整理：Nona
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From a macro perspective, HIP-5 reflects the Hyperliquid community's balance between "self-growth" and "ecological expansion." On one hand, the liquidity and price performance of ecological tokens urgently require external impetus; on the other hand, excessive financial intervention may weaken the market's self-adjusting mechanism.
]( HIP-5 Proposal: The Balance Between Hyperliquid Ecological Prosperity and Token Faith
[]( HIP-5 Proposal: The Balance Between Hyperliquid Ecological Prosperity and Token Faith
Behind the price decline is a spreading crisis of confidence. Once fervor and certainty are being replaced by increasing skepticism and caution. The constantly fluctuating red numbers on the screen, the gradually cooling discussions on social platforms, and the silent assets in investors' accounts all point to the same fact: market sentiment is changing.
]( The Tide Recedes: The DeFi Confidence Crisis Triggered by Balancer
[]( The Tide Recedes: The DeFi Confidence Crisis Triggered by Balancer
The media's "God of Fourteen Consecutive Wins" has lost $44.67 million, evaporating both principal and interest. Don't mistake high-leverage gamblers for "smart money."
](<p class=)
[](<p class=)[
DeFi once promised a trustless system, but Stream and Elixir have proven: you don't need to eliminate trust, just eliminate information disclosure before smart money completes its rebalancing. When stability relies on unquestioned assumptions, what exactly are you building—protocols or performance art?
]( Serious Deviation: Unveiling the Stablecoin "House of Cards" Under Stream and Elixir's Circular Minting
[]( Serious Deviation: Unveiling the Stablecoin "House of Cards" Under Stream and Elixir's Circular Minting
Recently, market focus has shifted to x402. The token prices of related projects have skyrocketed, and the on-chain transaction volume processed through the x402 protocol has increased more than 20 times in just one month. However, little known is that the concept of x402 was proposed by the x402 Foundation co-founded by Coinbase and Cloudflare.
]( Coinbase AI Strategic Core "x402": From Concept to Ecology, Will It Open the Era of AI Autonomous Consumption Value Network?<p class=)
[Featured Recommendations]( Coinbase AI Strategic Core "x402": From Concept to Ecology, Will It Open the Era of AI Autonomous Consumption Value Network?<p class=)
[Uniswap is exploding. Trading volume is skyrocketing. Crypto speculators are flooding in. It all seems too easy, and we know this opportunity won't last forever. We must become stronger and figure out how sniping really works.]( Sniping Shitcoins on DEX to Earn Over $50 Million
<div=)[](
<p class=)The new regulations are no longer just about "setting limits," but actively "bridging" to pave the way for institutional participation in virtual asset activities; they not only "block risks" but also aim to "guide innovation," bringing gray areas into a transparent regulatory framework.
[A dramatic reversal occurred in the October market: the Federal Reserve's interest rate cut not only failed to boost the market but instead triggered a massive flash crash of $400 billion in the crypto space. The core contradiction is not macro policy, but the market's internal fatal weakness—when Trump's tariff black swan struck, high leverage instantly pierced through thin liquidity.]( $400 Billion: The Market Truth Under High Leverage and Liquidity Crisis<p class=)
[Ten News You Can't Miss This Week]( Annual On-Chain Revenue Report: From Frenzy to Maturity
Although on-chain fees still account for a relatively low proportion of total industry revenue, they clearly reflect application adoption rates and long-term value creation: since the beginning of 2025, nearly 400 protocols have annualized over $1 million, and 20 protocols have allocated over $10 million in value to token holders.
<span style=)
[]( Annual On-Chain Revenue Report: From Frenzy to Maturity
Although on-chain fees still account for a relatively low proportion of total industry revenue, they clearly reflect application adoption rates and long-term value creation: since the beginning of 2025, nearly 400 protocols have annualized over $1 million, and 20 protocols have allocated over $10 million in value to token holders.
<span style=)
[]( Annual On-Chain Revenue Report: From Frenzy to Maturity
Although on-chain fees still account for a relatively low proportion of total industry revenue, they clearly reflect application adoption rates and long-term value creation: since the beginning of 2025, nearly 400 protocols have annualized over $1 million, and 20 protocols have allocated over $10 million in value to token holders.
<span style=)
[]( Annual On-Chain Revenue Report: From Frenzy to Maturity
Although on-chain fees still account for a relatively low proportion of total industry revenue, they clearly reflect application adoption rates and long-term value creation: since the beginning of 2025, nearly 400 protocols have annualized over $1 million, and 20 protocols have allocated over $10 million in value to token holders.
<span style=)
[]( Annual On-Chain Revenue Report: From Frenzy to Maturity
Although on-chain fees still account for a relatively low proportion of total industry revenue, they clearly reflect application adoption rates and long-term value creation: since the beginning of 2025, nearly 400 protocols have annualized over $1 million, and 20 protocols have allocated over $10 million in value to token holders.
<span style=)
[]( Annual On-Chain Revenue Report: From Frenzy to Maturity
Although on-chain fees still account for a relatively low proportion of total industry revenue, they clearly reflect application adoption rates and long-term value creation: since the beginning of 2025, nearly 400 protocols have annualized over $1 million, and 20 protocols have allocated over $10 million in value to token holders.
<span style=)
[]( Annual On-Chain Revenue Report: From Frenzy to Maturity
Although on-chain fees still account for a relatively low proportion of total industry revenue, they clearly reflect application adoption rates and long-term value creation: since the beginning of 2025, nearly 400 protocols have annualized over $1 million, and 20 protocols have allocated over $10 million in value to token holders.
<span style=)
[]( Annual On-Chain Revenue Report: From Frenzy to Maturity
Although on-chain fees still account for a relatively low proportion of total industry revenue, they clearly reflect application adoption rates and long-term value creation: since the beginning of 2025, nearly 400 protocols have annualized over $1 million, and 20 protocols have allocated over $10 million in value to token holders.
<span style=)
[]( Annual On-Chain Revenue Report: From Frenzy to Maturity
Although on-chain fees still account for a relatively low proportion of total industry revenue, they clearly reflect application adoption rates and long-term value creation: since the beginning of 2025, nearly 400 protocols have annualized over $1 million, and 20 protocols have allocated over $10 million in value to token holders.
<span style=)
[]( Annual On-Chain Revenue Report: From Frenzy to Maturity
Although on-chain fees still account for a relatively low proportion of total industry revenue, they clearly reflect application adoption rates and long-term value creation: since the beginning of 2025, nearly 400 protocols have annualized over $1 million, and 20 protocols have allocated over $10 million in value to token holders.
<span style=)
[]( Annual On-Chain Revenue Report: From Frenzy to Maturity
Although on-chain fees still account for a relatively low proportion of total industry revenue, they clearly reflect application adoption rates and long-term value creation: since the beginning of 2025, nearly 400 protocols have annualized over $1 million, and 20 protocols have allocated over $10 million in value to token holders.
<span style=)
[]( Annual On-Chain Revenue Report: From Frenzy to Maturity
Although on-chain fees still account for a relatively low proportion of total industry revenue, they clearly reflect application adoption rates and long-term value creation: since the beginning of 2025, nearly 400 protocols have annualized over $1 million, and 20 protocols have allocated over $10 million in value to token holders.
<span style=)
[]( Annual On-Chain Revenue Report: From Frenzy to Maturity
Although on-chain fees still account for a relatively low proportion of total industry revenue, they clearly reflect application adoption rates and long-term value creation: since the beginning of 2025, nearly 400 protocols have annualized over $1 million, and 20 protocols have allocated over $10 million in value to token holders.
<span style=)
[]( Annual On-Chain Revenue Report: From Frenzy to Maturity
Although on-chain fees still account for a relatively low proportion of total industry revenue, they clearly reflect application adoption rates and long-term value creation: since the beginning of 2025, nearly 400 protocols have annualized over $1 million, and 20 protocols have allocated over $10 million in value to token holders.
<span style=)
[]( Annual On-Chain Revenue Report: From Frenzy to Maturity
Although on-chain fees still account for a relatively low proportion of total industry revenue, they clearly reflect application adoption rates and long-term value creation: since the beginning of 2025, nearly 400 protocols have annualized over $1 million, and 20 protocols have allocated over $10 million in value to token holders.
<span style=)
[]( Annual On-Chain Revenue Report: From Frenzy to Maturity
Although on-chain fees still account for a relatively low proportion of total industry revenue, they clearly reflect application adoption rates and long-term value creation: since the beginning of 2025, nearly 400 protocols have annualized over $1 million, and 20 protocols have allocated over $10 million in value to token holders.
<span style=)
[]( Annual On-Chain Revenue Report: From Frenzy to Maturity
Although on-chain fees still account for a relatively low proportion of total industry revenue, they clearly reflect application adoption rates and long-term value creation: since the beginning of 2025, nearly 400 protocols have annualized over $1 million, and 20 protocols have allocated over $10 million in value to token holders.
<span style=)
[]( Annual On-Chain Revenue Report: From Frenzy to Maturity
Although on-chain fees still account for a relatively low proportion of total industry revenue, they clearly reflect application adoption rates and long-term value creation: since the beginning of 2025, nearly 400 protocols have annualized over $1 million, and 20 protocols have allocated over $10 million in value to token holders.
<span style=)
[]( Annual On-Chain Revenue Report: From Frenzy to Maturity
Although on-chain fees still account for a relatively low proportion of total industry revenue, they clearly reflect application adoption rates and long-term value creation: since the beginning of 2025, nearly 400 protocols have annualized over $1 million, and 20 protocols have allocated over $10 million in value to token holders.
<span style=)
[
Elixir: Executing USDC claims for all deUSD or sdeUSD holders, deUSD has ceased operations
Circle: Allows the purchase of "legal" firearms using USDC [target=]
Franklin Templeton proposed to pause the lending markets for USDC, USDS, and USDT on Ethereum in the [Gauntlet proposal suggesting Compound emergency](
<li class=)
Metaplanet raised $100 million by collateralizing its Bitcoin assets, which will be used to increase Bitcoin holdings and expand its yield business.
]( Annual On-Chain Revenue Report: From Frenzy to Maturity
Although on-chain fees still account for a relatively low proportion of total industry revenue, they clearly reflect application adoption rates and long-term value creation: since the beginning of 2025, nearly 400 protocols have annualized over $1 million, and 20 protocols have allocated over $10 million in value to token holders.
<span style=)
[]( Annual On-Chain Revenue Report: From Frenzy to Maturity
Although on-chain fees still account for a relatively low proportion of total industry revenue, they clearly reflect application adoption rates and long-term value creation: since the beginning of 2025, nearly 400 protocols have annualized over $1 million, and 20 protocols have allocated over $10 million in value to token holders.
<span style=)* The Jupiter community voted to approve the proposal to burn 130 million JUP in the "Litterbox," accounting for about 4% of the circulating supply.
The Ether.fi community voted to approve the proposal for a "$50 million buyback of ETHFI."
Berachain: The hard fork upgrade documents have been distributed, and the attacker is a white hat hacker willing to return the funds.
Animoca Brands plans to go public on Nasdaq through a reverse merger.
Liang Fengyi: Hong Kong will allow local licensed virtual asset trading platforms to share global order books with overseas affiliates.
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