Release Date: February 12, 2025
Author: BlockBeats Editorial Team

Over the past 24 hours, the cryptocurrency market has witnessed multifaceted dynamics ranging from macroeconomic discussions to the development of specific ecosystems. Mainstream topics focused on the tentative entry of institutional funds into on-chain infrastructure and the risk concerns triggered by high-leverage narratives; in terms of ecological development, Solana continues to advance institutional-level financial applications, while Perp DEX is intensifying competition by integrating real-world assets and incentive mechanisms.

1. Mainstream Topics

1. BlackRock Launches BUIDL Token on Uniswap and Purchases UNI

The world’s largest asset management company, BlackRock, announced the launch of its tokenized product BUIDL, supported by approximately $1.8 billion in U.S. Treasury bonds, on the decentralized exchange Uniswap, marking its first direct participation in DeFi trading. Additionally, BlackRock purchased an undisclosed number of UNI governance tokens, causing UNI's price to surge approximately 40% shortly after the news broke.

The transaction was executed via UniswapX, targeted solely at qualified investors (with assets not less than $5 million) and managed by Securitize for compliance and settlement. This move is seen as traditional financial giants tentatively testing ways to introduce tokenized assets into a more open on-chain liquidity system, marking a trial fusion of TradFi and DeFi.

Community reactions have been largely optimistic. Many interpret this as a signal of DeFi’s revival, believing institutions are subtly but systematically positioning themselves on Ethereum (e.g., "quietly accumulating while the fear index was at 11"). More cautious voices argue that this does not necessarily indicate true “decentralized adoption” but resembles a test of the boundaries of permissionless infrastructure—does the protocol's neutrality still hold when the world's largest asset management institution holds governance tokens?

Overall, the market generally recognizes the significance of this event in validating DeFi's efficiency and feasibility but remains observant regarding whether it will evolve into a “walled garden” application for institutions. Short-term traders remind that UNI currently has thin liquidity and that price volatility is more reflective of speculative sentiment; subsequent attention should be paid to whether genuine on-chain liquidity and institutional commitments are sustained.

2. Michael Saylor’s Latest Interview Sparks Community Concerns

In a recent media interview, MicroStrategy (MSTR) founder Michael Saylor discussed the company's debt and capital structure strategy, stating that even if Bitcoin's price falls to $8,000, the company can maintain operations through "rolling debt" or refinancing. He emphasized that Bitcoin's volatility itself will continue to create value but did not clarify the sources of refinancing in extreme scenarios.

Currently, MicroStrategy relies heavily on Bitcoin as its core asset, with its capital structure essentially betting on Bitcoin maintaining a long-term average double-digit growth. This statement quickly elicited anxiety within the community, with many comparing it to SBF or Do Kwon's "stable narrative declarations" (e.g., "just like when Caroline said to buy FTT at $22").

The core worry lies in leverage risk: should Bitcoin experience a significant downturn, MSTR faces the risk of systemic liquidation, and in extreme cases, the possibility of external assistance is almost nonexistent ("when your ship is on fire, no one will come to rescue you"). A few voices defend Saylor, noting that he controls about 3% of Bitcoin's supply and still has strategic room to maneuver. However, more opinions suggest that this narrative reveals characteristics of a "Ponzi-like structure," advocating for a shift toward a more sustainable "real return-based" Bitcoin banking or financial services model.

The overall sentiment is negative, with some viewing this as a potential risk exposure point for the corporate narrative of Bitcoin, although others believe "$8,000" represents an extreme and low-probability scenario.

3. Coinbase CEO Likely Continues to Sell Company Stock

Public disclosures indicate that Coinbase CEO Brian Armstrong has been consistently selling COIN stock over the past year, with an accelerated selling pace when the stock price was relatively high. Although there have been no new records of stock sell-offs in the past month, Coinbase's CFO recently sold around 350,000 shares. Overall, Armstrong currently holds approximately $14 billion in shares but has liquidated about $500 million cumulatively.

This behavior has been interpreted by some in the community as a signal of "insider sell-offs," raising doubts about the company's growth prospects ("If the CEO is selling, why would anyone else buy?"). Critics argue that against the backdrop of slowing business growth, executive sell-offs create psychological impacts on retail investors and might be seen as an asymmetrical signal.

Meanwhile, more rational voicespoint out that executives selling stocks often relate to tax planning, asset diversification, and do not necessarily indicate a loss of confidence in the company's fundamentals ("selling during a bullish phase is inherently a normal supply behavior"). Overall, the market remains divided on Coinbase's long-term value as a "gateway to crypto," with some expressing concern over its growth potential, while others acknowledge its unique role in compliance advancement and on-chain transparency building.

2. Mainstream Ecological Dynamics

1. Solana

Citi has completed the full lifecycle operation of its first on-chain bill of exchange on the Solana network, covering the entire process of issuance, circulation, and final settlement. This marks the first time a traditional financial institution has utilized Solana's high-performance network to handle real supply chain financing scenarios, considered an important case of institutional-level trade finance on the blockchain.

The Solana Foundation positions this as part of the network's expansion into the "internet capital markets, payment, and AI agent" direction, originating from Citi's published research on supply chain finance.

Community reactions have been generally positive, with many considering this another "institutional victory for Solana" ("another W for Solana") and believing it strengthens its leading position on the path to institutional adoption, even sparking discussions regarding SOL's pricing relative to ETH. Some voices focus on the potential for asset tokenization, while speculators hype related meme assets. Overall sentiment is optimistic, though a few have cautioned about potential long-term impacts on the network's level of decentralization.

2. Perp DEX

Lighter has launched four perpetual contracts for Korean stocks, including the Korean Composite Index ($KRCOMP), Samsung ($SAMSUNG), Hyundai ($HYUNDAI), and SK Hynix ($SKHYNIX), with an initial leverage of 10 times. This is the first time a decentralized exchange has offered such Korean equity perpetual contracts, filling a trading demand unmet by the U.S. traditional financial system.

Additionally, Lighter has introduced a funding fee rebate mechanism: for qualified traders paying funding fees, a rebate of up to 15% is available based on premium membership levels or LIT staking to enhance overall capital efficiency.

Another Perp protocol, Nado, has raised its NLP deposit cap from $2 million to $4 million, effective February 12 at 14:00 UTC, with priority allocation to Alpha Trader Tiers (such as Tornado and Storm levels), and plans to further expand for NFT holders next week.

The community has reacted enthusiastically to Lighter's introduction of Korean contracts, viewing it as providing asset exposure that TradFi has difficulty reaching ("bringing assets like Hyundai and Samsung on-chain is significant") and expressing interest in whether 24/7 trading will be supported. The funding fee rebate mechanism is seen as innovative, though some have expressed disappointment in the performance of LIT tokens. Nado's expansion initiative received positive feedback, being viewed as a further advancement of Perp DEX in capital efficiency and institutional attractiveness, although concerns about short-term volatility persist.

3. Others

Dune × Visa: The two parties have collaborated to launch a local stablecoin research report covering over 200 non-USD pegged stablecoins, accompanied by an enterprise-level dataset (co-built with SteakhouseFi), encompassing over 30 chains, totaling market caps exceeding $1 billion and cumulative transfer volumes reaching $300 billion. The report is expected to be released by the end of February, and the dataset will launch in March.

Pudgy Penguins: They have launched the Visa crypto payment card (Pengu Card), in collaboration with KAST, supporting 150 million merchants globally, allowing users to directly spend stablecoins or crypto assets without needing to enter or exit through CEX. The card is divided into standard, gold, and black categories, offering up to 12% rewards and a 7% yield, with a waiting list already open.

AI Agents × Coinbase: Some AI agents have begun autonomously exploring and recommending the use of Coinbase's Agent Wallet for on-chain operations, such as invoking payment APIs or exchanging assets.

The community generally views the collaboration between Dune and Visa as institutional-level endorsement in the stablecoin space, looking forward to a systematic analysis of non-USD stablecoins; the Pengu Card has sparked heated discussion due to its global availability and high incentive mechanisms, but some holders have expressed dissatisfaction with the high-grade card acquisition threshold. The AI agents starting to "actively choose" on-chain wallets are interpreted by many as an early signal of the machine economy, while also triggering discussions on potential risks and human-driven factors.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。