Publication Date: February 11, 2025
Author: BlockBeats Editorial Team

In the past 24 hours, the crypto market has witnessed a multi-faceted dynamic, ranging from macroeconomic discussions to specific ecosystem developments. At the mainstream topic level, the regulatory game and institutional stance divergences continue to ferment; in terms of ecological development, Solana has seen multiple foundational infrastructures and financialization products intensively land, Ethereum is releasing positive signals around the Fusaka upgrade and L2 expansion, and the Perp DEX track is heating up further under institutional endorsement and new structures.

1. Mainstream Topics

1. LayerZero Launches "Zero": A Multi-Core World Computer Blockchain

LayerZero officially launches the new L1 chain Zero, positioning it as a "world computer." This chain utilizes the zkVM Jolt technology developed by a16z to achieve execution and verification separation; through designs such as heterogeneous architecture, parallel execution, and QMDB state storage, each Atomicity Zone theoretically can achieve a TPS of up to 2 million.

Zero is planned to go live in the fall of 2026 and has currently received strategic investments and partnerships from institutions like Citadel Securities, DTCC, ICE, ARK Invest, Google Cloud, and Tether, focusing on institutional-level trading, clearing, and asset tokenization scenarios.

Bullish sentiment is strong, believing that "institutional-level collaboration + extreme performance" may challenge existing L1s (like Solana) and push on-chain finance into the mainstream application phase.

Bears, however, are more cautious, questioning three points: first, the internal ratio in token allocation is as high as 58%, creating significant unlocking pressure; second, the core technology has not been officially launched, lacking real verification; third, most institutional collaborations remain in the "exploration phase" and are not firm commitments. Some users compare it to the early narratives of EOS and ICP, joking "buy on rumors, sell on news," believing that $ZRO may fluctuate in the short term, but long-term risks are high.

2. Stripe Launches USDC AI Agent Payments on Base (x402 Protocol)

Stripe officially launches the x402 payment protocol on the Base chain, supporting AI agents to autonomously complete micropayments, API calls, and tool subscriptions using USDC, enabling machine-to-machine instant settlement. This feature has been integrated into the Stripe dashboard, running in parallel with human payment systems.

Institutions like Base, Coinbase, and Circle responded quickly, emphasizing its low latency and globally accessible payment attributes. This is seen as an important milestone in AI + crypto, marking the formal landing of the "agent economy": AI agents can trade autonomously 24/7, and USDC is further viewed as the internet's native currency.

Meanwhile, doubts also arose regarding how to handle refund disputes, compliance with sanctioned addresses, security, and who will provide continuous settlement or liquidity infrastructure (some projects like Zebec took this opportunity to self-recommend). Overall, Base is perceived by many as the preferred chain for current AI payments.

3. CZ Guests on All-In Podcast, Sparks Heated Controversy

Binance founder CZ was interviewed for nearly two hours on the All-In podcast, reflecting on his journey from China to Canada, first encountering Bitcoin, founding Binance, the FTX collapse, DOJ charges, prison experience, and subsequent entrepreneurial plans, openly labeling critics like Cobie as "FUDers."

Some listeners recognize the authenticity of his personal experiences and believe his judgment on the evolution of the crypto industry holds reference value; however, more voices hold a strongly critical stance, claiming he deliberately avoided core controversial issues such as market manipulation, the responsibility for the 10/10 collapse, connections to Trump's pardon, and WLFI, viewing the entire interview as a "paid image wash," even calling it "the narrative of a criminal's platformization."

The Chinese community remained relatively calm, recording his judgments on "AI agents potentially becoming major crypto users" and "privacy coins still having room for development," but overall public opinion tends to characterize it as a public relations failure.

4. X Platform Million Dollar Article Winner Allegedly Involved in Rug Pulls

X Platform million-dollar article contest winner @beaverd has been identified by Bubblemaps' on-chain analysis as a serial rug pull operator. Related wallets have been found to be involved in multiple memecoin pump & dump schemes (such as $SIAS, which surged to a market cap of $6 million before rapidly dropping to zero), with cumulative profits around $600,000. Faced with doubts, the individual calmly responded, "cry me a river, these aren't even the top five."

The incident triggered a lot of shock and ridicule, with criticism directed at X's review mechanisms and the crypto community's tacit acceptance of "gray behavior." Bubblemaps is widely praised for "data doesn't lie"; a few defenders suggest "separating art from the artist" or interpreting it as ordinary trading behavior, but mainstream sentiment still calls for further investigation. This incident is seen by many as another reflection of the "narrative first, morals after" culture in CT.

5. U.S. Treasury Secretary Publicly Criticizes Coinbase for Hindering Crypto Legislation

U.S. Treasury Secretary Scott Bessent publicly names Coinbase as a "stubborn actor," accusing it of preferring no legislation rather than accepting an imperfect version. The core controversy revolves around the distribution of stablecoin revenues, with Coinbase viewed as shielding Circle’s approximately $1 billion annual income.

Despite the closed-door White House meeting being described as "productive," the banking and crypto camps have still not reached a compromise, with a "prohibition principle" draft surfacing, and the legislative window must advance before March 1.

Supporters believe the bill helps promote adoption and prevent regulatory arbitrage; opponents argue that its essence is a "systemic shackles" under bank lobbying that could de facto criminalize stablecoins and tilt toward traditional finance. Coinbase appears relatively isolated on custody, DeFi, and payment track issues, with some voices calling for Trump to intervene and coordinate. Overall, the atmosphere is rather pessimistic, with many believing that policy uncertainty is dragging down the market and the window of opportunity is gradually tightening.

2. Mainstream Ecosystem Dynamics

1. Solana

The Solana ecosystem witnessed multiple advancements today: FairScale launched reputation infrastructure aimed at AI agents; Phantom released social feature Phantom Chat (planned for launch in 2026); SushiSwap was officially deployed on Solana, supporting cross-chain exchanges and bridging powered by Jupiter Ultra API; Nansen publicly opened its Solana analysis platform for free.

Additionally, Tessera Lab launched the SpaceX Alpha Vault (capped at $200,000, valued at $800 billion, whitelist open on February 12); Matrixdock launched XAUm tokenized gold; xStocks expanded on-chain stock yield solutions, introducing Chainlink data and Kamino liquidity, supporting equity lending and structured products like SPYx, QQQx, NVDAx, TSLAx.

On the ecological front, key metrics recorded approximately a tenfold increase, showing significant rises in activity and adoption rates. In terms of airdrops and project dynamics, Backpack redistributed 40 million points to compliant users; Bulktrade opened its second round of whitelisting; SplyceFi's official website was updated, with $SFULC set to launch soon; Cleopetrafun closed LP and allowed users to export funds; SandwatchAI announced its second-quarter plans.

Users generally expressed excitement about the ecosystem expansion, calling it the "Solana revival," with SushiSwap and xStocks seen as important signals of DeFi moving closer to mainstream finance. Airdrop-related updates reignited the "hunting enthusiasm," but also raised concerns about Sybil attacks. The significant growth in key metrics was interpreted by some as a sign of network maturity and rising institutional interest; however, critics pointed out that the testing network access threshold could affect fairness.

2. Ethereum

Members of the Ethereum Foundation published an article systematically outlining the expected impacts of the Fusaka upgrade on ETH ecosystem projects, focusing on performance optimizations for L2, DEX, and DeFi protocols, such as increasing throughput, reducing fees, and paving the way for more institutional-level applications.

Meanwhile, the public testnet for Robinhood Chain has launched. This chain is built on the Arbitrum architecture and is positioned as a financial-grade Ethereum L2, focusing on the tokenization of real-world assets and digital assets, and opening up building capabilities for developers.

Fusaka-related analyses received positive feedback, with projects like SupernovaDEX and Aerodrome publicly expressing anticipation, believing "Q2 could change the game." Some developers shared practical experiences of "deploying directly on the mainnet," believing that reliance on the testnet is decreasing.

The launch of the Robinhood Chain is viewed as an "unexpected surprise," but the community has also raised concerns about its trading suspension mechanism and potential VC influence. Overall sentiment leans positively towards the expansion of ETH L2 ecology, with some users optimistic about $LINK's integration potential, though there are opposing voices questioning, "Is there still a need for more L2s?".

3. Perp DEX

edgeX received strategic investment from Circle Ventures, with USDC set to be natively deployed on the EDGE chain and supporting cross-chain transfers via CCTP to enhance overall liquidity. On another front, GTE partnered with LayerZero to build Turbo's Treasury Layer on the Zero platform, aiming to support equity perpetual contracts and achieve a high throughput, low-latency trading experience.

The investment in edgeX was described by the community as "massive" and "milestone" with some users celebrating the increase in XP value, seeing it as an important signal for Perp DEX moving towards the mainstream. GTE's collaboration was also evaluated as "bullish," with many interpreting it as a clear signal of a turn towards the MegaETH route, predicting that equity perpetual contracts will become the core narrative in the next phase.

Despite the overall optimistic sentiment, a few voices remind to pay attention to safety and VC dominance risks.

4. Others

Monad launched the Nitro project accelerator, lasting three months (1 month of offline activities in New York + 2 months online + Demo Day), with each team receiving $500,000 support from Day 1. The program is funded by top VCs including Paradigm, Electric Capital, Dragonfly, Castle Island, with mentors including founding team members from Nansen, Bullpen, OpenSea, etc.
The project will recruit 15 teams, open to applications from all on-chain projects.

This program is widely praised as a "W initiative" and "massive opportunity," with many users calling to apply quickly and describing it as "compressing a year's worth of founder training into three months." The mentor and investor lineup is highly recognized, and while there are occasional joking remarks, overall evaluations are extremely positive, viewed as an important signal encouraging cross-chain building and propelling the industry forward.

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