Release Date: February 3, 2025
Author: BlockBeats Editorial Team

In the past 24 hours, the cryptocurrency market has evolved synchronously on multiple levels. Mainstream topics have focused on structural changes in stablecoins and trading infrastructure, as well as discussions around the risks and governance of trading platforms and market-making mechanisms. In terms of ecological development, Solana has set a new record for on-chain activity under high load, showing signs of a rebound in practicality; Ethereum continues to advance its technical exploration around cross-rollup composability; and Perp DEX is accelerating its evolution towards agency and automated trading infrastructure, intensifying competition in the sector.

I. Mainstream Topics

1. Documents Reveal Epstein's Involvement in Early Investments in Coinbase and Blockstream

Recently disclosed documents related to Epstein show that he invested a small equity stake in the Bitcoin infrastructure company Blockstream in 2014 through a fund managed by Joi Ito, which later withdrew from the investment due to potential conflicts of interest. The documents also mention that Epstein may have indirectly invested about $3 million in Coinbase through the capital network associated with Brock Pierce and had previously funded Bitcoin core developers via MIT.

Additionally, the documents reveal that Epstein met with then-New York Department of Financial Services (NYDFS) Superintendent Ben Lawsky during the formulation of the BitLicense regulatory rules. The BitLicense is seen as an important milestone in early Bitcoin regulation in the U.S., but has long been criticized for stifling innovation and raising compliance barriers.

This information has sparked strong reactions within the community. Some users criticized Blockstream founder Adam Back for having met with Epstein, questioning his moral stance and even calling for him to exit the Bitcoin space; others linked this to Coinbase's early refusal to list XRP, extending to speculations about political influences. More radical comments included accusations against the originality of the PoW mechanism, controversies over on-chain large data support, and even evolved into conspiracy theories.

Overall, the discussion sentiment is highly divergent, but the core demands focus on "repairing Bitcoin's reputation" and "promoting a stronger path to decentralization," including renewed calls to expand block size and reduce the concentration of power in infrastructure.

2. Public Chains Intensively Promote Moltbot / AI Hackathon Competition

Solana has announced the launch of its first AI hackathon, lasting two weeks, with a total prize pool exceeding $185,000, covering six major tracks including AI Agent infrastructure, DeFi Agent, and trading agents, supported by multiple ecological partners.

At the same time, Monad has launched the Moltiverse hackathon, setting a $200,000 prize pool, focusing on the application of AI agents in large-scale trading, community operations, and commercialization scenarios, emphasizing the empowerment of Moltbot with native crypto asset capabilities, sponsored by several funds and AI projects.

The community's overall response has been positive, viewing this as a sign that public chains are entering a substantive phase of competition in the AI Agent direction, likely to give rise to new application forms such as chat agents and social agents. Some developers have already begun forming teams to sign up, actively seeking technical and resource support.

However, there are also cautious voices pointing out that Monad still needs to leverage low-market-cap meme coin narratives to gain market attention, reflecting the intense competition in the AI ecosystem among public chains. Overall, market sentiment is optimistic, with a general belief that such hackathons will serve as a stress test for the security, usability, and real demand of AI agents.

3. CZ Responds to FUD, Sparking "Selective Clarification" Controversy

Binance founder CZ recently published a lengthy article responding to multiple FUD (fear, uncertainty, and doubt) surrounding Binance, specifically refuting some extreme accusations, such as claims that "Binance was involved in the 10/10 incident." However, the article did not directly address the core concerns that the community is more focused on.

Some community members interpret this as a defensive strategy: by amplifying obviously unfounded statements, it weakens or diverts attention from reasonable criticisms. Other users criticized the selectivity of his responses, suggesting he is more inclined to reply to supporters while avoiding key issues.

Mockery and dissatisfaction have continued to ferment in the discussions, with some comments directly pointing out that this communication style undermines the sincerity of public discourse. Overall, the community calls for a re-differentiation of facts, signals, and emotional outbursts in a highly noisy environment to avoid further loss of focus in dialogue.

4. Tether Launches MOS Bitcoin Mining Operating System

Tether has officially released Mining OS (MOS), an open-source operating system designed for Bitcoin mining infrastructure, featuring a modular architecture, energy management optimization, and broad hardware compatibility, covering various application scenarios from home miners to industrial-scale mining farms, and supporting peer-to-peer operation without relying on centralized services.

The community's overall response has been positive, viewing the launch of MOS as a symbol of Bitcoin mining infrastructure moving further towards open-source and standardization, which helps improve operational efficiency and sovereign control capabilities. Some developers have begun studying the relevant documentation, looking forward to subsequent practical deployments and performance validations.

From a broader perspective, the market sees this as a signal of the maturity of Bitcoin infrastructure, also indicating that Tether's business landscape is extending from stablecoin issuance to energy and computing power infrastructure construction, potentially enhancing the resilience and risk resistance of the Bitcoin network in the long term.

II. Mainstream Ecological Dynamics

1. Solana

During last week's market fluctuations, the Solana network reached two key milestones: on January 30, it set a record for the highest daily activity, processing 148 million non-voting transactions, which the community compared to approximately 130% of Cardano's historical total transaction volume; at the same time, the weekly on-chain activity also set a record, with transaction volume nearing 1 billion, and an average non-voting TPS of 1505, described as "close to Ethereum's total transaction volume over the past two years." These data points are seen as a reflection of Solana's stability and growth momentum under high load, with on-chain fee revenue also rising alongside activity.

The community has generally expressed excitement over Solana's "rebound." Supporters emphasize that real usage is driving fee and demand growth, with Solana being viewed again as a leading chain, and they expect further explosive growth in on-chain activity as market sentiment improves. Some developers added that the increase in active addresses over the week was about 115%, with daily active addresses exceeding 5 million, even higher than some Ethereum L2s, and discussions have also emerged regarding institutional fund inflows and the SOL ETF narrative.
The main point of contention centers on transaction quality: critics argue that part of the activity may stem from compressed NFTs, short-term speculation, and "pump-and-dump garbage" leading to spam. However, the overall atmosphere remains optimistic, believing these indicators at least prove that Solana has moved beyond the "dead chain" narrative and will attract more builders, with events like the Colosseum hackathon and the upcoming Breakpoint conference frequently mentioned.

2. Ethereum

Jordi Baylina published a new proposal on EthResearch, exploring how based rollups can achieve atomic-level L1↔L2 and L2↔L2 interactions based on real-time validity proofs: synchronously executing a single transaction across multiple rollups to restore cross-rollup composability as much as possible. The proposal introduces mechanisms such as proxy contracts and execution tables, attempting to eliminate the fragmented experience caused by current asynchronous bridging, making cross-rollup calls closer to internal EVM calls, and supporting return values, nested calls, and failure rollbacks.

The community has shown a high level of recognition for this direction, believing it directly addresses the fragmentation issue of rollups and helps Ethereum return to a unified experience of "one computer." Vitalik Buterin has also expressed support for native rollups, emphasizing that as ZK-EVM matures, it is expected to achieve a closer to instantaneous withdrawal experience, reducing the 2–7 day wait and the centralization risks posed by multi-signature bridging. Developer discussions have focused more on engineering and trade-offs: including simplifying the rollup tech stack, reducing centralization exposure (e.g., anchoring sorting to the Ethereum validator system), and exploring synergies and boundaries with real-time execution routes of MegaETH and coordination layer testnets of Espresso. The overall view is optimistic, believing that if implemented, it will significantly enhance cross-domain efficiency of DeFi infrastructure and attract more builders, but a balance between speed and decentralization still needs to be achieved.

3. Perp DEX

Chris Ling released a CLI tool for Hyperliquid, positioned as an AI agent-friendly trading entry: supporting the direct deployment of algorithmic trading strategies from GT protocol backtesting to Hyperliquid, executed locally; while also integrating OpenClaw, providing real-time monitoring, Telegram notifications, and "no gas fee first touch" experiences, covering both Perp and Spot trading. The community generally interprets this as Hyperliquid expanding from a "single DEX product" to a more suitable infrastructure for agency trading.

The overall discussion sentiment is excited. Supporters believe the CLI reduces the migration cost of strategies from simulation to real trading, and agency trading is beginning to have a replicable engineering path, while also strengthening Hyperliquid's competitive narrative in speed and transparency. Users further emphasize that Hyperliquid's HyperBFT consensus brings sub-second finality and high throughput capabilities, citing TVL and revenue growth data as backing. On the developer side, experiences with SDKs and automated vaults are shared, believing it is forming a decentralized trading benchmark that can compete with CEXs. There are also views suggesting that as the HIP-3 market expands and multiple DEXs lock about 500,000 HYPE, retail trading volume may further increase, driving larger daily trading volumes.

4. Others

Stablecoin Trading Volume Exceeds $1 Trillion

Statistics circulating in the community show that January's trading volume surpassed $1 trillion, a year-on-year increase of 72%; among them, USDC's trading volume was about $840 billion, and USDT's was about $1.33 trillion. The total market capitalization of stablecoins is approximately $308 billion, with a total transaction volume of about $4.6 trillion processed over the past year, compared to traditional payment networks like PayPal, Visa, and Mastercard.

Overall sentiment is positive, with users viewing this as a signal of the maturity of stablecoin infrastructure, believing it will further drive the expansion of global payments and DeFi; some also emphasize that USDC's dominant position in transfer volume conveys a market signal of "stronger reliability," predicting that stablecoins will continue to erode the boundaries of traditional payment networks.

Wintermute Founder Questions Internal MM of Exchanges

Another discussion thread comes from Wintermute founder Evgeny Gaevoy. He questions the professional capabilities of some exchanges' "internal market makers (MM)," believing their proprietary trading is not mature, citing Alameda as a typical counterexample; he also points out that leading market makers (Tower/Jump/Optiver, etc.) do not have essential differences in capabilities between crypto and non-crypto markets, but rather that internal exchange MMs lack competitiveness.

The community largely agrees with this, believing that internal MMs are more prone to distortion in an information-asymmetric environment, with discussions related to Crypto.com also mentioned, further extending to the risks of low liquidity phases combined with high leverage. Overall, mainstream views tend to believe that market crashes are difficult to attribute to a single exchange, but rather are the result of a combination of bear market sentiment, leverage structures, and liquidity constraints; at the same time, many are optimistic about the liquidity supply capabilities of institutions like Wintermute, as well as the support of regulatory legislation for the long-term development of the industry.

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