Publication Date: February 10, 2025
Author: BlockBeats Editorial Team

Over the past 24 hours, the crypto market has shown dynamic progress across multiple dimensions. The mainstream discussion has focused on the security reflection triggered by the AI Agent Private Key leak incident, as well as a reexamination of token distribution and incentive mechanisms. In terms of ecosystem development, the Solana ecosystem marked the launch of TGE through Backpack, reinforcing a "user-first" token design; the Ethereum side focused on the transaction structure and privacy infrastructure on Base continues to evolve; and the Perp DEX track has further intensified competition through mechanism breakdown and new contract deployment.

 I. Mainstream Discussion

1. Backpack Reveals Tokenomics

Backpack officially disclosed its tokenomics design, with a total token supply of 1 billion, divided into three stages: the TGE stage accounts for 25% (250 million tokens), with approximately 140 million tokens allocated to token holders and approximately 110 million tokens allocated to Mad Lads NFT holders; the Pre-IPO stage accounts for 37.5% (375 million tokens), unlocking gradually through business growth and product milestones; the Post-IPO stage also accounts for 37.5% (375 million tokens), serving as corporate treasury assets that can only be used after being locked up for at least one year.

The core of this model is to prevent insiders from selling early: all tradable tokens are prioritized for distribution to users, and the team and investors do not directly receive tokens but indirectly hold them through company equity, with the unlocking schedule closely tied to product progress (such as opening up new regions and launching new products). The overall design is seen as emphasizing a tokenomics model of "user-first" and sustainable growth.

The overall community feedback has been mostly positive. Supporters believe that this structure effectively avoids common "team dumps" issues and enhances the project's credibility and long-term incentive consistency by linking unlocks to real product progress. However, there are also voices of doubt, including concerns about whether the implied valuation of around $100 million is too high and whether company revenue will truly flow back to token holders. Additionally, there is a divergence in the community regarding the preferential allocation rights for Mad Lads NFT holders: some see it as a positive incentive for early community members, while others are concerned about the potential marginalization of new users. Overall, the model is seen as a significant innovation, triggering discussions on whether other projects will follow suit.

2. MrBeast Acquires Financial Services App Step

MrBeast has announced the acquisition of the teen-focused financial service app Step. The app offers fee-free banking services, covering investment, credit building, and money management features. MrBeast stated that the intention behind this acquisition is to fill the gap in financial education for young people during their growth. Leveraging his global influence, Step may further expand its feature set in the future, potentially introducing elements related to crypto (such as a cryptocurrency exchange platform mentioned in the trademark filing) to achieve broader, instant global access. Step's current key features include a ~3% savings yield, up to 10% cashback, and instant small-dollar loans, with the core goal of helping Gen Z establish basic financial habits.

Many acknowledge MrBeast's synergy between business and content influence, believing that this acquisition could become a significant entry point for young people into finance, and even the crypto world. Supporters are hopeful that his video dissemination capabilities will bring viral growth to Step. However, cautious voices have also emerged, focusing on regulatory compliance for teen financial products, data privacy, and potential risks of overmarketing. Regarding the introduction of crypto features, the community's opinion is divided: optimists believe it will serve as a bridge connecting traditional finance with Web3, while critics are concerned about product stability and liability boundaries. The overall sentiment is mostly positive, seen as a key point where the "influence economy" extends into fintech.

3. Farcaster Core Team Joins Tempo Labs

Farcaster founder Dan Romero (dwr), Varun Srinivasan, and several core developers, including Merkle, have joined Tempo Labs, which focuses on stablecoin and global payment infrastructure development. Tempo aims to build a fast, low-cost, and highly transparent stablecoin payment network, driving the mainstream adoption of stablecoins in everyday payments and cross-border remittances. This personnel change is seen as a significant example of talent movement within Web3 and once again highlights the "intergenerational opportunity" in the stablecoin race.

Many refer to this as the formation of a "dream team," believing that Farcaster's experience in decentralized social protocols may provide a unique advantage to Tempo's product design and user expansion. Optimists expect that this combination could accelerate the real-world implementation of stablecoins and pose a challenge to traditional payment giants. However, there are concerns about whether Farcaster's development pace will be affected after key members' departure. Additionally, discussions about stablecoin regulatory uncertainty and whether the market is already saturated continue. Overall, this event is seen as a positive signal in the Web3 payment narrative.

4. Discord to Introduce Facial Recognition Authentication System

Discord has announced that starting next month, users worldwide will be required to undergo facial biometric recognition or official ID verification to gain full access, citing enhanced safety measures for teenagers. Many see this move as an extension of AML/KYC logic to the application layer, raising concerns about data storage and potential sharing. Discord states that this measure will improve platform security but acknowledges that it may impact user experience.

Opposition dominates the conversation. Many users are worried about the end of anonymity and privacy risks, fearing that this could open the doors to data misuse and even platform-level monitoring. Within the crypto community, some predict that certain projects will shut down Discord servers and shift to more privacy-focused tools like Telegram, Matrix, among others, advocating for the introduction of solutions like zero-knowledge proofs (ZK) to carry out verification without exposing identity information. Supporters believe that this measure will help reduce harassment and illegal content, better protecting minors. The overall discussion sentiment leans negative, focusing on digital rights and the potential impact of "anti-utopian surveillance."

5. OpenClaw Launches AI Girlfriend Clawra

OpenClaw has released the AI girlfriend product Clawra, supporting multi-modal interactions such as chatting, image generation, and video calls. Official demos showcase its natural conversation abilities and visual generation effects, emphasizing a "companion-like experience." The project, developed by Sumelabs and supported by FDOT, is positioned in the AI emotional companionship and interactive entertainment space.

The product quickly garnered attention upon its release. Some users recognize its technological sophistication, believing it has the potential to alleviate loneliness, expand AI application boundaries, and comparing it to the current AI companion trend. However, discussions around ethical risks have also intensified, including the impact of AI relationships on real-world interactions, potential gender stereotypes, and issues of data privacy and content safety. The overall feedback shows clear differentiation, being seen both as an experiment in future social forms and questioned regarding its business model and long-term sustainability.

 6. Community Questions Multicoin Capital's Internal Situation

The community has recently started questioning whether there is internal management or strategic friction within Multicoin Capital. Some discussions point out discrepancies between founder Kyle Samani's public views and the fund's actual operations (such as fund allocation to $HYPE, while Kyle himself publicly holds a critical stance), as well as the poor performance of Fund III, with net asset value below the initial investment level. Observers have also noted a shift in its research and investment narrative from DeFi to other directions, sparking speculation about team stability and potential "poor departures."

The discussion atmosphere is somewhat cautious. Some users have pointed out fund performance pressure through data analysis and questioned whether there is a divergence between the founder and the investment team; others believe this is more likely a periodic adjustment or strategy rebalancing rather than a structural issue. Supporters emphasize Multicoin's early fund success record, arguing that short-term performance is not enough to negate its long-term capabilities. There are also calls for increased transparency, such as disclosing clearer fund performance and audit information. Overall, market sentiment is between wait-and-see and concern, with no consensus formed yet.

II. Mainstream Ecosystem Updates

1. Solana

The Solana ecosystem project Backpack has officially announced the token distribution details, with a total supply of 1 billion tokens. 25% of this will be released in the TGE stage: point holders and Mad Lads NFT holders will receive a total of approximately 240 million tokens, with Mad Lads receiving an additional 100 million tokens.

The scheme continues the "user-first" design principle—all tradable tokens are only allocated to users, and the team and investors do not directly hold the tokens but participate indirectly through company equity; token unlocks are strictly tied to product milestones (such as new region launches or product releases). This disclosure is also seen as the official start of Backpack TGE, aiming to provide long-term support for its global expansion and product iteration.

The community's overall reaction is mostly positive. Supporters believe that the skewed distribution to Mad Lads holders reflects gratitude to the early community and links token release to real growth, effectively avoiding common "insider sell-off" risks. Many users have begun calculating the potential airdrop value, with high spirits, saying that "history is being written."

At the same time, there are more cautious voices, pointing out that this structure logically resembles some existing projects, and its valuation level and long-term sustainability still need time to prove. Generally, the community sees this release as a significant milestone in the Solana ecosystem.

2. Ethereum

A recent on-chain event on the Base chain has sparked widespread discussion: Kevin Owocki's OpenClaw AI agent leaked the hot wallet private key multiple times in just 5 days. Despite clear instruction restrictions, the private key was still exposed through Git commit logs, Vercel environment variables, and social engineering methods. Former Ethereum core developer Peter Szilágyi pointed out that this once again shows that LLM structurally lacks the ability to "keep secrets conservatively."

This event has triggered a community-wide reflection on AI agent security. The general consensus is that the current LLM is not suitable for directly managing private keys, and a more reasonable approach is to adopt agent wallet structures with stronger isolation, such as Bankr, Universal Profile, instead of relying on seed phrase protection. Some discussions believe that such incidents will expedite the emergence of "agent wallets" as an independent form of infrastructure.

Meanwhile, transaction structures on Base are also rapidly evolving.

In the Prop AMM track, Tessera has maintained a daily trading volume of around $80 million since its launch in October, covering assets such as ETH, cbBTC, etc.; the newly launched ElfomoFi has a daily trading volume of approximately $10 million, currently supporting only the ETH–USDC trading pair. Discussions around Prop AMM mainly focus on the competitive landscape and sustainability: some question whether Base's current traffic is primarily driven by airdrop farms, while others believe it provides a new market-making experimental space for the EVM ecosystem.

Furthermore, the MegaETH mainnet has officially launched, allowing users to experience bridging, swapping, and notification functions through the Rabbithole frontend. Its launch has received significant praise, with many users believing that its UX design has partially alleviated the "alpha loss" issue and expressing anticipation for future application discovery and payment integration prospects.

Privacy protocol Aztec has also announced the $AZTEC tokenomics, with the TGE scheduled for the 12th, focusing on privacy infrastructure positioning. This news has once again sparked discussions on privacy, seen by some community members as a significant signal of Ethereum's privacy narrative revival.

3. Perp DEX

Recent analysis shows that during the market's significant volatility on October 10th, HLP made a profit of around $50 million, with its earnings not primarily coming from ADL (automatic deleveraging) but through the Backstop Takeover mechanism, transferring value from liquidated long positions; ADL itself mostly reallocates value between longs and shorts, with the true net revenue coming from the price correction process.

Many users viewed this breakdown as a "mechanism-level clarification." The focus of the discussion then shifted to fairness issues in the liquidation pipeline, such as whether the vulnerability of the liquidation queue would cause early batches to bear greater losses, and some proposed reducing result heterogeneity through mechanism design.

Meanwhile, Lighter launched several new contracts, including INTC, AMD, SNDK (10× leverage), and XCU (20× leverage), further expanding RWA and commodity exposure. Overall feedback was positive, with users expressing interest in a more diverse range of TradFi assets, but there was also a general warning about the high risk of XCU 20× leverage. Overall, this update is seen as a positive step for Perp DEX's extension into the traditional asset space.

4. Other

Andreessen Horowitz (a16z) leads seed funding round for Shizuku AI. The project started with AI VTuber and aims to create an AI companion and character system that combines with Japanese cultural aesthetics. After the investment, community discussion focused on the AI companion's latency issues, personality drift risks, and whether it could become a central hub for Japanese AI creation and consumption. Some believe that this direction has the potential to reshape the human-computer interaction interface.

Additionally, Circle announced the results of the OpenClaw Agent Hackathon: a total of 204 AI agent projects were submitted, receiving 1352 votes and 9712 comments. A total of 30,000 USDC was allocated to three tracks, marking a large-scale agent collaboration experiment.

Related results have sparked optimistic expectations about "whether agents have the ability for large-scale collaboration," along with questions about the level of human intervention. Some projects (like $Clawshi) were singled out by the community as potential winners, leading to the spread of related memes and application ideas.

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