Publication: 19 December 2025
By: Block Beats Editor

Over the past 24 hours, the encryption market has spread across multiple dimensions. The main topic focused on the difference between the currency rhythm of Perp DEX and the buy-back strategy, and the continued fermentation of the TGE timeline around Lighter and whether the buy-back was squeezing long-term development. In the area of ecological development, Solana ' s ecological reality has been a realistic attempt to synchronize the DEX cost pattern changes with the upgrade of AI, and the stabilization currency and high performance infrastructure has accelerated its integration with traditional finance。

I. Mainstream topic

1. UNI DEMOLITION PROPOSALS INTO FINAL BALLOTS: GOVERNANCE ALIGNMENT OR A NARRATIVE REPAIR

The "United" proposal submitted by the founder of Uniswap, Hayden Adams, is in the final stage of governance voting, which will open in the evening of 19 December until 25 December。

The proposal envisages the destruction of 100 million UNIs and the simultaneous activation of v2 and v3 main network fees (and Unichain costs) while bringing Uniswap Labs and protocol governance closer together at the legal level through the DUNA legal structure of Wyoming。

The debate in the overseas community is not focused on whether to destroy, but rather on the nature of the change to governance itself: Some voices questioned this as a well-designed "governance optics", arguing that Labs had regained ownership of the agenda at key points, undermining the independence of DAO, and that supporters had stressed its potential for internalization of MEV and the value of cost reversal as a necessary step towards a sustainable currency economy。

Others, more cautiously, point out that Uniswap Labs has captured a large amount of economic value in the past, in contrast to agreements such as Aave, which are gradually moving towards DAO revenues, and that this "historical burden" of governance adjustment should be rationally assessed. Overall, the proposal is considered to be an important node for the turn-over of the Uniswap economic model, but it also exposes the continuing blurring of the Labs and DAO borders in the head DeFi project。

2. LIDO VALUATION DISPUTE FERMENTATION: HIGH TVL AND LOW MARKET VALUE GOVERNANCE CURRENCY PARADOX

As a pledge agreement with the largest mobility nature of the Taifeng, Lido’s current market share is about 25 per cent, TVL is over $26 billion, annualized revenue is about $75 million, and the treasury is about $170 million, but its market value of the governance token LDO has fallen by $500 million, causing widespread community questioning。

The discussion focused on a central issue: whether governance tokens still have a sound valuation basis, without any red, direct capture of cash flows。

SOME ARGUE THAT THE INTRINSIC VALUE OF LDO IS CLOSE TO ZERO, THAT THERE IS LITTLE DIRECT CORRELATION BETWEEN THE AGREED INCOME AND THE HOLDER OF THE COIN; OTHERS ATTRIBUTE THE CONTINUED WEAKNESS OF PRICES TO THE ETH PLEDGE APR DOWN, INCREASED COMPETITION IN THE RE-ADMITTANCE TRACK, AND EXPECTED FUTURE MARKET SHARE DECLINE。

More radical metaphors describe Lido as "Linux of the Encrypted World", with high usage rates and no return of value. In a multi-headed perspective, the only variable that has been repeatedly mentioned is the repurchase mechanism that may be initiated by Q1 in 2026, and the structural changes associated with ETH ETF following the upgrade of v3。

In the overall debate, the market value ratio of Lido's TVL to market value reached about 52:1, again highlighting the long-standing misalignment between the "infrastructure position" and "value capture capacity"。

3.CZ TURNING TO PRIVACY TRANSFER DISCUSSIONS: TRANSPARENT CHAIN IS BECOMING A BARRIER TO PAYMENT

The former CEO CZ referred to Ignas ' s post on encrypted payment privacy, pointing out that transfers on the current chain would reveal the history of transactions and that users could avoid tracing only temporarily through a centralized exchange in the short term, which was clearly not a long-term solution. The shift quickly triggered the discussion, moving from the topic "Is privacy important or not" to "Is a viable tool available?" to a central display of a privacy programme。

A number of projects and proponents took the opportunity to recommend various types of solutions, including Railgun, Zcash, a ZK-based currency stabilization scheme, UTXO architecture chain, etc., emphasizing low-cost or original privacy advantages; and users modulated from their day-to-day payment experience that, under the current transparent account structure, purchasing a cup of coffee in encrypted currency is almost equivalent to disclosing their entire assets。

THE TURNOVER OF THE CZ HAS FURTHER AMPLIFIED THE VOLUME OF THE DISCUSSION, SPREADING THE TOPIC FROM THE TECHNICAL CIRCLE TO A WIDER RANGE OF TRANSACTION AND PAYMENT USERS. OVERALL, THE DISCUSSION ONCE AGAIN HIGHLIGHTED THE GROWING TENSION BETWEEN THE DESIGN OF A FULLY TRANSPARENT CHAIN AND THE REALITY OF PAYMENT SCENARIOS。

4. Validation of node performance: data, or narrative

fermentation has continued over the past day around the implementation of client performance in the Ether Mill. The new client, Tempo, claims to be the "quickest implementer" client, but community-testing data show that its performance is only about one tenth of Nethermind, leading to widespread questioning of its authenticity。

The discussion quickly expanded from a single project to a more general issue: in the node and the Layer2 ecology, whether performance statements should be dominated by marketing narratives or must be strictly based on recapable data。

Some developers stressed that open baseline testing and the operational environment should be judged against vague or selective data disclosure, and others took the opportunity to discuss the diversity of the Taifung client, noting the trade-off between different languages and the achievement path in terms of performance, stability and maintenance costs。

Overall, the debate reflects the declining patience of the certificationer and the infrastructure community with regard to the “performance myth” and the growing demand from the market that the discussion be brought back to a verifiable engineering level。

II. Mainstream ecological dynamics

1. Solana: Annual recurrent revenue of $300 million in energy companies

The energy company Fuse Energy announced the completion of the $7.0 million B round of financing, which was led by Lowercarbon and Balderton, with the company ' s valuation rising to $5 billion, and its disclosed annual recurrent income (ARR) amounting to $300 million. Fuse indicates that the market for new technologies will be accelerated through the DePIN model, while improving its operational efficiency。

In the discussion, the view was expressed that the case meant that large enterprises with mature cash flows were beginning to systematically adopt DePIN, using tokens to stimulate the launch of supply side wheels, reduce payments and geographical friction, and reduce the cost of expansion, which could have spillover effects on the encryption industry in the coming years. Community members also questioned how DePIN could specifically improve commercial landing efficiency, arguing that its effectiveness still needed to be validated through practical implementation. Overall, the event was seen as yet another signal from Solana ecology to attract real business players in the direction of DePIN, reinforcing the imagination of the interface between energy and encryption infrastructure。

2. IN CONJUNCTION WITH THE UPGRADE OF THE AI PROTOCOL LAYER, DEX CHANGES IN COST PATTERNS

In the area of DEX, the latest data show that Curve ' s share of DEX ' s cost income has increased significantly, approaching and even phased beyond Uniswap. Community discussions pointed out that the cost of Uniswap had been significantly lower than in the past year, while Curve's rapid recovery from its previous lows was seen in part as a representative case of the rehabilitation of the DeFi cost structure in 2025; there were also voices reminding that the real returns of veCRV holders had not improved at the same time, and that there was still a structural imbalance in the relationship between governance tokens and agreed revenues。

At the same time, the ERC-804 (Trustless Agents, Untrusted Agents) agreement confirmed that it would land on 16 January on the ETA host network. The proposal, which was introduced in August 2025, aims to provide a decentrized confidence layer for the autonomous AI agents to complete their discovery, selection and interaction without pre-empting trust, and is considered to be a key agreement for the construction of an open “agent economy”. ERC-8004, co-authored by members of the MetaMask, EtherFoundation, Google and Coinbase, and driven by the new DAI team of the EtherFak Foundation, has attracted more than 150 project participants, with a community size of more than 1,000 people, as one of the most hottest proposals discussed at the Etheum Magicians Forum。

ACCORDING TO SOME COMMUNITY VIEWS, THE AGREEMENT REPRESENTS AN ATTEMPT TO BECOME THE CLEARING AND COORDINATING BACKBONE OF THE AI AGENT, BUT THE BALANCE BETWEEN USER EXPERIENCE, SECURITY AND DECENTRIZATION IS YET TO BE MATCHED BY ACTUAL FEEDBACK AFTER THE MAIN NETWORK IS OPERATIONAL。

3. Perp DEX: TGE Expected division and buyback strategy dispute

Lighter TGE Time change: expected increased segmentation of markets

According to Polymarket data shared by zoomerfied, the market predicts that Lighter will have a 35 per cent probability that TGE will not take place in 2025, while 29 December 2025 is considered the most likely launch date at present. The chart shows that the probability has been rising steadily since the 15th of December, reaching 35% on the 18th of December, with a certain range of reversals。

The prediction is divisive in the community, with some questioning the validity and the value of the information itself, and others arguing that, in the current market environment, the TGE lacked a realistic motivation during the year and that it was more reasonable to postpone it until early 2026. It was also noted that the end of December was in the holiday window, with limited market interest and that it was difficult to generate effective kinetic energy even in the issuing currency. Overall, the discussion around the Lighter launch point showed clear uncertainty, reflecting the continued swing of the market towards the perp DEX project rhythm and risk preferences。

Hype Eco-New Project Perpetuals: Continuous extension of the sustainable contract track

Perpetuals, as a newly launched Perp project in Hyperliquid (Hype) ecology, is formally featured, focusing on the centralization of the terminological contract trade and highlighting design innovations in leveraging mechanisms and liquidity incentives. Despite the limited details disclosed, the community generally sees this as an extension of the existing Hype derivative map and a potential competition with projects such as Lighter。

It was discussed that the project could in the future create synergies with a crediting system or a cross-chain mechanism within the Hype ecology, thus facilitating user migration and transaction activity. Overall, the emergence of Perpetuals was seen as a sign of continued ecological expansion of Hype, further exacerbating competition for products and mechanisms within Perp DEX。

Repurchase or increase inputs? Hype's repurchase strategy is causing structural controversy

There are clear differences in the community over the ongoing HYPE buy-back strategy around Hyperliquid。

The view was expressed that Hyperliquid had invested about $1 billion in token buy-backs, but had limited long-term price implications, and that it should go even further in building compliance and competition barriers to meet the pressure of traditional financial institutions, such as Coinbase, Robinhod, and Nasdaq, to enter the sustainable contract market in the future, warning that buy-backs could become a source of structural risk after 2026。

In contrast, the view was expressed that in the current cycle, buyback was the only structural support that was certain and not only helped to stabilize the expectations of tokens, but also to build a barrier against recession through direct feedback of Platform cash flows to coins; the view was also expressed that buyback did not necessarily exclude growth inputs, and that the key was the balance in the allocation of funds. The overall debate reflects the continuing trade-off between the "soft buyback price" and "long-term expansion" of the DeFi project, while reflecting the strategic choice difficulties faced by the Perp DEX project in the face of the approaching competitive pressures of TradFi。

4. Other

At the infrastructure level, MegaETH announced that its Frontier main network was officially open to developers and projecters。

The network, which has been online for several weeks and was initially tested primarily for infrastructure teams such as LayerZero, EigenDA, Chainlink, RedStone, Alchemy and Safe, is now beginning to support broader stress testing and unlock the first real-time applications. The information shows that MegaETH uses relatively transparent methods of testing and observation and has integrated block viewing and data analysis tools such as Blocks Blockscout, Dune, Growthepie and introduced community visualization programmes such as MiniBlocksIO and Swishi。

In community discussions, there were voices that interpreted it as a critical phase "from trial to real load " , and the point was also made that the high performance chain was still dependent on the ability of the predictor to keep up with the data infrastructure. Overall, the opening was seen as an important node of MegaETH ' s transition from the testing phase to the production environment, with the aim of supporting encryption applications that require more extreme performance。

In the direction of the stabilization currency, SoFi Bank announced the launch of a full reserve stabilization currency, SoFiSDD, the first national licensed retail bank to issue a stable currency on a public unlicensed block chain。

In the official version, SOFISD has been identified as a stable currency infrastructure for banks, Fintech and enterprise platforms, which is currently used mainly for internal settlements, and is planned to be gradually made available to all SoFi users。

Community discussions focused on the compatibility of their products with the market and the challenges of liquidity, while also pointing to the implications of their infrastructure dimension: 7x24-hour immediate settlement, reduced pre-financing and reconciliation costs and floating gains through investment in United States debt through the re-engineering of the Fintech settlement process in the Galileo processing engine. This progress was seen as a signal of a further convergence between the traditional banking system and the block chain, highlighting the accelerated landing of a regulatoryly friendly and stable currency。

At the same time, Visa disclosed that its stabilization currency settlement pilot had been operating on an annual scale of $3.5 billion and that related operations had moved from the conceptual testing phase to observable market signals。

Visa also announced two initiatives: a global currency stabilization advisory service through Visa Consulting & Analytics to assist financial institutions in assessing market convergence and landing paths; and support to United States distributors and recipients in achieving 7x24-hour settlements through the Circle USDC and Visa networks, with Cross River Bank and Lead Bank taking the lead and more agencies planning to access in 2026. Community discussions focused on the impact of the model on the efficiency of programmable funds management and liquidity and were seen as an important step in the integration of the traditional payment giants to accelerate the block chain。

In addition, PayPal has announced a collaboration between PYUSD and USDAI aimed at improving the interoperability and overall liquidity of the stabilization currency。

The information focuses on potential collaboration between the parties in the direction of cross-chain transfer, liquidity pool or integration of payment scenarios. Community interpretations generally suggest that such cooperation can help to reduce the costs of friction between different ecosystems and promote their synergistic use in DeFi and payment systems, reflecting the evolution of the stabilization track from single-point competition to more alliance-based features。