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Aave Community Governance Drama Escalates, What's the Overseas Crypto Community Talking About Today?
Publication Date: December 24, 2025
Author: BlockBeats Editorial Team
Over the past 24 hours, the crypto market has unfolded across multiple dimensions. The mainstream discussion focused on the reconsideration of macro policies and the monetary system, including the outlook of the Federal Reserve and the strengthening of safe-haven assets. In terms of ecosystem development, Solana continued its progress around developer tools and transaction efficiency, Ethereum reinforced its narrative of "public goods," and the Perp DEX track accelerated differentiation with projects such as Hyperliquid and Lighter.
I. Mainstream Topics
All-In Podcast Interviews U.S. Treasury Secretary Scott Bessent
The All-In Podcast released a lengthy interview (about 1 hour) with U.S. Treasury Secretary Scott Bessent, covering topics such as the 2025 economic review, 2026 policy outlook, Federal Reserve issue resolution, tariffs as a national security tool, inflation and interest rates, and the structure of U.S. debt.
In the interview, Bessent reflected on the asset bubble of the past decade and discussed the potential role of tariffs in reshaping trade agreements, reducing the deficit, and tax regulation. The overall community feedback was mostly positive, with some voices suggesting that his policy narrative reflects "directional leadership." There were also discussions linking him to deglobalization and strengthening domestic manufacturing, while criticizing previous administrations for exacerbating the issue of people's livelihoods through fiscal expansion.
Gold and Silver Prices Hit All-Time Highs
The spot price of gold broke through $4,500 per ounce for the first time, with a total market value of around $31.5 trillion, approximately 7 times the market cap of NVIDIA; the market value of silver has also surpassed Apple, becoming the world's third-largest asset.
Community discussions generally interpreted this as a sign of distrust in the fragility of the monetary system, inflationary pressures, and ongoing government balance sheet expansion, rather than just a bullish view on precious metals themselves. Some viewpoints emphasized gold's traditional safe-haven properties and compared it to Bitcoin. There were also voices that saw silver's market cap surpassing Apple as a symbol of imbalance in the asset pricing system, triggering a reevaluation of the rationality of tech stock valuations.
Escalation of Governance Dispute between Aave DAO and Aave Labs
Internal conflicts within the Aave ecosystem regarding front-end revenue attribution continued to escalate. The controversy centered around approximately $10 million in annual front-end revenue being transferred to the Aave Labs wallet without a DAO vote.
Aave Labs believes the frontend is not part of the protocol revenue; the DAO argues that the frontend, relying on the DAO's brand, liquidity, and risk exposure, should share in the revenue.
A community recap pointed out that the DAO controls the smart contracts and risk parameters, while the Labs control the frontend, domain, trademark, and social accounts. Some discussions further extended to an extreme scenario — whether the DAO would attempt to take over the IP, or the Labs would exit the DAO and relaunch a new protocol based on the v4 codebase (potential valuation discussed to be over $1 billion).
A more macro discussion argues that this event exposed a long-standing incentive misalignment issue in DeFi: the DAO promises value accrual to token holders, but in actual profit generation, the returns are often captured by a "quasi-equity structure." In the short term, AAVE's price experienced significant fluctuations, but some voices believe that this may provide a clearer boundary sample for DAO and corporate hybrid governance.
Community Review of Coinbase's 2025 Strategic Expansion Path
The community engaged in a review and debate around Coinbase's multi-thread expansion strategy for 2025, including: exchange liquidity, Base network, prediction markets, USDC adoption, staking services, and multiple acquisitions (Liquifi, Spindl, Roam, Iron Fish, Opyn, The Clearing Co., etc.).
Critics believe Coinbase's front is too long, with too many acquisitions, the NFT platform's performance is below expectations, some investments (like Monad) have limited returns, and concerns about the downward pressure on core trading business fees and self-competition risks.
Supporters argue that these attempts are essentially the necessary cost of finding product-market fit, the team size has not gotten out of hand, NFT failures actually reduce future trial and error costs, and acquisitions are more efficient than internal incubation; in addition, custody business and the USDC ecosystem may still benefit from ETF and compliance dividends.
Overall, Coinbase is still seen by some in the community as a "beneficiary of infrastructure in the compliance cycle," but its expansion pace and bear market resilience remain variables of ongoing concern.
II. Mainstream Ecosystem Updates
1. Solana Ecosystem
Solana Introduces Next-Gen Wallet Management SDK (ConnectorKit)
The Solana Foundation has released ConnectorKit for integrating wallet connections and account management features in Solana applications, seen as the successor to Wallet Adapter.
The SDK supports web3js and kit, providing headless components and developer-friendly hooks (such as useConnector, useBalance), covering common scenarios such as account viewing, balance management, tokens, and transaction history, and supporting mobile wallet adapters. The official statement also revealed that future integration will include capabilities such as Kora and native Passkeys.
Community feedback is generally positive, with developers generally acknowledging that it significantly simplifies the wallet integration process, emphasizing its backward compatibility and componentized extension capabilities; related posts come with sample code and npm package links, reducing the learning curve.
Humidifi Achieves Lower CEX-Like Spread in SOL-USD Trading
Humidifi's DEX quoting on Solana shows that its SOL-USD trading spread is lower than that of centralized exchanges in most scenarios:
- For orders less than $10,000, the spread is around 0.1bp
- Even at a $500,000 scale, the spread remains below 1bp
- For comparison, some CEXs (such as Binance) have a spread of around 1bp.
Community discussions view this as a sign that DEX execution efficiency has surpassed CEX in specific scenarios, linking it to liquidity aggregation and better matching paths. Related posts point out that Humidifi achieves optimal execution and lower slippage by aggregating multiple DEXs like Phoenix, Orca, sparking expectations for its expansion to larger markets like BTC, ETH, etc.
DoubleZero Releases 2025 Annual Review
DoubleZero protocol reviews its 2025 progress, including:
- Mainnet Beta launch, hosting approximately 40% of Solana's mainnet staking
- Addition of 3.4 Tbps dedicated bandwidth contributed by 15 independent organizations
- SEC no-action letter for $2Z
- Completion of a $28 million token round financing and $6.5 million validator token sale
- Launch of a delegation program involving around 13 million SOL, becoming Solana's second-largest staking pool
Community discussions highlight its importance as high-performance network infrastructure, seeing it as a key complement to Solana in terms of bandwidth and reliability, with some outlooks anticipating its expansion to a more foundational network infrastructure level in 2026.
Running AI Model On-Chain with SolanaPython
Developers have used SolanaPython to deploy and run a neural network model on-chain, with just 65 bytes in size, to predict the short-term price direction of SOL/USDT. The model was trained on around 9000 1-minute candlestick data and achieved a prediction accuracy of about 59% on unseen samples.
The community generally sees this as a proof of concept (PoC), highlighting its significance of being "fully on-chain" and verifiable, showcasing the new possibilities for Solana development unlocked by the Python ecosystem, while also noting the considerable gap from reaching practical AI levels.
2. Ethereum Ecosystem
《The Internet's Blueprint for Ethereum》 Public Good Valuation Framework Released
This research report positions Ethereum as a global public good similar to the internet, GPS, and TCP/IP, emphasizing its non-rivalrous, non-excludable, and systemic empowering attributes.
The report proposes a three-layer framework of "Value Capture (Financial Layer) - Value Flow (Economic Activity) - Trust Surplus (Consumer Surplus)" to assess Ethereum's true value, focusing not on TPS or fees, but on settlement efficiency, long-term trust minimization, and institutional adoption.
Community discussions acknowledge its perspective of viewing Ethereum as a "value protocol" rather than just a mere execution layer, highlighting its long-term role in global coordination and settlement.
3. Perp DEX and Trading Infrastructure
Bitget Wallet Integrates Hyperliquid Perpetual Contracts
Bitget Wallet announces support for USDC perpetual contract trading powered by Hyperliquid, offering lower fees than Bitget CEX's VIP0 tier.
Community feedback suggests that this reduces the barrier to entry for on-chain perpetual contracts and strengthens the pathway of "non-custodial wallet + high-performance matching" combination.
Hyperliquid and Lighter Discussed as Perp DEX Duopoly
Some community viewpoints suggest that Hyperliquid and Lighter could become the two main players in the future of the Perp DEX space:
At the core of Hyperliquid is high-performance infrastructure, neutrality, and the ability for third parties to build derivative modules; Lighter adopts a more vertically integrated model, attracting retail users and organic liquidity providers through a dual-fee structure
Discussions often analogize this to the evolution path of exchanges as "two dominant platforms + several edge innovators."
Kinetiq's HIP-3 DEX "Markets" Launch
Kinetiq has deployed the HIP-3 exchange Markets on the Hyperliquid mainnet, with initial trading pairs including US500, EUR, and BABA, and supporting USDH as collateral.
The community sees this as "an important step in bringing traditional market assets on-chain and enabling 24/7 trading."
Hyperliquid Portfolio Margin and BLP Launch
The Hyperliquid mainnet has launched Portfolio Margin and opened the BLP (Borrowing Liquidity Pool) feature.
Community discussions focus on its improvements to capital efficiency and risk management, emphasizing that it is still in the early stages and recommending starting with small-scale testing.
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Before using Musk's "Western WeChat" X Chat, you need to understand these three questions
The X Chat will be available for download on the App Store this Friday. The media has already covered the feature list, including self-destructing messages, screenshot prevention, 481-person group chats, Grok integration, and registration without a phone number, positioning it as the "Western WeChat." However, there are three questions that have hardly been addressed in any reports.
There is a sentence on X's official help page that is still hanging there: "If malicious insiders or X itself cause encrypted conversations to be exposed through legal processes, both the sender and receiver will be completely unaware."
No. The difference lies in where the keys are stored.
In Signal's end-to-end encryption, the keys never leave your device. X, the court, or any external party does not hold your keys. Signal's servers have nothing to decrypt your messages; even if they were subpoenaed, they could only provide registration timestamps and last connection times, as evidenced by past subpoena records.
X Chat uses the Juicebox protocol. This solution divides the key into three parts, each stored on three servers operated by X. When recovering the key with a PIN code, the system retrieves these three shards from X's servers and recombines them. No matter how complex the PIN code is, X is the actual custodian of the key, not the user.
This is the technical background of the "help page sentence": because the key is on X's servers, X has the ability to respond to legal processes without the user's knowledge. Signal does not have this capability, not because of policy, but because it simply does not have the key.
The following illustration compares the security mechanisms of Signal, WhatsApp, Telegram, and X Chat along six dimensions. X Chat is the only one of the four where the platform holds the key and the only one without Forward Secrecy.
The significance of Forward Secrecy is that even if a key is compromised at a certain point in time, historical messages cannot be decrypted because each message has a unique key. Signal's Double Ratchet protocol automatically updates the key after each message, a mechanism lacking in X Chat.
After analyzing the X Chat architecture in June 2025, Johns Hopkins University cryptology professor Matthew Green commented, "If we judge XChat as an end-to-end encryption scheme, this seems like a pretty game-over type of vulnerability." He later added, "I would not trust this any more than I trust current unencrypted DMs."
From a September 2025 TechCrunch report to being live in April 2026, this architecture saw no changes.
In a February 9, 2026 tweet, Musk pledged to undergo rigorous security tests of X Chat before its launch on X Chat and to open source all the code.
As of the April 17 launch date, no independent third-party audit has been completed, there is no official code repository on GitHub, the App Store's privacy label reveals X Chat collects five or more categories of data including location, contact info, and search history, directly contradicting the marketing claim of "No Ads, No Trackers."
Not continuous monitoring, but a clear access point.
For every message on X Chat, users can long-press and select "Ask Grok." When this button is clicked, the message is delivered to Grok in plaintext, transitioning from encrypted to unencrypted at this stage.
This design is not a vulnerability but a feature. However, X Chat's privacy policy does not state whether this plaintext data will be used for Grok's model training or if Grok will store this conversation content. By actively clicking "Ask Grok," users are voluntarily removing the encryption protection of that message.
There is also a structural issue: How quickly will this button shift from an "optional feature" to a "default habit"? The higher the quality of Grok's replies, the more frequently users will rely on it, leading to an increase in the proportion of messages flowing out of encryption protection. The actual encryption strength of X Chat, in the long run, depends not only on the design of the Juicebox protocol but also on the frequency of user clicks on "Ask Grok."
X Chat's initial release only supports iOS, with the Android version simply stating "coming soon" without a timeline.
In the global smartphone market, Android holds about 73%, while iOS holds about 27% (IDC/Statista, 2025). Of WhatsApp's 3.14 billion monthly active users, 73% are on Android (according to Demand Sage). In India, WhatsApp covers 854 million users, with over 95% Android penetration. In Brazil, there are 148 million users, with 81% on Android, and in Indonesia, there are 112 million users, with 87% on Android.
WhatsApp's dominance in the global communication market is built on Android. Signal, with a monthly active user base of around 85 million, also relies mainly on privacy-conscious users in Android-dominant countries.
X Chat circumvented this battlefield, with two possible interpretations. One is technical debt; X Chat is built with Rust, and achieving cross-platform support is not easy, so prioritizing iOS may be an engineering constraint. The other is a strategic choice; with iOS holding a market share of nearly 55% in the U.S., X's core user base being in the U.S., prioritizing iOS means focusing on their core user base rather than engaging in direct competition with Android-dominated emerging markets and WhatsApp.
These two interpretations are not mutually exclusive, leading to the same result: X Chat's debut saw it willingly forfeit 73% of the global smartphone user base.
This matter has been described by some: X Chat, along with X Money and Grok, forms a trifecta creating a closed-loop data system parallel to the existing infrastructure, similar in concept to the WeChat ecosystem. This assessment is not new, but with X Chat's launch, it's worth revisiting the schematic.
X Chat generates communication metadata, including information on who is talking to whom, for how long, and how frequently. This data flows into X's identity system. Part of the message content goes through the Ask Grok feature and enters Grok's processing chain. Financial transactions are handled by X Money: external public testing was completed in March, opening to the public in April, enabling fiat peer-to-peer transfers via Visa Direct. A senior Fireblocks executive confirmed plans for cryptocurrency payments to go live by the end of the year, holding money transmitter licenses in over 40 U.S. states currently.
Every WeChat feature operates within China's regulatory framework. Musk's system operates within Western regulatory frameworks, but he also serves as the head of the Department of Government Efficiency (DOGE). This is not a WeChat replica; it is a reenactment of the same logic under different political conditions.
The difference is that WeChat has never explicitly claimed to be "end-to-end encrypted" on its main interface, whereas X Chat does. "End-to-end encryption" in user perception means that no one, not even the platform, can see your messages. X Chat's architectural design does not meet this user expectation, but it uses this term.
X Chat consolidates the three data lines of "who this person is, who they are talking to, and where their money comes from and goes to" in one company's hands.
The help page sentence has never been just technical instructions.
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