Abstract: What have foreigners been most concerned about in the past 24 hours?

Release Date: December 15, 2025
Author: BlockBeats Editorial Team

In the past 24 hours, the cryptocurrency market has shown a complex development trend across multiple dimensions. Mainstream topics have focused on the frequent exposure of security risks on trading platforms, while inappropriate promotional behaviors by executives have sparked discussions on industry regulations. In terms of ecological development, the Solana ecosystem has demonstrated a shift towards practicality after the Breakpoint conference, Ethereum has launched an innovative fundraising mechanism, and competition in the Perp DEX track has intensified.

I. Mainstream Topics

1. On-chain detective ZachXBT reveals potential links between edgeX and MEXC

Renowned on-chain detective ZachXBT has recently turned his investigative focus to the edgeX trading platform, proposing a startling hypothesis: edgeX may be linked to the so-called "MEXC conspiracy group." ZachXBT's theoretical work further suggests that the previous Jelly Jelly / Zerebro attack incident targeting Hyperliquid may also be connected to networks associated with MEXC.

This investigation is not an isolated incident; it relates to a significant theft case revealed by ZachXBT in September. In that case, a criminal gang used highly sophisticated social engineering attacks to steal up to $243 million in assets from a single victim. ZachXBT's investigation at that time not only uncovered the identities of the criminals but also successfully assisted law enforcement in arresting several suspects and freezing millions of dollars in stolen funds. Now, the new investigation points to a broader network of trading platform associations, hinting at potential systemic risks and organized crime activities within the cryptocurrency industry.

2. Base executive promotes high-risk Meme coin, sparking controversy

Coinbase's Chief Product Officer Jesse Pollak recently sparked significant controversy with a tweet on social media. He publicly promoted a Meme coin deployed on the Base chain, describing it as "the new internet thing." Screenshots of the tweet show that he personally spent about $1,500 to purchase the token. However, community members quickly pointed out that the project exhibits characteristics typical of a Rug pull scam, both in its name and token distribution.

As an executive of a leading compliant trading platform and the Base chain developer, Jesse Pollak's actions have faced fierce criticism from the community. Numerous negative comments accuse him of using his influence to promote high-risk and potentially fraudulent projects, which could mislead retail investors and damage the reputation of the Base ecosystem. This incident has reignited discussions about the responsibilities that leaders in the cryptocurrency industry should bear.

II. Mainstream Ecological Dynamics

1. Solana Ecosystem

After the conclusion of Solana's annual event Breakpoint, community leaders and participants provided starkly different feedback. On one hand, researchers from Paradigm, Frankie and Marius, the founder of the Kamino trading platform, expressed high praise for the conference's outcomes. They believe that Solana has made significant progress at all levels of its tech stack, with a notable increase in traditional finance (TradFi) participation, and that discussions at the conference focused more on practical applications and utility rather than empty narratives. Marius specifically mentioned that many of the wild dreams from five years ago, such as tokenized stocks and bonds, have now become a reality on Solana.

On the other hand, Jason Choi, the founder of Tangent, painted a starkly different picture. He described it as the "most boring" crypto conference he has attended in recent years. He observed a pervasive sense of "fatigue" among project builders, venture capitalists, and traders alike. Many industry veterans (OGs) are quietly exiting, venture funds are underperforming, and new projects are scarce. This complex and contradictory sentiment may reflect the delicate crossroads that Solana and the entire cryptocurrency market find themselves in after going through a cycle.

Despite the complex market sentiment, the Solana ecosystem has still announced several important developments. First, the leading wallet application Phantom announced it will launch a debit card in partnership with Visa, initially available to U.S. users, aimed at bridging the gap between crypto assets and real-world consumption scenarios. Second, data shows that Solana has performed strongly across several key metrics, with ecosystem lead Lily Liu citing data that calls it "the most used chain," with its total value locked (TVL) increasing tenfold since 2023, and transaction volumes peaking at five times that of Ethereum.

2. Ethereum Ecosystem

The public goods fundraising platform Octant in the Ethereum ecosystem has launched an innovative funding distribution mechanism called StreamVote. Unlike traditional periodic, one-time grants, StreamVote allows funds to be continuously allocated to supported projects based on real-time voting results from community members in a "streaming" manner.

Voter weight can be adjusted at any time, meaning project teams can secure more real-time funding inflows through ongoing progress. The system is built on the Superfluid protocol and employs a Quadratic Voting mechanism to prevent witch attacks and encourage broader voting distribution. This innovation aims to provide more flexible and incentivizing funding support for high-impact projects within the Ethereum ecosystem.

3. New Public Chain Dynamics

The high-performance Ethereum-compatible chain MegaETH has announced that its "Frontier" platform will open to application developers this week, marking a new phase in its mainnet ecosystem development.

Meanwhile, the highly anticipated new public chain Monad is facing challenges with community sentiment following its TGE. The founder of its blue-chip NFT project Chog has posted to reassure the community, acknowledging that the project's marketing set expectations too high and calling for the community to focus on long-term development, pointing out that successful public chains like Solana also went through long periods of consolidation and development.

Finally, the payment-focused new chain Tempo has partnered with ethos network to launch a new stablecoin concept called $ethosUSD, which can only circulate among verified trusted users, aiming to enhance transaction security and compliance through an identity system.

4. Perp DEX Track

Hyperliquid has released detailed documentation for its "Portfolio Margin" feature, allowing users to use a wider variety of assets as collateral, taking another step towards achieving functionality comparable to centralized trading platforms (CEX). Community analysis suggests that this feature will create interesting synergies with Hyperliquid's lending protocol on its EVM-compatible layer (HyperEVM).

At the same time, the trading platform Tradexyz encountered a market manipulation incident over the weekend. A new address triggered a chain liquidation by shorting large amounts, leading to over $13 million in long positions being forcibly liquidated. This incident highlights the potential risks of operating perpetual contract markets on non-24/7 trading assets.

The community has also conducted an in-depth comparison between the upcoming TGE of the Lighter trading platform and Hyperliquid. The community believes that the two represent different development paths. Lighter is more inclined to collaborate with existing giants like Coinbase and Robinhood, with its bullish logic based on acquisition or integration. In contrast, Hyperliquid is committed to building a complete financial ecosystem independent of the existing system. This difference is also reflected in their token economics, with the HYPE token being deeply tied to the ecosystem, while the utility of the LIT token is relatively limited.

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