Publication: 17 December 2025
By: Block Beats Editor

In the past 24 hours, the encryption market has advanced simultaneously at multiple levels. Mainstream topics focus on the rematching of the DeFi core agreement at the regulatory, governance and currency equity levels, as well as intense discussions between founders and communities around the alignment of control and incentives; in ecological development, Solana explores distribution systems and equity mechanisms, advancing payment infrastructure in a continuous manner with the Taifeng/Base, and the PerpDEX track accelerates the expansion towards institutional finance and commercialization。

I. Mainstream topic

One, Aave, the founders look to the future of the agreement

The founder of Aave, Stani Kulechov, stated that after four years of communication and response, the United States Securities and Exchange Commission (SEC) had officially concluded its investigation of the Aave Agreement. In a public statement, Stani stated that the process had drained the resources of the team and that he himself was deeply involved in it, in order to protect the Aave ecology and the wider DeFi industry from being mischaracterised with regulatory uncertainty。

With the end of the survey, Stani described the node as "the stage where developers can refocus on building the future of finance" and summarized it as "DeFi will win". The news received a high degree of positive feedback within the community, with the congratulations of professionals such as the co-founder of Solana, Anatoly Yakovenko, and the encrypted lawyer Gabriel Shapiro as important milestones in DeFi ' s progress towards mainstream compliance。

There has also been some discussion about linking this progress to Stani’s recent increase in AAVE tokens, arguing that regulatory pressure has removed the super-founder’s shift to a short-term boost to the dollar AAVE price; at the same time, there has been a cautious voice about whether “the narrative of governance is overdramatic.” Overall, the conclusion of the SEC survey is expected to enhance Aave ' s credibility at the institutional and compliance levels, but the market is still concerned about whether new variables will emerge in the follow-up regulatory environment。

2 Aave V4 Road map triggers a new round of technology and governance discussions

In the context of the temporary dissipation of the regulatory cloud, discussions in the Aave community on the V4 road map have clearly risen. The discussion focused on the design of the Unified Liquidity Layer proposed by V4, and its potential for expansion across chains and risk isolation。

In the discussions, Stani emphasized that the objectives of V4 were to further improve capital efficiency and to strengthen risk segregation at the structural level. Some developers and analysts believe that the design could reshape the operational paradigm of the DeFi lending agreement and create synergies with existing L2 solutions。

Community feedback is polarized: supporters see V4 as a key node for Aave ' s return to technological leadership, emphasizing its long-standing engineering-driven culture, while critics are concerned that V4 ' s long development cycle, with a fragmented team effort and motivation, may have an impact on short-term implementation efficiency. The conclusion of the SEC survey, which overlapped with V4 discussions, further boosted community sentiment and could also speed up proposals into a more substantive governance process, while balancing the potential risks associated with the move of innovation to V3 users。

THREE. "AAVE CURRENCY ALIGNMENT" PROPOSAL HAS TRIGGERED A HEATED DEBATE AT THE LEVEL OF GOVERNANCE

Aave contributor Ernesto has put forward a governance proposal called "$AAVE Agreement PHase 1: Ownership", advocating that DAO should have clear ownership of the core IP, brand, equity and income interests of the agreement. “One of the most influential proposals in the history of Aave governance” was publicly endorsed by the service provider's representative, Marc Zeller and others。

The proposal refers directly to the current incentive mismatch between Aave Labs and DAO, and calls for more active participation of currency holders in governance to prevent agreement values from being "captured" by the core team. Community discussions are rising rapidly, and proponents argue that DAO must "come out" at key nodes, otherwise it will remain passive for a long time; there are voices that propose the introduction of laws and governance structures such as BORG to strengthen the real enforcement of governance along the chain。

Objections also exist. Some participants expressed concern that too radical a governance stance could lead to the loss of core contributors, citing the history of projects such as Compund as a precursor. Investor Haseeb et al. noted from a market perspective that the sales rate of $AAVE (P/S) has risen about 25 times, reflecting that the market is pricing expectations of "governance alignment"。

Once again, the proposal highlights the long-standing token and equity two-dollar tension of the DeFi project, which is seen by some community members as a key case that could affect the entire DeFi governance paradigm, but its advancement path still needs to address the risk of fragmentation carefully。

Four, $KLED Project Founding Team is exposed to a typical "rug case"

The project named "KLD" which was released on the Solana Eco-"ICM" concept platform, was recently the focus of public opinion because of the public infighting of the founding team。

Avi Patel, the founder of the project, accused Ben Pasternak, a former partner, of continuing to sell millions of USDKLED coins before, after and after the critical update of the project, in a less mobile window of time, reducing its hold ratio from about 6 per cent to almost 2 per cent。

In its public statement, Avi detailed several attempts to coordinate the unsuccessful reduction process through OTC, accusing the other party of a chronic lack of communication and of acting "unacceptably" and even calling on other project players in the industry to avoid cooperating with it. Community feedback has been almost negative, with several opinion leaders stating that $KLED brought together "almost all the typical grift features" of the cycle and described it as "the simplest IQ test" suggesting that the holder should withdraw as soon as possible。

Some comments are ironic, noting that the price of the project has been "fUDed" many times in the history of the project, but the events themselves have further magnified the crisis of confidence between the Meme category and small projects in terms of team transparency, lock commitments and governance structures. This wave may have contributed to increased community demand for team behaviour and information disclosure, while also exposing the structural vulnerability of small projects in a weak cycle environment。

II. Mainstream ecological dynamics

1 Solana Ecology: Institutionalization in parallel with Fairness Disputes

1Colossem launch STAMP investment contract to explore new paths to token ownership

Solana Eco-accelerator is moving towards a more institutionalized financing and distribution framework. The accelerator, Clossium, introduced a new investment contract, STAMP (Solana Tokenized Assembly Management Protocol), which seeks to provide the founders of encryption with a clear path from private fundraising to open token issuance through MetaDao, while providing more binding ownership and market protection for investors and currency holders。

STAMP aims to simplify the legal and operational processes between private fundraising and public distribution to enable public investors to participate in a more mature and informative phase of the project. Community feedback is generally highly positive, with multiple developers and investors describing it as "infrastructure innovation for the future" as helping to strengthen Solana's leading position in the mechanisms of monetization equity and fair distribution. At the same time, it was pointed out that the actual effectiveness of MetaDAO continued to depend on the localization of governance and implementation。

2pmp.fun and Solana Foundation filed a lawsuit for new progress

On the other hand, the legal controversy surrounding the meme coin launch platform put.fun continues. In recent developments in the proceedings, the plaintiffs were allowed to amend the pleadings, alleging that, under a seemingly automated mechanism, there was a structural bias in favour of privileged users of the Solana infrastructure and the Jito trade sorting tool, thereby systematically extracting ordinary user values。

The updated petition emphasizes that the platform has a hidden mechanism against ordinary participants, under the appearance of a "fair launch without permission". The rapid warming of community discussions: some voices are seen as a sign that systemic risks to the meme launch platform have been uncovered, potentially contributing to stricter transparency and disclosure requirements, while others believe that this case will directly test Solana ' s ability to de-centre narrative and ecological governance。

In the short term, litigation may increase legal uncertainty and affect the confidence of retail users; however, it may also force the emergence of more equitable and verifiable launch and trading instruments within the ecology。

Base Ecology: Payment criteria continuous iterative

Base Ecology is being updated at the level of payment infrastructure. The Base IP payment standard x 402 published version V2 on the Base chain, incorporating a large number of community feedbacks, new chains and French currency payment support, extended mechanisms (Extensions), automatic API discovery, dynamic routing, more modern HTTP head design, and modular SDK。

The V2 version, while remaining downward compatible with V1, decouples the norms, SDKs and faciliators to match more networks and transmission scenes. The community response was generally positive, and many developers felt that the upgrade significantly simplified the practical use of proxy payments, multi-tenant API, etc., and helped to promote the mainstream use of Base at the payment level。

Structurally, the continuation of x402 is strengthening the positioning of Base as a pay hub for the Taispei L2, but its long-term effects remain dependent on the actual deployment and ecological adoption of faciliators。

3. Forecasting markets: accelerating the trend of instrumentalization

PolymarketScan, a prognosis market platform, has been launched by users of Polymarket to provide traders with more visual market analysis and monitoring capabilities and help users quickly screen and track event contracts。

Community feedback was generally positive, and many traders felt that the tool significantly reduced the cost of information gathering and increased the efficiency of "market surfing" during hotspot events. At the same time, it was also noted that the popularization of the tool reflected the inadequacy of the primary search and analysis function of Polymarket or would lead to the official acceleration of the development of similar functions by the Platform。

4 Perp DEX Track: From Exchange to Infrastructure

1 Lighter: Product advance and implementation pressure side by side

In the Eulner contract track, Lighter revealed in AMA, Japan, that its TGE time could be delayed until 2026 (the "Christmas" means a broad holiday season) and that currency economics is expected to be published within weeks. The platform is advancing the universal cross-guarantee mechanism and the new spot market, and whether the meme coin is launched online will depend on community sentiment. The founder, Vlad, did not give a clear timetable, but implied that the logic of potential mergers and acquisitions still existed。

The community response was complex: some users expressed disappointment at the delay in issuing the currency, but also endorsed the "product priority" strategy; the market was concerned about its upcoming public conversation with Dragonfly partners and looked forward to a clearer description of the route。

At the same time, some of the Lighter whale feedback has been delayed in implementation during periods of high volatility: Although the median delay is about 325 ms, the tail delay can be as long as 10 seconds, and WebSocket is lagging. The team responded that many improvements had been made, but that there was room for improvement. The community as a whole sees it as a constructive discussion that, if quickly addressed, will help to increase the attractiveness of HF and professional traders。

2Hyperliquid Ecology: product intensive propulsion

Hyperliquid has a lot of recent ecological activity. The Felix agreement to renew the contract between HIP-3 on silver and natural gas (formerly gold was on line) further expands the category of commodities traded, and communities have begun to discuss whether to introduce uranium equivalents in the next step。

At the same time, the well-known HYPE holder, NMTD, has publicly criticized the continued sales pressure of Binance as "industry parasites" and has gained considerable resonance within the community, further reinforcing discussions about the advantages of transparency in decentralised trading places, but also exposing CEX to the real impact of price discovery。

At the governance level, Hyper Foundation proposes to be confirmed by a vote of the certifying officer that HYPE from the Assistance Fund be permanently destroyed (this part of the currency is no longer available). The voting was scheduled for 21-24 December, and communities generally saw it as a good deflation, with the expectation of increasing the scarce expectations of HYPE。

In addition, Trove started the Season 1 credit scheme, based on a snapshot of December 5, which was opened to Trove, Hyperliquid, Unit, Kinettiq, Hyperlend, Felix users and Hypur holders. Score future or linked to $TROVE to drive the RWA eco-activity associated with the collection transaction。

Varinational confirms that the crediting mechanism will be introduced in Q4 and that competition is still relatively low (5 million dollars per month on the silver ladder), and that community enthusiasm has risen significantly and is perceived by some users as a potential new opportunity after Lighter。

At the same time, HypurFi announced that, in collaboration with Euler Finance, the full Euler Loan House (covering Euler Lending, Swap and Earn) would be deployed on HyperEVM. The community called it "Mewler" and argued that the combination significantly improved the efficiency of capital for traders or reshaped the lending patterns of HyperEVM。

5. Other: MegaETH Ecology Project

In MegaETH ecology, Project BRIX launched a sovereign yield product for emerging markets, starting with a stable currency linked to Turkish lira iTRY, claiming that about 40% of real gains were realized through monetized money market funds, and planning to expand to foreign exchange markets in the future。

The project emphasizes its portfolio and global accessibility, and communities value the introduction of TradFi ' s real benefits into the DeFi system, creating a potential composite return cycle. However, the model still needs to face regulatory uncertainties and exchange rate risks. BRIX plans to be open to eligible investors once MegaETH is officially online。