Release Date: February 13, 2025
Author: BlockBeats Editorial Team

In the past 24 hours, the cryptocurrency market has seen significant progress at multiple levels. Mainstream topics have focused on the release of regulatory signals and platform governance controversies. On one hand, leading public chains and cryptocurrency companies are accelerating their integration into regulatory frameworks; on the other hand, the issue of rights allocation between project parties and token holders continues to spark discussions. In terms of ecological development, Solana is promoting product landing around payment and creator incentives, the Ethereum ecosystem is betting on sovereign stablecoins and privacy infrastructure, while the Perp DEX track is undergoing a comprehensive upgrade in performance, account structure, and asset types, further intensifying competition.

1. Mainstream Topics

1. Coinbase Releases Q4 2025 Financial Report Amid System Outage

Coinbase has released its financial report for the fourth quarter and the entire year of 2025. The data shows a year-on-year increase of 156% in annual trading volume, with the cryptocurrency trading market share doubling. The platform's custody assets have grown nearly threefold over the past three years, with 12 products currently generating annual revenues exceeding $100 million, with historic highs for both USDC and Coinbase One.

However, against the backdrop of strong overall performance, the fourth-quarter data showed significant pressure: revenue dropped 22% sequentially, consumer transaction revenue fell 45%, and the loss per share was $2.49 (analysts had previously expected a profit of $0.96), with a net loss reaching $667 million. Meanwhile, Coinbase experienced a system outage, causing users to be unable to buy, sell, or transfer cryptocurrency assets, leading to widespread dissatisfaction.

In terms of business layout, the company announced the acquisition of Deribit, further solidifying its position in the cryptocurrency derivatives sector, while simultaneously launching prediction markets and stock trading services, continuing its transformation into a diversified financial platform.

The market reaction was noticeably polarized. Some users criticized CEO Brian Armstrong for selling over $500 million in company stock before and after the earnings report, questioning the company's governance and strategic execution. They argue that despite Coinbase's structural advantages, such as ETF custody, it has failed to establish overwhelming profitability, instead being outpaced by emerging competitors like Hyperliquid.

Another perspective suggests that the earnings report reflects Coinbase's gradual transformation into a cryptocurrency financial infrastructure company, with subscription and service revenues reaching $2.8 billion, a growth of about 5.5 times from the previous bull market peak, and long-term institutional adoption prospects remain promising. Additionally, the acquisition of Cobie services by Echo, valued at up to $152 million, has also become a reference point for community discussions.

2. New Developments in Aave's "Token Equity" Dispute

Aave Labs has proposed a new amendment plan, intending to transfer 100% of the protocol's revenue to the DAO and hand over Aave brand-related intellectual property to a newly established foundation. At the same time, Labs requests the DAO to provide annual budget support (including 75,000 AAVE tokens) for core tasks such as user growth, engineering development, and market promotion.

This proposal aims to respond to previous controversies surrounding "value leakage" and to coincide with technical route adjustments, planning to complete the transition from V3 to V4 within 8–12 months. The origin of the controversy can be traced back to strong criticisms from Marc Zeller, the founder of ACI, regarding Labs' original proposal, which he described as a "textbook case of value extraction," accusing Labs of attempting to utilize about a quarter of the funds in the DAO treasury and a third of the AAVE reserves.

The overall sentiment leans toward cautious optimism. Supporters believe that this version reflects a significant concession from Labs, helping to clarify the value attribution for AAVE holders and positioning Labs as a service provider constrained by incentives.

However, doubts remain, including concerns about the actual control of the new foundation, the transparency of key voting addresses, and the systemic risks that could arise from a swift exit from V3. Some investors believe that with the dissolution of governance uncertainties, AAVE may see a repricing of its valuation; others continue to criticize Labs for overly aggressive motives, calling for a more detailed and verifiable budget structure.

3. Vitalik Discusses the Boundaries of "User Incentives"

Vitalik Buterin responded to community discussions, systematically distinguishing between "good incentives" and "bad incentives." He pointed out that reasonable incentives should be used to compensate for the real costs incurred by new projects that are still immature in the early stages, such as compensating smart contract risks through DeFi liquidity rewards; whereas "bad incentives" often attract users that lack long-term retention intentions, for example, exchanging paid tweets for short-term exposure, which ultimately leads to the creation of low-quality content and false prosperity.

Vitalik further suggested that returning user transaction fees through protocol tokens can convert users into stakeholders, while emphasizing that the core energy of the industry should be focused on building truly useful applications, rather than relying on speculation-driven short-term bubbles.

This viewpoint resonated widely. Many participants believe that in the current environment, organic users are already extremely scarce, and the role of incentive mechanisms is not to "enlarge scale," but to filter and settle high-quality community members.

Specific case examples emerged during discussions, with some recommending tool-type projects like Fileverse that emphasize actual usage scenarios; others proposed raising application fees in exchange for potential token rewards (e.g., 1% fees in the Base ecosystem for airdrop expectations). The topic further extended to market psychology, with many voices reflecting on founder greed, excessive valuation narratives getting out of control, and calling for recalibration between innovation speed and sustainability.

4. CFTC Innovation Advisory Committee Member List Released

The Chairman of the U.S. Commodity Futures Trading Commission (CFTC), Mike Selig, announced the complete member list of the Innovation Advisory Committee. The list includes representatives from the cryptocurrency industry as well as institutional representatives from traditional finance and gambling, with the committee positioned to provide advice on regulatory frameworks related to financial innovation.

Some members publicly expressed their honor at being part of the committee, emphasizing that they will promote positive interactions between the cryptocurrency industry and regulatory systems. However, criticism also exists, with some arguing that certain selected individuals have not genuinely participated in the foundational construction of Web3 but are attempting to gain institutional benefits during the regulatory process.

Concerns were also raised regarding the representation of specific assets (e.g., XRP, BTC) within the committee. Overall, the market tends to view this committee as a signal of the gradual integration of regulation and innovation, but remains watchful regarding its actual impact.

2. Mainstream Ecological Dynamics

1. Solana

Solana Labs CEO Anatoly Yakovenko has officially joined the CFTC Innovation Advisory Committee. This committee aims to provide policy advice for regulations related to financial innovation; among its members are Chainlink founder Sergey Nazarov, Robinhood Crypto General Manager Johann Kerbrat, and other representatives from the cryptocurrency industry. This appointment is seen as an important signal of Solana's further integration into mainstream regulatory frameworks. The community generally interprets Anatoly's joining as a key step in Solana's move towards institutionalization and compliance. Some market participants optimistically anticipate that this move may strengthen narratives of institutional adoption, even linking it with SOL potentially hitting $200. However, there are also voices questioning the composition of committee members, asserting that some selected individuals have not genuinely participated in foundational infrastructure development.

On the product front, Pump.fun has launched a GitHub creator fee-sharing feature, allowing users through a mobile application to allocate token trading fees to any GitHub account, attempting to establish a more direct incentive alignment mechanism between token communities and open-source creators. The official release included an operational guide and legal disclaimer to reduce potential compliance risks. Overall feedback on this feature has been positive, seen as a new attempt in token incentive design, but the community also warns against forming implicit commitments and calls for long-term transparency regarding fee allocation rules.

Additionally, Crossmint has partnered with Visa to launch Lobster.cash as an open payment standard under the OpenClaw agency system. This solution is based on Visa Intelligent Commerce, enabling secure tokenized transaction processes, and alongside Solana, Circle, and Stytch, builds a "human-controllable" agency payment architecture supporting credit card and stablecoin payments. An OpenClaw plugin will be launched subsequently to further expand the composability of the agency ecosystem. Lobster.cash is viewed as a significant breakthrough in the agency payment field, with the community optimistic about its potential in terms of security and scalability, while also reminding that more thorough testing is necessary to guard against potential attack risks like prompt injection.

2. Ethereum

The UAE dirham stablecoin DDSC has officially launched on the ADI Chain, marking the first RWA L2 network aimed at institutions in the MENA region. DDSC is initiated by International Holding Company and First Abu Dhabi Bank, with approval from the Central Bank of the UAE, utilizing a 1:1 peg to dirham reserves for its issuance, mainly targeting high-value payments and cross-border trade scenarios. This project is regarded as the first step towards a sovereign stablecoin network framework, with future plans to collaborate with traditional financial institutions like Mastercard and BlackRock. The launch of DDSC is generally seen as a significant milestone in the development of digital finance in the Middle East, with some users optimistic about its application potential in institutional payments and sovereign-level financial infrastructures; however, others question its high binding with the traditional financial system, which may limit its expansion space within the crypto-native ecosystem.

At the same time, the privacy-centric Ethereum L2 project Aztec has launched its token $AZTEC. The project has raised a total of $157 million, with a current market cap of about $59 million and a fully diluted valuation of approximately $215 million, while the public sale phase FDV has reached as high as $480 million. Aztec focuses on decentralized ordering architecture (around 3,600 nodes) and privacy trading features and offers staking incentives with up to 16% APR. The market performance of $AZTEC has sparked significant controversy. Critics view it as a typical case of VC overpricing, pointing out that a roughly 50% pullback has already occurred in the secondary market; supporters emphasize the long-term value of the privacy track, arguing that short-term price fluctuations fail to reflect its technological potential.

On the infrastructure level, Succinct announced a partnership with Optimism to introduce ZK proofs into the Superchain ecosystem, with OP Succinct becoming the official preferred ZK proof solution for the OP Stack, covering approximately 90% of the rollup market. As the OP mainnet (with around $2 billion TVL) is nearing integration completion, the demand for ZK proofs is expected to rise significantly. This collaboration has received broad acclaim from the community and is seen as a crucial step in the Superchain's move towards ZKification. Users anticipate that it will further enhance rollup security and TVS (approximately $550 million), and call for more OP Stack chains (like Base) to integrate quickly.

3. Perp DEX

Bullet has officially launched the mainnet as the first network expansion on Solana, supporting up to 30,000 orders per second with latency below 1 millisecond. The current initial deposit limit is set at 1,000 USDC, employing a phased rollout mechanism to ensure system security while providing point incentives for early users. The mainnet launch of Bullet is viewed as an important upgrade for Solana's perpetual trading architecture, with the community expressing high expectations for its performance, while also calling for expanded access and the expedited introduction of deeper liquidity support.

Extended has launched the first six perpetual contracts for stocks (including TSLA, AAPL, etc.), attempting to replicate the US stock derivatives trading experience in a decentralized environment. The current focus remains on liquidity building, with plans to continuously expand the range of contracts in subsequent versions. The community views this as an important attempt to expand the boundaries of perpetual trading and looks forward to the introduction of more hedging tools to alleviate liquidity bottlenecks.

Hibachi announced the development of the next-generation foreign exchange trading platform based on the Arc network from Circle, leveraging Arc's sub-second finality and optional privacy features to provide an institution-level FX execution experience, supporting stablecoin-native gas. This project has received funding from the Arc Builders Fund. The collaboration between Hibachi and Arc has sparked optimistic sentiments, seen as a significant step for stablecoins entering the mainstream foreign exchange market, but some users raise concerns about balancing privacy designs with regulatory compliance.

Additionally, Aster Chain announced its mainnet will go live in March, emphasizing "privacy-first" as a core selling point; Lighter has introduced a new account type that enables unified collateral for spot and perpetual trading and plans to promote LLP tokenization to enhance capital efficiency; Hyperliquid's HIP-3 unified margin account solution is also set to launch soon, aiming to address liquidity limitations caused by their isolated margin mechanism.

The community generally holds a positive attitude towards the account upgrades from Lighter and Hyperliquid, believing they will attract more large-scale LPs; however, they emphasize the need to simultaneously expand trading market depth and product diversity. Aster's privacy narrative has also sparked discussions, with some users believing it may raise the privacy standards for DEXs, while also being cautious of potential centralization risks.

4. Others

Tether has launched Scudo as a new unit of measurement for gold, where 1 Scudo equals 1/1000 of XAU₮ (gold ounce), aimed at lowering the threshold for small gold transactions and bookkeeping. Some users appreciate its improvements in accessibility and precise measurement, but also question its functional overlap with existing small XAU₮ products and whether it supports physical delivery.

Bubblemaps' survey revealed that Trove Markets quietly refunded some KOLs (more than $250,000) after the token crash, while presale participants suffered total losses. The project previously raised about $11.5 million before shifting to the Solana ecosystem, while external LPs sold approximately $20 million worth of $HYPE, triggering market controversy. This event led to strong dissatisfaction within the community, with users generally accusing the project party of treating different participants unfairly and questioning whether their actions constitute fraud, calling for further investigations and regulatory intervention.

Furthermore, Polymarket has launched a crypto price prediction market with 5-minute cycles and hinted at future plans for a 1-minute market and $POLY token. Related developments have ignited speculative enthusiasm, with users anticipating potential airdrops and higher-frequency trading opportunities, but also worried about the load stress on the Polygon network and the further fragmentation of liquidity.

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