Release Date: January 20, 2025
Author: BlockBeats Editorial Team

In the past 24 hours, the cryptocurrency market has shown a complex development trend across multiple dimensions. Mainstream topics focus on the RWA (Real World Assets) imagination triggered by the NYSE's promotion of an on-chain securities trading platform, as well as the backlash against the ICO model and KOL (Key Opinion Leader) promotion chaos behind the "Trove farce." In terms of ecological development, WalletConnect is attempting to penetrate on-chain payments with POS terminals, while the market continues to discuss the evolution of trading and clearing mechanisms, as well as the game of channels and incentive structures.

I. Mainstream Topics

1. NYSE Launches On-Chain Securities Trading Platform, Sparking Discussion

The New York Stock Exchange (NYSE) announced the launch of an on-chain securities trading platform, integrating the Pillar matching engine and blockchain post-trade system, providing trading and settlement capabilities for tokenized securities, and introducing 24/7 operations, instant settlement, and stablecoin funding channels. The platform supports the exchange between tokenized shares and traditional securities and is compatible with multi-chain custody. The NYSE's parent company, ICE, is also advancing the construction of a 24/7 clearing system, emphasizing "on-chain native issuance" rather than packaging existing assets. The market generally views this as a significant advancement in the RWA track, which may accelerate the penetration of blockchain infrastructure into capital markets.

The community's overall response is relatively optimistic, believing this could bring structural shocks to traditional finance. However, controversies also focus on technical details (such as underlying chain selection) and mechanism risks (clearing, risk control, and liquidity pressure under 24/7 trading). Discussions further extend to its impact on DeFi and crypto-native L1/L2: some see it as an entry point for incremental funds and new scenarios, while others worry that the "entry" of traditional finance may squeeze or even reshape the existing ecological landscape. Infrastructure projects like Chainlink are considered potential beneficiaries, while DEXs represented by perpetual equity contracts (such as Hyperliquid) are viewed by some users as potential negatives. Overall, positive views still dominate, but regulatory adaptation and long-term variables like quantum security are repeatedly mentioned.

2. "Trove Farce" Continues to Ferment, KOL Promotion Exposed

The ICO project of TroveMarkets has been exposed as a suspected scam: it originally planned to raise $2.5 million but ultimately over-raised to $9.5 million, only refunding $100,000, with the remaining funds used by the team for a so-called "pivot" to new products instead of executing the initial roadmap. Meanwhile, several KOLs have been accused of receiving $8,000 in promotion fees without disclosure, leading to losses for community users. The Ethos network subsequently launched a "slash" action to impose reputational penalties on related accounts, affecting about 792 users and 16,000 reputation points. The incident highlights old issues with the ICO model: lack of transparency, misaligned incentives, and a trust deficit in the promotion chain.

Community sentiment is strong and concentrated, with the main points of contention focusing on two ends: one is the accountability of KOL promotion behavior, and the other is the call for legal accountability for the project's fund misappropriation and fraud. Many users are demanding full refunds and pushing for judicial intervention. Ethos's slash mechanism is viewed by some as a "community self-cleaning tool," but it also raises concerns: whether reputational penalties can truly form constraints, and whether a tokenized reputation system might bring new governance and collateral damage risks. A few involved KOLs argue they did not receive money or did insufficient research, but the overall consensus leans closer to a warning: the market is clearing out "lazy promotions," and due diligence and disclosure transparency remain the baseline.

3. WalletConnect Launches POS Payment Product, Sparking Payment Track Discussion

WalletConnect has launched a POS payment product that supports integration in the Android app store, attempting to bypass the traditional banking system on the merchant side to achieve on-chain payments and stablecoin settlements. This product is aimed at offline merchant terminal scenarios, but real challenges remain concentrated at the distribution level: POS terminals are often controlled by acquiring institutions (such as Worldpay), which may lack the motivation to promote due to losses in interchange fee revenue. The team emphasizes that "open terminals" and merchants' cost reduction demands could become breakthroughs, but to leverage existing infrastructure, they still face long-term inertia and chain games.

The market generally recognizes the product direction, believing it theoretically has cost reduction potential and may provide a more realistic entry point for on-chain payments. However, more discussions remain pragmatic, with a common belief that the real bottleneck lies not in technology, but in channel control and economic incentive structures. Some suggestions propose using QR codes, on-chain credit, and other methods as transitional solutions, while also paying attention to whether external variables like antitrust lawsuits might release new channel opportunities. Overall, the product is seen as a positive signal for payment transformation, but most acknowledge that achieving large-scale implementation in the European and American markets remains extremely challenging, ultimately still relying on regulatory advancement and industry collaboration.

II. Mainstream Ecological Dynamics

1. Solana

Magic Eden announced that starting February 1, 2026, it will inject 15% of the platform's total revenue directly into the $ME token ecosystem. This portion of funds will be evenly distributed at a fixed ratio: 50% for $ME buybacks and 50% as rewards in USDC for $ME stakers. Reward distribution will be calculated based on "staking power," which considers the amount staked and the duration of holdings, and will adopt a monthly withdrawal mechanism. The first phase of the activity will be in February, with rewards expected to be available in March, and must be claimed within 90 days.

Unlike the previous $ME buybacks conducted only on the market side, this plan upgrades to a long-term mechanism covering the entire ecosystem, applicable to all product lines of Magic Eden (NFTs, prediction markets, Packs, etc.), intending to more directly bind platform growth with token value, achieving alignment between "platform success and ecological benefits."

The community's overall response is positive. Many users believe this mechanism will bring a "seven-figure level" buyback and reward pool, significantly strengthening the value support and narrative shift of $ME. There are also discussions pointing out that the long-term effects still need to be observed regarding the stability and sustainability of platform revenue, but the overall sentiment is excited, with almost no obvious negative voices.

2. Ethereum

MegaETH will launch a global stress test on January 22, aiming to process 11 billion transactions within 7 days, with expected throughput in the range of 15,000–35,000 TPS. During this period, more latency-sensitive application scenarios will be opened, and the mainnet is expected to go live a few days after the stress test concludes. Users generally show strong interest in this test, believing it could become the most symbolic transaction volume validation in the history of EVM-based chains, but also remind to pay close attention to failure and stability performance.

Meanwhile, Coinbase and Circle announced a partnership with the Bermuda government to provide digital asset infrastructure, enterprise tools, and educational support, helping Bermuda build "the world's first fully on-chain national economy." This collaboration has sparked optimistic discussions in the community, with many believing it could become an important model for promoting global compliant adoption, but some voices caution against Coinbase's historical baggage from past business controversies.

In terms of community building, the Hong Kong Ethereum Community Center plans to open in the spring and will hold a launch party on January 24, focusing on offline communication, co-creation, and event hosting. Many users see it as an important node for connecting the East Asian ecosystem and express anticipation for its implementation.

Additionally, ENS officially launched the Google Cloud BigQuery dataset, allowing anyone to analyze ENS on-chain activities through SQL in seconds, providing core tables including registrations, resolvers, and reverse records, with daily updates supported. This dataset natively integrates Google's Gemini AI, which can be used to draft and optimize SQL queries, seen by many users as a tool that significantly lowers the barriers to research and data analysis. Overall evaluations are positive, but a few discussions extend to the uncertainties of L2 incentive mechanisms and regulatory variables.

3. Perp DEX

The competition for Hyperliquid's HIP-3 is heating up. Known deployers include multiple teams and institutions such as @felixprotocol, @markets_xyz, @ventuals, @tradexyz, @hyenatrade, @Dreamcash, @SeliniCapital, etc., and the expected auction price for deployment qualifications has been raised to 3,000–4,000 HYPE. Discussions generally believe that more than 20 deployers may emerge within the next six months, but the players that can truly form long-term advantages will be very limited, with the landscape resembling a "winner-takes-all" scenario.

Many users judge that small teams are likely to be directly eliminated in the bidding phase, and the final outcome will depend not only on product capability but also on whether they can secure unique distribution channels and trading flow entry points.

On the other hand, Markets.xyz's analysis of the equity perpetual flow structure has drawn attention: 91% of its trading volume comes from algorithmic trading, of which 86% is non-directional trading (more aligned with "incentive farming" logic), with only 14% belonging to retail directional trading. This data is believed to reveal the current reality that Perp DEX growth is highly dependent on incentives rather than genuine demand, further reinforcing the community's doubts about "traffic authenticity."

Meanwhile, HyperLend announced the launch of the HPL token (TGE approaching), with 30.14% of the token distribution allocated for ecological incentives, and disclosed that it has raised $1.7 million, with staking and locking mechanisms expected to open soon. Community evaluations are generally positive, believing it helps align the interests of the Hyperliquid ecosystem, but also caution the market against counterfeit tokens and information confusion risks.

Additionally, Trade.xyz's XYZ100 will switch to an isolated margin model starting January 20, allowing users to withdraw unrealized profits and losses from open positions, seen by many as a key upgrade that can significantly enhance capital utilization efficiency and strategy flexibility. Overall, the focus of discussions is on the intensifying competition and the deep impact of incentive structures on market behavior.

4. Others: Paradex Rollback Sparks Controversy, On-Chain DEX's "Reliability" Questioned

The Starknet ecosystem's Perp DEX Paradex announced it will roll back to block 1,604,710 due to a database migration error that caused the BTC price to temporarily display as zero, triggering large-scale liquidations. The incident quickly sparked ridicule and skepticism, with many believing the rollback behavior exposed the vulnerabilities of on-chain DEXs and the gap between the "decentralization" narrative and actual control.

In discussions, a comparison is frequently mentioned: some users emphasize that Solana has never experienced a rollback or fork, attributing this to a more decentralized validator structure (the community mentions over 800 validators), believing this gives it an advantage in security and usability over some L2 architectures. Others further pessimistically point out that perp DEXs may have been the "wrong product form" from the start, as centralized control often re-emerges under the guise of "fixing the system" in extreme situations.

Overall, public opinion is almost overwhelmingly negative, with core concerns focused on reliability and centralization risks, and there is almost no positive feedback.

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