Publication Date: January 22, 2025
Author: BlockBeats Editorial Team

Over the past 24 hours, the crypto market has seen new changes across multiple dimensions. The mainstream discussion has focused on the reshuffling of decentralized social and industry narratives, as well as platform executives vying for influence over the Bitcoin narrative. In terms of ecosystem development, Solana has focused on advancing RWA and the ecosystem fund expansion, while Ethereum has refreshed awareness with stablecoin trading volume, and the Perp DEX continues to accelerate competition in trading volume and liquidity.

I. Mainstream Discussion

1. Farcaster Acquired by Neynar

Farcaster founder Dan Romero (@dwr) announced that Neynar will acquire Farcaster, including the protocol contract, codebase, Farcaster app, and the overall migration of Clanker. Some Merkle team members and Varun will step back from daily operations to pursue new project directions.

In the official statement, Neynar, deeply involved in Farcaster from an early stage, has become a key infrastructure team in the developer ecosystem. Moving forward, Neynar will share a new vision centered on "builders" to unlock Farcaster's greater potential.

Community reactions have been polarized. Some believe that Farcaster, previously valued at $1 billion with $150 million raised under the support of Paradigm and a16z, ultimately chose acquisition; others see this as a reasonable handover, with the Neynar team having long-term dedication to the ecosystem, earning trust, and having a positive outlook on the long-term prospects of decentralized social; however, there are also strong criticisms, viewing this as a carefully crafted "exit narrative," where the founder quietly exited after cashing out around $40 million; some have even sarcastically labeled it "a million-dollar idea," as going from fundraising to exit and then retirement has almost become a standard template.

At the same time, some users emphasize the benefits of competition itself and congratulate Neynar, with some disclosing themselves as minor stakeholders; others jokingly question why "Brazilian soccer player Neymar" would acquire a decentralized social protocol. Overall, some users are optimistic about the new leadership, while others remain cautious about the fundraising, acquisition, and exit processes.

2. Coinbase CEO Publicly Corrects French Central Bank Governor's Misunderstanding of Bitcoin

Coinbase CEO Brian Armstrong publicly responded in a video to correct the French central bank governor's cognitive bias towards Bitcoin. He emphasized that Bitcoin is a decentralized protocol unrelated to the United States, possessing greater independence. Additionally, Bitcoin can also be seen as a mechanism for holding "deficit spending" accountable, promoting a healthier system through competition.

The community feedback was generally positive. Some viewpoints considered Armstrong's response to be "graceful," demonstrating the attitude industry representatives should have. Some even joked that he was as clear in logic and precise in expression as a "quantitative analyst." Many users took the opportunity to mock the central bank governor's cognitive bias towards Bitcoin, believing that this further strengthened the early Bitcoin adopters' narrative advantage.

3. Nansen Launches Third Season Points Activity

Nansen announced the official launch of the third season points activity, introducing more benefits and partners, including MetaMask, EdgeX, Airalo, SafePal, Token Terminal, etc. The update includes beginner tasks and simplifies the reward redemption process for Green and above-level users. Users can accumulate points through subscriptions, staking, inviting friends, and executing signals, with the goal of further incentivizing long-term community participation.

The community's response has been positive. Some views called this the crypto industry's "most valuable loyalty program," stating that it upgrades in value every season, hinting at more updates to come. Users generally appreciated the extent of the improvements and looked forward to larger airdrops in the future or integration with AI-driven sustainable contract platforms. Some believed it was forming a "practical reward system" covering scenarios such as education, wallets, and data tools.

4. Pumpfun Founder Responds to Token's Initial Minting Mechanism Controversy

Pumpfun co-founder @a1lon9 responded to the community's doubts about the token's initial minting mechanism. He stated that the project team holding tokens (ideally locked up for the long term) is the best way to align with holders' interests. While founder fees can provide startup funds, they are insufficient to constitute long-term incentives. Therefore, a balance should be found between incentive and fairness, with plans to further disclose improvement proposals.

The discussion mainly revolves around the balance between "incentive alignment" and "fair distribution." Some viewpoints acknowledged the importance of team token holdings for long-term interest alignment but also expressed concerns that this mechanism could raise the barrier to entry for low market value transactions. Therefore, it was suggested to provide an optional low-fee mode to protect the issuance ecosystem of pure meme coins. Some based on their project experiences pointed out that mandatory holding requirements may not be fair enough and could even weaken the competitiveness of new projects. Conversely, another group believed that reasonable developer holdings themselves are a positive signal that can enhance market confidence. They also emphasized that a team not holding tokens is more "authentic," reducing moral dilemmas and conflicts of interest. Overall, more users tend to call for a "layered design": meme projects and utility projects have different needs and should not be subjected to the same issuance template.

II. Mainstream Ecosystem Updates

1. Solana

（1）Ondo Globally Launches on Solana
Ondo Finance has deployed its global market platform on Solana, supporting over 200 tokenized US stocks and ETFs. Users can seamlessly trade related assets through Solana's ecosystem, covering stocks, ETFs, market indices, commodities such as gold/silver/oil, and bonds. The platform aims to connect traditional finance with the Internet capital market and provide "Wall Street-level liquidity."

The community responded enthusiastically, widely viewing it as a significant advancement in the Solana RWA ecosystem, expected to attract more institutional and retail funds. Some users raised concerns about Solana's network stability, quickly rebutted by others. Meanwhile, some projects took the opportunity to promote their RWA-related products, emphasizing their role in ecosystem growth. Overall discussions also extended to topics like leverage trading, cross-chain transfers, and other technical details, with market sentiment leaning towards optimism.

（2）Solayer Launches $35 Million Ecosystem Fund
Solayer Labs announced the establishment of a $35 million ecosystem fund to support the development of Solana-based rehypothecation protocol applications. This fund will cover infrastructure, DeFi, DePIN, gaming, AI, and provide funding, technology, and network resources to drive the growth of the InfiniSVM ecosystem.

The community overall responded positively, seeing this type of funding support as significant for Solana's long-term development. A few users questioned if it might be a "scam," but more focused on the potential benefits and application process, discussing its impact on SOL price and the ecosystem's competitive landscape.

（3）Solana ETF Sees Weak Inflows on Debut
Data shows that six Solana ETFs had a total net inflow of only $1.8 million on their debut day, significantly lower than historical performances of Bitcoin and Ethereum ETFs, sparking discussions on Solana's institutional appeal.

Community sentiment was divided. Some users were disappointed by the debut day's performance and discussed the need for hedging strategies. Others believed this result was not surprising, with the primary reason still being the wait-and-see sentiment due to regulatory uncertainty. At the same time, more aggressive criticism emerged, directly labeling Solana as a "scam." Another group emphasized that ETF funding demand may not necessarily align with on-chain adoption, as institutional funds will ultimately follow the progress of developers and real-world applications. Overall discussions revolved around the themes of "short-term quietness" and "long-term potential."

2. Ethereum

（1）Larry Fink: Ethereum Could Be the "One Universal Blockchain"
BlackRock CEO Larry Fink stated at the World Economic Forum that tokenization and digital transformation are inevitable, hinting that Ethereum could likely be the "one universal blockchain." He mentioned how this infrastructure helps reduce corruption and serves as a critical foundation for the future financial system; its BUIDL tokenization fund TVL has surpassed $2 billion.

The community is highly enthusiastic. Some users emphasized Ethereum's advantages in security, liquidity, and usability, believing it will become the core platform for tokenization. The overall discussion focused more on strengthening Ethereum's dominant narrative and the potential impact on ETH price and adoption.

（2）Ethereum Stablecoin Monthly Transfer Volume Reaches $25 Trillion, About 2.1x Visa's Average Monthly Transaction Volume
A Token Relations report showed that in October 2025, the on-chain stablecoin transfer volume on Ethereum reached $25 trillion, equivalent to 2.1 times Visa's average monthly transaction volume (approximately $1.18 trillion). The report suggests that as institutional participation increases, more real payment and settlement activities are migrating to Ethereum. Meanwhile, the report includes a chart showing the growth trajectory of stablecoin transfer volume from November 2020 to November 2025: steadily rising from early lows to recent highs; a multi-color stacked bar chart further highlights incremental contributions at different stages. Token Relations also provides a dashboard entry for users to view more on-chain Ethereum activity data.

The community discussion is generally positive but relatively muted in intensity. Some users believe that this volume is sufficient to demonstrate stablecoins are meeting more "serious" real-world transaction demands; others see it as a signal that the crypto market may reach a turning point in 2026, with the comparison between stablecoins, USDT, and the traditional payment system driving further retail and Wall Street participation. Overall, the community widely accepts this data as significant evidence of institutional adoption, but the discussion has not yet spread widely, possibly due to the recent release of the information and ongoing digestion.

（3）New Privacy DeFi Project Emerges on Ethereum: Built on Zero-Knowledge Proof
The Ethereum Foundation highlighted the Railgun project, which builds a privacy system based on zero-knowledge proof to support shielded transfers and DeFi interactions on Ethereum, emphasizing that privacy can be achieved on public infrastructure without sacrificing decentralization.

The community widely recognizes the innovative value of this privacy scheme. Some believe that such mechanisms are expected to alleviate the long-standing fragmentation issue of cross-chain privacy and even further form a more unified liquidity system. Others have extended the discussion to the future implementation form of cross-chain shielded transactions and how to find a balance between privacy needs and regulatory requirements. The overall sentiment is positive, but the core focus remains on the long-term tension between technical benefits and compliance boundaries.

(4) Canada's Largest Digital Asset Custodian Balance Canada Integrates Aave
Canada's largest digital asset custodian, Balance Canada, announced the integration of Aave, allowing institutional clients to use offline or warm storage assets to lend and earn interest on Aave, thus enhancing the financial accessibility of custodial services.

The community sees this as a milestone event for institutional adoption, with discussions focusing on the potential of "earning interest on cold storage assets" and the long-term impact on Aave's TVL and the Canadian regulatory environment. The overall sentiment is positive.

3.Perp DEX

(1) HIP-3 24-Hour Trading Volume Breaks $1 Billion for the First Time
Hyperliquid's HIP-3 perpetual contract's 24-hour trading volume surpassed $1 billion for the first time, with a total trading volume of $20.21 billion, marking a significant milestone for the platform's growth. The community collectively celebrates, with some users saying "every day is a new ATH"; many users believe that low fees and high liquidity are the core driving factors and expect the growth to continue.

(2) Continue Capital's Large HYPE Unstaking
Monitoring shows that Continue Capital has unstaked and may sell 1.173 million HYPE tokens (approximately $25.5 million), coupled with a portion of Tornado Cash cluster unlocking, potentially resulting in a total or exceeding $50 million in selling pressure. At the same time, the market is also watching large HYPE long positions, with potential liquidation prices concentrated in the $17–19 range. The community's key focus is mainly on the game between entry opportunities and price risks: some predict a possible pullback to $17, while others believe it is normal fund management behavior, but short-term volatility risks should not be ignored.

(3) Kinetiq Lists US Bond Perp Trading Pair
Kinetiq lists the USBOND perpetual contract, supporting 10x leverage, trading 24/7 long-duration U.S. Treasury bonds, with a base funding rate set at 5%, aiming to introduce traditional financial assets into the crypto market in derivative form. The community sentiment is mostly excited, seeing this as another push for TradFi and crypto integration. Some users are looking forward to more similar assets being listed to further expand the globally accessible trading scope.

4. Other

Bitfinex Whale Account Reaccumulates BTC
Market monitoring shows that the Bitfinex whale account has re-accumulated Bitcoin, with a total holding of 88,888 BTC. Some users see this as a signal of large funds continuing to accumulate in the current price range. Community opinions are divided: some believe there may be manipulation or strategic pumping, while others see it as a phased buying signal. However, it is widely emphasized that the risk remains high, and one must be cautious of volatility and information asymmetry.

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