Release Date: January 19, 2025
Author: BlockBeats Editorial Team

In the past 24 hours, the crypto market has shown complex developments across multiple dimensions. Mainstream topics focus on the escalating game of chess between Coinbase and the banking camp regarding regulatory legislation, as well as the vulnerability arbitrage on Polymarket exposing the risk control shortcomings of prediction markets; in terms of ecological development, Solana is accelerating the implementation of RWA and payment solutions, Ethereum continues to enhance its infrastructure around AI and DeFi components, while the Perp DEX track shows signs of intensified competition amid declining revenues and project migration controversies.

I. Mainstream Topics

1. Coinbase Publicly Disagrees with the Banking Camp on Crypto Draft

The White House is considering withdrawing its support for the crypto market structure bill if Coinbase does not return to the negotiating table and reach a revenue-sharing arrangement with banks. This bill is seen as "President Trump's bill," and the White House is quite annoyed by Coinbase's unilateral actions on Wednesday, even describing it as a "rug pull" against the White House and the entire industry. Coinbase CEO Brian Armstrong responded that the White House had previously maintained constructive communication and stated that the team is discussing how to support community banks, but the White House's political support clearly still depends on the negotiation results. Meanwhile, Trump publicly denied having offered the position of Federal Reserve Chair to JPMorgan CEO Jamie Dimon and claimed he would sue JPMorgan within two weeks over "debanking" practices. This disagreement is also viewed as an extension of the power struggle between JPMorgan and forces like BlackRock.

Community opinion generally sides with Coinbase, believing that traditional banks are trying to consolidate their interests by manipulating the details of the bill, with many shouting "banks go away" or "no bill is better than a bad bill." Some view this conflict as a political theater within the financial industrial complex: Coinbase represents emerging forces against the traditional financial order; however, another segment criticizes the White House for favoring banks over users. The overall atmosphere is charged, with discussions focusing on "prioritizing user protection rather than giving way to banks," and many even believe that Coinbase's tough stance is forcing the industry to accelerate innovation.

2. Polymarket Experiences Vulnerability Arbitrage: Weekend "Thin Liquidity Harvesting"

A trader (@a4385) exploited Polymarket's 15-minute "Up or Down" short-cycle markets (such as XRP, BTC) during the weekend when liquidity was thin, by buying approximately $1 million worth of the underlying assets on Binance to drive up prices, forcing the market to settle in a direction favorable to him, netting over $233,000 in a single transaction. This operation was repeatedly executed, directly "draining" the funds from multiple trading bots, with one bot even losing its entire annual profit. More controversially, Polymarket's size and influence have become significant enough to reverse-engineer Binance prices, exposing structural vulnerabilities in prediction markets under short-cycle mechanisms.

The community is both shocked and conflicted by this "Wolf of Wall Street" style operation: some call it "crazy" and "highly technical," while others criticize Polymarket for lacking sufficient risk control and constraints, allowing the market to be easily abused. More voices point fingers at the market makers, arguing that their risk management has failed and that adjustments to quote sizes were not timely, leading to bots being repeatedly "harvested." Some argue that this is not merely abuse but a design flaw in liquidity that was thoroughly exposed by weekend stress testing. Overall, public opinion calls for stricter mechanisms while also acknowledging that such arbitrage events indicate Polymarket is entering a new phase where it can "influence external markets."

3. WalletConnect Launches POS Stablecoin Payment Service

WalletConnect has partnered with Ingenico to launch stablecoin payment functionality at POS terminals, attempting to bypass traditional banks and credit card networks with "on-chain direct payments." This service integrates as an additional "tag/application" to existing POS systems: after scanning a QR code, users can select a chain (such as SOL, ETH) in wallets like MetaMask and complete a signature to achieve on-chain payments. This is seen by some as a significant breakthrough for on-chain assets moving into offline consumption scenarios, but the actual process still heavily relies on users actively informing cashiers and completing multiple manual steps.

The community generally praises this as a "BD masterclass" implementation, bypassing intermediaries with minimal modification costs and promoting real-world adoption of stablecoins. However, criticism is also focused: the UX still appears clunky, as users not only have to explain what "WalletConnect stablecoin payment" is but also select chains and sign, leading to awkward communication and low conversion rates. Many believe it will be difficult to replace crypto cards in the short term (the latter requires no additional training, just tap and go), and a more feasible path is to add "stablecoin payment accepted here" stickers, provide employee training, and create a more intuitive interactive experience for consumers. The overall tone is optimistic, but most emphasize that this is just the first step, and key issues such as merchant accounting, reconciliation, and user habit migration still need to be addressed.

4. Visa's On-Chain Credit Card Settlement Exceeds 90%

Visa has secured over 90% of on-chain card transaction volume through early collaborations with emerging issuing project service providers (such as Rain, Reap) and related infrastructure providers. Its core strategy is "single-point integration, scale replication": reaching dozens of downstream card products through a single partnership, thereby rapidly expanding coverage. The report emphasizes that Visa's high adaptability allows it to quickly capture the incremental demand brought by crypto-native issuers; meanwhile, a comprehensive study released by Artemis further dissects how stablecoin payments bridge digital assets and the global commercial system through card networks.

The community holds Visa's crypto head Cuy Sheffield in high regard, believing he has helped Visa avoid a fate of "being disrupted" within 2-3 years after graduation, being seen as a representative figure akin to an "internal CEO." Discussions not only recognize Visa's strategic judgment and first-mover advantage but also warn that potential threats are looming: CBDCs, super apps, and more native blockchain payment networks could gradually erode the moat of card organizations. Some opinions suggest that the vitality of the banking system may be more resilient than that of card organizations, and stablecoin cards may only be a transitional solution. Overall, the community still acknowledges Visa's leading position but calls for deeper infrastructure binding (such as equity/ownership layouts of related networks) to adapt to the next generation of financial order.

II. Mainstream Ecological Dynamics

1. Solana

5 Metal ETFs On-Chain: Gold, Silver to Copper, All Available for 24/7 Trading

Remora Markets announced the launch of 5 new real-world asset (RWA) products on Solana, tokenized ETFs for gold, silver, platinum, palladium, and copper, corresponding to $GLDr, $SLVr, $PPLTr, $PALLr, and $CPERr, which are now available for real-time trading on-chain, supporting tokenization, programmability, and on-chain operations. The project is supported by Step Finance, aiming to bridge the asset channels between TradFi and DeFi.

The community is excited about this wave of "tokenized commodities," viewing it as another key advancement in achieving 24/7 trading of traditional assets on Solana, with many directly considering it a demonstration case for "Tokenize everything," and looking forward to bringing more commodities (even oil) on-chain next. Meanwhile, skepticism is also concentrated: some complain that liquidity is too weak, making it difficult to fill orders over $10,000, leading to a situation that "looks great but feels clunky." Others jokingly say "the next one is uranium," with the overall atmosphere leaning optimistic, but the consensus is clear—if they want to truly attract large funds, liquidity must keep up.

Rainmaker Launches Ghost Wallets

Rainmaker has launched the Ghost Wallets feature: after users deposit SOL, AI agents can automatically grow funds 24/7 (for example, by participating in sports prediction markets), which can then be directly spent anywhere using a Neo card. This feature emphasizes privacy—on-chain activities cannot be traced back to specific users and is partially supported by Radr Labs, attempting to solve the friction of "withdrawal KYC + waiting period" faced by users after profiting on Pump.fun.

The community generally holds this design of "privacy + automation + consumption closed loop" in high regard, calling it a "huge victory," believing it significantly reduces friction in the cash-out path and KYC pain points, with many emphasizing that "privacy is everyone's right." Of course, some are curious about the actual operational model and even worry about its potential risks and compliance boundaries. Overall feedback remains positive, and the discussion heat has also driven attention to $RAIN and $RADR.

2. Ethereum

x402 Hackathon Concludes: Foundation Announces Winning Projects, Betting on "AI + Payment Infrastructure"

The x402 hackathon supported by the Ethereum Foundation's developer acceleration team has concluded, announcing winning projects including: Superfluid's x402-sf (native continuous subscription payment infrastructure), Cheddr Payment Channels x402 (efficient micropayment channels), x402rorg (refund and arbitration agreements), etc. The overall direction is clear: to provide more efficient payment and trust components for AI and the agency economy on Ethereum.

The community generally believes that these types of projects are hitting the key verticals of the current cycle, "the intersection of AI and decentralized infrastructure," and recognizes their role in promoting the agency economy, micropayments, and composable financial modules. A few jokingly ask, "The project is good, but when will the price pump?" but the main discussion still revolves around practical value, with an overall positive atmosphere.

Optimism Launches Actions: Compressing DeFi Integration from "Weeks" to "Hours"

Optimism has released the Actions SDK, an open-source TypeScript toolkit that allows developers to quickly integrate lending, swapping, payment, and other DeFi functionalities, reducing the integration cycle from weeks to hours. This SDK supports embedded wallet systems like Privy, Turnkey, Dynamic, and is compatible with mainstream protocols like Aave and Morpho; it also adapts to multiple EVM networks, including Ethereum, OP Mainnet, and Base, providing a unified configuration file to manage assets, chains, and compliance settings.

Developers have reacted strongly to the direction of "turning complex integrations into standardized calls," with some even describing it as an efficiency leap from "2000 lines of code to 20 lines," hoping it will further drive the migration of payment applications and Fintech onto the blockchain. Of course, there are also voices questioning whether traditional finance will truly accept a 5%-10% yield model on-chain, or if it will remain in a wait-and-see phase. Overall sentiment is optimistic, believing this will accelerate the expansion and implementation of the Optimism superchain ecosystem.

Ethos in the Base Ecosystem Hosts Vibe Coding Hackathon

Ethos Network has launched the Vibe Coding hackathon on the Base chain, aiming to build a reputation system for the Ethereum ecosystem: by implementing a peer-to-peer review and ETH staking mechanism, making "credibility" a verifiable, tradable, and composable on-chain asset. The event is divided into multiple categories, with a prize pool reaching several tens of thousands of dollars, hoping to provide a more reliable trust foundation for the crypto world.

Participants are very enthusiastic, viewing it as an "internal opportunity" or even a potential industry entry point. Some share ranking experiences, while others express concerns about the fairness of the selection process, joking that "if we win, we might still be suspected of insider trading." The overall atmosphere is lively, with a strong sense of community collaboration, but there are also calls for a more open review mechanism, increasing participation from non-Ethos employees to reduce controversy.

3. Perp DEX

Hyperliquid Revenue Declines, Pump.fun Still Earns Over a Million Daily

Data from DefiLlama shows that Hyperliquid has fallen out of the top five in the 24-hour revenue rankings; in stark contrast, Pump.fun's daily revenue remains stable at over $1 million, even during market downturns. This discrepancy has quickly raised questions about Pump.fun's revenue structure: is there wash trading, bot volume manipulation, or other unnatural traffic?

The community is generally shocked by Pump.fun's "stable high revenue," with evaluations ranging from "outrageous" to "suspicious." Many suspect that its internal mechanisms are generating fake volume to attract more funds, even calling for ZachXBT to investigate. Some directly label it a "money laundering machine." Overall discussions are filled with skepticism and mockery, while also hinting at a consensus: Hyperliquid's decline indicates intensified competition in the Perp track, and traffic is not loyal.

Trove Dumps $HYPE + Migrates to Solana: Chain Migration, Gambling Funds, Delayed TGE Raise Triple Red Flags

Trove Markets announced its shift from Hyperliquid to Solana, citing that its liquidity partner sold approximately $5 million worth of $HYPE positions, preventing the project from continuing development on HyperEVM. The project team requires ICO participants to connect their Solana wallets to claim $TROVE, while ZachXBT exposed that the team bridged $45,000 of angel round funds to a "casino deposit address," further raising fraud suspicions. The TGE has also been postponed to January 19 at 4 PM UTC.

Community reactions are overwhelmingly angry: many directly classify it as a "classic rug/premature scam," demanding full refunds and criticizing the team's gambling behavior and insufficient advertising disclosures. Some mock it as a "social experiment," believing that the chain migration, delayed TGE, and abnormal fund flows constitute multiple red flags. Overall public opinion is highly negative, with widespread predictions that $TROVE will quickly crash after launch, and calls for further investigation.

4. Others

Sonic's Unclaimed Airdrop Destroyed by "Bystanders": Contract Lacked Access Control

Sonic Labs' unclaimed airdrop (approximately 16 million $S) was manually triggered for destruction by community members, due to the lack of access control on the destruction function—anyone could call it. The final destruction was valued at approximately $1.28 million. This incident has consequently exposed the team's chaos in contract design and process management.

The community simultaneously calls the triggerers "heroes" while mocking the Sonic team as "headless chickens," with some even complaining that "bystanders are working harder than the development team." Many believe this is a clear engineering and risk control flaw, further deepening suspicions about Sonic's vague planning, chaotic governance, and even potential fraud. Of course, some interpret it from another angle: it resembles a "community self-rescue" live demonstration—just in a way that is too ironic.

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