Published on: December 26, 2025
Author: BlockBeats Editorial Team
In the past 24 hours, the crypto market has witnessed multifaceted dynamics, ranging from macroeconomic discussions to the development of specific ecosystems.
Mainstream topics have focused on protocol governance and value return mechanisms. From token burns to fee structure adjustments, mature protocols are recalibrating their relationships with token holders. In terms of ecosystem development, Ethereum is emphasizing the continued expansion of DeFi credit and asset management scale, while Perp DEXs are accelerating the extension of trading categories to commodity assets such as silver, indicating that on-chain finance is moving from crypto-native to broader macro targets.
I. Mainstream Topics
1. UNI Burn Proposal Passed
Voting on Uniswap’s “Unification” proposal has concluded, passing with an overwhelmingly one-sided result: 125,342,017 votes in favor and only 742 votes against. This proposal is seen as a key step for Uniswap toward a more unified governance structure. Core elements include: burning 100 million UNI after approximately two days of voting, activating the protocol fee switch, Uniswap Labs shutting down frontend fees, and further focusing on protocol layer development.
Hayden Adams described the result as a “Christmas gift,” emphasizing that this is a clear choice regarding protocol unity and long-term optimization direction. The original author, Sisyphus, jokingly compared this vote to “the similarity between DeFi governance voting and elections in third world countries,” highlighting the high degree of consensus.
Community reactions were mainly humorous and sarcastic. Many comments revolved around the number of opposing votes, such as “742 no votes are doing a great job” and “centralization always finds a way.” Some voices discussed the act of voting itself on a more abstract level, such as “maybe this is human nature—people tend to choose what they are familiar with,” or likened the result to some kind of “oracle effect.” The overall atmosphere was relaxed, but behind the jokes, there was a faint hint of skepticism about the governance process itself.
2. HYPE Burns About 10% of Circulating Supply
The Hyperliquid community has passed a governance vote to officially burn 11.068% of the $HYPE circulating supply (commonly referred to as “10%” in community discussions), with the corresponding address being 0xfefefefefefefefefefefefefefefefefefefefe, as confirmed by the Hyper Foundation.
This vote used a stake-weighted mechanism, resulting in 85% in favor, 7% against, and 8% abstaining. The official statement positions this as a community-driven deflationary action aimed at reducing supply and strengthening token scarcity.
Community feedback has been overwhelmingly positive. Most comments focused on the potential long-term value boost from the “permanent disappearance of supply,” such as “that’s a big chunk of supply gone forever” and “less supply, more value potential.” Some users called it “a model deflationary action,” directly stating “damn that’s some serious deflation in action.”
A small number of replies involved price expectations (such as pushing $HYPE to $1,000, which was seen as larp), or expressed the view that “still need more.” Overall sentiment was clearly optimistic.
3. Wintermute Partner Talks Aave
Wintermute partner Evgeny Gaevoy shared his views on Aave’s current state in a long thread, first revealing that Wintermute has participated in Aave governance as an investor since 2022, but holds no Labs equity. Core issues include mismatched value capture expectations (token holders vs. Labs), the infeasibility of a dual structure (token-equity, citing Hasu’s view), and handling of external functions (such as BD).
He called for a solution similar to Uniswap’s “Unification,” criticized insufficient communication and politicization, and announced that Wintermute would vote against the current forum proposal due to its lack of detail and inability to guarantee token value capture. He sees this as a “temperature check,” urging all parties to calmly restart dialogue and address long-term value issues.
Reactions focused on debate and skepticism, such as “T tokens should either capture value or not exist at all,” criticizing the intermediate state as “snake oil.” Some joked, “wen thoughts on wintermute situation,” prompting Gaevoy to respond that it was “pure imagination.” The overall discussion was rational but divided, involving criticism of Labs’ communication and concerns about the proposal.
II. Mainstream Ecosystem Developments
1. Ethereum
Maple Finance yesterday completed the largest single loan issuance in its history ($500 million), while outstanding loans reached a new all-time high (ATH). Some in the community interpreted this milestone as a cyclical peak in the current round of DeFi credit growth.
Founder Sid Powell reviewed Maple’s key milestones in 2025 in an open letter and set a goal for 2026: to achieve $100 millions ARR (annual recurring revenue) and position Maple as “the standard bearer for on-chain asset management,” with core keywords including transparency, automation, and global accessibility.
Outstanding loan data for Maple’s lending product Syrup continues to rise. Dune dashboards show that since June 2024, Syrup’s outstanding loan size has rapidly expanded, surpassing $1.5 billions by December, with Syrup USDT and Syrup USDC accounting for a significant share. The overall curve shows a steep increase from near zero to 1.5B+, reflecting a clear recovery in the DeFi lending market.
Certain institutional views (such as Relayer Capital) regard $SYRUP as a high-certainty position, believing that the accumulating data is reinforcing the narrative of “opportunity scale + team execution.”
Related discussions both affirm Maple’s business breakthroughs and mention the gap between “record protocol performance and token price still far below historical highs.” Overall, 2025 is widely seen as a landmark year for Maple, with this progress further consolidating Ethereum’s status as the core settlement layer for DeFi, and is also believed to potentially attract more institutional lending demand. However, the community also reminds that regulatory uncertainty and whether incentive mechanisms are fully aligned with long-term value need to be continuously monitored.
2. Perp DEX
Trade.xyz announced the launch of SILVER perpetual contracts, supporting up to 10x leverage and offering a 24/7/365 uninterrupted trading experience. The official statement emphasizes the product vision of “trading any asset at any time,” with users able to trade directly on the Hyperliquid frontend.
The launch was accompanied by visual content, highlighting the convenience of trading silver perpetual contracts on-chain. As a Perp DEX, Trade.xyz is expanding its product range from crypto-native assets to commodity derivatives, providing users with tools for speculation and hedging against silver price fluctuations. Within the Hyperliquid ecosystem, this move is seen as an important supplement to asset diversity and trading scenarios.
Community feedback has been generally positive, with discussions focusing on leveraged trading opportunities and the potential bullish logic of commodity assets. Some voices also reminded that high leverage structures amplify risks as well as opportunities. Overall, this event reflects the further maturity of the Perp DEX track and shows that DeFi derivatives are continuing to penetrate traditional commodity markets.
