Release Date: February 9, 2025
Author: BlockBeats Editorial Team

In the past 24 hours, the cryptocurrency market has shown a complex development trend across multiple dimensions. The mainstream topics focus on the renewed emergence of industry route disputes and trust crises: the ongoing divergence around "whether cryptocurrency should return to pure financial applications," the direct conflict between Hyperliquid and the VC camp, and the questioning of the market-making mechanisms of centralized exchanges have collectively amplified structural distrust. In terms of ecological development, the Solana ecosystem continues to accelerate in AI agents and institutional integration, Ethereum is launching a new round of narratives around algorithmic stablecoins and real-time chains, while the Perp DEX track is heating up under the expectations of AI trading and token launches.

1. Mainstream Topics

1. The Future Route Dispute in the Cryptocurrency Industry: Financial vs. Non-Financial Applications

Chris Dixon expressed the view that the cryptocurrency industry should not continue to be limited to financial applications (such as DeFi and stablecoins) but should explore non-financial scenarios again after the regulatory environment improves, including Web3 games, media, AI, and privacy tools. He believes that the true long-term value still awaits release outside of finance.

This judgment was quickly met with strong rebuttal from Haseeb. Haseeb argued that the failure of non-financial applications does not stem from regulation or fraud, but from a fundamental lack of real user demand; historically, all truly successful cryptocurrency projects have essentially been financial products. Subsequently, Mike Ippolito, Lily Liu, Arjun, and others joined the discussion, pointing out that the NFT craze is essentially "financialized JPEGs," rather than true consumer applications, and the focus of the discussion gradually shifted to whether capital and talent should continue to be invested in "non-financial narratives."

The community's divergence is very evident. One faction supports Dixon's long-term vision, believing that with regulatory loosening, breakthroughs may still occur in non-financial fields (such as sovereign applications and privacy communication); the other faction stands with Haseeb, arguing that this is a "legacy narrative of the zero-interest era," and financial applications have been repeatedly validated as the only path with scale effects, while the non-financial direction is more of a money-burning illusion.

The reply section is filled with intense exchanges: some cite niche projects like Radicle and Session as examples, believing there is still hope; others bluntly state, "Don't mislead entrepreneurs in the wrong direction." Overall, community sentiment leans towards "financial dominance," but has not completely shut the door on non-financial possibilities.

2. Kyle Samani's Controversial Criticism of Hyperliquid

Kyle Samani publicly stated that Hyperliquid represents "all the wrong directions" in the cryptocurrency industry: founders leaving their home countries, fostering criminal behavior, and having closed-source code with permission controls.

This statement quickly sparked a strong backlash. Steven (Yunt Capital) pointed out that Hyperliquid rejected VC investment, completed the largest community airdrop in cryptocurrency history (approximately $9 billion), and that protocol revenue is used for buybacks rather than team cashing out. Luke Cannon subsequently dug up Kyle's early "pump and dump" experience at Forward Industries. Arthur Hayes even directly initiated a $100,000 bet, wagering that HYPE's performance in the coming months would outperform any altcoin with a market cap over $1 billion, with the loser donating to charity.

Meanwhile, rumors circulated that Multicoin bought a large amount of HYPE after Kyle's departure, adding more drama to the situation.

Public opinion overwhelmingly supports Hyperliquid. Kyle has been labeled as "sour grapes," "hypocrite," and "unable to tolerate strong execution projects," with mockery and memes flooding in (such as "humiliation ritual" and "Kyle's AI pivot, don't try to steer the narrative").

Many users describe Hyperliquid as "a truly decentralized experiment that enriches the community," while Kyle is seen as "the embodiment of VC interest structures." Arthur's bet further heightened the topic's heat, with "Long HYPE" becoming a high-frequency slogan. This controversy has evolved from a specific project dispute into a symbolic showdown between VC-led models and independently bootstrapped projects.

3. Community's Centralized Criticism of Binance's Market-Making Mechanism and CZ

Community users exposed that CZ indirectly controls market-making activities through associated entities like Merit Peak and Sigma Chain, using internal data advantages to wash trades, bet against retail investors, and manipulate trading volumes. Although CZ has publicly stated "he does not trade," the related evidence is believed to show that his affiliated companies have long profited from this.

Related posts call to "lock up CZ" and describe Binance as having a trading structure systematically unfavorable to retail investors.

Community anger dominates. Many users openly label CZ as a "scam" and "fraud," sharing personal loss experiences, further reinforcing structural distrust towards centralized exchanges. Voices defending CZ are quickly drowned out, and community consensus leans towards: CEX has transformed from a service platform into a machine that bets against users.

"Full decentralization" has once again become a high-frequency slogan, with interaction volumes surging, and this topic has become the most emotionally charged symbol of the trust crisis today.

4. Wintermute CEO Responds to Rumors of Market Maker's Malicious Liquidation

Wintermute CEO Evgeny Gaevoy published a post denying the rumors of "malicious liquidation by market makers," stating that during the weekend's volatility, several market makers' automated trading bots indeed lost tens of millions of dollars, but the current cycle's leverage structure is healthier: primarily perpetual contracts, lacking large-scale uncollateralized credit. Dovey Wan subsequently echoed this, believing that credit is clearly tightening in this cycle, lacking systemic contagion risk.

Skepticism within the community still exists. Some users sarcastically label Wintermute as the "puppet master," comparing its denial to past statements by Caroline Ellison. However, there are also voices acknowledging Gaevoy's clarification, with discussions gradually shifting to changes in leverage structure, risk exposure, and rumor propagation mechanisms.

Overall sentiment remains cautious, with market concerns about vulnerability still present, but it has not evolved into a panic consensus.

5. Super Bowl Period Polymarket Whale Bets Attract Attention

A newly created wallet invested approximately $47,000 in Polymarket's Super Bowl halftime show market, only buying and not selling, with the largest position betting on Lady Gaga (odds over 90%), despite the official confirmation of her performance not yet being made, leading some users to suspect insider trading.

Community excitement coexists with skepticism. Some users view it as "a whale account worth tracking," attempting to replicate the strategy; others share possible public clues (such as stage setup and brand collaboration information), believing this is more likely an information advantage rather than illegal behavior.

The discussion focuses on the transparency of prediction markets, information asymmetry, and following risks, with this topic gaining high interaction due to the combination of entertainment attributes and cryptocurrency mechanisms.

2. Mainstream Ecological Dynamics

1. Solana

The Solana Foundation released its latest weekly report, with the core narrative focusing on the integration of TradFi and AI agents. Key progress includes: institutional-level trading programs and white-glove onboarding services; Arcium mainnet Alpha launch; and hosting an AI agent hackathon in collaboration with Colosseum (with a prize of $100,000).

Highlights in the ecological layer are dense: the second Solana Mobile hackathon (with a prize of $125,000), the opening of the London Solana Institutional Club, FlashTrade adding forex hedging features (up to 500x leverage), DFlow launching on-chain identity verification solutions, Gusto adopting Solana to pay USDC, Epoch introducing private prediction markets, Bankr Bot deploying AI agent tokens via X tags, BagsApp launching an agent certification system, Realms DAO supporting AI management, T54AI launching the Claw Credit system, Crafts launching sealed bidding auctions, OpenDelta introducing the NX8 index, and Neuko AI completing seed round financing.

At the same time, Solana's documentation has been upgraded to an LLM-friendly format, VeryAI launched the ClawKey tool, MoltMatch released an AI agent dating platform, Helius Labs launched API key generation, and SNS collaborated with Superteam to advance ecological governance. Lotry migrated to Solana, MTN DAO held a Demo Day, Tessera launched a tokenized private equity platform, PreStocks integrated Polymarket, Turbine Cash launched private DCA, Pumpfun acquired TradeonVyper, Surf Cash App went live, Tramplin introduced a random reward staking mechanism, and announced the SolanaConf Hong Kong event.

Multiple milestone data points have been refreshed: Huma Finance's cumulative PayFi transaction volume surpassed $10 billion; Superteam Earn users' cumulative earnings reached $10 million; 80% of X402 trading volume comes from Solana; Raise Network's monthly on-chain trading volume exceeded $11 million; Sunrise DeFi's INX first-day trading volume reached $280 million.

Overall community sentiment is highly positive, with the weekly report being referred to as "heater week," and many users view it as a concentrated display of Solana's "inevitability." The community is spontaneously promoting Tokenization projects, Bobby community tokens, GammaFi stable strategies, and information about Tessera's upcoming launch.

The reply section is filled with optimistic slogans and memes, such as "Make Solana $420 Again," and discussions revolve around Crafts' crypto-native price discovery mechanism. Interaction focuses on AI agents + institutional integration, with consensus believing Solana is clearly leading in these two directions, though a few voices remind that broader real adoption needs to be acknowledged.

2. Ethereum

Vitalik Buterin responded to a community post, emphasizing that algorithmic stablecoins are the "true DeFi." He pointed out that even if the underlying assets of stablecoins come from RWA, as long as they meet over-collateralization and asset diversification (with no single asset exceeding the over-collateralization rate), they can significantly improve the risk structure for holders.

Vitalik also criticized the simplistic "putting USDC into Aave" model, suggesting that stablecoin design should shift from a single dollar peg to a diversified index to enhance system resilience. Additionally, MegaETH announced its "launch tomorrow," positioning itself as a real-time blockchain aimed at significantly improving application layer performance.

Vitalik's remarks sparked a new round of discussions on DeFi design. The community took the opportunity to promote projects such as Sky Money's ETH-supported stablecoin, USDUC's Chainlink upgrade and upcoming vaults, and the Pulsechain version of PDAI. The reply section featured both serious discussions and memes (such as "Lord of the memes"), as well as playful jabs at Grok summarizing the posts.

The overall consensus in the community is that algorithmic stablecoins still hold potential, but substantial innovation at the mechanism level is needed.

The announcement of MegaETH's launch ignited a more community-driven enthusiasm. Users concentrated on promoting Bunzio NFT free minting, Mega Kittens whitelist, Bad Bunnz ecosystem (PrismFi, Faster.fun), and Digit Rabbits' RWO and Sigma Bunny tokens. The reply section frequently featured phrases like "Ready to enter the rabbithole" and "Time to send it," with many viewing it as a potential "cult-level" opportunity, focusing discussions on NFT narratives and community building.

3. Perp DEX Ecological Dynamics

Elon Musk retweeted an X Freeze post, stating that Grok 4.20 is performing well in the Alpha Arena: a 10-day return increased from 12% to 35%, occupying four of the top six spots (including variants like Situational Awareness), and added, "We need to do better, and we will."

At the same time, Based Foundation announced that the BASED token will launch in March, revealing the allocation plan: 23.5% for community airdrops (including self-recommendation), 36% allocated to Hyperliquid, 15% to ecological partners, 10% to core contributors, 10% to future contributors, and 5.5% for initial liquidity.

Musk's retweet significantly amplified the volume. Users generally believe Grok is "crushing it," suggesting it focus on code quality and enterprise-level tweaks to secure revenue dominance. The reply section included AI videos, da Vinci test results, and personal profit sharing (such as a 213% return). The mainstream consensus is that Grok has enormous potential but still needs to transition from simulation to more realistic environments.

The news of the BASED launch quickly triggered valuation calculations and Polymarket bets (such as whether FDV exceeds $100 million), forming a strong associative spread with Hyperliquid. The reply section featured excited expressions like "the token is Based" and "36% Hyperliquid," as well as questions about the self-recommendation mechanism and ecological partner allocations. Overall sentiment leans bullish, but cautious voices are beginning to emerge.

4. Other: Erebor Capital Officially Opens

Haun Ventures partner Diogo Monica announced the official opening of Erebor Capital, positioning it as a crypto-native bank providing custody, trading, and lending services. The official blog further explained its vision, stating that "Erebor" is named after the imagery of the Dwarven kingdom, symbolizing the long-term construction of crypto financial infrastructure.

Erebor was founded in 2025 by Anduril CEO Palmer Luckey and Joe Lonsdale, with early support from Peter Thiel and Haun Ventures.

The community primarily expressed congratulations, such as "congrats, early belief" and "Parabéns," along with specific questions like "Why choose Columbus?" Some users compared it to the historical context of the scarcity of new banks in the U.S., while others shared summary videos in the Speed Read format.

The overall consensus views the direction of crypto banking positively, but interaction volume is relatively limited, with discussions focused on future integration capabilities and transparency of information disclosure.

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