Release Date: December 23, 2025

Author: BlockBeats Editorial Team

In the past 24 hours, the crypto market has shown strong momentum across multiple dimensions. The mainstream topics focus on Coinbase's official entry into the prediction market through the acquisition of The Clearing Company, as well as the intense debate within the AAVE community regarding token incentives and governance rights.

In terms of ecological development, Solana has launched the innovative Kora fee layer aimed at reducing user transaction costs; at the same time, competition in the Perp DEX track has intensified, with the showdown between Hyperliquid and Lighter sparking widespread community discussion about the future of decentralized derivatives.

1. Mainstream Topics

1. Coinbase Acquires The Clearing Company, Officially Enters Prediction Market

This week, Coinbase announced the acquisition of The Clearing Company, marking another significant move to deepen its presence in the prediction market following last week's announcement of launching a prediction market on its platform. The founder of The Clearing Company, Toni Gemayel, and his team will join Coinbase to drive the development of the prediction market business.

Coinbase's product head, Shan Aggarwal, stated that the growth of prediction markets is still in its early stages and predicted that 2026 will be a breakout year for the sector.

The community has responded positively, generally believing that Coinbase's entry will bring significant traffic and compliance advantages to the prediction market. However, this has also sparked discussions about the competitive landscape of the industry.

Jai Bhavnani, founder of Rivalry, commented that for startups, if their product model proves successful, industry giants like Coinbase have ample reason to replicate it.

This serves as a reminder to all entrepreneurs in the crypto space to build a sufficiently deep moat to withstand competitive pressure from giants.

2. Kalshi Launches Kalshi Research and Integrates BSC Network

The regulated prediction market platform Kalshi launched its research department, Kalshi Research, this week, aimed at opening its internal data to academia and researchers to facilitate exploration of topics related to prediction markets.

The first research report released indicates that Kalshi's performance in predicting inflation has surpassed traditional Wall Street models. Kalshi co-founder Luana Lopes Lara stated that the power of prediction markets lies in the valuable data they generate, and it is time to better utilize this data.

Meanwhile, Kalshi announced support for the BNB Chain (BSC), allowing users to deposit and withdraw BNB and USDT through the BSC network. This move is seen as an important step for Kalshi to open its platform to a broader crypto user base, aiming to unlock access to the world's largest prediction market. Additionally, Kalshi revealed plans to hold its first prediction market conference in 2026 to further promote industry communication and development.

3. AAVE Token Incentive Controversy Continues, Founder and Whales Increase Holdings Against the Trend

The AAVE community has recently engaged in intense debate over an ARFC proposal titled "$AAVE Token Alignment, Phase One - Ownership Governance." This proposal aims to transfer ownership and control of the Aave brand from Aave Labs to Aave DAO.

Aave founder Stani Kulechov publicly stated he would vote against the proposal, arguing that it oversimplifies complex legal and operational structures and could slow down the development of core products like Aave V4.

The community's response has been polarized. Some criticize Stani for adopting a "double standard" in governance and question whether his team has appropriated protocol revenue; while others support his cautious stance, believing that significant governance changes require more thorough discussion. This controversy highlights the tension between the ideals of DAO governance in DeFi projects and the actual power of core development teams.

Despite the governance controversy putting pressure on the AAVE token price, on-chain data shows that Stani Kulechov himself spent millions of dollars to buy a large amount of AAVE in the past few hours.

Meanwhile, a whale with the address 0xDDC4, after being silent for six months, spent 500 ETH (approximately $1.53 million) to purchase 9,629 AAVE. Data shows that this whale has accumulated nearly 40,000 AAVE over the past year but is currently in a state of unrealized loss.

The buying behavior of the founder and the whale during market fluctuations is interpreted by some investors as a signal of confidence in AAVE's long-term value.

4. Popular Articles: DeFi Curators and Ethereum Annual Summary

Among this week's popular articles, Morpho Labs published "The Curator Explained," which elaborates on the role of "curators" in DeFi. The article compares curators to asset managers in traditional finance, who design, deploy, and manage on-chain vaults, providing users with a one-click diversified portfolio. Unlike traditional fund managers, DeFi curators automatically execute strategies through non-custodial smart contracts, allowing users to maintain full control over their assets. This article offers a new perspective on understanding the specialization and risk management in the DeFi space.

Another widely circulated article, "Ethereum 2025: From Experiment to Global Infrastructure," provides a comprehensive summary of Ethereum's development over the past year. The article points out that 2025 is a critical year for Ethereum to transition from an experimental project to a global financial infrastructure. Through the Pectra and Fusaka hard forks, Ethereum has achieved significant reductions in account abstraction and transaction costs.

At the same time, the SEC's clarification of Ethereum's "non-security" status, along with traditional financial giants like JPMorgan launching tokenized funds on the Ethereum mainnet, marks Ethereum's growing recognition by mainstream institutions. The article argues that whether it is the continued growth of DeFi, the prosperity of the L2 ecosystem, or the integration with the AI sector, all indicate that Ethereum's vision as a "world computer" is gradually becoming a reality.

2. Mainstream Ecological Dynamics

1. Solana: Launches Kora Fee Layer and propAMM Data Research

The Solana Foundation engineering team launched a fee layer solution called Kora this week. Kora is a fee relay and signature node designed to provide more flexible transaction fee payment options for the Solana ecosystem. Through Kora, users will be able to conduct gas-free transactions or choose to pay network fees using any stablecoin and SPL tokens. This innovation is seen as an important step in lowering the entry barrier for new users and enhancing the usability of the Solana network.

Additionally, a deep research report on propAMM (proactive market maker) has garnered attention in the community. The report analyzes data from propAMMs like HumidiFi on Solana, indicating that Solana has reached or even surpassed the quality of trade execution found in traditional finance (TradFi) markets.

For instance, in the SOL-USDC trading pair, HumidiFi can provide highly competitive spreads (0.4-1.6 bps) for large trades, which is already better than the trading slippage of certain mid-cap stocks in traditional markets. The research suggests that propAMM is making the vision of "internet capital markets" a reality, with Solana becoming the best place for this to happen.

2. Perp DEX: Hyperliquid and Lighter Competition Intensifies

Competition in the perpetual contract DEX (Perp DEX) space is heating up. Hyperliquid, in its latest official article, has placed the emerging competitor Lighter alongside centralized exchanges like Binance, referring to it as a platform that uses centralized sequencers. Hyperliquid emphasizes its own transparency advantage of being "fully on-chain, operated by a network of validators, with no hidden states."

The community generally interprets this as Hyperliquid's "declaration of war" against Lighter. The technical path differences between the two platforms have also become a focal point of discussion: Hyperliquid focuses on extreme on-chain transparency, while Lighter emphasizes "verifiable execution" through zero-knowledge proofs, providing users with a trading experience similar to a CLOB (central limit order book). This debate over the future of decentralized derivatives exchanges is expected to reach a climax in 2026.

Meanwhile, discussions about Lighter's trading fees have also surfaced. Some users pointed out that Lighter charged up to 81 basis points (0.81%) for a $2 million USD/JPY forex trade, which is significantly higher than the nearly zero spreads of traditional forex brokers. In response, some opinions explain that Lighter does not adopt a B-book model that bets against market makers; its prices are anchored to the TradFi market, and the high fees may be related to current liquidity or the incentive mechanisms skewed towards market makers. How to provide more competitive spreads for real-world assets (RWA) in the highly volatile crypto market has become a key issue that Lighter needs to address in the future.

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