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

Over the past 24 hours, the crypto market has evolved across multiple dimensions. Mainstream discussions have focused on renewed debates around macro policies and monetary systems, including the Federal Reserve’s outlook and the strength of safe-haven assets. In terms of ecosystem development, Solana has continued to advance around developer tools and transaction efficiency, Ethereum has reinforced its ‘public goods’ narrative, and the Perp DEX sector has accelerated its differentiation driven by projects like Hyperliquid and Lighter.

I. Mainstream Topics

All-In Podcast Interviews U.S. Treasury Secretary Scott Bessent

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

During the interview, Bessent reflected on asset bubbles over the past decade and discussed the potential role of tariffs in reshaping trade agreements, reducing deficits, and tax adjustments. Community feedback was generally positive, with some voices noting that his policy narrative demonstrated ‘directional leadership.’ Others linked it to deglobalization and strengthening domestic manufacturing, while criticizing previous administrations’ fiscal expansion for exacerbating livelihood burdens.

Gold and Silver Prices Hit Record Highs

The spot price of gold broke through $4,500 per ounce for the first time, with its total market capitalization rising to approximately $31.5 trillion, about 7 times that of Nvidia. Silver’s market capitalization also surpassed Apple’s, making it the world’s third-largest asset.

Community discussions widely interpreted this as a sign of distrust in the fragility of the monetary system, inflationary pressures, and ongoing government balance sheet expansion, rather than simply bullish sentiment on precious metals themselves. Some views emphasized gold’s traditional safe-haven attributes and compared it to Bitcoin. Others saw silver’s market cap surpassing Apple as a symbol of imbalance in asset pricing systems, sparking renewed discussions on the rationality of tech stock valuations.

Governance Dispute Between Aave DAO and Aave Labs Escalates

Internal conflicts within the Aave ecosystem over frontend revenue allocation continue to intensify. The core dispute revolves around approximately $10 million in annual frontend revenue being transferred to Aave Labs’ wallet without DAO voting.

Aave Labs argues that frontend revenue does not constitute protocol revenue; the DAO contends that the frontend relies on the DAO’s brand, liquidity, and risk-bearing, and thus profits should be shared.

Community summaries note that the DAO controls smart contracts and risk parameters, while Labs holds the frontend, domain names, trademarks, and social accounts. Some discussions extend to extreme scenarios—whether the DAO might attempt to seize IP, or if Labs could exit the DAO and relaunch a new protocol based on the v4 codebase (with potential valuations discussed at over $1 billion).

Broader discussions suggest this event exposes long-standing incentive misalignment issues in DeFi: DAOs promise value accumulation to token holders, but in practice, profits are often captured by ‘equity-like structures.’ In the short term, AAVE prices have shown significant volatility, but some voices believe this could provide a clearer boundary sample for hybrid governance models between DAOs and companies.

Community Reviews Coinbase’s 2025 Strategic Expansion Path

The community has been reviewing and debating Coinbase’s multi-pronged expansion strategy in 2025, including: exchange liquidity, the 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 efforts are too scattered, with too many acquisitions, underperformance of the NFT platform, limited returns on some investments (e.g., Monad), and concerns over declining fees in core trading businesses and self-competition risks.

Supporters believe these attempts are necessary costs in finding product-market fit, that team size remains controlled, that NFT failures have reduced future trial-and-error costs, and that acquisitions are more efficient than internal incubation. Additionally, custody services and the USDC ecosystem may still benefit from ETF and compliance-driven tailwinds.

Overall, Coinbase is still viewed by parts of the community as an ‘infrastructure-type beneficiary under the compliance cycle,’ but its expansion pace and bear market resilience remain variables under close watch.

II. Mainstream Ecosystem Developments

1. Solana Ecosystem

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

This SDK supports web3js and kit, providing headless components and developer-friendly hooks (e.g., useConnector, useBalance), covering common scenarios like account viewing, balance management, tokens, and transaction history, with support for mobile wallet adapters. The official team also hinted at future integration of capabilities like Kora and native Passkeys.

Community feedback is generally positive, with developers widely agreeing it significantly simplifies wallet integration and emphasizing its backward compatibility and component-based extensibility; related posts include example code and npm package links to lower the learning curve.

Humidifi Achieves Lower Spreads Than CEX in SOL-USD Trading

Humidifi’s DEX quotes on Solana show that its SOL-USD trading spreads are lower than those on centralized exchanges for most order sizes:

– Spreads for orders under $10,000 are approximately 0.1bp

– Even at $500,000 order sizes, spreads remain below 1bp
– For comparison, some CEXs (e.g., Binance) have spreads around 1bp.

Community discussions view this as a sign that DEX execution efficiency has surpassed CEXs in specific scenarios, linking it to liquidity aggregation and better routing paths. Related posts note that Humidifi aggregates multiple DEXs like Phoenix and Orca to achieve best execution and lower slippage, sparking expectations for its expansion into larger markets like BTC and ETH.

DoubleZero Releases 2025 Annual Review

The DoubleZero protocol reviewed its 2025 progress, including:

– Mainnet Beta launch, handling approximately 40% of Solana mainnet staking

– Addition of 3.4 Tbps dedicated bandwidth, contributed by 15 independent organizations

– Receipt of an SEC no-action letter for $2Z

– Completion of a $28 million token round and $6.5 million validator token sale

– Launch of a delegation program involving about 13 million SOL, making it Solana’s second-largest staking pool

Community discussions emphasize its importance as high-performance network infrastructure and view it as a key complement 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 used SolanaPython to deploy and run a neural network model of only 65 bytes on-chain, designed to predict short-term SOL/USDT price direction. The model was trained on approximately 9,000 1-minute candlestick charts, achieving about 59% prediction accuracy on unseen samples.

The community generally views this as a proof-of-concept (PoC), highlighting its significance for ‘fully on-chain, verifiable’ execution and the new possibilities unlocked by the Python ecosystem for Solana development, while also noting the considerable gap 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-rivalrous, non-excludable, and systemically empowering attributes.

The report proposes a three-layer framework—’captured value (financial layer) – flowing value (economic activity) – trust surplus (consumer surplus)’—to assess Ethereum’s true value, focusing not on TPS or fees but on settlement efficiency, long-term trust minimization, and institutional adoption.

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

3. Perp DEX and Trading Infrastructure

Bitget Wallet Integrates Hyperliquid Perpetual Contracts

Bitget Wallet announced support for USDC perpetual contract trading powered by Hyperliquid, with fees lower than Bitget CEX’s VIP0 tier.

Community feedback sees this as lowering the barrier to using on-chain perpetual contracts and strengthening the combination of ‘non-custodial wallet + high-performance matching.’

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

Hyperliquid focuses on high-performance infrastructure, remains neutral, and allows third parties to build derivative modules; Lighter adopts a more vertically integrated model, attracting retail users and organic market makers through a two-tier fee structure.

Discussions often analogize this to the exchange evolution path of ‘two dominant platforms + several edge innovators.’

Kinetiq’s HIP-3 DEX ‘Markets’ Goes Live
Kinetiq deployed the HIP-3 exchange Markets on the Hyperliquid mainnet, with initial trading pairs including US500, EUR, and BABA, and support for USDH as margin.

The community sees this as a significant step toward ‘on-chain tokenization of traditional market assets and enabling 24/7 trading.’

Hyperliquid Portfolio Margin and BLP Go Live
Portfolio Margin is now live on the Hyperliquid mainnet, and the BLP (borrowing liquidity pool) functionality is open.

Community discussions focus on its improvements to capital efficiency and risk management, while reminding that it is in an early stage and recommending starting with small-scale testing.