Release Date: January 21, 2025
Author: BlockBeats Editorial Team
In the past 24 hours, discussions in the crypto market have shifted from macro narratives to specific ecological events, with a clear focus and noticeable divergence. Mainstream topics center around the excitement generated by airdrops and DeFi governance upgrades, while controversies surrounding WLFI governance and the Trove incident have heightened market vigilance regarding transparency and fund security. In terms of ecological development, Ethereum is reinforcing institutional narratives and stablecoin imaginations, the Perp DEX track is accelerating competition around incentive mechanisms and fee optimization, and the competition for on-chain liquidity is further heating up.
I. Mainstream Topics
1. ETHGas Launches Airdrop
The ETHGas Foundation has officially launched a $GWEI token airdrop eligibility verification tool, allowing users to connect their wallets to check if they qualify. Eligibility for the airdrop is primarily based on historical Ethereum mainnet gas consumption (at least 0.5 ETH), community participation behaviors (such as sharing Gas ID or forwarding announcements), Discord/Telegram activity, and at least 500 Beans points, among other criteria. The foundation stated that the airdrop snapshot has been completed, and claims will begin on January 21 at 13:00 UTC, aimed at rewarding contributors to the Ethereum ecosystem and initiating the governance process. The official emphasized that this will be the starting point for a "real-time Ethereum economy," with more seasonal activities to follow.
Community participation is high, with users sharing their eligibility results, many celebrating their qualification, while others reported issues with the checker or missed eligibility due to not binding their Gas ID in time. Discussions around the allocation scale and TGE expectations continue to ferment, with some opinions suggesting that the project may drive the development of real-time Ethereum infrastructure, while also reminding users to be cautious of phishing links and scam risks. Overall sentiment is optimistic, seen as one of the focal points of the airdrop season.
2. Pendle Launches sPENDLE
Pendle has launched sPENDLE as a new governance and staking token, replacing the original vePENDLE locking system. This upgrade introduces a more flexible withdrawal mechanism (14-day unlock or instant withdrawal with a 5% fee) and supports re-staking integration, enhancing DeFi composability. Pendle stated that up to 80% of protocol revenue will be used for $PENDLE buybacks and distributed to sPENDLE holders, while also expecting to reduce token emissions by 20%–30%. vePENDLE locking will be paused on January 29, with a migration snapshot to complete the transition. Currently, Pendle's average TVL is about $5.7 billion, and this adjustment is seen as a key measure to address the "low capital efficiency of locked assets" issue.
The community generally recognizes this upgrade, believing it effectively improves the insufficient adoption of the ve model and aligns $PENDLE more with institutional holding logic. The discussion mainly focuses on revenue distribution details (such as the yield ratio of virtual sPENDLE) and the potential impact of the upgrade on price. Some users are optimistic about its long-term holding potential, while also cautioning about possible short-term volatility. Overall feedback is positive, regarded as an important milestone for Pendle's progression towards a mature governance system.
3. Mask Network Takes Over Lens
Mask Network has taken over the governance of the Lens protocol, with the original team (led by Aave founder Stani) transitioning to technical advisors and refocusing on DeFi. Mask plans to integrate products like Orb and Firefly to promote user-oriented application development, strengthening the creator economy and community growth. Lens emphasizes that the infrastructure will continue to maintain an open-source and neutral position, aiming to drive decentralized social applications towards broader mainstream adoption.
The community is generally optimistic about this change, with many users acknowledging the foundational contributions of the original team and looking forward to breakthroughs from Mask in privacy and SocialFi. Discussions mainly focus on the effects of ecological integration (such as interoperability between different clients) and sustainable monetization models in the long term. While some express concerns about further fragmentation of users and application ecosystems, the overall view is that this handover may inject new growth momentum into Lens, accelerating the productization of DeSoc.
4. Zama Token ICO Launching Soon
The public sale of Zama's $ZAMA token will start on January 21 at 8:00 UTC, using a sealed-bid Dutch auction mechanism, with the supply accounting for 8% of the total tokens. Auction channels include the Zama app, CoinList, and KuCoin, with a base price of $0.005 per token (approximately $55 million FDV), supporting USDT bids and providing a 10% reward bonus for OG NFT holders. Zama focuses on fully homomorphic encryption (FHE) as its core, emphasizing on-chain privacy computing, and has raised approximately $138 million in total funding.
The community is actively discussing bidding strategies and valuation expectations, with some opinions suggesting that the final clearing valuation may fall within the $300–400 million FDV range, drawing parallels to Gensyn's valuation path. Meanwhile, concerns about wallet security (such as Bron wallet), reward mechanisms, and the pre-sale's impact on the secondary market are also rising. Overall, the market generally views Zama as an important representative of the privacy narrative, believing that its "layered privacy computing without migration" is expected to enhance DeFi usability.
5. WLFI Stablecoin Proposal Sparks Controversy
The USD1 stablecoin growth proposal from World Liberty Financial (WLFI) was approved through governance voting, allowing the use of 5% of treasury funds (approximately $120 million) to promote USD1 expansion. However, voting data shows that the top 9 wallets (suspected to be the team and partners) control nearly 60% of the voting power, and this proposal had previously failed but was later "forced through" amid controversy, raising community doubts. According to WLFI's white paper, 75% of protocol revenue goes to the Trump family, and 25% to the Witkoff family, with token holders not entitled to profit-sharing; additionally, investor tokens remain locked and cannot vote to push for unlocking.
The community has reacted strongly, viewing this as a typical case of "pseudo-governance" and value extraction structure. Analysis from Bubble Maps and others has further reinforced accusations of team manipulation of governance, with users calling for "shame exposure" of the project and predicting that its long-term value will continue to weaken (currently about $17 billion FDV). Some traders have established short positions, viewing it as a warning case of governance failure and emphasizing the systemic risks of the "trust agent" model.
6. Trove Incident Reveals More Information, ICO Risks Rise Again
Trove has been accused of being an ICO scam: after raising about $11.5 million, the project canceled its Hyperliquid integration plan, shifted to Solana, and withdrew funds. The token plummeted 95% after TGE, with FDV dropping from about $20 million to $1.4 million, and on-chain tracking shows that team wallet funds flowed to casinos and betting platforms, with no refunds processed, leading to a collective outcry from the community.
The sentiment surrounding the incident is primarily anger, with users sharing their losses and accusing some KOLs of not fully disclosing advertising partnerships. The controversy has also extended to topics such as pre-sale risks, information asymmetry, and market manipulation. Many view it as a representative "blow-up sample" since the beginning of 2026, calling for more transparent issuance and fundraising platforms, such as Legion.
II. Mainstream Ecological Dynamics
1. Ethereum
TokenRelations has launched the "Institutional Ethereum Update" report, aimed at filling the coverage needs of institutional investors regarding the Ethereum ecosystem. This report provides macro and ecological insights to institutional and retail investors on a daily basis, emphasizing Ethereum's long-term value and institutional adoption trends.
The community's overall response is positive, with many users recognizing the necessity of such "institutional perspective content," while some suggest extending similar updates to other chains like Solana. In discussions, Ethereum's security and decentralization advantages are repeatedly mentioned, viewed as its long-term moat.
Meanwhile, Coinbase CEO Brian Armstrong stated in a Bloomberg live broadcast that crypto assets will open wealth generation opportunities for 4 billion people, and that "generating stablecoins" may ultimately rewrite traditional banking business models, promoting true ownership, sustainable use cases, and higher levels of economic freedom. He also emphasized the potential of tokenized assets and mentioned Coinbase's role at the infrastructure level.
Armstrong's remarks have sparked widespread discussion. The community generally recognizes the direction of stablecoins and asset tokenization but also emphasizes that it cannot rely solely on narratives; more "grounded evidence" is needed, such as larger-scale infrastructure advancements and sustainable scenario validations. Some opinions criticize the current lack of commitments, calling for solutions to real obstacles such as volatility, compliance pathways, and institutional adoption thresholds. Overall sentiment remains positive, with more people viewing it as a signal of Ethereum moving towards institutional-level maturity, but also maintaining caution regarding the practical challenges of TradFi integration.
2. Perp DEX
Competition in the Perp DEX track continues to revolve around "incentive mechanisms and fee optimization." Nado has launched "The Choice" mechanism in the Private Alpha phase, where users must choose one of three reward options: points (8 million points for $INK rewards), fee rebates ($4 million), or NFTs (1,000, limited to the first 30% of users on a first-come, first-served basis), with a deadline of January 26; those who do not choose will default to receiving points. Open Beta will start on January 30, continuing to track activity data.
This mechanism has received positive feedback, with users believing that the choice enhances the fairness and sense of participation in incentives, with discussions mainly focusing on the strategy trade-offs between "points vs NFTs," while also reminding the need to carefully assess the actual benefits of different options.
Additionally, Blockworks interviewed Lighter founder Vladimir, discussing its collaboration progress with Robinhood, the differentiated path with Hyperliquid (emphasizing Ethereum L2's composability and trust model), equity and token value accumulation methods, and the team's long-term alignment strategy. The overall reception of the interview is good, with the community recognizing its narrative of "Ethereum route + alignment design," but some question the ecological isolation risks of non-Ethereum L1s and latency issues in high-frequency trading scenarios.
Meanwhile, Markets has updated its funding rate mechanism to reduce holding costs and optimize the experience; HyENA has opened for external use, reducing trading fees by about 50% and offering a 12% boosted APR suitable for long and short positions, with users who traded over $5,000 in the past week also receiving a 1.15x points bonus. Overall, these actions point towards a common goal: to attract traders back on-chain by reducing fees and enhancing privacy and liquidity efficiency.
The community has responded positively to the fee optimizations of Markets and HyENA, with users sharing trading experiences and "points maximization" strategies while repeatedly emphasizing that leverage risks and market volatility should not be overlooked. Overall sentiment is optimistic, but there remains a focus on team transparency and long-term sustainability.
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