Release Date: December 25, 2025
Author: BlockBeats Editorial Team

In the past 24 hours, the crypto market has witnessed multifaceted dynamics ranging from macroeconomic discussions to specific ecosystem developments.

Mainstream topics focus on DeFi governance controversies and institutional lending expansion. In terms of ecosystem development, the emphasis is on the Ethereum upgrade process, Perp DEX governance decisions, and other ecological innovations.

I. Mainstream Topics

1. Uniswap Foundation Executive Compensation Controversy Heats Up

Recent tax disclosures reveal that the foundation issued nearly $10 million in grants in 2024, while spending about $4.8 million on employee salaries, with total executive compensation reaching $3.87 million, including a former DevRel head's salary of $700,000 and a governance director's salary of $540,000. The incident stems from community doubts about the foundation's efficiency; compared to the Optimism Grants Council, which delivered over six times the funding at a lower cost (around $2.14 million plus additional expenses), it has sparked strong dissatisfaction among UNI holders.

In community discussions, many criticize this as a "shame" for DAO governance, emphasizing that executive compensation accounts for 22% of the foundation's expenditures, far exceeding industry standards, and questioning its actual value contribution, such as developer growth and research output. Some opinions suggest that legal role compensation is too low, but overall it is seen as an abuse of holder interests, leading to disappointment in DAO participation and calls for transparency.

2. Maple Finance Lending Volume Hits All-Time High

The platform issued a single $500 million USDC loan yesterday, while the outstanding loan amount reached a new peak, marking a surge in asset management scale from $500 million to over $5 billion in 2025, with total loans issued exceeding $8.5 billion, achieving over $25 million in annualized revenue. In a letter from the founder reflecting on this milestone, collaborations with Aave, Pendle, and others to expand cross-chain products, the introduction of AI integration, and HYPE collateral loans were highlighted, with a 2026 target of $10 billion ARR, emphasizing real sustainable revenue rather than incentive-driven.

Community response has been positive, praising the stability of its risk-adjusted returns, the standardization of internal credit assessment, and multi-chain expansion (such as Linea and Solana). The protocol's revenue has grown by 300%, and a 25% buyback mechanism has been implemented to reward SYRUP holders; the discussion focuses on its potential as a standard for on-chain asset management and how integrations with partners like Spark and Plasma can accelerate institutional adoption.

II. Mainstream Ecosystem Dynamics

1. Ethereum Hegota Network Upgrade Timeline Announced

The Ethereum Foundation released the 2026 Hegota upgrade roadmap on December 22, following Fusaka (introducing PeerDAS) and Glamsterdam (Block-level Access Lists and Proposer-Builder Separation). This upgrade focuses on the integration of selected EIPs. Key milestones include submitting Headliner proposals through the Ethereum Magicians forum from January 8 to February 4 (using templates to assess necessity, impact, technical readiness, and designate champions), discussions in four All Core Devs meetings from February 5 to 26 to finalize selections, and a 30-day window for submitting non-Headliner proposals afterward; FOCIL (EIP-7805, anti-censorship feature) has been included for consideration. The upgrade aims to enhance network efficiency, decentralization, and security, with the timeline available for tracking on Forkcast.

Community discussions are active, viewing this move as strengthening Ethereum's long-term vision, such as protecting investment value and maintaining the decentralization of node operations; some opinions emphasize its focus on reducing state data, which will promote L2 ecosystem unification (EIL proposal). Developers see it as a foundation for sustainable infrastructure, and overall feedback is optimistic about its protective role for ETH holders, although potential changes need to be monitored.

2. Perp DEX Governance Dynamics

Hyperliquid validators and stakers approved a proposal to permanently burn HYPE tokens held by the assistance fund, previously viewed as economically equivalent to burning. This move provides clear clarification and strengthens governance transparency; the founder expressed gratitude for community participation and looks forward to future developments. Meanwhile, Kinetiq launched the KIP2 proposal aimed at driving protocol optimization (specific details to be disclosed further).

Community response has been enthusiastic, with many viewing this as an unstoppable signal for Hyperliquid, enhancing confidence in the team and sparking discussions on when to deploy cash or initiate DAT; some feedback focuses on the positive impact of the burn, emphasizing its potential boost to price and ecology, although a few inquiries about the timing of purchases were made. Overall, it is seen as a successful example of the governance process, driving the evolution of the Perp DEX competitive landscape.

3. Other Ecosystem Developments

The MegaETH ecosystem prediction market project Rocket Finance has completed a $1.5 million seed round financing, led by Electric Capital, with follow-on investments from Bodhi Ventures, Tangent, and Amber Group; the project introduces a "redistribution market" mechanism that allows users to make real-time predictions based on price feeds, with no binary betting, no liquidation, and unlimited profits, supporting multi-prediction capital reuse, emphasizing "trading movement rather than outcomes." Former Augur CEO Matt Liston announced the construction of the Agentic prediction market project, combining LLM (coding the past) and prediction markets (aggregating future beliefs) to form a "cognitive finance" system; its design draws on Augur token forks, generating excitement.

Community discussions are optimistic, viewing Rocket as an innovative breakthrough in prediction markets, praising its no-liquidation design and video previews; feedback on Matt's return is strong, seen as a major win that drives cognitive upgrades in DeFi, although the financing announcement has sparked jokes about "new patches for casinos." Overall, there is optimism about its potential for MegaETH and the prediction ecosystem.

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