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

Over the past 24 hours, the crypto market has unfolded across multiple dimensions. The mainstream discussion focused on the reconsideration of macro policies and the monetary system, including the outlook of the Federal Reserve and the strengthening of safe-haven assets. In terms of ecosystem development, Solana continued its progress around developer tools and transaction efficiency, Ethereum reinforced its narrative of "public goods," and the Perp DEX track accelerated differentiation with projects such as Hyperliquid and Lighter.

I. Mainstream Topics

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

The All-In Podcast released a lengthy interview (about 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 structure of U.S. debt.

In the interview, Bessent reflected on the asset bubble of the past decade and discussed the potential role of tariffs in reshaping trade agreements, reducing the deficit, and tax regulation. The overall community feedback was mostly positive, with some voices suggesting that his policy narrative reflects "directional leadership." There were also discussions linking him to deglobalization and strengthening domestic manufacturing, while criticizing previous administrations for exacerbating the issue of people's livelihoods through fiscal expansion.

Gold and Silver Prices Hit All-Time Highs

The spot price of gold broke through $4,500 per ounce for the first time, with a total market value of around $31.5 trillion, approximately 7 times the market cap of NVIDIA; the market value of silver has also surpassed Apple, becoming the world's third-largest asset.

Community discussions generally interpreted this as a sign of distrust in the fragility of the monetary system, inflationary pressures, and ongoing government balance sheet expansion, rather than just a bullish view on precious metals themselves. Some viewpoints emphasized gold's traditional safe-haven properties and compared it to Bitcoin. There were also voices that saw silver's market cap surpassing Apple as a symbol of imbalance in the asset pricing system, triggering a reevaluation of the rationality of tech stock valuations.

Escalation of Governance Dispute between Aave DAO and Aave Labs

Internal conflicts within the Aave ecosystem regarding front-end revenue attribution continued to escalate. The controversy centered around approximately $10 million in annual front-end revenue being transferred to the Aave Labs wallet without a DAO vote.

Aave Labs believes the frontend is not part of the protocol revenue; the DAO argues that the frontend, relying on the DAO's brand, liquidity, and risk exposure, should share in the revenue.

A community recap pointed out that the DAO controls the smart contracts and risk parameters, while the Labs control the frontend, domain, trademark, and social accounts. Some discussions further extended to an extreme scenario — whether the DAO would attempt to take over the IP, or the Labs would exit the DAO and relaunch a new protocol based on the v4 codebase (potential valuation discussed to be over $1 billion).

A more macro discussion argues that this event exposed a long-standing incentive misalignment issue in DeFi: the DAO promises value accrual to token holders, but in actual profit generation, the returns are often captured by a "quasi-equity structure." In the short term, AAVE's price experienced significant fluctuations, but some voices believe that this may provide a clearer boundary sample for DAO and corporate hybrid governance.

Community Review of Coinbase's 2025 Strategic Expansion Path

The community engaged in a review and debate around Coinbase's multi-thread expansion strategy for 2025, including: exchange liquidity, Base network, prediction markets, USDC adoption, staking services, and multiple acquisitions (Liquifi, Spindl, Roam, Iron Fish, Opyn, The Clearing Co., etc.).

Critics believe Coinbase's front is too long, with too many acquisitions, the NFT platform's performance is below expectations, some investments (like Monad) have limited returns, and concerns about the downward pressure on core trading business fees and self-competition risks.

Supporters argue that these attempts are essentially the necessary cost of finding product-market fit, the team size has not gotten out of hand, NFT failures actually reduce future trial and error costs, and acquisitions are more efficient than internal incubation; in addition, custody business and the USDC ecosystem may still benefit from ETF and compliance dividends.

Overall, Coinbase is still seen by some in the community as a "beneficiary of infrastructure in the compliance cycle," but its expansion pace and bear market resilience remain variables of ongoing concern.

II. Mainstream Ecosystem Updates

1. Solana Ecosystem

Solana Introduces Next-Gen Wallet Management SDK (ConnectorKit)
The Solana Foundation has released ConnectorKit for integrating wallet connections and account management features in Solana applications, seen as the successor to Wallet Adapter.

The SDK supports web3js and kit, providing headless components and developer-friendly hooks (such as useConnector, useBalance), covering common scenarios such as account viewing, balance management, tokens, and transaction history, and supporting mobile wallet adapters. The official statement also revealed that future integration will include capabilities such as Kora and native Passkeys.

Community feedback is generally positive, with developers generally acknowledging that it significantly simplifies the wallet integration process, emphasizing its backward compatibility and componentized extension capabilities; related posts come with sample code and npm package links, reducing the learning curve.

Humidifi Achieves Lower CEX-Like Spread in SOL-USD Trading

Humidifi's DEX quoting on Solana shows that its SOL-USD trading spread is lower than that of centralized exchanges in most scenarios:

- For orders less than $10,000, the spread is around 0.1bp

- Even at a $500,000 scale, the spread remains below 1bp
- For comparison, some CEXs (such as Binance) have a spread of around 1bp.

Community discussions view this as a sign that DEX execution efficiency has surpassed CEX in specific scenarios, linking it to liquidity aggregation and better matching paths. Related posts point out that Humidifi achieves optimal execution and lower slippage by aggregating multiple DEXs like Phoenix, Orca, sparking expectations for its expansion to larger markets like BTC, ETH, etc.

DoubleZero Releases 2025 Annual Review

DoubleZero protocol reviews its 2025 progress, including:

- Mainnet Beta launch, hosting approximately 40% of Solana's mainnet staking

- Addition of 3.4 Tbps dedicated bandwidth contributed by 15 independent organizations

- SEC no-action letter for $2Z

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

- Launch of a delegation program involving around 13 million SOL, becoming Solana's second-largest staking pool

Community discussions highlight its importance as high-performance network infrastructure, seeing it as a key complement to Solana in terms of bandwidth and reliability, with some outlooks anticipating its expansion to a more foundational network infrastructure level in 2026.

Running AI Model On-Chain with SolanaPython
Developers have used SolanaPython to deploy and run a neural network model on-chain, with just 65 bytes in size, to predict the short-term price direction of SOL/USDT. The model was trained on around 9000 1-minute candlestick data and achieved a prediction accuracy of about 59% on unseen samples.

The community generally sees this as a proof of concept (PoC), highlighting its significance of being "fully on-chain" and verifiable, showcasing the new possibilities for Solana development unlocked by the Python ecosystem, while also noting the considerable gap from reaching practical AI levels.

2. Ethereum Ecosystem

《The Internet's Blueprint for Ethereum》 Public Good Valuation Framework Released
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 systemic empowering attributes.

The report proposes a three-layer framework of "Value Capture (Financial Layer) - Value Flow (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 acknowledge its perspective of viewing Ethereum as a "value protocol" rather than just a mere execution layer, highlighting its long-term role in global coordination and settlement.

3. Perp DEX and Trading Infrastructure

Bitget Wallet Integrates Hyperliquid Perpetual Contracts

Bitget Wallet announces support for USDC perpetual contract trading powered by Hyperliquid, offering lower fees than Bitget CEX's VIP0 tier.

Community feedback suggests that this reduces the barrier to entry for on-chain perpetual contracts and strengthens the pathway of "non-custodial wallet + high-performance matching" combination.

Hyperliquid and Lighter Discussed as Perp DEX Duopoly
Some community viewpoints suggest that Hyperliquid and Lighter could become the two main players in the future of the Perp DEX space:

At the core of Hyperliquid is high-performance infrastructure, neutrality, and the ability for third parties to build derivative modules; Lighter adopts a more vertically integrated model, attracting retail users and organic liquidity providers through a dual-fee structure

Discussions often analogize this to the evolution path of exchanges as "two dominant platforms + several edge innovators."

Kinetiq's HIP-3 DEX "Markets" Launch
Kinetiq has deployed the HIP-3 exchange Markets on the Hyperliquid mainnet, with initial trading pairs including US500, EUR, and BABA, and supporting USDH as collateral.

The community sees this as "an important step in bringing traditional market assets on-chain and enabling 24/7 trading."

Hyperliquid Portfolio Margin and BLP Launch
The Hyperliquid mainnet has launched Portfolio Margin and opened the BLP (Borrowing Liquidity Pool) feature.

Community discussions focus on its improvements to capital efficiency and risk management, emphasizing that it is still in the early stages and recommending starting with small-scale testing.

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