ethereum is advancing high-performance infrastructure and on-chain financial narratives, while the Perp DEX track is innovating in both trading volume and mechanisms. The prediction market and asset issuance protocols are further highlighting the accelerating competition at the application layer through real cases and financing progress.

I. Mainstream Topics

1. $HYPE Community Sentiment Heats Up

In the past few days, the price of $HYPE has risen by about 50%, quickly becoming the focus of market attention. The well-known venture capital firm a16z has acquired 243,000 $HYPE through Anchorage, bringing its total holdings to 1.53 million, with a market cap of approximately $50.1 million. This move is seen by the market as a clear institutional buy signal and is considered one of the important factors driving the price further up.

Market observers have pointed out that the current trend of $HYPE is quite similar to the risk appetite signals seen when SOL started around $20 in 2023: rising gold prices, a weakening dollar, while Bitcoin has not yet shown a significant rebound, which may suggest that the overall cryptocurrency market is approaching a phase bottom.

Community sentiment is clearly leaning towards optimism. Many users believe that $HYPE's early launch as a leading token may signal a broader market recovery. Some participants recalled the market experience of SOL in 2023, emphasizing that institutional purchases, including those from a16z, carry significant directional meaning, and suggested long-term attention and holding of related altcoins such as $LIT, $AAVE, $PENDLE, and $XPL.

At the same time, discussions also mentioned the HIP-3 proposal within the Hyperliquid ecosystem, as well as $KNTQ reaching new highs, providing additional catalysts for market sentiment. However, cautious voices also exist, with some reminding of short-term volatility risks, and even traders (like WazzCrypto) attempting to short and quickly covering their positions. Overall, discussions are gradually focusing on the "real value" of $HYPE—whether it has the potential to surpass the functional positioning of stablecoins and Bitcoin, and calling for more substantial capital deployment, although a minority opinion suggests that the current rise may still be primarily driven by short-term buying or programmatic trading.

2. CZ's Questioning Public Opinion Continues to Ferment

Former Binance CEO CZ (Changpeng Zhao) recently posted that the recent negative public opinion against Binance and himself constitutes a "coordinated attack," with the core controversy centered around the market crash event on October 10, 2025 (referred to as "10/10").

A long post circulating in the community made multiple accusations against Binance, claiming it manipulated timestamps to evade compensation responsibilities, accompanied by video evidence alleging that the liquidation time was artificially delayed by about 3 minutes, directly leading to user losses. Related discussions further extended to accusations of Binance's suspected market manipulation, account freezes, and stop-loss function failures. While some mentioned that other exchanges like MEXC had similar situations, many opinions believe that Binance's long-term neglect of complaints from small and medium users made it more susceptible to criticism.

The overall community response leans strongly negative. Many users directly attribute the 10/11 crash, the FTX incident, and even personal bankruptcy experiences to CZ and Binance, with discussions filled with personal cases of frozen accounts, restricted funds, and life impacts, even calling for collective account shutdowns or lawsuits against CZ.

CZ's past statements about "wealth not just being money" have also been ridiculed, with some users believing that making such statements after having withdrawn from the crypto market and accumulated nearly $100 billion in wealth appears particularly hypocritical. Although a few voices questioned why the related accusations did not erupt immediately after the 10/11 incident, the mainstream consensus in the community still tends to believe that this round of criticism is not merely a coordinated FUD, but rather an emotional release based on real cases and evidence.

Many discussions ultimately point to a more structural reflection: calling for the community to amplify their voices, demanding exchanges provide public and transparent responses, and suggesting that more users turn to DeFi systems to reduce the risk of single-point dependency on centralized platforms.

II. Mainstream Ecological Dynamics

1. Ethereum

MegaETH Public Mainnet Launch Date Announced
MegaETH announced that its public mainnet will officially launch on February 9, 2026, and reiterated its technical positioning as a "real-time blockchain," aiming to provide an extreme performance experience for crypto applications. Following the announcement, the community reacted enthusiastically, with many users expressing anticipation, such as "Netizens in control" and "can’t wait to accelerate together."
At the same time, there were misinterpretations of the launch date (some users mistakenly thought it was September), and some holders called for concentrated participation in ecological activities on the first day of the mainnet launch, stating, "We ring the bell, calling all Bunnz holders to invade mainnet on day 0." Projects including RedStone publicly expressed support, with overall discussions focusing on its potential market impact and the timing adaptation issues for European users.

ClawdBot on Base Continues Development
The AI agent project ClawdBot, due to the promised PFP market not being delivered on time, has initiated a high-intensity token burn mechanism: burning 500,000 $CLAWD every hour, with a total burn amount reaching 11 million. This serves as an incentive for accelerating development.
The community's overall response has been positive, with comments like "Burn Baby Burn" and "wild burn rate," believing that this mechanism reflects the experimental innovation and real constraints of AI projects. However, some users reminded that the contract has not yet been audited, and potential risks should be noted.

Robinhood Plans to Launch 24/7 Trading and DeFi Access
Robinhood CEO Vlad Tenev stated that in the coming months, they will gradually unlock 24/7 trading and DeFi access features, allowing users to self-custody stock tokens and engage in lending, staking, and other operations based on this.
This statement sparked strong discussions in the community, with some exclaiming, "Holy shit, it’s happening on Ethereum," and believing that "24/7 stock trading on chain is a game changer." However, some opinions remain cautious, questioning whether the related plans are still at the narrative level and whether they can make a substantial contribution to Ethereum's network effects.

2. Perp DEX

Lighter Allows LLP as Collateral
Lighter announced that it will support using LLP as trading collateral in two weeks to enhance capital efficiency, requiring LIT to be staked to access LLP (with each LIT corresponding to a support limit of 10 USDC).
Community feedback has been generally positive, with concentrated evaluations like "massive" and "Let’s goooo," believing that this mechanism significantly enhances the practical utility of LIT and LLP and is seen as an important step towards a unified margin system.

LIT Staking APR Reaches 17.8%
Lighter simultaneously launched a LIT staking reward program, with the current annual percentage rate (APR) at approximately 17.8%. Early stakers can receive immediate rewards, with a lock-up period of 3 days.
While the community expressed approval, they also began to inquire about the source of the yields (e.g., "could you please specify from where the staking yield comes from?"). With LLP's APR of about 20% and the fee buyback mechanism, discussions gradually shifted towards the alignment between token incentives and platform revenue.

Trade.xyz Sets New Highs
Trade.xyz's 24-hour trading volume reached $2 billion, with open interest (OI) rising to $850 million, both setting historical highs.
Community sentiment is notably exuberant, with comments like "volume go brrrrrrrrrr" and "Epic," believing that its growth momentum in the perpetual contract track is accelerating.

Suspected New HIP-3 Builders Emerge
As more HIP-3 builders join, related discussions have intensified. The community generally believes that competition is intensifying, with comments like "more competition for HIP-3 spots, gonna get intense," interpreting it as a positive signal of enhanced ecological momentum and attractiveness.

Coinbase Adds HYPE to Listing Roadmap
Coinbase announced that it has added Hyperliquid (HYPE) to its listing roadmap, with specific launch still needing to meet market-making and infrastructure conditions.
On one hand, the community joked, "Better late than never," while on the other hand, they questioned whether the recent rapid price increase involved information asymmetry. At the same time, some users humorously stated, "finally I can buy hype from my 401k," expressing anticipation for the opening of compliant channels.

3. Others

Differences in Prediction Market Information Aggregation Mechanisms
Community discussions pointed out that sports betting markets often quickly gather trading volume in the early stages, while news-related prediction markets tend to see a surge in transactions closer to the announcement of results, reflecting different gaming structures and advantages.
Analysis suggests that this difference stems from the varying degrees of data certainty and model uncertainty, as well as social attribute factors—sports being more "consumptive." Some discussions further proposed redefining the measurement of "informed traders."

Prediction Market Paper Sparks Discussion
A paper written by economists tested 817 prediction markets, revealing that only about $50,000 is needed to manipulate prices in some markets and maintain it for over 60 days, thereby identifying market types that are highly sensitive to manipulation.
The community engaged in discussions around potential protective mechanisms, including increasing participant numbers, enhancing trading depth, and introducing external probability reference sources, with some users joking that the paper's title could have simply been "how to manipulate prediction markets."

Polymarket's "Real-Time Sniping" Case
During a Powell press conference, a trader seized the moment when "revolution" was misheard as "renovation," buying about 31,000 shares at a price of 1.3 cents, ultimately profiting about $30,000.
This case sparked heated discussions in the community, with many exclaiming "insane timing" and "bro made more in a minute than I have this month," once again emphasizing the importance of response speed in prediction markets.

Asset Issuance Protocol Doppler Completes $9 Million Seed Round Financing
Asset issuance protocol Doppler announced the completion of a $9 million seed round financing, led by Pantera Capital. The protocol currently accounts for about 91% of the trading volume in the Uniswap v4 pool and contributes approximately 90% of the DEX trading volume on the Base chain, with a cumulative asset value creation of about $1.5 billion.
The community generally expressed congratulations, with comments like "Congrats" and "massive," viewing it as a long-term potential asset launch protocol, looking forward to further integration with ecosystems like Monad.

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