Over the past 24 hours, the crypto market has evolved in parallel across multiple dimensions. Mainstream topics have focused on reflecting on the effectiveness of token buyback mechanisms, defining the true revenue of protocols, and discussions about Ethereum's long-term scaling path. In terms of ecosystem development, Solana has clearly shifted its narrative towards "utility and privacy," community-friendly ICOs have gained attention, and competition in the Perp DEX sector has intensified further.
I. Mainstream Topics
1. Discussion regarding the cessation of token buybacks
The controversy surrounding Jupiter's decision to halt token buybacks.
Siong, founder of Jupiter Exchange, initiated a discussion on X proposing to halt the JUP token buyback program. Over the past year, Jupiter has invested more than $70 million in buybacks, but the token price has seen almost no substantial improvement. Siong believes that these funds should be redirected to user growth incentives, such as new user referral subsidies and active user rewards, to drive ecosystem expansion.
The proposal quickly garnered attention in the community and connected with discussions on other projects (such as Helium's cessation of HNT buybacks), gradually evolving into an industry-wide reflection on whether buyback mechanisms are still effective.
Community feedback was highly polarized, but most opinions did not advocate "completely abandoning buybacks," but rather called for more structural reforms.
Anatoly Yakovenko (Toly) suggests converting profits into future claimable assets and rewarding long-term holders through a one-year staking program to extend the lifespan of the funds and strengthen the token's value anchor. Some users have also proposed using stablecoins (such as USDC, with a 25% APY) for staking incentives to reduce short-term selling pressure. Opponents point out that the fundamental reason for the weak price lies in the team's unlocking and continuous selling, rather than insufficient buyback efficiency. Jordi Alexander et al. further propose introducing a dynamic buyback model based on the PE ratio to avoid "high-level buybacks and inefficient consumption" during periods of high valuation.
Overall, the consensus gradually forming within the community is that buybacks themselves are not ineffective, but their effectiveness is severely diluted in a structure characterized by a high mismatch between tokens and equity and persistent selling pressure. Some worry that stopping buybacks will accelerate the price decline, but many more believe that prioritizing growth is a more realistic path than defensive support.
Discussion on HNT ceasing share buybacks
Helium founder Amir announced a suspension of HNT token buybacks, citing "virtually no response" from the market to the project's buyback program.
Helium and Helium Mobile generated approximately $3.4 million in revenue combined in October, but Amir stated that he prefers to invest the funds in user growth, including expanding the mobile subscriber base, increasing network base stations, and promoting carrier offload, rather than continuing buybacks which he considers "ineffective spending." It's worth noting that Helium's Data Credits continue to burn to support network offload needs, but token buybacks themselves are temporarily suspended until market conditions improve.
The community is clearly divided. Foobar and others criticized the decision as tantamount to admitting "not sharing revenue with token holders" and questioned the project's long-term commitment; others suggested exploring revenue-sharing or dividend mechanisms to enhance holding motivation, but Amir responded that such designs face practical regulatory obstacles. Supporters, on the other hand, believe that using funds for real growth rather than "throwing them into a black hole" is more pragmatic.
Some users have pointed out that DePIN's tokens are often viewed by the market as "use certificates" rather than equity instruments, leading to their long-term systematic undervaluation. Buybacks are only effective when there is virtually no selling pressure; otherwise, they are merely a short-term "optical effect." This discussion is frequently juxtaposed with Jupiter's proposal, becoming a typical example of "buyback mechanisms failing in a bear market."
Is the "Solana Culture" causing the buyback to be invalid?
In the Jupiter vs. HNT buyback controversy, user Stoic Savage offered a more radical perspective, arguing that the problem lies not in the buyback itself, but in the structural flaws of the Solana ecosystem. He describes Solana as a highly "internalized" ecosystem where internal trading, team unlocking, and extractable token economics continuously offset any positive impact that buybacks could bring.
This argument resonated strongly within the community, with many agreeing that the Solana ecosystem suffers from long-standing issues of "moral bankruptcy" and "insider bias," believing that buybacks are almost destined to fail in such an environment. However, some users objected to simply attributing buyback failures to the mechanism itself, pointing out that Solana's problems stem more from high emissions, frequent unlocking, and team selling, rather than the inherent ineffectiveness of the buyback logic. Wow Im Farming and others criticized that some founders' shift to the buyback narrative is merely a cover for deeper flaws in the token design.
The overall sentiment is pessimistic, with some users starting to use ecosystems like Hyperliquid as a comparison case, emphasizing that "buybacks can only have real value if there is no structural selling pressure."
2. Controversy surrounding the comparison of DEX revenue data
Hayden Adams publicly criticized Aerodrome's revenue data as misleading: Aerodrome records 100% of LP fees as "protocol revenue" and then returns it to LPs through token issuance, resulting in a significant inflation of its book revenue. Data shows that Aerodrome recorded approximately $434 million in "revenue" last year, but incurred approximately $800 million in incentive costs during the same period.
In contrast, Uniswap adopts a more conservative strategy, charging only a small amount of protocol fees (approximately $60,000 per day), emphasizing long-term sustainability rather than short-term tangible figures. Tervelix calls Aerodrome's revenue an "illusion," pointing out that it is closer to gross revenue, while Uniswap is more like a net profit model, and LP rewards come directly from real fees rather than token dilution.
Aerodrome supporters countered that Uniswap Labs itself relies on approximately $120 million in token emissions to maintain operations, which is essentially diluting holders as well; they also pointed out that Uniswap made huge early investments and has long been in a state of "high cost and low revenue".
The Uniswap camp emphasizes that its model is closer to the logic of infrastructure, where LPs can obtain returns without relying on subsidies, making it suitable for long-term existence; while Aerodrome is more like "renting TVL", which may face the risk of rapid liquidity loss once the incentive stops.
A general consensus is gradually becoming clear:
Aerodrome is more "friendly" to current holders, but carries significant risks of inflation and incentive dependence.
Uniswap grows at a slower pace, but its model is closer to long-term infrastructure.
The discussion then extended to other DEXs such as Meteora and Jupiter, raising further questions about fee calculations and the definition of "real revenue."
3. Vitalik's vision for 2026
Vitalik Buterin published a lengthy New Year's article reviewing Ethereum's key advancements in 2025, including gas limit increases, zkEVM performance breakthroughs, and PeerDAS improvements to data availability. However, he also emphasized that Ethereum still needs to continue advancing in terms of availability and decentralization.
Vitalik Buterin reiterated Ethereum's role as a "world computer," with its core objective being to build an application ecosystem that is trustless, censorship-free, and free from third-party interference. He emphasized the importance of privacy protection and "walk-out testing" (i.e., the system continuing to function even after the developers have disappeared). He described Ethereum as a "rebellion" against the trend of subscription-based platforms, focusing on serving infrastructure layers such as finance, identity, and governance.
The community response was positive. Gabriel Shapiro and others expressed their gratitude to Vitalik for upholding cyberpunk values; the Milady meme regained popularity, becoming a cultural response.
There are also dissenting voices. For example, Richard Heart took the opportunity to promote PulseChain, emphasizing the decentralized advantages of independent chains; other discussions suggest that chains such as ICP have potential in "full-chain applications".
Some users pointed out that Ethereum's success is also inseparable from the cultural and liquidity foundation provided by meme assets (such as $PEPE). Overall sentiment is optimistic, but there are also calls for further decentralization at the application layer, especially in terms of front-end censorship resistance. Rip.eth and others reiterated: "Ethereum is essentially still a rebellion."
II. Mainstream Ecosystem Dynamics
Solana: Ecological Priorities for 2026
Solana Stream released its 2026 Solana Ecosystem Outlook, clearly stating its shift in growth focus from speculation to utility-driven growth. The report indicates that several upgrades are imminent, stablecoin and RWA trading volumes are reaching record highs, and ETF-related inflows, along with a series of catalysts, are creating a synergistic effect.
The core narrative is broken down into six directions:
1. Payments and Stablecoins: USDC, PYUSD, etc., focusing on cross-border remittances and e-commerce payments.
2. RWA tokenization: Ondo Finance, BlackRock, and other institutions participated, emphasizing compliance and institutional capital.
3. AI Agents and Autonomous Finance: Nosana and io.net support low-latency AI inference and computing power scheduling.
4. Privacy Infrastructure: Arcium, Umbra, building privacy capabilities through ZK and confidential computing.
5. Prediction Markets: Kalshi, Drift, as Real-Time Information Infrastructure
6. x402 Micropayment Protocol: Proposed by Coinbase for programmatic and automated payments.
The overall goal is clear: to drive Solana from a "trading and speculation-driven" to an "executable application network," with 2026 designated as the year of execution.
The community as a whole highly endorses this practical approach. Users like cryptod0n consider privacy the core narrative of 2026, forming a clear "privacy stack" around projects such as Arcium and Magicblock. Discussions have also extended to cross-chain interoperability (such as Base–Solana connected via Chainlink), which is seen as potentially bringing in billions of dollars of DeFi liquidity.
Overall sentiment is optimistic. Some users (such as ray) reviewed the achievements of 2025—stablecoin supply grew to approximately $16 billion and Visa settlement was implemented—believing that 2026 is more of a continuation than a reversal. Privacy-related projects received the most interaction, with Zera Labs and Nulltrace being continuously added to the list. A growing consensus is that Solana is shifting from being the "fastest chain" to a "private and practical chain." A minority of voices pointed out that structural issues such as high emissions still need to be addressed, but this does not affect the overall bullish outlook.
MetaDAO New ICO: Ranger Finance
MetaDAO announced its latest ICO project, Ranger Finance, to run from January 6th to 10th, 2026, with a fundraising target of $6-8 million. The token distribution structure emphasizes a "user-first" approach: the ICO allocates 39.02 million RNGR (39.02% of the total supply), with 100% of TGE unlocked; the team and investors' TGE are 0% unlocked, with an 18-month lock-up period and price milestones of 2x-32x; ambassadors unlock 50% of their TGE, with the remaining 6 months released linearly; Ranger token holders have their own dedicated allocation pool; oversubscribed funds will be used for 90-day buy-wall support; Ranger is positioned as a DeFi command center, integrating multi-chain liquidity, automated strategies, and cross-chain execution capabilities. This ICO also marks MetaDAO's first project with prior VC funding.
Market feedback has been overwhelmingly positive. Sacha et al. argue that the structure strikes a balance between fundraising efficiency and holder trust, and the founding team has been rated "S-tier." Discussions focus on two key advantages: the public unlocks access to the team before VCs, and the priority given to points holders.
Some users (such as Bumblebee) anticipate a significant oversubscription, similar to the previous MetaDAO project, believing the total committed amount could approach or even exceed $100 million; related betting activity on Polymarket is high. A few concerns focus on the points redistribution mechanism and the actual utility of the tokens, but the overall consensus is that this ICO sets a new benchmark for community-friendly issuances, and MetaDAO is seen as a representative of the "ownership supercycle."
Privacy Project on Solana
Solana Sensei released its 2026 privacy narrative outlook, systematically outlining the privacy project landscape on Solana, covering multiple levels such as communications, transactions, payments, and computing, including Arcium, Umbra, Magicblock, Nulltrace, PrivacyCash, and Offgridcash.
The report emphasizes that privacy is shifting from edge functionality to pre-defined attributes, and ZK and confidential computing will become long-term competitive advantages.
Community reactions were highly focused, with a general consensus that privacy is Solana's most certain narrative for 2026. Fitzy sees ZeraLabs as the potential largest entry point, while Moonwave Master emphasizes Beldex's infrastructure-level privacy capabilities.
The main disagreement lies in the choice between "native privacy chains vs. layered privacy modules." Some users prefer plug-and-play transaction blocking solutions, while others value system-level anonymity tools such as Nulltrace and IP isolation. The overall consensus is shifting: Solana is moving from its criticized "internalized ecosystem" towards a technology approach based on "privacy pre-defined principles." Although a minority are concerned about the "Dark Web label," the mainstream view considers it an inevitable result driven by demand.
Ethereum: Vitalik Discusses ZK-EVM and PeerDAS
Vitalik Buterin published an article systematically explaining the combination of ZK-EVM (Alpha stage, performance close to production but still requiring secure operation) and PeerDAS (already launched on the mainnet), aiming to push Ethereum towards a high-bandwidth, decentralized consensus execution network.
He viewed this solution as a breakthrough in the "trilemma":
The approach is shifting from Bitcoin's low-frequency, high-bandwidth consensus and BitTorrent's high-frequency, low-bandwidth consensus to a combination of the two.
The route map includes:
2026: ZK-EVM node operation, increased gas limit
2026–2028: Gas Repricing and State Structure Adjustment
2027–2030: Further expansion, ZK-EVM becomes the primary verification method.
It also emphasizes decentralized block construction to reduce centralized intervention and improve geographical equity.
Community sentiment was generally high. Nikolai Kotsofane viewed this as a paradigm shift from a "settlement layer" to an "execution network." Discussions focused on the synergistic effects of PeerDAS increasing data capacity and ZK-EVM reducing redundant computations.
Optimists believe that DeFi and blockchain games may see structural changes, but generally emphasize that security remains the core constraint; some also focus on the speed of decentralized progress in block building. The overall consensus is that this is an important fulfillment of the ten-year roadmap, and 2026–2030 will be a period of full expansion for Ethereum.
Ethena DAT: S-4 Amendment
On December 29, Ethena DAT submitted its S-4 amendment. The document shows that although ENA enjoys an approximately 30% discount in the token purchase agreement, the structure will eventually exit the SPAC, and most of the ENA will remain unrealized at a loss during the vesting period over the next few years.
Community feedback was overwhelmingly negative. Smac bluntly stated "uh oh," while D2 Finance criticized the weak PIPE signal, arguing that SPAC proponents were more focused on transaction completion than long-term quality. Discussions centered on the complexity of accounting rules (related-party transactions triggering GAAP impairment) and insufficient structural transparency; some users questioned the management background of the former Celsius CFO.
The overall assessment is that the complex structure, coupled with regulatory and accounting constraints, results in significantly higher risks. Although some have suggested using non-standard indicators such as mNAV to supplement these measures, there are widespread concerns that retail investors will find them difficult to understand, leading to a generally bearish sentiment.
Perp DEX: Extended short-term revenue surpasses Lighter
According to Blur data, Extended briefly surpassed Lighter in 24-hour revenue and set a new record for perpetual contract trading volume at approximately $200 million. Since its public launch in December 2024, its 24-hour trading volume has risen to approximately $1.4 billion, TVL to $133 million, and open interest to $197 million. During the same period, Variational's cumulative trading volume reached $2.6 billion, with open interest at $646 million.
Market sentiment is overly bullish. Laxo believes it is still "unpriced in," while lyonzzzz emphasizes various ATH metrics such as trading volume, OI, TVL, and fees, suggesting that season incentives have not yet been implemented. The overall assessment is that Extended and Variational are becoming the core players in the new generation of Perp DEXs. A few users compare them to Hyperliquid and Aster, believing Extended has greater long-term potential.
Other: MegaETH 2025 Investor Memo
MegaETH co-founders released a 2025 investor memo, reviewing progress from seed round to testnet, total funding of approximately $150 million, and the launch of Fluff, Echo, and a public sale mechanism. Key technical highlights include instant EVM, approximately 100,000 TPS, and sub-millisecond latency.
The 2026 plan covers the mainnet launch, TGE, and expanding real-time applications in gaming and DeFi, while continuing to emphasize transparency and community priority.
Overall, the feedback was positive. Users generally appreciated its long-term communication and self-reflection, believing that 2026 will be the year of MegaETH mainnet acceleration and application realization; test experience sharing mainly focused on sub-10ms latency and production-grade performance.
