Release Date: December 26, 2025
Author: BlockBeats Editorial Department

Over the past 24 hours, the cryptocurrency market has witnessed multifaceted dynamics ranging from macroeconomic discussions to specific ecosystem developments.

Mainstream topics have focused on protocol governance and value-recycling mechanisms. From token burns to fee structure adjustments, mature protocols are recalibrating their relationships with token holders. In terms of ecosystem development, Ethereum has emphasized the continued expansion of DeFi credit and assets under management (AUM), while Perp DEXs have accelerated the extension of trading categories to commodity assets such as silver, indicating that on-chain finance is moving from crypto-native to broader macroeconomic targets.

I. Mainstream Topics

1. UNI Burn Proposal Passes

The voting for Uniswap’s “Unification” proposal has concluded, passing with an extremely lopsided result: 125,342,017 votes in favor, with only 742 against. This proposal is seen as a key step for Uniswap toward a more unified governance structure. Core elements include: burning 100 million UNI after approximately a two-day voting period, activating the protocol fee switch, and Uniswap Labs discontinuing frontend fees to further focus on protocol-layer development.

Hayden Adams described the outcome as a “Christmas gift,” emphasizing it as a clear choice regarding protocol unification and long-term optimization direction. The original poster, Sisyphus, jokingly referred to this vote as “the similarity between DeFi governance voting and elections in third-world countries,” highlighting the highly concentrated consensus.

Community reactions were predominantly humorous and sarcastic. Numerous comments revolved around the number of opposing votes, such as “742 opposing votes are doing great work” and “centralization always finds a way.” Some voices discussed the act of voting itself from a more abstract perspective, like “maybe it’s human nature—people tend to choose what they’re familiar with,” or analogized the result to a kind of “oracle effect.” The overall atmosphere was lighthearted, but beneath the jokes, there was a subtle hint of slight skepticism toward the governance process itself.

2. HYPE Burns Approximately 10% of Circulating Supply

The Hyperliquid community, through a governance vote, has officially burned 11.068% of the circulating supply of $HYPE (often referred to as “10%” in community discussions), corresponding to address 0xfefefefefefefefefefefefefefefefefefefefe, and confirmed by the Hyper Foundation.
The voting employed a stake-weighted mechanism, resulting in 85% in favor, 7% against, and 8% abstaining. The official statement positioned this as a community-driven deflationary action aimed at reducing supply and enhancing token scarcity.

Community feedback was overwhelmingly positive. Most comments focused on the potential boost to long-term value from the “permanent removal of supply,” such as “that’s a huge chunk of supply gone forever” and “less supply, more value potential.” Some users called it a “model of deflationary action,” stating directly “damn that’s some serious deflation in action.”

A few replies touched on price expectations (e.g., talk of pushing $HYPE to $1,000 was seen as larp) or expressed views like “Still need more.” Overall sentiment was clearly optimistic.

3. Wintermute Partner Discusses Aave

Wintermute partner Evgeny Gaevoy shared his views on Aave’s current situation in a long thread, first disclosing that Wintermute has participated in governance as an Aave investor since 2022 but holds no equity in Labs. Core issues include mismatched expectations for value capture (token holders vs. Labs), the infeasibility of a dual structure (token-equity) (citing Hasu’s perspective), and the handling of external functions (e.g., business development).

He called for a solution similar to Uniswap’s “Unification,” criticized insufficient communication and politicized behavior, and announced that Wintermute will vote against the current forum proposal due to its lack of detail and inability to guarantee token value capture. He viewed this as a “temperature check,” urging all parties to calmly restart dialogue to address long-term value issues.

Reactions focused on debate and skepticism, such as “T tokens either capture value or shouldn’t exist,” criticizing intermediate states as “snake oil.” Someone joked “wen thoughts on wintermute situation” (when thoughts on Wintermute situation), prompting Gaevoy to respond that it was “pure imagination.” Overall discussion was rational but divided, involving criticism of Labs’ communication and concerns about the proposal.

II. Mainstream Ecosystem Dynamics

1. Ethereum

Maple Finance completed the largest single loan issuance in its history yesterday ($500 million), while its outstanding loan amount reached an all-time high (ATH). This milestone was interpreted by some in the community as a phase peak in the current DeFi credit growth cycle.

Founder Sid Powell, in an open letter, reviewed Maple’s key milestones in 2025 and outlined goals for 2026: achieving $100 million in ARR (annual recurring revenue), positioning Maple as the “standard bearer layer for on-chain asset management,” with core keywords including transparency, automation, and global accessibility.

Outstanding loan data for Maple’s lending product Syrup continues to rise. Dune dashboards show that since June 2024, Syrup’s outstanding loan scale has expanded rapidly, surpassing $1.5 billion by December, with Syrup USDT and Syrup USDC proportions significantly increasing. The overall curve shows steep growth from near-zero scale to 1.5B+, reflecting a clear recovery in the DeFi lending market.

Some institutional perspectives (e.g., Relayer Capital) view $SYRUP as a high-conviction position, believing that accumulating data is strengthening the narrative of “opportunity scale + team execution.”

Related discussions, on one hand, acknowledge Maple’s breakthroughs at the business level, and on the other hand, mention the gap between “protocol performance hitting new highs, but token price still far below historical highs.” Overall, 2025 is widely regarded as a landmark year for Maple, and this development further solidifies Ethereum’s position as the core settlement layer for DeFi, while also seen as potentially attracting more institutional-grade lending demand. However, the community also cautions the need to continuously monitor regulatory uncertainty and whether incentive mechanisms are sufficiently aligned with long-term value.

2. Perp DEX

Trade.xyz announced the launch of SILVER perpetual contracts, supporting up to 10x leverage and offering 7×24×365 uninterrupted trading experience. The official statement emphasizes its product vision as “trade any asset, anytime,” allowing users to trade directly on the Hyperliquid frontend.

This launch was accompanied by visual content highlighting the convenience of trading silver perpetual contracts on-chain. As a Perp DEX, Trade.xyz is further expanding its product range from crypto-native assets to commodity derivatives, providing users with tools for speculation and hedging against silver price volatility. Within the Hyperliquid ecosystem, this move is seen as an important addition to enhancing asset diversity and trading scenarios.

Community feedback was generally positive, with discussions focusing on leveraged trading opportunities and the potential bull case for commodity assets. Some voices also cautioned that high-leverage structures amplify risks alongside opportunities. Overall, this event reflects the further maturation of the Perp DEX sector and shows that DeFi derivatives are continuously penetrating traditional commodity markets.