Release Date: February 10, 2025
Author: BlockBeats Editorial Team

In the past 24 hours, the cryptocurrency market has shown a dynamic interplay of advancements across multiple dimensions. Mainstream topics focus on the security reflections triggered by the AI agent private key leak incident, as well as renewed discussions on token distribution and incentive mechanisms. In terms of ecological development, the Solana ecosystem marked the launch of the TGE for Backpack, reinforcing a "user-first" token design; Ethereum's side continues to evolve around the trading structure and privacy infrastructure on Base; the Perp DEX track further intensifies competition through mechanism disassembly and the launch of new contracts.

I. Mainstream Topics

1. Backpack Announces Token Economics

Backpack officially disclosed its token economics design, with a total supply of 1 billion tokens, divided into three phases: the TGE phase accounts for 25% (250 million tokens), of which approximately 140 million tokens are allocated to point holders and about 110 million tokens to Mad Lads NFT holders; the Pre-IPO phase accounts for 37.5% (375 million tokens), gradually unlocked through business growth and product milestones; the Post-IPO phase also accounts for 37.5% (375 million tokens), serving as company treasury assets, which can only be used after being locked for at least one year.

The core of this model is to prevent insiders from selling off early: all circulating tokens are prioritized for users, while the team and investors do not directly receive tokens but hold them indirectly through company equity, with the unlocking rhythm strongly tied to product progress (such as new regions opening and new products launching). The overall design is seen as a model of token economics that emphasizes "user-first" and sustainable growth.

Community feedback is generally positive. Supporters believe this structure effectively avoids the common issue of "team sell-offs" and enhances the project's credibility and long-term incentive consistency by linking unlocks to real product progress. However, there are also voices of skepticism, including concerns about whether the implied valuation of approximately $100 million is too high and whether company revenue will truly flow back to token holders. Additionally, there are divisions in the community regarding the preferential allocation rights for Mad Lads NFT holders: one side sees it as a positive incentive for the early community, while the other worries about the marginalization of new users. Overall, this model is viewed as an important innovation and has sparked discussions on whether other projects will follow suit.

2. MrBeast Acquires Financial Service App Step

MrBeast announced the acquisition of Step, a financial service app aimed at teenagers. The app offers fee-free banking services and includes features such as investment, credit building, and money management. MrBeast stated that the purpose of this acquisition is to fill the gap in basic financial education that young people often miss during their growth. With his global influence, Step may further expand its functional boundaries in the future, potentially introducing crypto-related elements (such as a cryptocurrency exchange platform mentioned in trademark documents) to achieve broader and more immediate global access. Current key features of Step include approximately 3% savings yield, up to 10% cash back, and instant small loans, with the core goal of helping Gen Z establish basic financial habits.

Many recognize MrBeast's ability to synergize business and content influence, believing this acquisition could become an important entry point for young people into the financial and even crypto world. Supporters look forward to leveraging his video dissemination capabilities to bring viral growth to Step. However, cautious voices have also emerged, focusing on regulatory compliance, data privacy, and potential over-marketing risks associated with financial products for teenagers. Opinions in the community are divided on whether to introduce crypto features: optimists believe this will become a bridge connecting traditional finance and Web3, while critics worry about product stability and responsibility boundaries. The overall atmosphere is relatively positive, seen as a key node in the extension of the "influencer economy" into fintech.

3. Farcaster Core Team Joins Tempo Labs

Farcaster founders Dan Romero (dwr), Varun Srinivasan, and several core developers from Merkle have joined Tempo Labs, which focuses on stablecoin and global payment infrastructure development. Tempo aims to create a fast, low-cost, and highly transparent stablecoin payment network to promote the mainstream adoption of stablecoins in everyday payments and cross-border remittances. This personnel change is viewed as an important example of talent movement in Web3 and highlights the "intergenerational opportunity" in the stablecoin track.

Many refer to it as the gathering of a "super team," believing that Farcaster's experience in decentralized social protocols may provide unique advantages for Tempo's product design and user expansion. Optimists expect this combination to accelerate the implementation of stablecoins in real financial scenarios and challenge traditional payment giants. However, there are concerns about whether the development pace of Farcaster will be affected after the departure of core members. Additionally, discussions about regulatory uncertainties surrounding stablecoins and whether the market has become saturated continue. Overall, this event is seen as a positive signal in the Web3 payment narrative.

4. Discord to Introduce Facial Recognition System

Discord announced that starting next month, users worldwide will be required to verify their identity through facial biometrics or official identification documents to gain full access, citing the need to enhance safety for teenagers. This move has been interpreted by many as an extension of AML/KYC logic to the application layer, raising concerns about data storage and potential sharing scope. Discord stated that this measure will enhance platform security but also acknowledged that it may impact user experience.

Opposition voices dominate. Many users are concerned about the end of anonymity and the risk of privacy breaches, believing this could open the door to data misuse and even platform-level surveillance. Within the crypto community, some predict that certain projects will shut down their Discord servers and turn to more privacy-focused tools like Telegram and Matrix, calling for the introduction of zero-knowledge proofs (ZK) and other solutions to complete verification without exposing identity information. Supporters argue that this measure helps reduce harassment and illegal content, better protecting minors. Overall, the discussion sentiment is negative, focusing on the potential impacts on digital rights and "dystopian regulation."

5. OpenClaw Launches AI Girlfriend Clawra

OpenClaw has launched its AI girlfriend product Clawra, supporting multi-modal interactions such as chatting, image generation, and video calls. The official demonstration showcased its relatively natural conversational abilities and visual generation effects, emphasizing a "companion-like experience." The project is built by Sumelabs and supported by FDOT, positioned in the field of AI emotional companionship and interactive entertainment.

The product launch quickly attracted attention. Some users recognized its technological completeness, believing it has the potential to alleviate feelings of loneliness and expand the boundaries of AI applications, comparing it to the current trend of AI companions. However, discussions around ethical risks have also intensified, including the impact of AI relationships on real interpersonal interactions, potential gender stereotypes, and data privacy and content security issues. Overall feedback shows significant polarization, being seen both as an experiment in future social forms and as a subject of skepticism regarding its business model and long-term sustainability.

6. Community Questions Internal Situation at Multicoin Capital

Recently, the community has begun to question whether there are management or strategic frictions within Multicoin Capital. Some discussions point out discrepancies between founder Kyle Samani's public views and the fund's actual operations (for example, the fund allocated $HYPE while Kyle publicly expressed criticism), and the fund's third phase has performed poorly, with net value below the initial investment level. Observers have also noted a shift in its research and investment narrative from DePIN to other directions, raising speculation about team stability and potential "bad departures."

The discussion atmosphere is cautious. Some users have pointed out through data analysis that the fund's returns are under pressure and questioned whether there are disagreements between the founder and the investment team; others believe this is more likely a cyclical adjustment or strategy rebalancing rather than a structural issue. Supporters emphasize the successful track record of Multicoin's early funds, arguing that short-term performance is insufficient to negate its long-term capabilities. There are also calls for increased transparency, such as disclosing clearer fund performance and audit information. Overall, market sentiment is between wait-and-see and concern, with no consensus judgment formed yet.

II. Mainstream Ecological Dynamics

1. Solana

The Solana ecosystem project Backpack has officially announced the details of its token distribution, with a total supply of 1 billion tokens. Of these, 25% will be released in the TGE phase: point holders and Mad Lads NFT holders will collectively receive approximately 240 million tokens, with Mad Lads receiving an additional 100 million tokens.

This plan continues the "user-first" design principle— all circulating tokens are allocated only to users, with the team and investors not directly holding tokens but participating indirectly through company equity; token unlocks are strictly tied to product milestones (such as new regions launching and new products being introduced). This disclosure is also seen as the official launch of Backpack's TGE, aimed at providing long-term support for its global expansion and product iteration.

Community response is generally positive. Supporters believe that the preferential allocation to Mad Lads holders reflects a return to the early community, while linking token releases to real growth effectively avoids the common risk of "internal sell-offs." Many users have begun to calculate the potential airdrop value, with high spirits, claiming "history is being written."

At the same time, there are more cautious voices, arguing that this structure logically resembles some existing projects, and its valuation level and long-term sustainability still need time to verify. Overall, the community generally views this release as an important milestone within the Solana ecosystem.

2. Ethereum

A recent security incident on the Base chain has sparked widespread discussion: Kevin Owocki's OpenClaw AI agent leaked hot wallet private keys multiple times within just 5 days. Despite having clear directive restrictions, the private keys were still exposed through Git commit records, Vercel environment variables, and social engineering methods. Former Ethereum core developer Peter Szilágyi pointed out that this once again illustrates that LLMs are structurally incapable of "keeping secrets."

This incident has triggered concentrated reflections on the security of AI agents within the community. The general consensus is that current LLMs are not suitable for directly managing private keys; a more reasonable path is to adopt agent wallet structures with stronger isolation, such as Bankr and Universal Profile, rather than relying on prompt protection. Some discussions suggest that such incidents will accelerate the emergence of "agent wallets" as an independent infrastructure form.

Meanwhile, the trading structure on Base is also rapidly evolving.

In the Prop AMM track, Tessera has maintained a daily trading volume of approximately $80 million since its launch in October, covering assets such as ETH and cbBTC; the newly launched ElfomoFi has a daily trading volume of about $10 million, currently only supporting the ETH–USDC trading pair. Discussions around Prop AMM mainly focus on the competitive landscape and sustainability: some question whether the current traffic on Base is primarily driven by airdrop farming, while others believe it provides a new market-making experimental space for the EVM ecosystem.

Additionally, the MegaETH mainnet has officially launched, allowing users to experience bridging, exchanging, and notification features through the Rabbithole frontend. Its launch has received positive feedback, with many users believing that its UX design alleviates the "alpha loss" problem to some extent and expressing anticipation for future application discovery and payment integration prospects.

The privacy protocol Aztec has also announced its $AZTEC token economics, with the TGE scheduled for the 12th, focusing on privacy infrastructure positioning. This news has reignited discussions about privacy, seen by some community members as an important signal of the return of Ethereum's privacy narrative.

3. Perp DEX

Recent analysis shows that during the market volatility on October 10, HLP made approximately $50 million in profit, with its earnings not primarily coming from ADL (automatic deleveraging), but rather through the Backstop Takeover mechanism, transferring value from liquidated long positions; ADL itself mainly redistributes value between longs and shorts, with the true net gains arising from the price correction process.

This disassembly has been viewed by many users as a "mechanism-level clarification." The focus of discussions has shifted to the fairness of the liquidation pipeline, such as whether the vulnerability of the liquidation queue could lead to earlier batches bearing greater losses, and some have suggested that mechanism design should reduce the heterogeneity of outcomes.

Meanwhile, Lighter has launched several new contracts, including INTC, AMD, SNDK (10× leverage), and XCU (20× leverage), further expanding exposure to RWA and commodities. Overall feedback is positive, with users expressing interest in a richer array of TradFi assets, but there is a general reminder that XCU's 20× leverage carries extremely high risk. Overall, this update is seen as a positive step for Perp DEX's extension into traditional asset domains.

4. Others

Andreessen Horowitz (a16z) led the seed round financing for Shizuku AI. The project started with AI VTubers and aims to create an AI companion and character system that integrates Japanese cultural aesthetics. Following the investment, community discussions have focused on the latency issues of AI companions, the risk of personality drift, and whether it could become a centralized entry point for AI creation and consumption in Japan. Some viewpoints suggest that this direction has the potential to reshape human-computer interaction interfaces.

Additionally, Circle announced the results of the OpenClaw agent hackathon: a total of 204 AI agent projects were received, garnering 1,352 votes, generating 9,712 comments, and distributing $30,000 USDC across three tracks, seen as a large-scale agent collaboration experiment.

The related results have sparked optimistic expectations about whether agents possess large-scale collaboration capabilities, while also raising questions about the proportion of human intervention. Some projects (such as $Clawshi) have been identified by the community as potential winners, with related memes and application ideas spreading accordingly.

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