BlockBeats news, December 28, according to Coinbob hot address monitoring, the whale labeled "pension-usdt.eth" has shifted its substantial profits accumulated on Hyperliquid to the interest-bearing market. This address recently withdrew approximately $10 million from Hyperliquid and immediately deposited it into AAVE for lending to earn stable compound interest. Its cumulative lending amount on AAVE has now reached about $30 million.While withdrawing and transferring profits, the address opened an ETH short position at $2,918 starting from 1:00 yesterday and continued to add to it. The current position size is around $88.33 million, with an average price of $2,928, a liquidation price of $3,849, making it the largest ETH short on Hyperliquid.Additionally, monitoring shows that this whale has profited approximately $14.59 million from swing trading on Hyperliquid over the past 30 days. Its strategy primarily involves low-leverage, short-cycle (average holding period about 23 hours) operations on BTC and ETH, with cumulative profits exceeding $24.78 million since October.

BlockBeats news, December 28, U.S. stocks are currently at historical highs, with the S&P 500 index only about 1% away from breaking 7,000 points for the first time, poised to achieve its eighth consecutive monthly gain, which would be the longest monthly winning streak since 2017-2018. "Momentum is clearly on the side of the bulls," said Paul Nolte, senior wealth advisor at Murphy & Sylvest Wealth Management. "Unless there is an external shock event, I believe the path of least resistance for the stock market remains upward." The Federal Reserve meeting minutes will become a market focus next week, with investors highly attentive to when the Fed might further cut interest rates.Investors are also awaiting Trump's nomination of a new Federal Reserve chair to replace Powell, and any hints from Trump could influence market trends next week. The S&P 500 index has risen nearly 18% year-to-date, while the Nasdaq index has gained 22%. However, the technology sector, a major driver of this bull market, has recently struggled, while other areas of the market have performed strongly. Anthony Saglimbene, chief market strategist at Ameriprise Financial, stated that these market movements indicate funds are rotating into areas with more moderate valuations. (Jin10)

ChainCatcher reports, according to Coinglass data, if ETH falls below $2,801, the cumulative long position liquidation intensity on major CEXs will reach $571 million. Conversely, if ETH breaks above $3,068, the cumulative short position liquidation intensity on major CEXs will reach $530 million.

PANews reported on December 28 that, according to data disclosed by Cointelegraph, El Salvador has accumulated 1,511 BTC since January 1, 2025.

On December 28, PANews reported that the Supreme People's Court's official WeChat account published an article in its affiliated academic journal, *Digital Rule of Law*, entitled "Commercial Law Reform Towards Digital Transactions, Electronic Currency, and Virtual Property." The article points out that the amendments to the Uniform Commercial Code, jointly revised by the Uniform Law Commission and the American Law Institute, were formally passed in 2022 and subsequently widely adopted by state legislatures across the United States. These amendments embrace diverse transaction methods, including electronic forms, clarify the relationship between tangible money, central bank digital currencies, and other virtual currencies, create a new type of property called "controllable electronic records," and define the rules for the control and transfer of such property. China's civil and commercial regulations should also adapt to the development of digital transactions, electronic currency, and virtual property, undergoing practice-oriented legal improvements to incentivize economic and technological development and gain an advantage in international institutional competition.

BlockBeats 消息，12 月 28 日，据 Cointelegraph 报道，萨尔瓦多自今年 1 月 1 日以来，已增持 1511 枚 BTC。目前持有 7514.37 枚 BTC，约合 6.6 亿美元。

BlockBeats news, December 28, Wintermute OTC trading head Jake O stated, "Lighter TGE will become a key indicator to gauge current market risk appetite, and how the market absorbs the initial release of 25% of the token supply will largely reflect the overall market sentiment strength."

BlockBeats news, December 28, Michael Saylor, founder of Strategy, once again released information related to the Bitcoin Tracker. He stated, "Back to the orange dot."According to previous patterns, Strategy always discloses Bitcoin accumulation information the day after related news is released.As previously reported, Strategy did not accumulate Bitcoin last week but increased its dollar reserves by $748 million, now holding $2.19 billion and 671,268 BTC.

Author:Hotcoin Research I. Project Overview Lighter is an Ethereum-based zero-knowledge Rollup (zk-Rollup) perpetual contract exchange. It achieves verifiable order book matching and liquidation through custom ZK circuits, combining centralized exchange-level performance (millisecond latency, tens of thousands of TPS) with on-chain transparency. The protocol adopts a "zero-fee retail trading + institutional API fee" model and utilizes the LIT token for governance, fee discounts, and liquidity incentives. In November 2025, Lighter completed a $68 million Series A funding round co-led by Founders Fund and Ribbit Capital, with a valuation of approximately $1.5 billion. II. Market Opportunity On-chain derivatives penetration is <10%, but daily trading volume has exceeded $33.8 billion, indicating significant growth potential. Existing solutions face an "impossible triangle": General-purpose L2s (Arbitrum, OP) have fees and latency unsuitable for high-frequency order placement; Cosmos sidechains (dYdX v4, Hyperliquid) sacrifice Ethereum's security and composability; Hybrid order books (0x, StarkEx) rely on centralized matching, posing censorship and MEV risks. Lighter fills this market gap by achieving a unified "performance-security-verifiability" on Ethereum through an application-specific zk-Rollup. III. Product and Technical Architecture 3.1 Core Components Sequencer: Responsible for ordering, batching transactions, and publishing pre-commitments, ensuring millisecond-level feedback; Prover: Generates zk-SNARK proofs for matching, liquidation, and state transitions, verified on-chain; Smart Contracts: Custody funds, verify proofs, trigger emergency exits (Exit Hatch), fully non-custodial. 3.2 Innovations Order Book Tree: A patented binary prefix tree that encodes "price-time" priority into leaf indices, achieving Θ(log₂N) proof complexity, supporting batch matching and fast quoting; Verifiable Liquidation Engine: Three-tier margin system (initial / maintenance / liquidation) + insurance fund. The liquidation process is fully enforced by the circuit, eliminating human intervention; Exit Hatch: If the Sequencer censors or reorders transactions, users can directly submit a Merkle proof to the contract to trigger an emergency exit, with fund security relying solely on Ethereum. 3.3 Performance Metrics Matching latency < 5 ms, capable of batching 20,000 orders/cancellations per block; On-chain data compressed to < 200 B per transaction, transaction fees approaching zero; Supports 50+ perpetual markets, maximum leverage of 50×, using an exponential moving premium + funding rate mechanism to anchor spot prices. IV. Token Economics (LIT) 4.1 Total Supply and Allocation (Official Disclosure) Ecosystem Incentives: 41.4%, for trading mining, LP rewards, liquidity budget; Team & Advisors: 29.1%, linear vesting over 4 years, locked for 12 months post-TGE; Investors: 16.0%, Series A and seed rounds, vesting schedule aligned with team; Public Sale & Community Sale: 6.0%, scheduled for Q1 2026 on Binance Launchpool and the official website; Airdrop: 4.8%, incentivizing early users, testnet nodes, Ciphernaut mission participants; Foundation Reserve: 2.7%, for legal, audit, and strategic partnerships. 4.2 Token Utility Trading Fee Discount: Staking LIT offers up to a 50% discount; Governance: Modify risk parameters, list new markets through Snapshot + on-chain execution module; Liquidity Mining: Providing LLP (Lighter Liquidity Pool) shares earns LIT rewards; Insurance Fund Replenishment: In extreme cases, LIT is auctioned to cover liquidation shortfalls. 4.3 Circulation Schedule Initial Circulation: Public Sale 6% + Airdrop 4.8% ≈ 10.8% (approx. 108 million tokens); No team/investor unlocks for the first 12 months, linear monthly unlocks of 1/36 starting January 2027; Projected circulating supply: 25% by end of 2026, 70% by end of 2028, fully unlocked by 2030. V. Competitive Landscape The current on-chain perpetual contract space is a three-way race: Aster uses a Cosmos appchain, has issued a token, and through high incentives pushed daily volume to $4.8 billion, currently ranking first. However, it has only 21 validators, indicating a high degree of centralization; Hyperliquid is also based on Cosmos, with a single-node matching engine, daily volume around $3.1 billion, high community engagement. However, assets require cross-chain bridging, posing bridge risks; Lighter is still in the pre-token circulation phase, with daily volume of $2.3 billion. It is catching up rapidly with zero fees and Ethereum security guarantees, and is expected to narrow the gap post-TGE with liquidity mining incentives. VI. Team and Funding Vladimir Novakovski (CEO): Former CEO of an AI quantitative fund, managed $400 million in assets; CTO Murat Ekici is a former high-frequency systems architect at Jump Trading. Nov 2024 Seed Round: $12 million, led by Paradigm; Nov 2025 Series A: $68 million, co-led by Founders Fund + Ribbit Capital, with participation from Robinhood, Haun Ventures; total funding $80 million, valuation $1.5 billion. VII. Roadmap 2026 Q1: Mainnet launch + LIT TGE (Binance Launchpool), initiate trading mining; 2026 Q2: Launch mobile app, add 100+ perpetual markets, initiate DAO governance; 2026 Q4: Decentralize Sequencer (based on Timelock encryption + threshold signatures); 2027: Support spot, options, lending markets, cross-chain to Bitcoin, Solana. VIII. Risks Technical: ZK circuit complexity is extremely high, potential vulnerabilities could lead to incorrect matching or liquidation failures; Regulatory: Increasing CFTC scrutiny on on-chain derivatives in the US may affect user access; Competition: Aster/Hyperliquid have first-mover advantage with tokens and liquidity; Lighter needs rapid subsidization; Token: Small initial circulating supply leads to high price volatility; sell pressure needs monitoring during later unlock phases. IX. Conclusion Lighter is the first to achieve "verifiable order book + millisecond matching" on Ethereum through an application-specific zk-Rollup, balancing security, performance, and compliance transparency. Combined with zero fees, top-tier VC backing, and the yet-to-be-released token catalyst, it has the potential to become the next leader in on-chain derivatives. About Us Hotcoin Research, as the core investment research arm of Hotcoin Exchange, is dedicated to transforming professional analysis into your practical tool. We dissect market trends for you through "Weekly Insights" and "In-depth Research Reports". Leveraging our exclusive column "Hotcoin Select" (dual screening by AI + experts), we identify potential assets for you, reducing trial-and-error costs. Every week, our researchers also engage with you face-to-face through live streams, interpreting hot topics and forecasting trends. We believe that warm companionship and professional guidance can help more investors navigate cycles and seize Web3 value opportunities.

ChainCatcher news, according to Coinglass data, the current position of whales on the Hyperliquid platform is $5.425 billion, with long positions at $2.604 billion, accounting for 47.99% of the total, and short positions at $2.821 billion, accounting for 52.01%. The profit and loss for long positions is -$228 million, and for short positions is $293 million. Among them, the whale address 0xb317..ae opened a 5x full-position long on ETH at a price of $3,147.39, with an unrealized profit and loss of -$42.6391 million.