Publication Date: January 29, 2025
Author: BlockBeats Editorial Team

Over the past 24 hours, the crypto market has exhibited a clear trend of differentiation across multiple dimensions. The mainstream discussion has focused on the risk-on sentiment triggered by the rapid rise of $HYPE and the ongoing trust crisis surrounding CZ and Binance. In terms of ecosystem development, Ethereum has emphasized high-performance infrastructure and advancing the narrative of on-chain finance, while the Perp DEX track has seen parallel developments in trading volume and mechanism innovation. The prediction market and asset issuance protocols have further highlighted the accelerating competition in the application layer through real-world cases and funding progress.

I. Mainstream Discussion

1. $HYPE Community Sentiment Heating Up

Over the past few days, the price of $HYPE has surged by approximately 50%, rapidly becoming a market focal point. Prominent venture capital firm a16z has acquired 243,000 $HYPE through Anchorage, bringing their total holdings to 1.53 million $HYPE, with a market value of around $50.1 million. This move has been viewed by the market as a clear institutional buy signal and is considered a significant factor driving further price strength.

Some market observers have pointed out that the current trend of $HYPE bears a striking resemblance to the risk-on signal observed when SOL launched from around $20 in 2023: rising gold prices, a weakening dollar, and Bitcoin yet to show a significant rebound, possibly implying that the overall crypto market is nearing a phase bottom.

The community sentiment is notably optimistic. Many users believe that the initial surge of $HYPE as a leading token may indicate a broader market recovery. Some participants reflected on the price action experience of SOL in 2023, emphasizing the directional significance of institutional buying, including a16z, and suggesting long-term attention and holding of relevant altcoins such as $LIT, $AAVE, $PENDLE, and $XPL.

Simultaneously, discussions have also mentioned the HIP-3 proposal in the Hyperliquid ecosystem and the new high set by $KNTQ, providing additional momentum to the market sentiment. However, cautious voices also exist, with warnings of short-term volatility risks, and even traders (like WazzCrypto) attempting to short and quickly close positions. Overall, discussions are gradually focusing on the "real value" of $HYPE—whether it has the potential to surpass the functional positioning of stablecoins and Bitcoin—and calling for more substantial capital deployment, although some minority views believe that the current uptrend may still be primarily driven by short-term buyers or algorithmic trading.

2. CZ Questions Ongoing Public Opinion

Former Binance CEO CZ (Changpeng Zhao) recently posted stating that the recent negative public opinion against Binance and himself is a result of "coordinated attacks," with the core controversy focusing on the market crash event on October 10, 2025 (referred to as "10/10").

A long post circulating in the community made multiple allegations against Binance, claiming that it manipulated the timestamp to avoid liability and provided video evidence alleging that the liquidation time was artificially delayed by about 3 minutes, directly causing an increase in user losses. The discussion further extended to accusations of Binance engaging in market manipulation, account freezes, and failure of stop-loss functionality. While some mentioned that other exchanges like MEXC had similar incidents, many opinions believe that Binance's long-term neglect of complaints from small and medium users made it an easier target.

The overall community response leaned strongly negative. Many users directly attributed the 10/11 crash, the FTX incident, and even personal bankruptcy experiences to CZ and Binance. Discussions were filled with personal accounts of account freezes, fund restrictions, and life impacts, with some even calling for a collective shutdown of accounts or lawsuits against CZ.

CZ's past statements about "wealth is not just about money" were also mocked, with some users believing that such remarks coming after he had already exited the crypto market and accumulated nearly a hundred billion dollars in wealth made them particularly hypocritical. Although a few voices questioned why these accusations did not surface immediately after the 10/11 incident, the mainstream community consensus still tends to believe that this round of criticism is not merely coordinated FUD but rather an emotional release based on real-life cases and evidence.

Many discussions ultimately turned to more structural reflections: calling on the community to amplify their voices, demand transparent responses from exchanges, and suggest more users transition to the DeFi ecosystem to reduce reliance risks on centralized platforms.

II. Mainstream Ecosystem Updates

1. Ethereum

MegaETH Mainnet Launch Date Revealed
MegaETH announced that its mainnet will officially launch on February 9, 2026, and once again emphasized its technical positioning as a "real-time blockchain," aiming to provide the ultimate performance experience for decentralized applications. After the announcement, the community responded enthusiastically, with many users expressing anticipation, such as "Netizens in control" and "can't wait to accelerate together."
At the same time, there were misunderstandings about the launch date (some users mistakenly thought it was in September), and some holders called for mass participation in ecosystem activities on the mainnet launch day, stating, "We ring the bell, calling all Bunnz holders to invade the mainnet on day 0." Projects like RedStone openly expressed their support, with discussions mainly focusing on its potential market impact and the scheduling compatibility for European users.

ClawdBot Development Progresses on Base
The AI agent project ClawdBot failed to deliver on its promised PFP marketplace launch, triggering an intense token burn mechanism: 500,000 $CLAWD burned per hour. The cumulative burn now stands at 11 million, serving as an incentive to accelerate development.
The community has responded positively, with comments such as "Burn Baby Burn" and "wild burn rate," seeing this mechanism as a reflection of the AI project's experimental innovation and real constraints. However, some users have cautioned that the contract has not been audited, highlighting potential risks.

Robinhood Plans to Launch 24/7 Trading and DeFi Access
Robinhood CEO Vlad Tenev has announced plans to gradually unlock 24/7 trading and DeFi access in the coming months, allowing users to self-custody stock tokens and engage in activities such as lending and staking.
This announcement has sparked intense discussions in the community, with some exclaiming, "Holy shit, it's happening on Ethereum," and stating that "24/7 stock trading on chain is a game changer." However, some remain cautious, questioning whether the plans are still at a narrative level and whether they will contribute substantially to the Ethereum network effect.

2. Perp DEX

Lighter to Allow LLP as Collateral
Lighter has announced support for using LLP as trading collateral in two weeks, aiming to enhance capital efficiency. Users will be required to stake LIT to access LLP (with each LIT providing $10 USDC in collateral).
The overall community feedback has been positive, with comments like "massive" and "Let's goooo" being prevalent, as this mechanism significantly enhances the practical utility of LIT and LLP, seen as a crucial step towards a unified margin system.

LIT Staking APR Reaches 17.8%
Lighter has simultaneously launched an LIT staking reward program with the current APR at approximately 17.8%. Early stakers can earn rewards instantly with a 3-day lockup period.
While the community has expressed approval, questions have arisen about the source of the yield (e.g., "could you please specify from where the staking yield comes from?"). Discussions are shifting towards aligning token incentives with platform revenue, considering the roughly 20% APR from LLP and the fee buyback mechanism.

Trade.xyz Hits New All-Time High
Trade.xyz's 24-hour trading volume reached $2 billion, and the open interest (OI) rose to $850 million, both setting new records.
The community sentiment is notably euphoric, with phrases like "volume go brrrrrrrrrr" and "Epic," believing that its growth momentum in the perpetual futures track is accelerating.

Alleged New HIP-3 Builder Emerges
As more HIP-3 builders join, discussions about it have intensified. The community generally believes that the competition is heating up, with phrases like "more competition for HIP-3 spots, gonna get intense," interpreting it as a positive signal of ecosystem resilience and increased attractiveness.

Coinbase to Include HYPE in Listing Roadmap
Coinbase has announced the addition of Hyperliquid (HYPE) to its listing roadmap, with specific listing still pending meeting liquidity and infrastructure requirements.
The community, on one hand, jokingly says "Better late than never," while on the other hand, questions whether the recent rapid price increase involves asymmetric information factors. Some users also playfully mention, "finally I can buy hype from my 401k," expressing their anticipation for regulatory-compliant channels.

3. Others

Differences in Prediction Market Information Aggregation Mechanisms
Community discussions point out that sports-betting-like markets often rapidly aggregate trading volume in the early stages, whereas news-based prediction markets tend to experience a surge in trading activity close to result disclosure, reflecting different game structures and advantages.
Analysis suggests that this difference stems from the distinctiveness of data determinacy and model uncertainty, as well as social attribute factors—where sports are more "consumable." Some discussions further propose redefining the measurement of "informed traders."

Prediction Market Paper Sparks Discussion
A paper written by an economist tested 817 prediction markets, showing that manipulation of prices and sustaining it for over 60 days can be achieved with just around $50,000 in some markets, identifying market types highly sensitive to manipulation.
The community engages in discussions around potential protective mechanisms, such as increasing participant numbers, enhancing trading depth, introducing external probability reference sources, etc. Some users also humorously suggest that the paper title should simply be "how to manipulate prediction markets."

Polymarket's "Real-Time Snipe" Case Study
During a Powell press conference, a trader captured the moment of mishearing "revolution" as "renovation," buying around 31,000 shares at a price of 1.3 cents, ultimately profiting around $30,000.
This case study sparked community discussion, with many people exclaiming "insane timing" and "bro made more in a minute than i have this month," once again emphasizing the importance of reaction speed in prediction markets.

Asset Issuance Protocol Doppler Completes $9 Million Seed Round Financing
Asset issuance protocol Doppler announced the completion of a $9 million seed round financing, led by Pantera Capital. The protocol currently accounts for approximately 91% of the trading volume on Uniswap v4 and contributes around 90% of DEX trading volume on the Base chain, with a total created asset value of around $1.5 billion.
The community widely expressed congratulations, such as "Congrats" and "massive," seeing it as an asset launch protocol with long-term potential and looking forward to further integration with ecosystems like Monad.

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