Over the past 24 hours, the crypto market has witnessed a dynamic interplay across multiple dimensions. Mainstream discussions have focused on security reflections sparked by the AI proxy private key leak incident, as well as renewed debates on token allocation and incentive mechanisms. In terms of ecosystem development, the Solana ecosystem, marked by the launch of TGE with Backpack, has strengthened its "user-first" token design; on the Ethereum side, the transaction structure and privacy infrastructure on Base continue to evolve; and the Perp DEX sector has further intensified competition through mechanism deconstruction and the launch of new contracts.
I. Mainstream Topics
1. Backpack Announces Tokenomics
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 points holders and approximately 110 million tokens are allocated to Mad Lads NFT holders; the Pre-IPO phase accounts for 37.5% (375 million tokens), which will be gradually unlocked through business growth and product milestones; the Post-IPO phase also accounts for 37.5% (375 million tokens), which will be held as company treasury assets and will be locked for at least one year before they can be used.
The core of this model is to prevent insiders from prematurely selling off their tokens: all circulating tokens are allocated to users first, and the team and investors do not directly receive tokens but hold them indirectly through company equity. The unlocking schedule is strongly tied to product progress (such as the opening of new regions and the launch of new products). The overall design is regarded as a tokenomics paradigm that emphasizes "user priority" and sustainable growth.
Overall community feedback has been positive. Supporters believe the structure effectively avoids the common problem of "team dumping" and enhances project credibility and long-term incentive consistency by linking unlocking to real product progress. However, concerns also exist, including whether the implied valuation of approximately $100 million is too high and whether company revenue will truly flow back to token holders. Furthermore, the community is divided on the priority allocation rights for Mad Lads NFT holders: one side sees it as a positive incentive for early adopters, while the other worries about marginalizing new users. Overall, the model is considered a significant innovation and has sparked discussion about whether other projects should follow suit.
2. MrBeast acquires financial services application Step
MrBeast announced its acquisition of Step, a financial services app targeting teenagers. The app offers fee-free banking services and covers features such as investment, credit building, and money management. MrBeast stated that the acquisition aims to fill the gaps in basic financial education that young people may lack during their formative years. Leveraging its global reach, Step may further expand its functionalities in the future, even incorporating crypto-related elements (such as a cryptocurrency exchange platform mentioned in trademark filings) to achieve wider and more immediate global access. Step's current main features include approximately 3% savings yield, up to 10% cash back, and instant microloans, with a core objective of helping Gen Z establish basic financial habits.
Many acknowledge MrBeast's synergistic ability to bridge commerce and content influence, believing the acquisition could become a crucial gateway for young people into the world of finance and even crypto. Supporters anticipate leveraging its video reach to drive viral growth for Step. However, cautious voices have emerged, focusing on regulatory compliance, data privacy, and potential over-marketing risks associated with financial products for teenagers. Opinions are divided regarding the introduction of crypto functionality: optimists see it as a bridge between traditional finance and Web3, while critics worry about product stability and liability boundaries. Overall, the sentiment is positive, viewing it as a key step in the extension of the "influence economy" into fintech.
3. Farcaster core team joins Tempo Labs
Farcaster founders Dan Romero (dwr), Varun Srinivasan, and several core developers, including Merkle, have joined Tempo Labs, which focuses on stablecoins and global payments infrastructure. Tempo aims to create a fast, low-cost, and highly transparent stablecoin payment network, driving the mainstream adoption of stablecoins in everyday payments and cross-border remittances. This personnel change is seen as a significant example of talent mobility in the Web3 space and further highlights the "generational opportunity" within the stablecoin sector.
Many have hailed it as the assembling of a "super team," believing that Farcaster's experience in decentralized social protocols could provide Tempo with a unique advantage in product design and user expansion. Optimists predict this combination will accelerate the adoption of stablecoins in real-world financial scenarios and pose a challenge to traditional payment giants. However, concerns remain about whether Farcaster's development pace will be affected by the departure of key members. Furthermore, discussions about regulatory uncertainty surrounding stablecoins and whether the market is saturated continue. Overall, this event is seen as a positive sign in the Web3 payments narrative.
4. Discord will introduce a facial recognition system.
Discord announced that starting next month, it will require users worldwide to verify their identity via facial biometrics or official identification documents to gain full access, citing enhanced safety protections for minors. This move has been interpreted by many as an extension of AML/KYC logic to the application layer, raising concerns about data storage and the potential scope of sharing. Discord stated that this measure will improve platform security, but acknowledged that it may impact user experience.
Opposition dominates. Many users are concerned about the end of anonymity and the risk of privacy breaches, believing this could open the door to data abuse and even platform-level surveillance. Within the crypto community, some predict that certain projects will shut down Discord servers and switch to more privacy-focused tools like Telegram and Matrix, and call for the introduction of zero-knowledge proofs (ZK) to complete verification without exposing identity information. Supporters, on the other hand, argue that this measure will help reduce harassment and illegal content, and better protect minors. Overall, the discussion is negative, focusing on the potential impact of digital rights and "dystopian regulation."
5. OpenClaw launches AI girlfriend Clawra
OpenClaw has released Clawra, an AI girlfriend product that supports multimodal interactions such as chat, image generation, and video calls. The official demo showcases its relatively natural conversational abilities and visual generation effects, emphasizing a "companion-like experience." The project, built by Sumelabs and supported by FDOT, is positioned in the field of AI emotional companionship and interactive entertainment.
The product quickly garnered attention after its release. Some users appreciated its technological sophistication, believing it had the potential to alleviate loneliness and expand the boundaries of AI applications, comparing it to the current trend of AI companions. However, discussions surrounding ethical risks also intensified, including the impact of AI relationships on real-world interpersonal interactions, potential gender stereotypes, and data privacy and content security issues. Overall feedback was clearly polarized, with some viewing it as an experiment in future social interaction while others questioned its business model and long-term sustainability.
6. Community concerns regarding the internal workings of Multicoin Capital
Recently, the community has begun to question whether there are management or strategic frictions within Multicoin Capital. Some discussions point to discrepancies between founder Kyle Samani's public views and the fund's actual operations (e.g., the fund's allocation to $HYPE, despite Kyle's public criticism), and the poor performance of the fund's three phases, with net asset value below the initial investment level. There has also been attention regarding a shift in its research and investment narrative from DePIN to other areas, sparking speculation about team stability and potential "undesirable departures."
The discussion was cautious. Some users pointed out, through data analysis, that the fund's returns were under pressure and questioned whether there were disagreements between the founders and the investment team; others believed it was more likely a cyclical adjustment or strategy rebalancing than a structural problem. Supporters emphasized Multicoin's early fund success record, arguing that short-term performance was insufficient to negate its long-term potential. There were also calls for increased transparency, such as clearer disclosure of fund performance and audit information. Overall, market sentiment was between wait-and-see and apprehension, with no consensus yet reached.
II. Mainstream Ecosystem Dynamics
1. Solana
Backpack, a Solana ecosystem project, officially announced token distribution details, with a total supply of 1 billion tokens. 25% will be released during the TGE phase: Points holders and Mad Lads NFT holders will receive approximately 240 million tokens, while Mad Lads will receive an additional 100 million tokens.
This plan continues the "user-first" design principle—all circulating tokens are allocated only to users, and the team and investors do not directly hold tokens but participate indirectly through company equity; token unlocking is strictly linked to product milestones (such as new region launches and new product releases). This disclosure is also seen as the official launch of Backpack TGE, intended to provide long-term support for its global expansion and product iteration.
The community's overall reaction has been positive. Supporters believe that the skewed allocation to Mad Lads holders reflects a return to the early community, while linking token release to real growth, effectively mitigating the common risk of "insider selling." Many users have already begun calculating the potential value of the airdrop, with high spirits, saying "history is being written."
At the same time, more cautious voices have emerged, arguing that the structure is logically similar to some existing projects, and its valuation and long-term sustainability still need time to be verified. Overall, the community generally views this launch as a significant milestone in the Solana ecosystem.
2. Ethereum
A recent security incident on the Base blockchain has sparked widespread discussion: Kevin Owocki's OpenClaw AI agent repeatedly leaked hot wallet private keys within just five days. Despite explicit command restrictions, the private keys were exposed through Git commit records, the Vercel environment variable, and social engineering techniques. Former Ethereum core developer Peter Szilágyi pointed out that this again demonstrates that LLMs are structurally incapable of "keeping secrets."
This incident has sparked a collective reflection within the community on the security of AI proxies. The general consensus is that current LLMs are not suitable for directly managing private keys, and a more reasonable approach is to adopt proxy wallet structures with stronger isolation, such as Bankr and Universal Profile, rather than relying on prompt words for protection. Some discussions suggest that such incidents will accelerate the emergence of "proxy wallets" as an independent form of infrastructure.
At the same time, the transaction structure on Base is also evolving rapidly.
In the Prop AMM sector, Tessera has maintained a stable daily trading volume of approximately $80 million since its launch in October, covering assets such as ETH and cbBTC. The newly launched ElfomoFi boasts a daily trading volume of approximately $10 million and currently only supports the ETH–USDC trading pair. Discussions surrounding Prop AMMs primarily focus on the competitive landscape and sustainability: some question whether Base's current traffic is mainly driven by airdrop farms, while others believe it provides new market-making experimentation space for the EVM ecosystem.
此外，MegaETHmainnet正式上线，用户可通过Rabbithole 前端体验桥接、兑换与通知功能。其上线获得明显好评，不少用户认为其UX 设计在一定程度上缓解了「alpha 丢失」问题，并对未来的应用发现与支付整合前景表示期待。
Aztec, the privacy protocol, also announced its Tokenomics (TGE), scheduled for the 12th, emphasizing its role as a privacy infrastructure. This news has reignited discussions about privacy and is seen by some community members as a significant signal of the return of Ethereum's privacy narrative.
3. Perp DEX
The latest analysis shows that HLP made a profit of approximately $50 million during the sharp market fluctuations on October 10. Its gains did not mainly come from ADL (automatic leveraged positions), but rather from transferring value from liquidated long positions through the Backstop Takeover mechanism. ADL itself is more about redistributing value between long and short positions, and the real net profit comes from the price correction process.
This breakdown was seen by many users as a "mechanism-level clarification." The focus of the discussion then shifted to the fairness of the clearing pipeline, such as whether the vulnerability of the clearing queue would cause earlier batches to suffer greater losses, and some suggested that the heterogeneity of the results should be reduced through mechanism design.
Meanwhile, Lighter launched several new contracts, including INTC, AMD, SNDK (10x leverage), and XCU (20x leverage), further expanding its RWA and commodity exposure. Overall feedback was positive, with users expressing interest in the wider range of TradeFi assets, but also generally cautioning about the extremely high risk associated with the XCU 20x leverage. Overall, this update is seen as a positive step for Perp DEX in extending into traditional asset classes.
4. Other
Andreessen Horowitz (a16z) led a seed funding round for Shizuku AI, a project that started with AI VTubers and aims to create an AI companion and character system that blends Japanese cultural aesthetics. Following the funding, community discussions focused on issues such as latency in AI companions, the risk of personality drift, and whether it could become a central gateway for AI creation and consumption in Japan. Some believe this direction has the potential to reshape human-computer interaction interfaces.
In addition, Circle announced the results of the OpenClaw Agent Hackathon: a total of 204 AI agent projects were received, 1,352 votes were cast, 9,712 comments were generated, and 30,000 USDC were allocated to three tracks, which is regarded as a large-scale agent collaboration experiment.
The results sparked optimistic expectations about whether agents possess large-scale collaborative capabilities, while also raising questions about the proportion of human intervention. Some projects (such as $Clawshi) were named as potential winners by the community, and related memes and application ideas subsequently spread.
