Release Date: December 26, 2025
Author: BlockBeats Editorial Team

In the past 24 hours, the crypto market has witnessed multifaceted dynamics ranging from macroeconomic discussions to specific ecosystem developments.

Mainstream topics have focused on protocol governance and value recapture mechanisms, with mature protocols recalibrating their relationships with token holders through measures such as token burns and fee structure adjustments. In terms of ecosystem development, Ethereum is emphasizing the continued expansion of DeFi credit and asset management scales, while Perp DEX is accelerating the extension of trading categories to commodity assets like silver, indicating that on-chain finance is moving from crypto-native to broader macro targets.

1. Mainstream Topics

1. UNI Burn Proposal Passed

The voting for Uniswap's "Unification" proposal has concluded, passing with an overwhelmingly one-sided result: 125,342,017 votes in favor and only 742 against. This proposal is seen as a key step towards a more unified governance structure for Uniswap, with core elements including: burning 100 million UNI after a voting period of about two days, activating the protocol fee switch, and Uniswap Labs shutting down front-end fees to further focus on protocol layer development.

Hayden Adams described the result as a "Christmas gift," emphasizing that it represents a clear choice regarding protocol unity and long-term optimization direction. The original poster, Sisyphus, humorously likened this vote to the "similarities between DeFi governance votes and elections in third-world countries," highlighting the high concentration of consensus.

Community reactions were primarily humorous and sarcastic. Many comments poked fun at the number of opposing votes, such as "742 opposing votes are doing an amazing job" and "Centralization will always find a way." There were also voices discussing the voting behavior itself on a more abstract level, like "Maybe this is human nature—people tend to choose what they are familiar with," or comparing the result to some sort of "oracle effect." The overall atmosphere was light-hearted, but behind the jokes, there was a subtle hint of skepticism towards the governance process itself.

2. HYPE Burns About 10% of Circulating Supply

The Hyperliquid community has officially burned 11.068% of the circulating supply of $HYPE through a governance vote (often referred to as "10%" in community discussions), with the corresponding address being 0xfefefefefefefefefefefefefefefefefefefefe, and this has been confirmed by the Hyper Foundation.
The voting employed a stake-weighted mechanism, resulting in 85% in favor, 7% against, and 8% abstaining. The official statement positions this as a community-driven deflationary action aimed at reducing supply and enhancing token scarcity.

Community feedback has been overwhelmingly positive. Most comments focused on the potential uplifting effect of the "permanent supply disappearance" on long-term value, such as "This is a significant chunk of supply that will never return" and "Reduced supply means greater value potential." Some users referred to it as "a model of deflationary action," bluntly stating, "damn that’s some serious deflation in action."

A few replies touched on price expectations (such as claims of pushing $HYPE to $1,000 being seen as larp), or expressed the sentiment of "Still need more." Overall, the sentiment was clearly optimistic.

3. Wintermute Partner Discusses Aave

Wintermute partner Evgeny Gaevoy shared his views on the current state of Aave in a lengthy thread, first disclosing that Wintermute has been participating in governance as an Aave investor since 2022, but does not hold Labs equity. Core issues include mismatched expectations for value capture (token holders vs. Labs), the infeasibility of a dual structure (token-equity) (citing Hasu's viewpoint), and the handling of external functions (like BD).

He called for solutions similar to Uniswap's "Unification," criticizing insufficient communication and politicized behavior, and announced that Wintermute would vote against the current forum proposal due to its lack of detail and inability to ensure token value capture. He views this as a "temperature check," urging all parties to calmly restart dialogue to address long-term value issues.

Reactions focused on debate and questioning, such as "T tokens either capture value or shouldn't exist," criticizing the middle ground as "snake oil." Some joked, "wen thoughts on wintermute situation," prompting Gaevoy to respond that it was "purely imaginary." Overall, the discussion was rational but divided, involving criticism of Labs' communication and concerns about the proposal.

2. Mainstream Ecosystem Dynamics

1. Ethereum

Maple Finance completed its largest single loan issuance in history (500 million USD) yesterday, while the outstanding loan amount reached an all-time high (ATH). This milestone is interpreted by some in the community as a peak in the current cycle of DeFi credit growth.

Founder Sid Powell reflected on Maple's key milestones in 2025 in an open letter and set a goal for 2026: to achieve 100 million USD ARR (annual recurring revenue), positioning Maple as "the standard bearer for on-chain asset management," with core keywords including transparency, automation, and global accessibility.

The outstanding loan data for Maple's lending product Syrup continues to rise. Dune dashboards show that since June 2024, Syrup's outstanding loans have rapidly expanded, surpassing 1.5 billion USD by December, with significant increases in the proportions of Syrup USDT and Syrup USDC. The overall curve shows a steep growth from near-zero scale to 1.5B+, reflecting a clear recovery in the DeFi lending market.

Some institutional views (like Relayer Capital) see $SYRUP as a high-certainty position, believing that the continuously accumulating data is strengthening the narrative of "opportunity scale + team execution."

Related discussions affirm Maple's business breakthroughs while also mentioning the gap of "protocol performance hitting new highs, but token prices still far below historical peaks." Overall, 2025 is widely viewed as a landmark year for Maple, and this progress further solidifies Ethereum's position as the core settlement layer for DeFi, while also being seen as potentially attracting more institutional lending demand. However, the community also reminds that ongoing attention is needed on regulatory uncertainties and whether incentive mechanisms align sufficiently with long-term value.

2. Perp DEX

Trade.xyz announced the launch of SILVER perpetual contracts, supporting up to 10x leverage and providing a 24/7/365 uninterrupted trading experience. The official statement emphasizes its product vision of "trading any asset at any time," allowing users to trade directly on the Hyperliquid front end.

This launch is accompanied by visual content showcasing the convenience of trading silver perpetual contracts on-chain. As a Perp DEX, Trade.xyz is further expanding its product range from crypto-native assets to commodity derivatives, providing users with tools for speculation and hedging against silver price fluctuations. Within the Hyperliquid ecosystem, this move is seen as an important supplement to enhance asset diversity and trading scenarios.

Community feedback has been overall positive, with discussions focusing on leverage trading opportunities and the potential bullish logic for commodity assets. There are also voices cautioning that high-leverage structures amplify risks alongside opportunities. Overall, this event reflects the further maturation of the Perp DEX track and shows that DeFi derivatives are continuously penetrating the traditional commodity market.

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