Over the past 24 hours, the crypto market has continued to evolve across multiple levels. Mainstream topics focused on system-level upgrades of major platforms and the compliant expansion of prediction markets, while institutions continued to advance their deployments in on-chain payments and securities infrastructure. In terms of ecosystem development, Solana strengthened its security and liquidity entry points, Ethereum L2 accelerated application deployment, and the Perp DEX sector maintained intense competition in the struggle for new features and governance.
I. Mainstream Topics
1. Coinbase releases System Update, introducing Custom Stablecoins
Coinbase held a "System Update" event, announcing several product updates. The most anticipated was Custom Stablecoins: allowing businesses to issue branded stablecoins with a 1:1 asset-backed structure, custodied by Coinbase, and supporting cross-chain interoperability and revenue sharing.
The updates announced at the same time also include: stock trading functionality; prediction market access; full DEX integration (supporting millions of assets on Solana); BTC/ETH collateralized lending; and AI investment advisor tools.
Coinbase CEO Brian Armstrong described this as a key stage in Coinbase's journey towards becoming a "top global financial app." The community widely believes this is a significant step in Coinbase's transformation from a crypto trading platform into a comprehensive financial infrastructure.
2. Coinbase × Kalshi: Compliant Prediction Market Officially Integrated
Coinbase has announced a partnership with compliant prediction market platform Kalshi, bringing prediction market functionality directly into Coinbase's product ecosystem, covering political, sports, and some crypto-related events.
The founder of Kalshi reviewed the partnership with Coinbase, emphasizing that the integration will significantly expand the prediction market's user base. The community generally believes this is a crucial step for prediction markets to enter the mainstream financial landscape.
3. Robinhood CEO: Predicts the market is in the early stages of a "supercycle"
In a recent interview, Robinhood CEO Vlad Tenev stated that the prediction market is in the early stages of a "supercycle." Combined with the progress of the partnership between Coinbase and Kalshi, many investors view the prediction market as a potentially significant structural narrative for 2026.
4. Tempo launches Tempo Transactions, Privy showcases a global P2P payment demo.
Tempo, a dedicated payment blockchain, has launched a new transaction type called Tempo Transactions, supporting features such as: gas payments using stablecoins; batch and scheduled transactions; and fee sponsorship.
Based on this feature, the Privy team quickly built a P2P payment demo similar to "global Venmo," supporting transfers via email or mobile phone number with near-instantaneous arrival. Privy (acquired by Stripe) stated that this case demonstrates Tempo's usability in real-world payment scenarios, and the community is cautiously optimistic about its role in promoting the widespread adoption of on-chain payments.
5. DTCC, in partnership with Canton Network, is advancing security tokenization.
DTCC, the world’s largest securities clearing house, announced a partnership with Digital Asset and Canton Network to explore on-chain tokenization of securities such as U.S. Treasury bonds held in its custody, in order to improve settlement efficiency and transparency.
Opinions within the community are divided: supporters see this as a significant milestone in the mainstreaming of RWA (Real-World Assets); critics point out that Canton, as a permissioned blockchain, still retains a high degree of traditional intermediary structure and has limited decentralization.
6. Arthur Hayes' large USDC receipt sparks on-chain speculation.
According to Lookonchain, an on-chain monitoring platform, Arthur Hayes received approximately 32.42 million USDC from addresses of institutions such as Binance and Galaxy Digital over the past two days. The community is speculating about its intended use (position building, OTC trading, or liquidity allocation), making it one of the recent focal points of on-chain whale tracking.
7. The Block's funds were stuck on Coinbase for a year; Cobie intervened and resolved the issue.
The Block reported that approximately $45,000 was stuck on the Coinbase platform for nearly a year after a user mistakenly transferred USDT to a USDC address, with multiple attempts to resolve the issue unsuccessful. After Cobie joined Coinbase and intervened, the problem was resolved within days.
The incident sparked two types of discussions in the community: on the one hand, it once again exposed the problem of Coinbase's customer service efficiency, and on the other hand, it also demonstrated Cobie's actual influence in the industry.
II. Mainstream Ecosystem Dynamics
1. Solana
Post-quantum security upgrade: The Solana Foundation, in collaboration with Project Eleven, has successfully deployed a post-quantum signature system on a testnet, achieving end-to-end quantum-resistant transaction verification.
This upgrade is seen as a proactive response to the potential security risks of quantum computing, demonstrating the initial feasibility and scalability of the proposed solution, and is an important part of Solana's long-term security roadmap.
JiJito relocates back to the United States: The Jito team and operating entities announced that they will relocate their core business and foundation operations back to the United States.
Previously, during the "Operation Chokepoint 2.0" phase in the United States, the crypto industry faced pressure to de-bank, and the Jito Foundation was forced to move some of its operations overseas.
As the regulatory environment for digital assets in the United States gradually becomes clearer, including the passage of the GENIUS Act, Congress's advancement of legislation related to the structure of the crypto market, and the departure of former SEC Chairman Gary Gensler, Jito has chosen to relocate its core operations to the United States.
The market generally interprets this move as a long-term positive signal, reflecting a phased shift in the US's attitude towards crypto regulation, and also indicating that some projects are starting to "return" to the US.
Coinbase Deeply Integrates with Jupiter: Coinbase has officially integrated the Jupiter aggregator into the Solana ecosystem, providing users with optimal routing quotes, full token coverage, and a smoother trading experience.
The market generally believes that this integration will help improve the early liquidity and accessibility of new assets on Solana, and is also seen as an important part of Coinbase's efforts to strengthen its Solana ecosystem and extend into the form of a "super financial app".
2. Ethereum (Important: World Chain L2)
Worldcoin (World Chain, an Ethereum-based L2 network) has released a series of product and ecosystem updates, with its core narrative revolving around the application of "real-world human networks" in social, financial, and privacy scenarios:
Social and Identity Verification Partnership: Worldcoin has partnered with Tinder to launch World ID "Verified Human Badge" in Japan, introducing a privacy-preserving age verification mechanism that allows users to prove their adulthood without disclosing their specific age. The official announcement states that the solution is planned to expand to more countries in 2026 and support selective information disclosure based on NFC-enabled passports or ID cards.
World Wallet Upgrade : A new USD virtual account feature has been added, supporting zero-fee deposits (such as direct salary deposits), already available in the US and 18 other countries. Seven new local fiat stablecoins have also been added, supporting trading in over 100 assets (including gold and other commodities). The Earn module offers up to 16% annualized yield to the first $1,000 of verified users.
World Card Coming Soon: Worldcoin announced the upcoming launch of World Card (a physical Visa card) which will support payment methods such as Apple Pay. Currently, there are over 140,000 users on the waiting list.
Application ecosystem progress: Mini Apps have been used more than 2 billion times, including about 200 million human authentications and 150 million WLD transactions, with application scenarios covering public services, financial instruments and prediction markets.
Other feature updates include World Chat, an end-to-end encrypted communication tool that does not require a phone number; QR code-based local payment functionality (supported by over 1 million POS terminals in Argentina); and World Grow, an incentive program for developers.
The official goal is to expand the user base to hundreds of millions by 2026 and promote the practical application of decentralized human verification systems in the AI era.
3. Perp DEX
Lighter Update: In a recent JP AMA, founder Vlad clarified that the previously mentioned "Christmas" referred to the entire holiday season, not December 25th, and hinted that further announcements related to TGE would be released in the coming weeks. The market interprets this as a possible delay in Lighter's TGE launch to 2026. The probability of a "coin launch before the end of the year" on Polymarket has rapidly dropped from over 90% to approximately 60%. Furthermore, the team mentioned future plans to launch a universal cross-margin mechanism, more spot markets, and retain the possibility of launching a meme coin (depending on community feedback).
Phantom × Hyperliquid User Retention: Phantom has generated over $12 million in revenue through Hype builder codes, but user retention has recently declined significantly (W1 retention approximately 30%, W3 retention approximately 13%), which the market generally attributes to the overall market downturn. Nevertheless, this partnership is still considered an important new revenue stream for Phantom, with cumulative transaction volume reaching approximately $25 billion.
Hyperliquid (HYPE) Governance Proposal: The Hyper Foundation proposes to formally recognize HYPE (held by a system address and not controlled by a private key) in the Assistance Fund as burned assets and permanently remove them from circulation and total supply. The relevant governance vote will end on December 24th and requires consensus support from validators and stakers.
Hyperliquid Portfolio Margin : The Portfolio Margin feature is expected to launch this weekend. To channel liquidity into its lending pools, Hyperliquid plans to allocate approximately 1% of its HLP deposits (about $3.8 million) to BLP, with lenders expected to receive an APY higher than the HLP benchmark yield.
Cantor Fitzgerald Research Report: Cantor Fitzgerald released a 62-page in-depth research report expressing a positive outlook on Hyperliquid's long-term development. Their 10-year model assumes annual revenue of $5 billion, corresponding to a potential market capitalization of over $200 billion for HYPE (approximately a 50x valuation), and gives both PURR and HYPD an "Overweight" rating. This report is considered by some community members to be one of the most systematic and in-depth analyses of the Perp DEX sector by Wall Street institutions.
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