Release Date: February 5, 2025
Author: BlockBeats Editorial Team

In the past 24 hours, the cryptocurrency market has exhibited complex and differentiated dynamics on multiple levels. Mainstream discussions have focused on industry trust and narrative reflection: the departure of prominent VC figures has triggered a reassessment of the long-term vision for crypto, ongoing disputes regarding the solvency and transparency of trading platforms and stablecoins continue to escalate, and the tension between institutions and the market has been repeatedly amplified. In terms of ecological development, Solana is optimizing and strengthening its practicality orientation through developer tools, competition in the Perp DEX track has intensified due to major fund reallocations, and discussions around prediction markets and governance mechanisms have returned to issues of efficiency and boundaries.

I. Mainstream Topics

1. Kyle Samani Leaves Multicoin Capital

Kyle Samani announced his departure from Multicoin Capital after nearly a decade, describing the decision as "bittersweet." He stated that he will explore cutting-edge technology directions such as AI and robotics while continuing to hold leadership roles in companies like Forward Industries and Zama.

In a now-deleted tweet before his departure, Samani candidly expressed that his views on the crypto industry have changed: he still recognizes the value of blockchain as an efficient "asset ledger" in finance, but no longer holds the early enthusiasm for the grand narratives of Web3 and dApps, focusing only on a few verticals like DePIN; on a technical level, he believes that on-chain privacy remains a key bottleneck and is particularly optimistic about Zama's FHE route.

Community reactions have been notably polarized. Some interpret his departure as a symbol of the "crypto era receding," reflecting the overall industry malaise; others agree with his more realistic assessment, believing that most applications, aside from finance and a few infrastructures, are unlikely to succeed. Discussions around Solana and RWA have noticeably heated up, with some viewpoints suggesting he does not believe Ethereum has a structural advantage in the RWA space. Overall, this event is seen as a microcosm of the VC narrative shift, with DePIN repeatedly mentioned as one of the few directions still holding potential.

2. Binance Withdrawal and Solvency Concerns Continue to Escalate

Discussions surrounding Binance's liquidity and solvency continue to intensify. Several KOLs have reported receiving cease-and-desist orders or threatening private messages from the platform, demanding they stop publicly questioning it; meanwhile, Binance co-founder He Yi responded to the community's withdrawal actions, stating it was an "effective stress test," and claimed that after withdrawals, the platform's assets actually increased, while also suggesting users utilize hardware wallets for self-custody. There are also allegations that Binance secretly sold BTC and other assets during periods of low liquidity.

FUD sentiment has noticeably increased. Critics argue that the threatening private messages themselves exacerbate concerns about the platform's transparency and liquidity; supporters, however, believe He Yi's response is relatively strong, and the withdrawal wave actually validates the platform's robustness. In the context of a bear market, some view this event as "cyclical noise," but discussions around trust, transparency, and whether to shift towards self-custody continue.

3. Tether (USDT) FUD Reignites

Uncertainties surrounding Tether have once again become a focal point. The USDT peg has widened, nearing historical lows, and the long-standing issue of "never having undergone a full audit" has resurfaced; simultaneously, Tether's CEO has lowered fundraising valuations due to investor resistance. Although previously disclosed reports indicated substantial profits and excess reserves, conspiracy narratives such as "un-auditable black box" and "source of systemic risk" have regained popularity in the community, even linking to historically controversial figures and events.

Overall, FUD sentiment is strong, with phrases like "Tether never audits" and "invisible pillar of BTC" widely circulated. In a bear market environment, USDT's dominance has risen to a two-year high, seen as a reflection of risk-averse sentiment; some also point out that similar FUD has circulated for a decade without ever truly triggering a collapse. Nevertheless, Tether's trust issues remain a core topic that the market cannot avoid in the long term, with some voices calling for a shift towards more transparent stablecoin solutions.

4. Kalshi Research Report Sparks Controversy

A third-party research report indicated that Kalshi users' loss rates are significantly higher than traditional sports betting (7% within 90 days vs. 1%). Kalshi subsequently accused the data provider of inaccuracies and misleading information, attempting to pressure them to amend the report, during which they initially responded with accusations of "extortion," only to later retract those statements. The platform insists that internal data conclusions are contrary, but has not disclosed specific details, leading to new transparency controversies.

Amidst intensified competition in the prediction market space (Kalshi vs. Polymarket), some discussions have returned to the essence of the industry: whether prediction markets are still merely high-risk gambling rather than "smarter financial tools." Kalshi's public relations handling has been criticized as lacking restraint, which has weakened trust. Overall, the market's outlook on the growth prospects of prediction markets has become cautious, especially in the context of renewed scrutiny on gambling addiction and regulatory risks.

5. CME May Launch Its Own Token "CME Coin"

CME Group's CEO stated that they are exploring the issuance of "CME Coin" on decentralized networks as part of a tokenized collateral system, aimed at supporting the expansion of 24/7 crypto futures trading; simultaneously, CME is collaborating with partners like Google to advance "tokenized cash" related solutions.

This statement is widely seen as an important signal of traditional financial institutions further embracing on-chain settlement, potentially increasing institutional participation and overall liquidity. However, the market is also concerned about the specific mechanism design and whether it will impact existing stablecoins and tokenization tracks; optimists believe this marks a further integration of Wall Street and the crypto system, while cautious voices warn of potential centralization risks.

II. Mainstream Ecological Dynamics

1. Solana

The Solana developer team announced that its official documentation now fully supports LLM-friendly formats: users can simply add ".md" to any document URL to directly access the Markdown version. This update aims to lower the development threshold and help developers more efficiently understand Solana's core concepts, including account models, transaction structures, program-derived addresses (PDA), cross-program invocations (CPI), and token mechanisms.

The documentation uses the metaphor of "the Solana blockchain as a key-value store," with on-chain addresses as "keys" and accounts as "values," which is believed to help developers quickly establish an overall understanding and start building applications.

Community feedback has been positive. Many have described it as an "accelerando," believing this change significantly enhances the usability of AI tools (like Claude) in Solana development; social platforms have seen a surge of emotional positive feedback, such as "HELL YEAAAHHHH" and "Fire," generally viewing it as a key step for Solana in terms of developer experience. At the same time, some developers have begun to promote LLM-based Solana applications and tools, with an overall optimistic atmosphere, believing this move will further attract developers into the ecosystem.

2. Perp DEX

On-chain data shows that wallets suspected to be related to Multicoin Capital have recently undergone large-scale asset reallocations: since January 22, this address has deposited approximately 87,100 ETH (worth about $220 million) into Galaxy Digital, subsequently receiving about 1.455 million Hyperliquid tokens HYPE (worth about $46.6 million) from Galaxy, including a large transfer of 465,000 HYPE on January 26. Previous on-chain records also indicated that Multicoin had seemingly purchased about 1.355 million HYPE in January, showing its continued accumulation in Hyperliquid perp DEX.

The community has reacted strongly to this. On one hand, the market is surprised that Multicoin holds such a large amount of ETH, and this "ETH for HYPE" reallocation has been widely interpreted as a strong bullish signal for Hyperliquid; humorous remarks have even emerged in the community, such as "3 Drift holders kneeling on the spot." On the other hand, some view it as a signal of changing competitive dynamics in the perp DEX landscape—"Hyperliquid vs the World." Despite questions about the rationality of Multicoin's ETH holdings, the overall sentiment remains optimistic, believing this behavior could become an important catalyst for HYPE's sentiment and narrative.

3. Others

Paradigm has launched a prediction market data exploration tool that visualizes market categories, trading volumes, and positions for Kalshi and Polymarket through treemaps, supporting filtering by time intervals. This tool is based on data from Allium Labs and aims to help users discover overlooked niche markets. The first version has been launched, and users generally rate it as "very practical," while also suggesting optimizations such as improving classification hierarchies and introducing LLM for automatic classification;

Evgeny Gaevoy (founder of Wintermute) shared his interim judgment: the cross-chain competition lacks significance as there are no truly large-scale applications; stablecoins are merely "niche victories"; perp DEXs are unlikely to scale to CME levels, with risk engines being the core bottleneck; Bitcoin and crypto have gradually deviated from their original vision, evolving into a "digital bull narrative"; current mainstream token designs (buybacks, lockups, etc.) are generally ineffective. However, he also expressed cautious optimism about the industry's long-term prospects, hoping for a return from "cyberpunk" to "crypto-punk." Related viewpoints have sparked intense discussions, with some questioning the basis of his optimism, while others bluntly state that the current market has devolved into a "crypto casino";

Mike Dudas criticized the governance structures of traditional company boards, pointing out that some companies (like PayPal appointing a long-term board member as CEO, leading to a significant drop in stock prices) expose systemic issues of "internal club-style governance," which is even less transparent than DAOs. This viewpoint has been used by the community to compare the institutional advantages of DAOs, stating, "At least the problems of DAOs are public," further provoking reflections on governance mechanisms, power concentration, and transparency.

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